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by Edward Branson (Author)
Despite all its power, BlackRock is a newcomer. The history of JPMorgan Chase, the largest American bank, dates back to 1895 and the legend of finance John Pierpont Morgan. The City Bank of New York (now Citigroup) was founded in 1812 and later financed the Panama Canal. The Bank of New York Mellon, one of the world's largest trust banks, can even boast the legacy of founding father Alexander Hamilton, the first Secretary of the Treasury of the young nation and inventor of American capitalism. Fink, on the other hand, built his empire in just over three decades. A start-up, literally founded in the back office of the Blackstone investment fund. In 1988, the founders of the latter, Stephen Schwarzman and Pete Peterson, granted Larry Fink a $5 million line of credit - pocket money, by Wall Street standards - and a phone line. From this fledgling enterprise emerged BlackRock. A success that gives Fink the status of absolute champion among Wall Street's toughest bosses. And that's apparently how he sees himself too...
