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BUSINESS
June 27, 2007 | From Times Wire Services
BlackRock Inc., the largest publicly traded U.S. mutual fund company, agreed to buy the investment unit of Quellos Group for as much as $1.7 billion, more than doubling BlackRock's hedge fund assets. New York-based BlackRock, which manages $1.15 trillion in assets, agreed to pay $562 million in cash and $188 million in stock for the division, which invests clients' money with other fund managers.
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BUSINESS
March 13, 2014 | By Jim Puzzanghera
WASHINGTON -- Stanley Fischer, the former Bank of Israel president nominated for the Federal Reserve's No. 2 job, defended his work on Wall Street and told senators at his confirmation hearing Thursday that he understood the effect of economic problems on average Americans. Pressed more by Democrats than Republicans on his background, Fischer said his tenure as vice chairman of Citigroup Inc. from 2002 to 2005 was key to his ability to oversee financial institutions as a central banker.
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BUSINESS
July 19, 2007 | From Bloomberg News
BlackRock Inc., the largest publicly traded asset manager in the U.S., said its net income tripled in the second quarter as investors put a record $51 billion into its funds. Profit totaled $222.2 million, or $1.69 a share, up from $63.4 million, or 95 cents, a year earlier, helped by the purchase of Merrill Lynch & Co.'s investment unit in September. Profit excluding some compensation costs was $1.80 a share, topping analysts' expectations.
BUSINESS
January 31, 2014 | By Andrew Tangel
NEW YORK - A New York state judge has approved nearly all of an $8.5-billion settlement between Bank of America and large investors who suffered losses in mortgage-backed bonds stemming from the housing meltdown. The settlement centers around mortgage-backed securities for which the Bank of New York Mellon Corp. acted as a trustee. Some of the claims in the 3-year-old case were not resolved, and the agreement still faces challenges despite the judge's approval. The case's resolution would help Bank of America put baggage stemming from the financial crisis behind it. The Charlotte, N.C.-based bank has struggled to lay to rest lingering fallout from its ill-fated 2008 acquisition of Countrywide Financial Corp., the Calabasas mortgage lender.
BUSINESS
November 6, 2007 | From Times Wire Services
Merrill Lynch & Co Inc. has offered BlackRock Inc. Chief Executive Laurence Fink the post of CEO of the brokerage, CNBC reported Monday. Merrill has given Fink two weeks to decide whether to accept the offer, CNBC said. A Merrill Lynch spokeswoman declined to comment. Merrill last week ousted Stan O'Neal as CEO amid mounting losses on mortgage-related securities. The company's loan write-downs resulted in a $2.2-billion loss in the third quarter, the biggest in the brokerage's 93-year history.
BUSINESS
January 17, 2014 | By Salvador Rodriguez
Dropbox has reportedly closed another round of funding, raising $250 million for a $10-billion valuation. The latest round of investments was led by BlackRock Inc., according to the Wall Street Journal, which cites unnamed sources for its Friday report . A spokeswoman for Dropbox declined to comment.  The San Francisco company specializes in cloud-storage software that lets users save items within a file on their computer that they can...
BUSINESS
January 31, 2014 | By Andrew Tangel
NEW YORK - A New York state judge has approved nearly all of an $8.5-billion settlement between Bank of America and large investors who suffered losses in mortgage-backed bonds stemming from the housing meltdown. The settlement centers around mortgage-backed securities for which the Bank of New York Mellon Corp. acted as a trustee. Some of the claims in the 3-year-old case were not resolved, and the agreement still faces challenges despite the judge's approval. The case's resolution would help Bank of America put baggage stemming from the financial crisis behind it. The Charlotte, N.C.-based bank has struggled to lay to rest lingering fallout from its ill-fated 2008 acquisition of Countrywide Financial Corp., the Calabasas mortgage lender.
BUSINESS
December 3, 2013 | By Andrew Tangel
Proceed with a caution. The green light has turned yellow. That's what top equity strategists at T. Rowe Price, a major investment firm, are telling investors as this year's stock market rally shows little sign of easing. "We're starting to see signs of caution in the market," John Linehan, head of U.S. equities at T. Rowe Price, said at a media briefing in New York on Tuesday. The Dow Jones industrial average is up more than 21% for the year, while the broader Standard & Poor's 500 has rocketed 26% this year.
BUSINESS
October 9, 2013 | By Andrew Tangel
NEW YORK -- President Obama's nomination of Janet Yellen to lead the Federal Reserve was not a surprise to Wall Street. Yellen, currently the Fed's vice chair, is widely expected -- for better or for worse -- to continue the policies of Ben S. Bernanke, the central bank's soon-to-depart chairman. The Fed has been trying to prop up the U.S. economy with an unprecedented stimulus program known as quantitative easing. By buying bonds to keep a lid on interest rates and borrowing costs low, the Fed has tried to stimulate growth.
BUSINESS
March 13, 2014 | By Jim Puzzanghera
WASHINGTON -- Stanley Fischer, the former Bank of Israel president nominated for the Federal Reserve's No. 2 job, defended his work on Wall Street and told senators at his confirmation hearing Thursday that he understood the effect of economic problems on average Americans. Pressed more by Democrats than Republicans on his background, Fischer said his tenure as vice chairman of Citigroup Inc. from 2002 to 2005 was key to his ability to oversee financial institutions as a central banker.
