Word: blackrock
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According to a report produced by a division of bond manager BlackRock in November 2008, AIG would probably have been able to strike settlements that, at least at the time, could have saved the giant troubled insurer, and taxpayers, billions of dollars. Instead, after a few days of harried discussions, the Federal Reserve Bank of New York - which was orchestrating the government's bailout of AIG - instructed the insurer to pay its counterparties, which included Goldman Sachs and a number of European banks, in full. The BlackRock report is one of many documents recently unearthed by a congressional investigation into...
...Town and Peter Cooper Village, built originally to accommodate World War II veterans, into luxury housing, for which limits on yearly rent increases are chucked in favor or whatever the market will bear. The prospectus offered by the lead investors, Tishman Speyer and Larry Fink's asset-management fund BlackRock, imagined evicting 50% of rent-regulated tenants in just a few years. But tenants fought back and won in a court decision that also undercut plans for using city tax abatements to further sweeten returns on apartments pushed into luxury decontrol. The upshot, according to a recent Deutsche Bank analysis...
...produces a number of surprises. There is Apple, but no Microsoft. The Boston Beer Company makes an appearance, but not market leader Anheuser-Busch. Tractor Supply lands on the list; Wal-Mart doesn't. Even with the economic crisis, a number of financial firms show up, including asset manager Blackrock, regional bank Iberiabank and homebuilder NVR (parent of Ryan Homes). The decade's best industry: oil and natural gas. A full 34 companies - 17% of the list - either drill, transport, refine or sell the stuff. (See the worst business deals...
Even the ritual of formalizing forecasts by way of public pronouncement serves a purpose. "You think about this stuff all the time when you're in the business, but there's this time in December or January when you put it on paper," says Bob Doll, BlackRock's chief investment officer of global equities, another strategist known for his annual predictions. "It gives you something to point back to and say, What did I get right and wrong and what did I learn from...
...both "have worked hard on their balance sheets," says Simon Maughan, a banking analyst at MF Global brokerage in London. Having tapped Middle East investors last year in an effort to bolster its capital base, Barclays agreed in June to sell the investment unit BGI to U.S. fund manager BlackRock for $13 billion. HSBC, for its part, pulled in close to $18 billion in a bumper-rights issue in April. The result: "Survival is no longer the issue" for these banks, says Maughan. "Growth can be once again...