Posted on 06/30/2021 7:37:21 AM PDT by CharlesOConnell
Video at the link. A smoothly paced presentation with calm background music and very effective graphics delivered by a woman with a Netherlands accent with extremely good English. (But some news quotes are in Nederlands, not English.)
Not sure about the others, but State Street moved all of their software development to China over a decade ago. Their independence in “ruling the world” is questionable.
Ownership on my behalf through an index fund (Vanguard) does not equal “control”.
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No, but they exercise a huge amount of influence by voting YOUR shares however they want on proxies. Definitely an exaggeration in the video, but they have a very large amount of influence.
Separate the wheat from the chaff.
Blackrock has a bunch of nefarious business practices.
Vamguard, not so much.
Bummer. I’m a big fan of the S&P 500 and I understand Vangard has the best funds for it. Blackrock-got a half million in it. Does this mean I’m investing in apartheid is South Africa? Part of the deep state? You tell me. Both are making money. It’s making money. I can’t argue.
The people who write these articles don’t understand the difference between ownership, management, and custody.
The bulk of this stock is owned by individuals who have accounts at Vanguard and Blackrock. They are saving trillions of dollars for retirement, but they have to use a broker as an account manager. Vanguard and Blackrock offer various funds, charge fees, and keep track of how much money and securities are in each individual account But Vanguard and Blackrock do not have possession of the actual stock - they use a custodian like State Street or J.P. Morgan. The custody banks manage the operational tasks like holding electronic stock certificates, receiving and collecting dividends, etc.
At the custody bank, the stock is treated as a single entity - this giant pile is Vanguard, this one is Blackrock. The custody banks don’t know who the beneficial owner of the securities are, because the brokerage houses are in charge of keeping track of that. The companies who issue the stock only know who the custodian is, because that’s all they need to know to send out dividends.
That would be “Dutch.”
So proxy-are we culpable? Those who have money in the funds. What would one running for office do with them?
[ If you’ve been thinking of buying a house, you’ve probably noticed that house prices are soaring everywhere, not just in the usual preferred ZIP codes. ]
Now is the time to sell your house in the city and buy a distressed property in the county in/near a small town.
"BlackRock, itself is also owned by shareholders. Who are those shareholders? We come to a strange conclusion. The biggest shareholder is Vanguard. But now he gets murky. Vanguard is a private company and we cannot see who the shareholders are."
In the bad old days (when coal miners paid in company scrip were laid off until they used it all up at the company store), it was called "interlocking directorships".
It's sort of like the Federal Reserve, whose true owners are a tightly held secret, you could more easily get an accurate account of the scabies on Felonia's PantzSuits.
Vanguard recently outsourced a whole lot of the work formerly done by Vanguard employees to an India firm. Sort of like Disney when they told their people to train the replacements.
I have some black rock CEF’s and they’re doing well too.
I’m heavy with Pimco.
Blackrock is libtard heavy and helped push leftist greenies to the Exxon Mobil board. I’m sure others are not much better.
Absolutely...
Yes, I spent at least a half hour on hold last night for a Vanguard representative between 7pm-8pm EST.
I froze my 401K earlier in the day because my company was the victim of a cyber attack the night before.
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