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{{about|the businessman|the photographer|Larry Fink (photographer)}}
{{Use mdy dates|date=December 2018}}
{{Infobox person
|name = Larry Fink
|image = Laurence Douglas Fink (cropped).jpg
|birth_name = Laurence Douglas Fink
|birth_date = {{birth date and age|1952|11|2}}
|birth_place = [[Los Angeles]], [[California]], U.S.
|title = Chairman and CEO, [[BlackRock]]
|education = [[University of California, Los Angeles]] {{small|([[Bachelor of Arts|BA]], [[Master of Business Administration|MBA]])}}
|party = [[Democratic Party (United States)|Democratic]]
|children = 3
}}
'''Laurence Douglas Fink''' (born November 2, 1952) is an American [[billionaire]] businessman. He is the chairman and CEO of [[BlackRock]], an American multinational [[investment management]] corporation.<ref name="Forbes.com">{{cite web |url=https://people.forbes.com/profile/laurence-d-fink/12231 |title=Profile: Laurence D. Fink |year=2010 |work=[[Forbes]] |access-date=January 26, 2010 |archive-url=https://web.archive.org/web/20100206092301/http://people.forbes.com/profile/laurence-d-fink/12231 |archive-date=February 6, 2010 |url-status=dead }}</ref> BlackRock is the largest money-management firm in the world with more than {{currency|10|USD}} trillion in [[assets under management]],<ref>{{Cite web|url=https://www.reuters.com/business/finance/blackrock-profit-rises-25-asset-growth-boosts-fee-income-2022-01-14/|title=BlackRock assets cross $10 trillion, revenue slightly misses|first1=Sohini|last1=Podder|first2=Lewis|last2=Krauskopf|date=January 14, 2022|access-date=January 18, 2022|website=Reuters.com}}</ref><ref name="Vanity">Suzanna Andrews: [http://www.vanityfair.com/business/features/2010/04/fink-201004 Larry Fink's $12 Trillion Shadow], ''Vanity Fair'', April 2010</ref> giving the firm enormous power over the global financial system.<ref>{{Cite news|date=2018-01-12|title=BlackRock hits record $6 trillion assets, helped by Trump tax law|language=en|work=Reuters|url=https://www.reuters.com/article/us-blackrock-results-idUSKBN1F118R|access-date=2020-06-12}}</ref> In April 2022, Fink's net worth was estimated at {{currency|1|USD}} billion according to [[Forbes|Forbes Magazine]].<ref>{{Cite web |title=Larry Fink - 2022 Billionaires Net Worth |url=https://www.forbes.com/profile/larry-fink/ |access-date=2022-05-04 |website=Forbes |language=en}}</ref> He sits on the boards of the [[Council on Foreign Relations]] and [[World Economic Forum]].<ref>[https://www.weforum.org/about/leadership-and-governance "Board of Trustees"], World Economic Forum</ref><ref>[https://www.cfr.org/board-directors "Board of Directors"], Council on Foreign Relations</ref>
==Early life and education==
Fink was born on November 2, 1952.<ref>"[http://investing.businessweek.com/research/stocks/people/person.asp?personId=402029&ticker=BLK Laurence Fink: Executive Profile & Biography]", ''[[Businessweek]]''.</ref><ref name="CEO">{{cite book|title=1000 CEOs |last1=Davidson |first1=Andrew |last2=Goldsmith |first2=Marshall |date=2009|publisher=Penguin|isbn=9780756661243 |url=https://books.google.com/books?id=ndAbs5tRmtIC&q=Fink+%221952%22+-popularly++born+Blackrock&pg=PT538}}</ref> He grew up one of three children in a [[American Jews|Jewish]] family<ref>{{cite news |last=Kaminer |first=Michael |date=September 3, 2010 |title=Jews Dominate Vanity Fair 100 Most Influential Moguls List |work=The Jewish Daily Forward |location=Israel |url=http://blogs.forward.com/the-shmooze/131013/jews-dominate-vanity-fair--most-influential-mog/ |access-date=September 3, 2010 |archive-url=https://archive.ph/5A3j6 |archive-date=June 29, 2013}}</ref> in [[Van Nuys, California]], where his mother Lila (1930-2012) was an English professor and his father Frederick (1925-2013) owned a shoe store.<ref name="Vanity" /> He earned a [[Bachelor of Arts|BA]] in [[Political science|Political Science]] from [[University of California, Los Angeles|UCLA]] in 1974.<ref name="CEO" /> Fink is also a member of [[Kappa Beta Phi]].<ref>{{cite book |last=Roose |first=Kevin |date=2014 |title=Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits |location=London, UK |publisher= John Murray (Publishers), An Hachette UK Company |page=208 |isbn=978-1-47361-161-0}}</ref> He then received an [[MBA]] in [[Real Estate]] at the [[UCLA Anderson School of Management|UCLA Anderson Graduate School of Management]] in 1976.<ref name="CEO" /><ref name="Forbes: CEO Compensation">{{cite web |url= https://www.forbes.com/lists/2009/12/best-boss-09_Laurence-D-Fink_4U0F.html|title=CEO Compensation: #55 Laurence D Fink|date=April 22, 2009|work=[[Forbes]] |access-date=January 26, 2010}}</ref>
==Career==
===1970 to 2000===
Fink started his career in 1976 at [[First Boston]], a [[New York (state)|New York]]-based [[investment bank]],<ref>{{Cite news|last=Wigglesworth|first=Robin|date=2021-10-07|title=The ten trillion dollar man: how Larry Fink became king of Wall St|work=Financial Times|url=https://www.ft.com/content/7dfd1e3d-e256-4656-a96d-1204538d75cd|access-date=2021-10-28}}</ref> where he was one of the first [[mortgage-backed security]] traders and eventually managed the firm's bond department.<ref name="Fink Center for Finance & Investments">{{cite web|url=http://www.anderson.ucla.edu/x20552.xml|title=Profile: Laurence D. Fink (MBA '76)|year=2010|work=Fink Center for Finance & Investments|publisher=UCLA|access-date=January 26, 2010|location=Los Angeles|archive-url=https://web.archive.org/web/20120524164722/http://www.anderson.ucla.edu/x20552.xml|archive-date=May 24, 2012|url-status=dead}}</ref> At First Boston, Fink was a member of the management committee, a [[Board of directors|managing director]], and co-head of the Taxable Fixed Income Division; he also started the Financial Futures and Options Department, and headed the Mortgage and Real Estate Products Group.<ref name="WSJ">"[http://topics.wsj.com/person/F/laurence-d-fink/375 Laurence Fink - News, Articles, Biography, Photos - WSJ.com]", ''[[Wall Street Journal]]''. Retrieved October 14, 2011.</ref>
Fink added "by some estimates"<ref name="Vanity" /> $1 billion to First Boston's bottom line. He was successful at the bank until 1986, when his department lost $100 million due to his incorrect prediction about interest rates.<ref name="Vanity" /> The experience influenced his decision to start a company that would invest clients' money while also incorporating comprehensive [[risk management]].<ref name="Vanity" />
In 1988, under the corporate umbrella of [[The Blackstone Group]], Fink co-founded [[BlackRock]] and became its director and [[CEO]]. When BlackRock split from Blackstone in 1994, Fink retained his positions, which he continued to hold after BlackRock became more independent in 1998. His other positions at the company have included [[chairman of the board]], chairman of the executive and leadership committees, chair of corporate council, and co-chair of the global client committee.<ref name="Vanity" /><ref name="WSJ" /> BlackRock [[Initial public offering|went public]] in 1999.<ref name=corporate-history>{{cite web |url=https://www.pnc.com/webapp/unsec/NCProductsAndService.do?siteArea=/pnccorp/PNC/Home/About+PNC/Our+Organization/Corporate+History |title=Corporate History |access-date=March 22, 2014 |url-status=dead |archive-url=https://web.archive.org/web/20120517183033/https://www.pnc.com/webapp/unsec/NCProductsAndService.do?siteArea=%2Fpnccorp%2FPNC%2FHome%2FAbout+PNC%2FOur+Organization%2FCorporate+History |archive-date=May 17, 2012 }}</ref>
