Blackrock Misses
BlackRock, the biggest publicly traded asset manager in the U.S.,
reported Q1 earnings that fell short of analysts' estimates because of declines in hedge-fund and real-estate investments.
Net income +24%; Revenue +29%; BlackRock was picked March 24 by the Fed to oversee $30 billion of Bear Stearns investments.
CEO, Laurence Fink: investors should sell U.S. Treasuries because a surge in prices has made them too expensive. "The next bubble is in U.S. Treasuries."
Merrill Lynch, #3 U.S. securities firm by market value, owns 49% of BlackRock.
reported Q1 earnings that fell short of analysts' estimates because of declines in hedge-fund and real-estate investments.
Net income +24%; Revenue +29%; BlackRock was picked March 24 by the Fed to oversee $30 billion of Bear Stearns investments.
CEO, Laurence Fink: investors should sell U.S. Treasuries because a surge in prices has made them too expensive. "The next bubble is in U.S. Treasuries."
Merrill Lynch, #3 U.S. securities firm by market value, owns 49% of BlackRock.
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