BlackRock was founded in 1988 by Larry Fink and partners after Fink lost $100M at First Boston. Blackstone’s Pete Peterson and Stephen Schwarzman provided a $5M line of credit for 50% of the business, then called Blackstone Financial Management.[1] In 1994, BlackRock separated from Blackstone, and by 1999, with $165B AUM, it went public on the NYSE at $14/share. Acquisitions & growth followed, including a merger with Merrill Lynch Investment Managers in 2006.[2] The 2007-2008 Global Financial Crisis catapulted BlackRock into financial dominance. Wall Street turned to BlackRock for help, with firms like AIG, Lehman Brothers, Fannie Mae, and Freddie Mac all hiring them to sort through their complex credit obligations.[3] The US government also turned to BlackRock. Treasury Secretary at the time, Timothy Geithner, and the Federal Reserve both consulted Fink and his firm for help with bailouts, including the rescue of AIG, Bear Stearns, and Citigroup.[4][5] BlackRock’s influence grew over the years, with powerful politicians, central bankers, and financial insiders joining as advisors, board members, and executives. https://www.activistpost.com/2023/05/the-long-shadow-of-blackrock.html