BlackRock

BlackRock is the largest asset manager on earth, with roughly $10 trillion under management and significant ownership stakes in nearly every major public company simultaneously. Its Aladdin risk-management platform processes trades and risk analysis for a large share of global financial assets, including for its competitors. Documented state entanglement includes the Federal Reserve retaining BlackRock to manage emergency asset-purchase programs in both the 2008 and 2020 crises, arrangements made without competitive bidding. Alumni have rotated into senior economic policy positions in multiple administrations. Files tagged BlackRock document the concentration of shareholder voting power, the Aladdin dependency, and the revolving door between the firm and the governments that regulate it.