As luck would have it, BlackRock Financial Market Advisory has been picked by the FDIC to manage the sale of $27 billion of Signature Bank as well as the $87 billion assets from Silicon Valley Bank. These assets are in the form of Commercial Mortgage Backed Securities, Mortgage Backed Securities, and Collateralized Mortgage Obligations.
The FDIC has stated that the portfolio sales with be “gradual and orderly” with the intention to reduce any negative impact on the market. For those interested in purchases these assets, it is prudent to contact blackrock via email at: extfdicinquiry@blackrock.com
Blackrock was given the privilege by the Federal Reserve of managing the assets of Bear Stearns and AIG after they collapsed in 2008.
Revolving Door
Blackrock’s CEO Larry Fink was alleged to have been hopeful of becoming Hillary Clinton’s pick for Treasure Secretary had she won the 2016 presidential election. But it turns out that wasn’t necessary. As soon as the Biden Administration occupied the White House, former employees of Blackrock entered powerful posts related to economic policy.
Members of the revolving door between the US government and Blackrock:
Adewale “Wally” Adeyemo (Yale Law graduate)
- Larry Fink’s interim Chief of Staff, as well as Senior Advisor at Blackrock is currently the Deputy Secretary of the Treasury under the Biden Administration. Under the Obama administration, he was the Deputy National Security Advisor for International Economics as well as Chief of Staff to the Treasury Secretary. Adeyemo was also the first President of the Obama Foundation.
Mike Pyle (Yale Law graduate)
- Blackrock’s Global Chief Investment Strategist became the Vice President Kamala Harris’ top economic advisor. Under Obama, he was Special Assistant to the President for Economic Policy
Brian Deese (Yale Law graduate)
- Blackrock’s former Global Head of Sustainable Investing who until recently was Director of the National Economic Council in the Biden administration. Under the Obama administration, he was a Senior Advisor to the President, Deputy Director and later Acting Director of the Office of Management and Budget.
Eric Van Nostrand (Yale Law graduate)
- BlackRock’s Head of Research for Sustainable Investments and Multi-Asset Strategies. Currently picked as Assistant Secretary for Economic Policy at Treasury. Was also a staff economist and advisor to the Chairman of the White House Council of Economic Advisers
More Information
FDIC press release: click here