=== 2000s ===
[[Image:finkcalatrava.jpg|thumb|right|Fink, third from right, receiving a [[Woodrow Wilson Award]] in April 2010]]
In 2003, Fink helped to negotiate the resignation of the CEO of the [[New York Stock Exchange]], [[Richard Grasso]], who was widely criticized for his $190 million pay package.<ref name="Vanity" /> In 2006 Fink led the merger with [[Merrill Lynch]] Investment Managers, which doubled BlackRock's asset management portfolio.<ref name="CEO" /> That same year, BlackRock's $5.4 billion purchase of [[Stuyvesant Town–Peter Cooper Village]], a Manhattan housing complex, became the largest residential-real-estate deal in U.S. history. When the project ended in [[default (finance)|default]], BlackRock clients lost their money, including the [[CalPERS|California Pension and Retirement System]], which lost about $500 million.<ref name="Vanity" />
The [[United States|U.S]]. government contracted with BlackRock to help clean up after the [[Late-2000s financial crisis|financial meltdown of 2008]]. Although BlackRock is widely believed to have been the best choice for the cleanup job,<ref>Andrews, Suzanna. [http://www.vanityfair.com/business/features/2010/04/fink-201004 Larry Fink’s $12 Trillion Shadow], ''Vanity Fair'', April 2010: "There is little doubt among the financial establishment in Washington and on Wall Street that BlackRock was the best choice to handle the government’s problems."</ref> Fink's longstanding relationships with senior government officials have led to questions about potential conflict of interest regarding government contracts awarded without competitive bidding.<ref name="Vanity" /> BlackRock's contract allowed Fink to cultivate relationships with Obama's first Treasury Secretary Tim Geithner and additional members of the Obama economic recovery team.<ref>{{Cite magazine|last=Andrews|first=Suzanna|title=Larry Fink's $12 Trillion Shadow|url=https://www.vanityfair.com/news/2010/04/fink-201004|access-date=2020-06-12|magazine=Vanity Fair|language=en-us}}</ref> In 2016 Fink hoped to become part of the federal government himself as [[Hillary Clinton]]'s Treasury Secretary.<ref>{{Cite web|last=VerHage|first=Julie|date=2016-01-09|title=BlackRock's Fink Hoping Hillary is Ticket to Treasury Post|url=https://www.foxbusiness.com/features/blackrocks-fink-hoping-hillary-is-ticket-to-treasury-post|access-date=2020-06-12|website=FOXBusiness|language=en-US}}</ref> At the same time, Blackrock hired many former executive branch appointees to its firm including [[Cheryl Mills]],
Christopher Meade, Katheryn Rosen, Michael Pyle, Coryann Stefansson, Gary Reeder, and Ken Wilson.<ref name="blackrocktransparencyproject.org">{{Cite web|title=The BlackRock Revolving Door – BlackRock Transparency Project|url=https://blackrocktransparencyproject.org/2018/06/27/the-blackrock-revolving-door/|access-date=2020-06-12|website=blackrocktransparencyproject.org}}</ref> This move strengthened BlackRock's revolving door with the federal government.<ref name="blackrocktransparencyproject.org"/>
In December 2009, BlackRock purchased Barclays Global Investors, at which point the company became the largest money-management firm in the world.<ref name="Vanity" /> Despite his great influence, Fink is not widely known publicly, apart from his regular appearances on [[CNBC]].<ref name="Vanity" /> BlackRock paid Fink $23.6 million in 2010,<ref name="The Wall Street Journal/Hay Group Survey of CEO Compensation">{{cite web|url=http://graphicsweb.wsj.com/php/CEOPAY11.html#top|title=The Wall Street Journal/Hay Group Survey of CEO Compensation|date=May 8, 2011|work=The Wall Street Journal|access-date=October 14, 2011|archive-url=https://web.archive.org/web/20111016172836/http://graphicsweb.wsj.com/php/CEOPAY11.html#top|archive-date=October 16, 2011|url-status=dead}}</ref> and $36 million in 2021.<ref>{{Cite news |last=Vandevelde |first=Mark |date=2022-04-14 |title=BlackRock chief executive Larry Fink’s pay rose to $36mn in 2021 |work=Financial Times |url=https://www.ft.com/content/f9cffe7f-ab54-456d-a126-fbe43373ebb0 |access-date=2022-04-15}}</ref> By 2016, BlackRock had $5 trillion under management, with 12,000 employees in 27 countries.<ref>[https://www.nytimes.com/2016/09/18/business/dealbook/at-blackrock-shaping-the-shifts-in-power.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=second-column-region®ion=top-news&WT.nav=top-news BlackRock shapes shifts] NYTimes, September 16, 2016</ref><ref>{{Cite web|url=http://www.blackrock.com/corporate/en-us/about-us|title=About Us {{!}} BlackRock|website=BlackRock|language=en-US|access-date=February 23, 2018}}</ref>
In 2016, Fink received the ABANA Achievement Award in New York City. It recognizes an individual who exemplifies outstanding leadership in banking and finance and has a commitment to positive professional cooperation between the US and the Middle East and North Africa.<ref>{{Cite web|url=https://www.abana.co/events/all/2016-abana-achievement-award-dinner-and-conference/|title=2016 ABANA Achievement Award Dinner|website=ABANA|language=en-US|access-date=February 23, 2018}}</ref>
In 2018, Fink was ranked #28 on the [[Forbes list of The World's Most Powerful People|''Forbes'' list of The World's Most Powerful People]].<ref>{{Cite web|url=https://www.forbes.com/profile/larry-fink/|title=Larry Fink|website=Forbes|language=en|access-date=2019-01-15}}</ref>
During the [[COVID-19 pandemic|coronavirus pandemic]] of 2020 the Fed has turned to BlackRock to help it purchase distressed securities in an echo of 2008.<ref>{{Cite news|last1=Zuckerman|first2=Dawn |last2=Lim |first1=Gregory|date=2020-05-10|title=Big Money Managers Take Lead Role in Managing Coronavirus Stimulus|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/big-money-managers-take-lead-role-in-managing-coronavirus-stimulus-11589130185|access-date=2020-06-12|issn=0099-9660}}</ref>
==Community involvement==
Fink serves on the [[board of trustees]] of [[New York University]], where he holds various chairmanships including chair of the Financial Affairs Committee. He also co-chairs the [[NYU Langone Medical Center]] board of trustees and is a trustee of the [[Boys & Girls Clubs of America|Boys and Girl's Club]] of New York. Fink is also on the board of the [[Robin Hood Foundation]].<ref>{{cite web|title=Governance|url=https://www.robinhood.org/governance#section-1|website=Robin Hood Foundation|access-date=January 13, 2015}}</ref> Fink founded the Lori and Laurence Fink Center for Finance & Investments at UCLA Anderson<ref name=lorifink>{{Citation |title= The Laurence and Lori Fink Center for Finance & Investments |publisher= UCLA Anderson School of Management |location= Los Angeles, California|url= http://www.anderson.ucla.edu/centers/fink-center-for-finance-and-investments/about-us|access-date= July 22, 2017}}</ref> in 2009, and currently serves as chairman of the board.<ref>{{Cite web|url=http://www.anderson.ucla.edu/centers/fink-center-for-finance-and-investments/board-leadership|title=Board Leadership {{!}} UCLA Anderson School of Management|website=anderson.ucla.edu|access-date=2019-01-15}}</ref>
