Missing from Revised Video

(Picture courtesy of cnbc.)

It’s almost too much fun to use the CEO of Blackrock’s fortunate name, but yesterday I tuned in for an interview Maria Bartiromo did with Larry Fink.   Blackrock is a huge investment vehicle and owns majority interests in firms like Barclay’s Global Investors.

Of course, my interest is in watching right wing views used to justify keeping huge capital gains idle while the economy tanks.  While the interview was just moving toward that topic, though, I was riveted to hear Fink declare Blackrock has the strategy; “Will Increase Revenues and Profits at Expense of Assets under Management”.   That, of course, is the proprietary interest promotion, a betrayal of clients, that has been the charge against firms such as Goldman Sachs that has led to legal action against them.

Goldman was accused of deliberately wrapping bad debt into an investment vehicle to sell to its own client, German bank, IKB.  The firm was forced to pay over half a billion dollars to settle the case, while admitting no guilt.  Senator Carl Levin, (D-Mich), head of the investigating subcommittee, has dug in again and released information on other Goldman deals. This time the feds want blood and an admission of “guilt.”

Fortunately, as I was figuratively open-mouthed, the words he’d spoken appeared on the screen in the visual display of his words.  I had not heard wrong.

Fink went on to say that Blackrock is; “Investing in the Firm Like Never Before in Our History.”  That also appeared on the visual of his statements.

He also mentioned that clients are ‘capitulating’, but that seems to refer more to clients’ unfortunate capitulation to their own interests, which causes them to keep their funds out of Blackrock.

Today, I went back to write up the claim.   Reading the transcript, I couldn’t find what I’d jotted down in my notes, but I remembered seeing it on screen after he’d voiced the policy.   Laboriously, I went back through the video, and it was not vocalized in the official, historical video either.   However, the words appear on the screen, in the visual, @ 4:21.

CNBC is something most of us dread watching because usually it regurgitates the right wing line and tries to prove, over and over, that the failed policies of trickle down economics are the only hope for restoring U.S. economic health – that it destroyed.

The evidence I saw today, that CNBC will edit out inconvenient truth, is proof once more that the right wing has no interest in facts.   What it produced in retrospect, from an accidentally informative interview, is clear evidence that it is in the business of covering up the truth in order to convince investors to follow policies that are against their own interests.

Somehow, I suspect that after this post appears, the segment now missing will return to the video.

 

Ruth Calvo

Ruth Calvo

I've blogged at The Seminal for about two years, was at cabdrollery for around three. I live in N.TX., worked for Sen.Yarborough of TX after graduation from Wellesley, went on to receive award in playwriting, served on MD Arts Council after award, then managed a few campaigns in MD and served as assistant to a member of the MD House for several years, have worked in legal offices and written for magazines, now am retired but addicted to politics, and join gladly in promoting liberals and liberal policies.

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