When they speak of what Larry Fink has achieved, Wall Street C.E.O.’s use the sort of gushing encomiums that are usually overheard in Hollywood pitch meetings: “unbelievable, completely remarkable”; “spectacular”; “brilliant.” If so many turn to him for advice now, it is “because he understands business backwards and forwards, he understands risk, and he knows the markets,” says Fink’s friend John Mack, the chairman of Morgan Stanley. He also “hasn’t made the big mistakes, and some people have,” adds Mack, whose firm was saved by $10 billion of tarp funds, since returned, and a capital infusion from a Japanese bank—a deal which BlackRock helped to value. Considering his profound understanding of the markets, his gold-plated Rolodex, and his intimate knowledge of the culture and management of nearly every major Wall Street firm, some C.E.O.’s even suggest privately that Fink should be considered for the next Treasury secretary—if the embattled Timothy Geithner does not survive his current term.
http://www.vanityfair.com/business/features/2010/04/fink-201004I'm sure this Larry Finks understanding of risks means, he knows how to socialize these financial losses at tax payer expenses.
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