In December 2016, Fink joined a business forum assembled by then president-elect [[Donald Trump]] to provide strategic and policy advice on economic issues.<ref>{{cite news|last1=Bryan|first1=Bob|title=Trump is forming an economic advisory team with the CEOs of Disney, General Motors, JPMorgan, and more|url=http://www.businessinsider.com/trump-strategic-and-policy-forum-includes-dimon-iger-schwarzman-2016-12|access-date=June 1, 2017|publisher=Business Insider|date=December 2, 2016}}</ref>
In his 2018 annual open letter to CEOs, he called for corporations to play an active role in improving the environment, working to better their communities, and increasing the diversity of their workforces.<ref>{{Cite web|url=https://www.blackrock.com/corporate/compliance/insights-terms-and-conditions|title=Terms and conditions|website=BlackRock}}</ref> This has been taken as evidence of a move by BlackRock, one of the largest public investors, to proactively enforce these targets.<ref>{{cite web|last1=Weinbar|first1=Sharon|title=How big money can drive diversity in venture capital – TechCrunch|url=https://techcrunch.com/2018/03/29/how-big-money-can-drive-diversity-in-venture-capital/|website=techcrunch.com|access-date=March 30, 2018}}</ref> In his 2019 open letter, Fink said that companies and their CEOs must step into a leadership vacuum to tackle social and political issues when governments fail to address these issues.<ref>{{Cite news|url=https://www.nytimes.com/2019/01/17/business/dealbook/blackrock-larry-fink-letter.html|title=World's Biggest Investor Tells C.E.O.s Purpose Is the 'Animating Force' for Profits|last=Sorkin|first=Andrew Ross|date=2019-01-17|work=The New York Times|access-date=2019-01-23|language=en-US|issn=0362-4331}}</ref>
After the [[Assassination of Jamal Khashoggi|murder]] of [[Jamal Khashoggi]] in October 2018, Fink cancelled plans to attend an investment conference in [[Saudi Arabia]].<ref>{{Cite news|url=https://www.nytimes.com/2018/10/15/business/dealbook/blackstone-blackrock-saudi-conference.html|title=Blackstone and BlackRock Chiefs Withdraw From Saudi Conference|last1=Merced|first1=Michael J. de la|date=2018-10-15|work=The New York Times|access-date=2019-01-18|last2=Sorkin|first2=Andrew Ross|language=en-US|issn=0362-4331}}</ref>
In his 2020 annual open letter,<ref>{{Cite web|url=https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter|title=Larry Fink's Letter to CEOs|website=BlackRock|language=en|access-date=2020-01-16}}</ref> Fink announced [[Sustainability|environmental sustainability]] as core goal for BlackRock's future investment decisions.<ref>{{Cite news|url=https://www.nytimes.com/2020/01/14/business/dealbook/larry-fink-blackrock-climate-change.html|title=BlackRock C.E.O. Larry Fink: Climate Crisis Will Reshape Finance|last=Sorkin|first=Andrew Ross|date=2020-01-14|work=The New York Times|access-date=2020-01-16|language=en-US|issn=0362-4331}}</ref> In this letter, he explained how climate will become a driver in economics, affecting all aspects of the economy. He also divulged in a separate letter (to investors) that BlackRock will be cutting ties with previous investments involving thermal coal and other investments that have a large environmental risk.<ref>{{Cite web|url=https://scholar.colorado.edu/concern/articles/kd17ct88g|title=Media and Climate Change Observatory Monthly Summary: If you think you've heard this story before, you haven't seen anything yet - Issue 37, January 2020|last=Nacu-Schmidt|first=Ami|website=scholar.colorado.edu}}</ref>
Larry Fink is also longtime donor and supporter of the New York City Police Foundation: a group that provides financial support to the New York City Police Department. The non-profit [[Color of Change]] called on Fink to divest from the NYC Police Foundation in the wake of the [[murder of George Floyd]] and subsequent [[George Floyd protests|nationwide protests]].<ref>{{Cite web|last=Murphy|first=Paul P.|title=Three police officers appeared to kneel on George Floyd in new video|url=https://www.cnn.com/2020/05/29/us/george-floyd-new-video-officers-kneel-trnd/index.html|access-date=2020-06-12|website=CNN}}</ref><ref>{{Cite web|title=Color of Change Calls on Larry Fink to Stop Supporting NYC Police Foundation|url=https://www.institutionalinvestor.com/article/b1m0xjc8wmn3mf/color-of-change-calls-on-larry-fink-to-stop-supporting-nyc-police-foundation|access-date=2020-06-12|website=Institutional Investor|language=en-gb}}</ref>
==Personal life==
Fink has been married to his wife Lori since 1974 and owns homes in [[Manhattan]], [[North Salem, New York]], and [[Vail, Colorado]]. The couple has three children. Joshua, their eldest son, was CEO of Enso Capital, a now defunct [[hedge fund]]<ref>{{Cite news|url=https://www.wsj.com/articles/financial-elites-offspring-start-their-own-hedge-funds-1411340795|title=Financial Elite's Offspring Start Their Own Hedge Funds|last=Copeland|first=Rob|date=2014-09-22|work=Wall Street Journal|access-date=2019-01-15|language=en-US|issn=0099-9660}}</ref> in which Fink had a stake.<ref name="A Second-Generation">{{cite news |url= http://dealbook.blogs.nytimes.com/2008/09/08/a-second-generation-fink-rises-in-finance/ |title=A Second-Generation Fink Rises in Finance|date=September 8, 2008|publisher=The New York Times Company|access-date=January 28, 2010}}</ref> Fink is a lifelong supporter of the [[Democratic Party (United States)|Democratic Party]].<ref name="Vanity"/>
== Public perception ==
In his 2018 annual letter to shareholders, Fink stated that other companies should be aware of their impact on society,<ref>{{Cite web|url=https://www.dw.com/en/larry-fink-calls-on-ceos-to-realize-their-companies-social-responsibility/a-42279452|title=Larry Fink calls on CEOs to realize their companies' social responsibility|last=Lindsey Rae|first=Gjording|date=January 23, 2018|website=DW.com|access-date=November 3, 2019}}</ref> however, anti-war organizations are discontent with Fink's statement, because his company, BlackRock, is the largest investor in weapon manufacturers through its U.S. Aerospace and Defense ETF.<ref>{{Cite web|url=https://www.blackrock.com/us/individual/products/239502/ishares-us-aerospace-defense-etf|title=iShares U.S. Aerospace & Defense ETF|date=2019|website=BlackRock.com|url-status=dead|archive-url=https://web.archive.org/web/20191103190550/https://www.blackrock.com/us/individual/products/239502/ishares-us-aerospace-defense-etf|archive-date=November 3, 2019|access-date=November 3, 2019}}</ref> In September 2018, an activist with the U.S. non-profit organization [[Code Pink]] confronted Fink on stage at the Yahoo Finance All Markets Summit.<ref>{{Cite web|url=https://nypost.com/2018/09/20/larry-fink-blitzed-by-war-protesters-at-conference/|title=Larry Fink blitzed by war protesters at conference|last=English|first=Carleton|date=September 20, 2018|website=New York Post|access-date=November 3, 2019}}</ref>
== Climate change ==
In December 2021, BlackRock teamed up with a Saudi asset manager to pay $15.5 billion to buy and then lease back pipelines to Saudi Aramco.<ref>{{Cite news |title=BlackRock’s Larry Fink tells fellow CEOs that businesses are not ‘climate police’ |language=en-US |work=Washington Post |url=https://www.washingtonpost.com/climate-environment/2022/01/18/blackrock-larry-fink-letter-climate/ |access-date=2022-05-08 |issn=0190-8286}}</ref>
