How a Company You’ve Never Heard of Shapes Your News, Your Life, and Your Future
BlackRock — the world’s largest asset holder and arguably the most powerful company in the world is a company you’ve never heard of. Its assets under management, totaling to around 10 trillion USD, makes it more powerful than the largest bank in the world, the Industrial and Commercial Bank of China. BlackRock effectively controls all aspects of an American consumer’s life. With an eighteen percent stake in Fox, a sixteen percent stake in CBS, a thirteen percent stake in Comcast, and ten percent of the Sinclair local television news, which controls seventy-two percent of U.S. households’ local TV, BlackRock strongly influences all news that reaches the average American. Beyond their influence in the news sector, they are heavily invested in all other aspects that affect an average American’s life. BlackRock owns 5.1% of Apple, 5.8% of Google, 5.4% of Exxon Mobil, 5.6% of Johnson & Johnson, 3.7% of Nestle, 2.6% of Walmart and so much more.
BlackRock’s influence reaches much further. The Obama, Trump, and Biden administration have been given economic advice from various different BlackRock executives. BlackRock became the firm of choice by the Obama Administration to clean up after the 2008 financial crisis, buying up toxic assets the Federal Reserve was not legally allowed to purchase. Craig Phillips formerly served as a Counselor to the Secretary of the U.S. Department of the Treasury in the Trump administration, where he fulfilled the duties of the Under Secretary for Domestic Finance. He previously held the role of Managing Director at BlackRock where he served on the firm’s Operating Committee. Additionally, Adewale Adeyemo, is now deputy secretary of the U.S. Treasury and is a former senior adviser and interim chief of staff to BlackRock’s Chief Executive Larry Fink.
With great power comes great responsibility, a responsibility that BlackRock takes advantage of. In June 2021, BlackRock used their power to receive China’s permission to establish its first foreign-owned mutual fund, strengthening their power and wealth at the expense of the well being of the American people. Meanwhile, activists protest BlackRock’s investment in two blacklisted Chinese companies, both barred from trade with the United States because of their involvement in surveillance and their participation in repressing the Uighurs. George Soros calls BlackRock’s push into China “a tragic mistake” that could risk national security.
