More consolidation is taking place in the global economy. A hungry BlackRock is acquiring Barclays Global Investors, making it the largest money manager in the world. Its assets will be staggering, surpassing that of the US Federal Reserve. Such a heavy concentration of assets should be worrying, though few are registering concerns as yet.
A piece by Karen Weise, from ProPublica (Jun 12, 2009) documents the move:
BlackRock is forking out $13.5 billion to buy Barclays Global Investors, forming the largest money manager in the world, reports Bloomberg News. The acquisition means BlackRock will manage $2.7 trillion in assets—more than the Federal Reserve.
BlackRock has drawn scrutiny for the scope of its reach throughout federal bailout programs; it helps manage many of the Treasury Department’s big investments, like AIG, the New York Times reported last month. In addition, Blackrock announced in March that it would participate in the government’s toxic-asset program as a private investor. (A BlackRock managing director told the Times that the company is very sensitive to potential conflicts of interest.)
Friday, June 12, 2009
Thursday, June 11, 2009
Iran goes to the polls
Presidential elections in Iran beckon this Friday. A few discussions abound. Foreign Policy (Jun 10, 2009) looks at the American reaction (or non-reaction):
A Mousavi win would not mean smooth sailing for Washington's efforts to engage Iran, analysts caution. It could deepen fissures in the Iranian leadership or even prompt a hard-line backlash or crackdown that could further paralyze U.S. efforts to engage Iran, they say. But the voting out of incumbent President Mahmoud Ahmadinejad would undoubtedly be seen in Washington and the West as a welcome sign that the Iranian public supports greater liberalization and a less hostile attitude toward the West.
Radio Free Europe (Jun 11, 2009) is adamant that the vote will be far from free or fair, noting the exclusion of up to 475 potential candidates:
Their choice is limited to present or former members of the Iranian establishment. Women are excluded, as are secular candidates and those considered unfaithful to Islamic and revolutionary values.
A Mousavi win would not mean smooth sailing for Washington's efforts to engage Iran, analysts caution. It could deepen fissures in the Iranian leadership or even prompt a hard-line backlash or crackdown that could further paralyze U.S. efforts to engage Iran, they say. But the voting out of incumbent President Mahmoud Ahmadinejad would undoubtedly be seen in Washington and the West as a welcome sign that the Iranian public supports greater liberalization and a less hostile attitude toward the West.
Radio Free Europe (Jun 11, 2009) is adamant that the vote will be far from free or fair, noting the exclusion of up to 475 potential candidates:
Their choice is limited to present or former members of the Iranian establishment. Women are excluded, as are secular candidates and those considered unfaithful to Islamic and revolutionary values.
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