However, Fink has been largely vocal on companies taking action on [[climate change]], and in an open letter in 2022 stated “Every company and every industry will be transformed by the transition to a net-zero world. The question is, will you lead, or will you be led?”.<ref>{{Cite web |title=Larry Fink's Annual 2022 Letter to CEOs |url=https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter |access-date=2022-05-08 |website=BlackRock |language=en}}</ref>
In 2022, Fink was named one of the US' top "climate villains" by ''[[The Guardian]]'' due to BlackRock profiting from deforestation.<ref>{{Cite web |date=2021-10-27 |title=The dirty dozen: meet America's top climate villains |url=https://www.theguardian.com/commentisfree/2021/oct/27/climate-crisis-villains-americas-dirty-dozen |access-date=2022-10-19 |website=the Guardian |language=en}}</ref>
== Honors ==
*2007, Golden Plate Award of the [[Academy of Achievement|American Academy of Achievement]]<ref>{{cite web|title= Golden Plate Awardees of the American Academy of Achievement |website=www.achievement.org|publisher=[[American Academy of Achievement]]|url=https://achievement.org/our-history/golden-plate-awards/#business}}</ref><ref>{{Cite web|url=https://achievement.org/summit/2007/|title=2007|website=Academy of Achievement|access-date=January 18, 2022}}</ref>
*2015, Appeal of Conscience Award<ref>{{cite web|title= Appeal of Conscience Foundation to Honor Laurence D. Fink, Chairman and Chief Executive Officer of BlackRock, with 2015 Appeal of Conscience Award| publisher= Cision PR Newswire | url= https://www.prnewswire.com/news-releases/appeal-of-conscience-foundation-to-honor-laurence-d-fink-chairman-and-chief-executive-officer-of-blackrock-with-2015-appeal-of-conscience-award-300142250.html}}</ref>
*2015, Americas Society Gold Medal<ref>{{cite web|title= Americas Society 35th Annual Spring Party Honoring Miguel Alemán Velasco and Laurence D. Fink| publisher= Americas Society / Council of the Americas| url= https://www.as-coa.org/articles/americas-society-35th-annual-spring-party-honoring-miguel-alem%C3%A1n-velasco-and-laurence-d}}</ref>
*2016, UCLA Medal<ref>{{cite web|title= BlackRock chairman Laurence Fink receives UCLA Medal| publisher= UCLA Newsroom | url= https://newsroom.ucla.edu/releases/blackrock-chairman-laurence-fink-receives-ucla-medal}}</ref>
*2019, Charles Schwab Financial Innovation Award<ref>{{cite web|title= Museum of American Finance to Honor Laurence D. Fink and Dr. Janet Yellen at 2019 Gala| publisher= Museum of American Finance | url= https://www.moaf.org/news/press_releases/2019-01-02-museum-of-american-finance-to-honor-laurence-d-fink-and-dr-janet-yellen-at-2019-gala}}</ref>
==References==
{{reflist|colwidth=32em}}
==External links==
{{Wikiquote}}
*[http://www.trilateral.org/pdf/TC_MEMBERSHIP_LIST.pdf Membership] at Trilateral Commission
*[https://www.weforum.org/about/leadership-and-governance Board of Trustees] at World Economic Forum
*[https://www.cfr.org/board-directors Board of Directors] at Council on Foreign Relations
*[http://www.anderson.ucla.edu/centers/fink Lori and Laurence Fink Center for Finance & Investments]
{{BlackRock}}
{{Blackstone Companies}}
{{DEFAULTSORT:Fink, Larry}}
[[Category:1952 births]]
[[Category:American billionaires]]
[[Category:American chief executives of financial services companies]]
[[Category:American financial company founders]]
[[Category:American financiers]]
[[Category:American hedge fund managers]]
[[Category:20th-century American Jews]]
[[Category:American money managers]]
[[Category:BlackRock people]]
[[Category:Businesspeople from Los Angeles]]
[[Category:California Democrats]]
[[Category:Jewish American bankers]]
[[Category:Living people]]
[[Category:New York (state) Democrats]]
[[Category:New York University people]]
[[Category:People from North Salem, New York]]
[[Category:UCLA Anderson School of Management alumni]]
[[Category:Members of the Council on Foreign Relations]]
[[Category:21st-century American Jews]]' |
New page wikitext, after the edit (new_wikitext ) | '{{short description|American billionaire businessman|bot=PearBOT 5}}
{{about|the businessman|the photographer|Larry Fink (photographer)}}
{{Use mdy dates|date=December 2018}}
{{Infobox person
|name = Larry Fink
|image = Laurence Douglas Fink (cropped).jpg
|birth_name = Laurence Douglas Fink
|birth_date = {{birth date and age|1952|11|2}}
|birth_place = [[Los Angeles]], [[California]], U.S.
|title = Chairman and CEO, [[BlackRock]]
|education = [[University of California, Los Angeles]] {{small|([[Bachelor of Arts|BA]], [[Master of Business Administration|MBA]])}}
|party = [[Democratic Party (United States)|Democratic]]
|children = 3
}}
'''Laurence Douglas Fink''' (born November 2, 1952) is an American [[billionaire]] businessman. He is the chairman and CEO of [[BlackRock]], an American multinational [[investment management]] corporation.<ref name="Forbes.com">{{cite web |url=https://people.forbes.com/profile/laurence-d-fink/12231 |title=Profile: Laurence D. Fink |year=2010 |work=[[Forbes]] |access-date=January 26, 2010 |archive-url=https://web.archive.org/web/20100206092301/http://people.forbes.com/profile/laurence-d-fink/12231 |archive-date=February 6, 2010 |url-status=dead }}</ref> BlackRock is the largest money-management firm in the world with more than {{currency|10|USD}} trillion in [[assets under management]],<ref>{{Cite web|url=https://www.reuters.com/business/finance/blackrock-profit-rises-25-asset-growth-boosts-fee-income-2022-01-14/|title=BlackRock assets cross $10 trillion, revenue slightly misses|first1=Sohini|last1=Podder|first2=Lewis|last2=Krauskopf|date=January 14, 2022|access-date=January 18, 2022|website=Reuters.com}}</ref><ref name="Vanity">Suzanna Andrews: [http://www.vanityfair.com/business/features/2010/04/fink-201004 Larry Fink's $12 Trillion Shadow], ''Vanity Fair'', April 2010</ref> giving the firm enormous power over the global financial system.<ref>{{Cite news|date=2018-01-12|title=BlackRock hits record $6 trillion assets, helped by Trump tax law|language=en|work=Reuters|url=https://www.reuters.com/article/us-blackrock-results-idUSKBN1F118R|access-date=2020-06-12}}</ref> In April 2022, Fink's net worth was estimated at {{currency|1|USD}} billion according to [[Forbes|Forbes Magazine]].<ref>{{Cite web |title=Larry Fink - 2022 Billionaires Net Worth |url=https://www.forbes.com/profile/larry-fink/ |access-date=2022-05-04 |website=Forbes |language=en}}</ref> He sits on the boards of the [[Council on Foreign Relations]] and [[World Economic Forum]].<ref>[https://www.weforum.org/about/leadership-and-governance "Board of Trustees"], World Economic Forum</ref><ref>[https://www.cfr.org/board-directors "Board of Directors"], Council on Foreign Relations</ref>
==Early life and education==
