You are correct that BlackRock has an incentive to maximize their AUM to maximize their revenue. A critical distinction though is that the Fed isn't buying Bla

You are correct that BlackRock has an incentive to maximize their AUM to maximize their revenue. A critical distinction though is that the Fed isn't buying BlackRock's bonds. They are buying bonds that are represented in BlackRock's exchange traded funds that are meant to mirror prices of real bonds. You're not wrong that it's a sweet set up. It's better to be in BlackRock's place. It is better to be buying coronovirus bonds for the government rather than selling them to the government. The latter implies your company is under severe cash flow pressure. You shouldn't be distrustful of BlackRock because they maximize their revenue when they maximize their AUM. If they maximize their AUM, that probably means that your income is maximized as well.