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Asset managers do not control the news. Jack Bogle died with a net worth of $80mm. He was not even powerful enough to afford a top-tier penthouse in Manhattan,
by verteu 2y ago
Asset managers do not control the news. Jack Bogle died with a net worth of $80mm. He was not even powerful enough to afford a top-tier penthouse in Manhattan, let alone control the media.
- slowhadoken 2y agoBlackRock, State Street, and Vanguard Group each respectably manage trillions of dollars in asset, private equity, and debt. They're independent firms but each own substantial shares in one another. Together these 3 firms are major shareholders in FAANG (big US tech) and mainstream US news agencies. BlackRock alone has disclosed through their latest SEC filings that it holds stakes in 5,387 companies globally. https://fintel.io/i/blackrock https://fintel.io/i/blackrock https://ecell.iitm.ac.in/blog/post/above-the-fold-a-company-that-owns-everything-blackrock https://ecell.iitm.ac.in/blog/post/above-the-fold-a-company-...
- verteu 2y agoIf managing clients' shares gives them such colossal power, how come the founder of Vanguard was worth less than the founder of In-N-Out Burger?
- slowhadoken 2y agoThe Medici Family was powerful because they were bankers of the papacy, i.e., they managed the Pope's finances.