Fink was born on November 2, 1952.<ref>"[http://investing.businessweek.com/research/stocks/people/person.asp?personId=402029&ticker=BLK Laurence Fink: Executive Profile & Biography]", ''[[Businessweek]]''.</ref><ref name="CEO">{{cite book|title=1000 CEOs |last1=Davidson |first1=Andrew |last2=Goldsmith |first2=Marshall |date=2009|publisher=Penguin|isbn=9780756661243 |url=https://books.google.com/books?id=ndAbs5tRmtIC&q=Fink+%221952%22+-popularly++born+Blackrock&pg=PT538}}</ref> He grew up one of three children in a [[American Jews|Jewish]] family<ref>{{cite news |last=Kaminer |first=Michael |date=September 3, 2010 |title=Jews Dominate Vanity Fair 100 Most Influential Moguls List |work=The Jewish Daily Forward |location=Israel |url=http://blogs.forward.com/the-shmooze/131013/jews-dominate-vanity-fair--most-influential-mog/ |access-date=September 3, 2010 |archive-url=https://archive.ph/5A3j6 |archive-date=June 29, 2013}}</ref> in [[Van Nuys, California]], where his mother Lila (1930-2012) was an English professor and his father Frederick (1925-2013) owned a shoe store.<ref name="Vanity" /> He earned a [[Bachelor of Arts|BA]] in [[Political science|Political Science]] from [[University of California, Los Angeles|UCLA]] in 1974.<ref name="CEO" /> Fink is also a member of [[Kappa Beta Phi]].<ref>{{cite book |last=Roose |first=Kevin |date=2014 |title=Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits |location=London, UK |publisher= John Murray (Publishers), An Hachette UK Company |page=208 |isbn=978-1-47361-161-0}}</ref> He then received an [[MBA]] in [[Real Estate]] at the [[UCLA Anderson School of Management|UCLA Anderson Graduate School of Management]] in 1976.<ref name="CEO" /><ref name="Forbes: CEO Compensation">{{cite web |url= https://www.forbes.com/lists/2009/12/best-boss-09_Laurence-D-Fink_4U0F.html|title=CEO Compensation: #55 Laurence D Fink|date=April 22, 2009|work=[[Forbes]] |access-date=January 26, 2010}}</ref>
==Career==
===1970 to 2000===
Fink started his career in 1976 at [[First Boston]], a [[New York (state)|New York]]-based [[investment bank]],<ref>{{Cite news|last=Wigglesworth|first=Robin|date=2021-10-07|title=The ten trillion dollar man: how Larry Fink became king of Wall St|work=Financial Times|url=https://www.ft.com/content/7dfd1e3d-e256-4656-a96d-1204538d75cd|access-date=2021-10-28}}</ref> where he was one of the first [[mortgage-backed security]] traders and eventually managed the firm's bond department.<ref name="Fink Center for Finance & Investments">{{cite web|url=http://www.anderson.ucla.edu/x20552.xml|title=Profile: Laurence D. Fink (MBA '76)|year=2010|work=Fink Center for Finance & Investments|publisher=UCLA|access-date=January 26, 2010|location=Los Angeles|archive-url=https://web.archive.org/web/20120524164722/http://www.anderson.ucla.edu/x20552.xml|archive-date=May 24, 2012|url-status=dead}}</ref> At First Boston, Fink was a member of the management committee, a [[Board of directors|managing director]], and co-head of the Taxable Fixed Income Division; he also started the Financial Futures and Options Department, and headed the Mortgage and Real Estate Products Group.<ref name="WSJ">"[http://topics.wsj.com/person/F/laurence-d-fink/375 Laurence Fink - News, Articles, Biography, Photos - WSJ.com]", ''[[Wall Street Journal]]''. Retrieved October 14, 2011.</ref>
Fink added "by some estimates"<ref name="Vanity" /> $1 billion to First Boston's bottom line. He was successful at the bank until 1986, when his department lost $100 million due to his incorrect prediction about interest rates.<ref name="Vanity" /> The experience influenced his decision to start a company that would invest clients' money while also incorporating comprehensive [[risk management]].<ref name="Vanity" />
In 1988, under the corporate umbrella of [[The Blackstone Group]], Fink co-founded [[BlackRock]] and became its director and [[CEO]]. When BlackRock split from Blackstone in 1994, Fink retained his positions, which he continued to hold after BlackRock became more independent in 1998. His other positions at the company have included [[chairman of the board]], chairman of the executive and leadership committees, chair of corporate council, and co-chair of the global client committee.<ref name="Vanity" /><ref name="WSJ" /> BlackRock [[Initial public offering|went public]] in 1999.<ref name=corporate-history>{{cite web |url=https://www.pnc.com/webapp/unsec/NCProductsAndService.do?siteArea=/pnccorp/PNC/Home/About+PNC/Our+Organization/Corporate+History |title=Corporate History |access-date=March 22, 2014 |url-status=dead |archive-url=https://web.archive.org/web/20120517183033/https://www.pnc.com/webapp/unsec/NCProductsAndService.do?siteArea=%2Fpnccorp%2FPNC%2FHome%2FAbout+PNC%2FOur+Organization%2FCorporate+History |archive-date=May 17, 2012 }}</ref>
=== 2000s ===
[[Image:finkcalatrava.jpg|thumb|right|Fink, third from right, receiving a [[Woodrow Wilson Award]] in April 2010]]
In 2003, Fink helped to negotiate the resignation of the CEO of the [[New York Stock Exchange]], [[Richard Grasso]], who was widely criticized for his $190 million pay package.<ref name="Vanity" /> In 2006 Fink led the merger with [[Merrill Lynch]] Investment Managers, which doubled BlackRock's asset management portfolio.<ref name="CEO" /> That same year, BlackRock's $5.4 billion purchase of [[Stuyvesant Town–Peter Cooper Village]], a Manhattan housing complex, became the largest residential-real-estate deal in U.S. history. When the project ended in [[default (finance)|default]], BlackRock clients lost their money, including the [[CalPERS|California Pension and Retirement System]], which lost about $500 million.<ref name="Vanity" />
The [[United States|U.S]]. government contracted with BlackRock to help clean up after the [[Late-2000s financial crisis|financial meltdown of 2008]]. Fink's longstanding relationships with senior government officials have led to questions about potential conflict of interest regarding government contracts awarded without competitive bidding.<ref name="Vanity" /> BlackRock's contract allowed Fink to cultivate relationships with Obama's first Treasury Secretary Tim Geithner and additional members of the Obama economic recovery team.<ref>{{Cite magazine|last=Andrews|first=Suzanna|title=Larry Fink's $12 Trillion Shadow|url=https://www.vanityfair.com/news/2010/04/fink-201004|access-date=2020-06-12|magazine=Vanity Fair|language=en-us}}</ref> In 2016 Fink hoped to become part of the federal government himself as [[Hillary Clinton]]'s Treasury Secretary.<ref>{{Cite web|last=VerHage|first=Julie|date=2016-01-09|title=BlackRock's Fink Hoping Hillary is Ticket to Treasury Post|url=https://www.foxbusiness.com/features/blackrocks-fink-hoping-hillary-is-ticket-to-treasury-post|access-date=2020-06-12|website=FOXBusiness|language=en-US}}</ref> At the same time, Blackrock hired many former executive branch appointees to its firm including [[Cheryl Mills]],
Christopher Meade, Katheryn Rosen, Michael Pyle, Coryann Stefansson, Gary Reeder, and Ken Wilson.<ref name="blackrocktransparencyproject.org">{{Cite web|title=The BlackRock Revolving Door – BlackRock Transparency Project|url=https://blackrocktransparencyproject.org/2018/06/27/the-blackrock-revolving-door/|access-date=2020-06-12|website=blackrocktransparencyproject.org}}</ref> This move strengthened BlackRock's revolving door with the federal government.<ref name="blackrocktransparencyproject.org"/>
