Beyond Banksters, Ch 3: A 21st Century Trojan Horse. Bank of America Merrill Lynch, BlackRock, Larry Fink.
CIB (Canada Infrastructure Bank)
Canadians should know these names. Our peril if we don’t:
- Bank of America Merrill Lynch
- Larry Fink
- Infrastructure Minister Amarjeet Sohi.
Beyond Banksters, Joyce Nelson,
Chapter 3: A 21st Century Trojan Horse, Page 25:
The Advisors … Ottawa Citizen’s Jason Fekete reported: “. . . (Ottawa) has recruited a Canadian investment banker working at Bank of America Merrill Lynch in the U.S. to help design the CIB and advise Infrastructure Minister Amarjeet Sohi on the (CIB) project.” . . . Merrill Lynch and the Bank of America (which merged in 2008) were both involved in the massive Wall Street mishandling of asset-backed securities and investments that led to the 2008 Great Recession and the bank bailouts – – which shook the world’s financial stability, with repercussions that have continued ever since.
It’s been reported that “backdoor bailouts” for Merrill Lynch and Bk of America reached “a combined $11.5 billion” in taxpayer monies. Those “backdoor bailouts” were only a fraction of the money given to those two banks during the aftermath of the Wall Street crash. The Rolling Stone’s Matt Taibbi, in a scathing 2012 article, says that
(P. 26) Bank of America received at least $45 billion from taxpayers, even though it “has systematically ripped off almost everyone with whom it has a significant business relationship, cheating investors, insurers, depositors, homeowners, shareholders, pensioners and taxpayers.
So why would the Trudeau government choose someone from Bank of America Merrill Lynch to advise them on setting up a CIB?
One possible answer comes if we look at the single biggest shareholder in Bank of America – a little known company called BlackRock.
BlackRock . . . world’s biggest investor . . . more than $4 trillion in assets under management, and another $15 trillion that it manages . . . for investors worldwide.
So influential is BlackRock that, according to The Economist, the company advised governments in the U.S., Greece and Britain on what to do with toxic assets from crashing banks, with co-founder, chair and CEO Larry Fink becoming a Washington insider.
These governments sought Fink’s advice, despite the fact that (as Fortune reported in 2008) BlackRock’s Larry Fink “was an early and vigorous promoter of the same mortgage-backed securities” responsible for the crisis. “Now his firm is making millions cleaning up these toxic assets,” Fortune reported.
Besides being Bank of America’s biggest shareholder, BlackRock owns part of Merrill Lynch and in 2009 BlackRock snapped up Barclays’ asset-management business, thereby boosting the assets under its control well into the trillions. . . .
That’s enough to introduce the Trojan Horse – – there’s more (in Beyond Banksters)!