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Rating:Novick Claims BlackRock's Not 'Systemically Important' Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, November 17, 2010

Novick Claims BlackRock's Not 'Systemically Important'

News summary by MFWire's editors

Not surprisingly, BlackRock [see profile] executives don't want the federal government to label the firm "systemically important." Bloomberg's Ian Katz reports that BlackRock general counsel Robert Connolly and vice chairman Barbara Novick met with Federal Reserve Board staffers on November 4 to make their case.

The Fed released a summary of the meeting.

"If a bank fails, there are a whole lot of issues that are systemically relevant in the economy," Novick told Bloomberg. "If an asset manager fails, there are a line of people who are competitors to that asset manager in one product or multiple products who can step into their shoes." 

Edited by: Neil Anderson, Managing Editor


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