Ironically, one of the wokest American corporations is also selling out Americans to none other than the Chinese Communist Party. BlackRock and its CEO Larry Fink have been using the massive amount of investment funds at its disposal to praise and advocate for the interests of Beijing for several years now.
BlackRock, which regularly pressures American companies to invest more in “climate change” priorities or promote “racial equity,” has a history of cozying up to America’s most powerful adversary on the global stage.
Just last week, the Biden State Department tapped former BlackRock chairman Tom Donilon for the administration’s Foreign Affairs Policy Board which will, among other things, manage the U.S.’s “strategic competition” with China. While Donilon was chairman of the company, BlackRock massively increased their investment levels in Chinese companies.
BlackRock and Fink are on record encouraging their clients to invest more in Chinese equities.
“We stand by our strategic preference for Chinese assets,” the firm, which manages $10 trillion in assets, said in 2021, shortly after the Chinese Communist Party (CCP) issued a massive crackdown on business in the country. (RELATED: REPORT: Investors Pull Funding From ‘Top Gun: Maverick’ Over Fear Of Communist Party Reaction)
A month earlier, BlackRock recommended investors “boost their exposure to the country by as much as three times.”
“China is under-represented in global investors’ portfolios but also, in our view, in global benchmarks,” an investment strategist at BlackRock said.
REPORT: The Biden Admin has selected the Chairman of the @BlackRock Investment Institute, Tom Donilon, to lead the Foreign Affairs Policy Board, which will advise on “strategic competition” with China.
This is a MASSIVE conflict of interest.
(thread)https://t.co/5S8NeMJ1mH
— Will Hild (@WillHild) June 22, 2022
In a statement on “the role of Chinese assets in portfolios,” the company celebrated that, “The narrative around China has shifted away markedly, in our view, from concerns about the health of its financial system.”
“We believe investors, on average, are underinvested in Chinese assets – even below what we believe to be neutral levels suggested by current global benchmarks,” the corporation said.
In 2019, Fink made his priorities very clear. “In this world of anti-globalism…I’m still a globalist and I’m proud of it,” he said. He added that his goals for BlackRock were ambitiously globalist as well. His goal for his investment firm was to “prove that every country whether its Mexico or Italy or Japan or China or Australia or the U.S. that we are instituting our purpose in every place we operate.”
Fink has also heavily praised the Chinese government on multiple occasions.
Accepting an award at an event with the Chinese ambassador in 2018, Fink praised the Chinese Communist Party for supposedly lifting large swaths of the country out of poverty. “His message: BlackRock, in particular, could help Chinese households build an investment safety net,” the Wall Street Journal wrote.
“I continue to firmly believe China will be one of the biggest opportunities for BlackRock over the long term, both for asset managers and investors,” Fink told shareholders in March 2020.
Fink seems to have an affinity for totalitarian governments in general. In a TV appearance, Fink once said that “markets don’t like uncertainty,” and that, “markets like actually totalitarian governments.” (ANALYSIS: There’s A Trillion Dollar Behemoth That’s Hellbent On Making America Woke)
What Fink gets out of his cozy relationship to China is special treatment for BlackRock in the totalitarian Chinese market. Far from a free market, the CCP run Chinese economy would not generally admit a company like BlackRock into their country. But Fink has now gotten the green light to start the first mutual fund in the country, something he would hardly have been able to accomplish had he lived up to his high-minded moralizing and eschewed the Chinese market.
“We are honored to be in a position in which we can support more Chinese investors access financial markets,” Fink said after China got rid of its limits on foreign ownership and opened up the country’s $3.5 trillion mutual fund industry.
China’s semiconductor growth benefits BlackRock, which recently launched a China Tech fund that has at least five semiconductor holdings. Last week, the Biden administration names Tom Donilon from the BlackRock Investment Institute as co-chair of the Foreign Affairs Policy Board. https://t.co/xW3nfALLvK pic.twitter.com/vuPRjuF5aI
— Surya Kanegaonkar (@suryakane) June 23, 2022
Other global asset managers, such as Neuberger Berman, Schroders PLC, and Fidelity International, had applied, but the award went to Fink and BlackRock. BlackRock became the first foreign-owned, multi-asset company not based in China to be allowed to do business in the country.
In Beijing in 2019, Fink told China’s top financiers he thought, “BlackRock should be a Chinese company in China, according to people with knowledge of the matter,” the Wall Street Journal reported.
Recently, BlackRock has grown in power and influence within Democratic administrations. The current Director of the National Economic Council is Brian Deese, a former BlackRock executive. The current U.S. deputy secretary of the treasury worked as a senior adviser for Blackrock as well as interim chief of staff for Fink. Currently, BlackRock is enjoying an outsized level of influence in Washington, D.C., and especially within Biden’s presidential administration.
“Simple way for people to think about it is that China owns BlackRock, and BlackRock owns the Biden Administration,” Consumers Research’s Will Held told the Daily Caller.