In December 2009, BlackRock purchased Barclays Global Investors, at which point the company became the largest money-management firm in the world.<ref name="Vanity" /> Despite his great influence, Fink is not widely known publicly, apart from his regular appearances on [[CNBC]].<ref name="Vanity" /> BlackRock paid Fink $23.6 million in 2010,<ref name="The Wall Street Journal/Hay Group Survey of CEO Compensation">{{cite web|url=http://graphicsweb.wsj.com/php/CEOPAY11.html#top|title=The Wall Street Journal/Hay Group Survey of CEO Compensation|date=May 8, 2011|work=The Wall Street Journal|access-date=October 14, 2011|archive-url=https://web.archive.org/web/20111016172836/http://graphicsweb.wsj.com/php/CEOPAY11.html#top|archive-date=October 16, 2011|url-status=dead}}</ref> and $36 million in 2021.<ref>{{Cite news |last=Vandevelde |first=Mark |date=2022-04-14 |title=BlackRock chief executive Larry Fink’s pay rose to $36mn in 2021 |work=Financial Times |url=https://www.ft.com/content/f9cffe7f-ab54-456d-a126-fbe43373ebb0 |access-date=2022-04-15}}</ref> By 2016, BlackRock had $5 trillion under management, with 12,000 employees in 27 countries.<ref>[https://www.nytimes.com/2016/09/18/business/dealbook/at-blackrock-shaping-the-shifts-in-power.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=second-column-region®ion=top-news&WT.nav=top-news BlackRock shapes shifts] NYTimes, September 16, 2016</ref><ref>{{Cite web|url=http://www.blackrock.com/corporate/en-us/about-us|title=About Us {{!}} BlackRock|website=BlackRock|language=en-US|access-date=February 23, 2018}}</ref>
In 2016, Fink received the ABANA Achievement Award in New York City. It recognizes an individual who exemplifies outstanding leadership in banking and finance and has a commitment to positive professional cooperation between the US and the Middle East and North Africa.<ref>{{Cite web|url=https://www.abana.co/events/all/2016-abana-achievement-award-dinner-and-conference/|title=2016 ABANA Achievement Award Dinner|website=ABANA|language=en-US|access-date=February 23, 2018}}</ref>
In 2018, Fink was ranked #28 on the [[Forbes list of The World's Most Powerful People|''Forbes'' list of The World's Most Powerful People]].<ref>{{Cite web|url=https://www.forbes.com/profile/larry-fink/|title=Larry Fink|website=Forbes|language=en|access-date=2019-01-15}}</ref>
During the [[COVID-19 pandemic|coronavirus pandemic]] of 2020 the Fed has turned to BlackRock to help it purchase distressed securities in an echo of 2008.<ref>{{Cite news|last1=Zuckerman|first2=Dawn |last2=Lim |first1=Gregory|date=2020-05-10|title=Big Money Managers Take Lead Role in Managing Coronavirus Stimulus|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/big-money-managers-take-lead-role-in-managing-coronavirus-stimulus-11589130185|access-date=2020-06-12|issn=0099-9660}}</ref>
==Community involvement==
Fink serves on the [[board of trustees]] of [[New York University]], where he holds various chairmanships including chair of the Financial Affairs Committee. He also co-chairs the [[NYU Langone Medical Center]] board of trustees and is a trustee of the [[Boys & Girls Clubs of America|Boys and Girl's Club]] of New York. Fink is also on the board of the [[Robin Hood Foundation]].<ref>{{cite web|title=Governance|url=https://www.robinhood.org/governance#section-1|website=Robin Hood Foundation|access-date=January 13, 2015}}</ref> Fink founded the Lori and Laurence Fink Center for Finance & Investments at UCLA Anderson<ref name=lorifink>{{Citation |title= The Laurence and Lori Fink Center for Finance & Investments |publisher= UCLA Anderson School of Management |location= Los Angeles, California|url= http://www.anderson.ucla.edu/centers/fink-center-for-finance-and-investments/about-us|access-date= July 22, 2017}}</ref> in 2009, and currently serves as chairman of the board.<ref>{{Cite web|url=http://www.anderson.ucla.edu/centers/fink-center-for-finance-and-investments/board-leadership|title=Board Leadership {{!}} UCLA Anderson School of Management|website=anderson.ucla.edu|access-date=2019-01-15}}</ref>
In December 2016, Fink joined a business forum assembled by then president-elect [[Donald Trump]] to provide strategic and policy advice on economic issues.<ref>{{cite news|last1=Bryan|first1=Bob|title=Trump is forming an economic advisory team with the CEOs of Disney, General Motors, JPMorgan, and more|url=http://www.businessinsider.com/trump-strategic-and-policy-forum-includes-dimon-iger-schwarzman-2016-12|access-date=June 1, 2017|publisher=Business Insider|date=December 2, 2016}}</ref>
In his 2018 annual open letter to CEOs, he called for corporations to play an active role in improving the environment, working to better their communities, and increasing the diversity of their workforces.<ref>{{Cite web|url=https://www.blackrock.com/corporate/compliance/insights-terms-and-conditions|title=Terms and conditions|website=BlackRock}}</ref> This has been taken as evidence of a move by BlackRock, one of the largest public investors, to proactively enforce these targets.<ref>{{cite web|last1=Weinbar|first1=Sharon|title=How big money can drive diversity in venture capital – TechCrunch|url=https://techcrunch.com/2018/03/29/how-big-money-can-drive-diversity-in-venture-capital/|website=techcrunch.com|access-date=March 30, 2018}}</ref> In his 2019 open letter, Fink said that companies and their CEOs must step into a leadership vacuum to tackle social and political issues when governments fail to address these issues.<ref>{{Cite news|url=https://www.nytimes.com/2019/01/17/business/dealbook/blackrock-larry-fink-letter.html|title=World's Biggest Investor Tells C.E.O.s Purpose Is the 'Animating Force' for Profits|last=Sorkin|first=Andrew Ross|date=2019-01-17|work=The New York Times|access-date=2019-01-23|language=en-US|issn=0362-4331}}</ref>
After the [[Assassination of Jamal Khashoggi|murder]] of [[Jamal Khashoggi]] in October 2018, Fink cancelled plans to attend an investment conference in [[Saudi Arabia]].<ref>{{Cite news|url=https://www.nytimes.com/2018/10/15/business/dealbook/blackstone-blackrock-saudi-conference.html|title=Blackstone and BlackRock Chiefs Withdraw From Saudi Conference|last1=Merced|first1=Michael J. de la|date=2018-10-15|work=The New York Times|access-date=2019-01-18|last2=Sorkin|first2=Andrew Ross|language=en-US|issn=0362-4331}}</ref>
In his 2020 annual open letter,<ref>{{Cite web|url=https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter|title=Larry Fink's Letter to CEOs|website=BlackRock|language=en|access-date=2020-01-16}}</ref> Fink announced [[Sustainability|environmental sustainability]] as core goal for BlackRock's future investment decisions.<ref>{{Cite news|url=https://www.nytimes.com/2020/01/14/business/dealbook/larry-fink-blackrock-climate-change.html|title=BlackRock C.E.O. Larry Fink: Climate Crisis Will Reshape Finance|last=Sorkin|first=Andrew Ross|date=2020-01-14|work=The New York Times|access-date=2020-01-16|language=en-US|issn=0362-4331}}</ref> In this letter, he explained how climate will become a driver in economics, affecting all aspects of the economy. He also divulged in a separate letter (to investors) that BlackRock will be cutting ties with previous investments involving thermal coal and other investments that have a large environmental risk.<ref>{{Cite web|url=https://scholar.colorado.edu/concern/articles/kd17ct88g|title=Media and Climate Change Observatory Monthly Summary: If you think you've heard this story before, you haven't seen anything yet - Issue 37, January 2020|last=Nacu-Schmidt|first=Ami|website=scholar.colorado.edu}}</ref>
Larry Fink is also longtime donor and supporter of the New York City Police Foundation: a group that provides financial support to the New York City Police Department. The non-profit [[Color of Change]] called on Fink to divest from the NYC Police Foundation in the wake of the [[murder of George Floyd]] and subsequent [[George Floyd protests|nationwide protests]].<ref>{{Cite web|last=Murphy|first=Paul P.|title=Three police officers appeared to kneel on George Floyd in new video|url=https://www.cnn.com/2020/05/29/us/george-floyd-new-video-officers-kneel-trnd/index.html|access-date=2020-06-12|website=CNN}}</ref><ref>{{Cite web|title=Color of Change Calls on Larry Fink to Stop Supporting NYC Police Foundation|url=https://www.institutionalinvestor.com/article/b1m0xjc8wmn3mf/color-of-change-calls-on-larry-fink-to-stop-supporting-nyc-police-foundation|access-date=2020-06-12|website=Institutional Investor|language=en-gb}}</ref>
