When even Lawrence Fink agrees that Wall Street has gone too far…
Posted by Charles II on April 24, 2015
Lawrence Fink, CEO of Blackrock, is one of the great pirates of our age. So, when even he is saying that executives are looting their companies and destroying the middle class, maybe someone will listen. Rex Nutting, Marketwatch:
There’s something seriously wrong with an economy that nurtures a few billionaires but can’t sustain the middle class.
Last week, the CEOs of America’s 500 biggest companies received a letter from Lawrence Fink, CEO of BlackRock BLK, +0.25% the largest asset manager in the world, saying exactly the same thing.
“The effects of the short-termist phenomenon are troubling both to those seeking to save for long-term goals such as retirement and for our broader economy,” Fink wrote, adding that favoring shareholders comes at the expense of investing in “innovation, skilled work forces or essential capital expenditures necessary to sustain long-term growth.”
In case you have forgotten who Larry Fink is, click here.
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