Not surprisingly, BlackRock
] 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."
Neil Anderson, Managing Editor
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