BUSINESS
January 17, 2014 | By Salvador Rodriguez
Dropbox has reportedly closed another round of funding, raising $250 million for a $10-billion valuation. The latest round of investments was led by BlackRock Inc., according to the Wall Street Journal, which cites unnamed sources for its Friday report . A spokeswoman for Dropbox declined to comment.  The San Francisco company specializes in cloud-storage software that lets users save items within a file on their computer that they can...
BUSINESS
December 3, 2013 | By Andrew Tangel
Proceed with a caution. The green light has turned yellow. That's what top equity strategists at T. Rowe Price, a major investment firm, are telling investors as this year's stock market rally shows little sign of easing. "We're starting to see signs of caution in the market," John Linehan, head of U.S. equities at T. Rowe Price, said at a media briefing in New York on Tuesday. The Dow Jones industrial average is up more than 21% for the year, while the broader Standard & Poor's 500 has rocketed 26% this year.
BUSINESS
October 9, 2013 | By Andrew Tangel
NEW YORK -- President Obama's nomination of Janet Yellen to lead the Federal Reserve was not a surprise to Wall Street. Yellen, currently the Fed's vice chair, is widely expected -- for better or for worse -- to continue the policies of Ben S. Bernanke, the central bank's soon-to-depart chairman. The Fed has been trying to prop up the U.S. economy with an unprecedented stimulus program known as quantitative easing. By buying bonds to keep a lid on interest rates and borrowing costs low, the Fed has tried to stimulate growth.
SPORTS
March 28, 2013 | By Walter Hamilton and Andrew Tangel, Los Angeles Times
NEW YORK - The new high in the Standard & Poor's 500 index is a fitting exclamation point for an impressive first quarter in the stock market. The index of 500 large U.S. companies capped a four-year rally Thursday, recouping all of its losses from the 2008 global financial crisis. The milestone underscored investors' enthusiasm over the increasingly buoyant U.S. economy. The S&P 500 is one of the last major market gauges to hit a new high. Other indexes, including the Dow Jones industrial average, already eclipsed their previous peaks from late 2007.
BUSINESS
June 29, 2011 | By E. Scott Reckard, Los Angeles Times
In the latest blow from its takeover of Countrywide Financial Corp., Bank of America Corp. tentatively agreed to pay $8.5 billion to settle claims by large investors stung by losses on mortgage-related securities that Countrywide issued. The final details of the agreement were still being worked out, according to a bank executive knowledgeable about the pending settlement but not authorized to discuss it publicly. The 22 investors, including money-management giants Pacific Investment Management Co. of Newport Beach and BlackRock Inc. of New York, held $56 billion in bonds backed by loans from Countrywide, once the nation's largest home lender and an aggressive supplier of subprime and other high-risk mortgages.
BUSINESS
May 31, 2011 | By Tom Petruno, Los Angeles Times
The tax-free municipal bond market suffered a brutal sell-off last fall and winter, driving interest rates up to two-year highs amid deepening worries about state and local governments' finances. But munis have rallied in recent months, pushing rates down and bond prices up, as investors' concerns have eased. The rally has recouped half or more of the market's decline from its late-summer peaks. Now what? Peter Hayes, who oversees $102 billion in muni bonds at money management giant BlackRock Inc. in New York, talked with Times staff writer Tom Petruno about the muni market's outlook.
SPORTS
March 28, 2013 | By Walter Hamilton and Andrew Tangel, Los Angeles Times
NEW YORK - The new high in the Standard & Poor's 500 index is a fitting exclamation point for an impressive first quarter in the stock market. The index of 500 large U.S. companies capped a four-year rally Thursday, recouping all of its losses from the 2008 global financial crisis. The milestone underscored investors' enthusiasm over the increasingly buoyant U.S. economy. The S&P 500 is one of the last major market gauges to hit a new high. Other indexes, including the Dow Jones industrial average, already eclipsed their previous peaks from late 2007.
BUSINESS
June 29, 2011 | By E. Scott Reckard, Los Angeles Times
In the latest blow from its takeover of Countrywide Financial Corp., Bank of America Corp. tentatively agreed to pay $8.5 billion to settle claims by large investors stung by losses on mortgage-related securities that Countrywide issued. The final details of the agreement were still being worked out, according to a bank executive knowledgeable about the pending settlement but not authorized to discuss it publicly. The 22 investors, including money-management giants Pacific Investment Management Co. of Newport Beach and BlackRock Inc. of New York, held $56 billion in bonds backed by loans from Countrywide, once the nation's largest home lender and an aggressive supplier of subprime and other high-risk mortgages.
BUSINESS
November 6, 2007 | From Times Wire Services
Merrill Lynch & Co Inc. has offered BlackRock Inc. Chief Executive Laurence Fink the post of CEO of the brokerage, CNBC reported Monday. Merrill has given Fink two weeks to decide whether to accept the offer, CNBC said. A Merrill Lynch spokeswoman declined to comment. Merrill last week ousted Stan O'Neal as CEO amid mounting losses on mortgage-related securities. The company's loan write-downs resulted in a $2.2-billion loss in the third quarter, the biggest in the brokerage's 93-year history.
BUSINESS
July 19, 2007 | From Bloomberg News
BlackRock Inc., the largest publicly traded asset manager in the U.S., said its net income tripled in the second quarter as investors put a record $51 billion into its funds. Profit totaled $222.2 million, or $1.69 a share, up from $63.4 million, or 95 cents, a year earlier, helped by the purchase of Merrill Lynch & Co.'s investment unit in September. Profit excluding some compensation costs was $1.80 a share, topping analysts' expectations.
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