==Personal life==
Fink has been married to his wife Lori since 1974 and owns homes in [[Manhattan]], [[North Salem, New York]], and [[Vail, Colorado]]. The couple has three children. Joshua, their eldest son, was CEO of Enso Capital, a now defunct [[hedge fund]]<ref>{{Cite news|url=https://www.wsj.com/articles/financial-elites-offspring-start-their-own-hedge-funds-1411340795|title=Financial Elite's Offspring Start Their Own Hedge Funds|last=Copeland|first=Rob|date=2014-09-22|work=Wall Street Journal|access-date=2019-01-15|language=en-US|issn=0099-9660}}</ref> in which Fink had a stake.<ref name="A Second-Generation">{{cite news |url= http://dealbook.blogs.nytimes.com/2008/09/08/a-second-generation-fink-rises-in-finance/ |title=A Second-Generation Fink Rises in Finance|date=September 8, 2008|publisher=The New York Times Company|access-date=January 28, 2010}}</ref> Fink is a lifelong supporter of the [[Democratic Party (United States)|Democratic Party]].<ref name="Vanity"/>
== Public perception ==
In his 2018 annual letter to shareholders, Fink stated that other companies should be aware of their impact on society,<ref>{{Cite web|url=https://www.dw.com/en/larry-fink-calls-on-ceos-to-realize-their-companies-social-responsibility/a-42279452|title=Larry Fink calls on CEOs to realize their companies' social responsibility|last=Lindsey Rae|first=Gjording|date=January 23, 2018|website=DW.com|access-date=November 3, 2019}}</ref> however, anti-war organizations are discontent with Fink's statement, because his company, BlackRock, is the largest investor in weapon manufacturers through its U.S. Aerospace and Defense ETF.<ref>{{Cite web|url=https://www.blackrock.com/us/individual/products/239502/ishares-us-aerospace-defense-etf|title=iShares U.S. Aerospace & Defense ETF|date=2019|website=BlackRock.com|url-status=dead|archive-url=https://web.archive.org/web/20191103190550/https://www.blackrock.com/us/individual/products/239502/ishares-us-aerospace-defense-etf|archive-date=November 3, 2019|access-date=November 3, 2019}}</ref> In September 2018, an activist with the U.S. non-profit organization [[Code Pink]] confronted Fink on stage at the Yahoo Finance All Markets Summit.<ref>{{Cite web|url=https://nypost.com/2018/09/20/larry-fink-blitzed-by-war-protesters-at-conference/|title=Larry Fink blitzed by war protesters at conference|last=English|first=Carleton|date=September 20, 2018|website=New York Post|access-date=November 3, 2019}}</ref>
== Climate change ==
In December 2021, BlackRock teamed up with a Saudi asset manager to pay $15.5 billion to buy and then lease back pipelines to Saudi Aramco.<ref>{{Cite news |title=BlackRock’s Larry Fink tells fellow CEOs that businesses are not ‘climate police’ |language=en-US |work=Washington Post |url=https://www.washingtonpost.com/climate-environment/2022/01/18/blackrock-larry-fink-letter-climate/ |access-date=2022-05-08 |issn=0190-8286}}</ref>
However, Fink has been largely vocal on companies taking action on [[climate change]], and in an open letter in 2022 stated “Every company and every industry will be transformed by the transition to a net-zero world. The question is, will you lead, or will you be led?”.<ref>{{Cite web |title=Larry Fink's Annual 2022 Letter to CEOs |url=https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter |access-date=2022-05-08 |website=BlackRock |language=en}}</ref>
In 2022, Fink was named one of the US' top "climate villains" by ''[[The Guardian]]'' due to BlackRock profiting from deforestation.<ref>{{Cite web |date=2021-10-27 |title=The dirty dozen: meet America's top climate villains |url=https://www.theguardian.com/commentisfree/2021/oct/27/climate-crisis-villains-americas-dirty-dozen |access-date=2022-10-19 |website=the Guardian |language=en}}</ref>
== Honors ==
*2007, Golden Plate Award of the [[Academy of Achievement|American Academy of Achievement]]<ref>{{cite web|title= Golden Plate Awardees of the American Academy of Achievement |website=www.achievement.org|publisher=[[American Academy of Achievement]]|url=https://achievement.org/our-history/golden-plate-awards/#business}}</ref><ref>{{Cite web|url=https://achievement.org/summit/2007/|title=2007|website=Academy of Achievement|access-date=January 18, 2022}}</ref>
*2015, Appeal of Conscience Award<ref>{{cite web|title= Appeal of Conscience Foundation to Honor Laurence D. Fink, Chairman and Chief Executive Officer of BlackRock, with 2015 Appeal of Conscience Award| publisher= Cision PR Newswire | url= https://www.prnewswire.com/news-releases/appeal-of-conscience-foundation-to-honor-laurence-d-fink-chairman-and-chief-executive-officer-of-blackrock-with-2015-appeal-of-conscience-award-300142250.html}}</ref>
*2015, Americas Society Gold Medal<ref>{{cite web|title= Americas Society 35th Annual Spring Party Honoring Miguel Alemán Velasco and Laurence D. Fink| publisher= Americas Society / Council of the Americas| url= https://www.as-coa.org/articles/americas-society-35th-annual-spring-party-honoring-miguel-alem%C3%A1n-velasco-and-laurence-d}}</ref>
*2016, UCLA Medal<ref>{{cite web|title= BlackRock chairman Laurence Fink receives UCLA Medal| publisher= UCLA Newsroom | url= https://newsroom.ucla.edu/releases/blackrock-chairman-laurence-fink-receives-ucla-medal}}</ref>
*2019, Charles Schwab Financial Innovation Award<ref>{{cite web|title= Museum of American Finance to Honor Laurence D. Fink and Dr. Janet Yellen at 2019 Gala| publisher= Museum of American Finance | url= https://www.moaf.org/news/press_releases/2019-01-02-museum-of-american-finance-to-honor-laurence-d-fink-and-dr-janet-yellen-at-2019-gala}}</ref>
==References==
{{reflist|colwidth=32em}}
==External links==
{{Wikiquote}}
*[http://www.trilateral.org/pdf/TC_MEMBERSHIP_LIST.pdf Membership] at Trilateral Commission
*[https://www.weforum.org/about/leadership-and-governance Board of Trustees] at World Economic Forum
*[https://www.cfr.org/board-directors Board of Directors] at Council on Foreign Relations
*[http://www.anderson.ucla.edu/centers/fink Lori and Laurence Fink Center for Finance & Investments]
{{BlackRock}}
{{Blackstone Companies}}
{{DEFAULTSORT:Fink, Larry}}
[[Category:1952 births]]
[[Category:American billionaires]]
[[Category:American chief executives of financial services companies]]
[[Category:American financial company founders]]
[[Category:American financiers]]
[[Category:American hedge fund managers]]
[[Category:20th-century American Jews]]
[[Category:American money managers]]
[[Category:BlackRock people]]
[[Category:Businesspeople from Los Angeles]]
[[Category:California Democrats]]
[[Category:Jewish American bankers]]
[[Category:Living people]]
[[Category:New York (state) Democrats]]
[[Category:New York University people]]
[[Category:People from North Salem, New York]]
[[Category:UCLA Anderson School of Management alumni]]
[[Category:Members of the Council on Foreign Relations]]
[[Category:21st-century American Jews]]' |
Unified diff of changes made by edit (edit_diff ) | '@@ -31,5 +31,5 @@
