One of the most powerful men on Wall Street ignited a professional firestorm yesterday, by essentially calling for an end to class warfare and suggesting corporations should be good citizens as well as profit growth machines
BlackRock Chief Executive Officer Larry Fink, whose New York investment firm has $6.3 trillion in assets under management, was immediately pilloried by many of his peers in the financial sector for the compassionate tone of his annual letter to CEOs. Much like the Jerry Maguire character in the fictional film of the same name, who called for his fellow sports agents to take a legitimate human interest in their clients.
Fink is famous for being "out in front" of the crowd with his financial forecasting abilities, but the potential revolution he apparently sees on the horizon is not a call many of his fellow self-appointed "Masters of the Universe" are intellectually prepared to accept. Even when it means saving the very society which enriched them and has been so badly damaged by their short-term greed.
Unlike most of his critics, Fink is a self-made man from humble roots. The son of a California shoe salesman is now one of the most influential men in the U.S. financial sector with a $340 million personal fortune.
Many of the toxic elites attacking him for focusing on the longer term have led far more sheltered lives. Their knowledge of life outside the Country Club fishbowl is limited to what they can glean from the media and their own employees.
They have no idea how bitter America's exploited workers have become and how badly many poor and middle class Americans now want to see the country club set go down. Preferably as hard as possible.
This murderous mindset has been exposed for all to see by the incredible popularity of the executive take downs recently engineered by the #MeToo Movement. They have revealed the unquenched public appetite for attacks on toxic elites, like film mogul Harvey Weinstein and President Donald Trump.