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Rating:Fink Sees Need for $2 Trillion More Capital Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, October 14, 2011

Fink Sees Need for $2 Trillion More Capital

News summary by MFWire's editors

Larry Fink is creating headlines with a conference speach made in London. The builder of BlackRock [see profile] told the European audiance that Europe's banks may need as much as $2 trillion in added capital. Fink was at the event to pick up an award from Financial News for being the top asset management chief for the past decade.

Winning the award did not appear to brighten Fink's outlook.

"Unfortunately, what we're seeing in Europe is a little step today, another little step tomorrow ó and this incrementalism isn't working," Fink said according to Dow Jones.

Fink added that:

"The CEOs I talk to tell me they want to invest. There are mountains of cash sitting out there. But itís not getting invested right now because businesses arenít confident that policy makers on both sides of the Atlantic are prepared to address the fundamental issues of deficits and debt."

Reuters also reported tht Fink "welcomes" the On Wall Street protestors currently occupying New York's financial district. 

Edited by: Sean Hanna, Editor in Chief


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