In 2003, Fink helped to negotiate the resignation of the CEO of the [[New York Stock Exchange]], [[Richard Grasso]], who was widely criticized for his $190 million pay package.<ref name="Vanity" /> In 2006 Fink led the merger with [[Merrill Lynch]] Investment Managers, which doubled BlackRock's asset management portfolio.<ref name="CEO" /> That same year, BlackRock's $5.4 billion purchase of [[Stuyvesant Town–Peter Cooper Village]], a Manhattan housing complex, became the largest residential-real-estate deal in U.S. history. When the project ended in [[default (finance)|default]], BlackRock clients lost their money, including the [[CalPERS|California Pension and Retirement System]], which lost about $500 million.<ref name="Vanity" />
-The [[United States|U.S]]. government contracted with BlackRock to help clean up after the [[Late-2000s financial crisis|financial meltdown of 2008]]. Although BlackRock is widely believed to have been the best choice for the cleanup job,<ref>Andrews, Suzanna. [http://www.vanityfair.com/business/features/2010/04/fink-201004 Larry Fink’s $12 Trillion Shadow], ''Vanity Fair'', April 2010: "There is little doubt among the financial establishment in Washington and on Wall Street that BlackRock was the best choice to handle the government’s problems."</ref> Fink's longstanding relationships with senior government officials have led to questions about potential conflict of interest regarding government contracts awarded without competitive bidding.<ref name="Vanity" /> BlackRock's contract allowed Fink to cultivate relationships with Obama's first Treasury Secretary Tim Geithner and additional members of the Obama economic recovery team.<ref>{{Cite magazine|last=Andrews|first=Suzanna|title=Larry Fink's $12 Trillion Shadow|url=https://www.vanityfair.com/news/2010/04/fink-201004|access-date=2020-06-12|magazine=Vanity Fair|language=en-us}}</ref> In 2016 Fink hoped to become part of the federal government himself as [[Hillary Clinton]]'s Treasury Secretary.<ref>{{Cite web|last=VerHage|first=Julie|date=2016-01-09|title=BlackRock's Fink Hoping Hillary is Ticket to Treasury Post|url=https://www.foxbusiness.com/features/blackrocks-fink-hoping-hillary-is-ticket-to-treasury-post|access-date=2020-06-12|website=FOXBusiness|language=en-US}}</ref> At the same time, Blackrock hired many former executive branch appointees to its firm including [[Cheryl Mills]],
+The [[United States|U.S]]. government contracted with BlackRock to help clean up after the [[Late-2000s financial crisis|financial meltdown of 2008]]. Fink's longstanding relationships with senior government officials have led to questions about potential conflict of interest regarding government contracts awarded without competitive bidding.<ref name="Vanity" /> BlackRock's contract allowed Fink to cultivate relationships with Obama's first Treasury Secretary Tim Geithner and additional members of the Obama economic recovery team.<ref>{{Cite magazine|last=Andrews|first=Suzanna|title=Larry Fink's $12 Trillion Shadow|url=https://www.vanityfair.com/news/2010/04/fink-201004|access-date=2020-06-12|magazine=Vanity Fair|language=en-us}}</ref> In 2016 Fink hoped to become part of the federal government himself as [[Hillary Clinton]]'s Treasury Secretary.<ref>{{Cite web|last=VerHage|first=Julie|date=2016-01-09|title=BlackRock's Fink Hoping Hillary is Ticket to Treasury Post|url=https://www.foxbusiness.com/features/blackrocks-fink-hoping-hillary-is-ticket-to-treasury-post|access-date=2020-06-12|website=FOXBusiness|language=en-US}}</ref> At the same time, Blackrock hired many former executive branch appointees to its firm including [[Cheryl Mills]],
Christopher Meade, Katheryn Rosen, Michael Pyle, Coryann Stefansson, Gary Reeder, and Ken Wilson.<ref name="blackrocktransparencyproject.org">{{Cite web|title=The BlackRock Revolving Door – BlackRock Transparency Project|url=https://blackrocktransparencyproject.org/2018/06/27/the-blackrock-revolving-door/|access-date=2020-06-12|website=blackrocktransparencyproject.org}}</ref> This move strengthened BlackRock's revolving door with the federal government.<ref name="blackrocktransparencyproject.org"/>
' |
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0 => 'The [[United States|U.S]]. government contracted with BlackRock to help clean up after the [[Late-2000s financial crisis|financial meltdown of 2008]]. Fink's longstanding relationships with senior government officials have led to questions about potential conflict of interest regarding government contracts awarded without competitive bidding.<ref name="Vanity" /> BlackRock's contract allowed Fink to cultivate relationships with Obama's first Treasury Secretary Tim Geithner and additional members of the Obama economic recovery team.<ref>{{Cite magazine|last=Andrews|first=Suzanna|title=Larry Fink's $12 Trillion Shadow|url=https://www.vanityfair.com/news/2010/04/fink-201004|access-date=2020-06-12|magazine=Vanity Fair|language=en-us}}</ref> In 2016 Fink hoped to become part of the federal government himself as [[Hillary Clinton]]'s Treasury Secretary.<ref>{{Cite web|last=VerHage|first=Julie|date=2016-01-09|title=BlackRock's Fink Hoping Hillary is Ticket to Treasury Post|url=https://www.foxbusiness.com/features/blackrocks-fink-hoping-hillary-is-ticket-to-treasury-post|access-date=2020-06-12|website=FOXBusiness|language=en-US}}</ref> At the same time, Blackrock hired many former executive branch appointees to its firm including [[Cheryl Mills]], '
] |
Lines removed in edit (removed_lines ) | [
0 => 'The [[United States|U.S]]. government contracted with BlackRock to help clean up after the [[Late-2000s financial crisis|financial meltdown of 2008]]. Although BlackRock is widely believed to have been the best choice for the cleanup job,<ref>Andrews, Suzanna. [http://www.vanityfair.com/business/features/2010/04/fink-201004 Larry Fink’s $12 Trillion Shadow], ''Vanity Fair'', April 2010: "There is little doubt among the financial establishment in Washington and on Wall Street that BlackRock was the best choice to handle the government’s problems."</ref> Fink's longstanding relationships with senior government officials have led to questions about potential conflict of interest regarding government contracts awarded without competitive bidding.<ref name="Vanity" /> BlackRock's contract allowed Fink to cultivate relationships with Obama's first Treasury Secretary Tim Geithner and additional members of the Obama economic recovery team.<ref>{{Cite magazine|last=Andrews|first=Suzanna|title=Larry Fink's $12 Trillion Shadow|url=https://www.vanityfair.com/news/2010/04/fink-201004|access-date=2020-06-12|magazine=Vanity Fair|language=en-us}}</ref> In 2016 Fink hoped to become part of the federal government himself as [[Hillary Clinton]]'s Treasury Secretary.<ref>{{Cite web|last=VerHage|first=Julie|date=2016-01-09|title=BlackRock's Fink Hoping Hillary is Ticket to Treasury Post|url=https://www.foxbusiness.com/features/blackrocks-fink-hoping-hillary-is-ticket-to-treasury-post|access-date=2020-06-12|website=FOXBusiness|language=en-US}}</ref> At the same time, Blackrock hired many former executive branch appointees to its firm including [[Cheryl Mills]], '
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Whether or not the change was made through a Tor exit node (tor_exit_node ) | false |
Unix timestamp of change (timestamp ) | '1668736908' |