MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, November 17, 2010 Novick Claims BlackRock's Not 'Systemically Important' 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." Printed from: MFWire.com/story.asp?s=35095 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |