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The Secret Billionaire Who Runs America: Larry Fink (Documentary)
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Dec 11, 2024
Discover the chilling story of how one man holds the reigns of the United States. ✉️ Learn the secrets of legendary traders and investors: https://bit.ly/47pcTJT --- Videos are intended strictly for information, education, and entertainment purposes. Do not base any investment decisions based upon these materials. Please read the disclaimer: https://analyzingalpha.com/disclaimer
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0:01
what if I told you that everything you
0:03
think you know about who runs the United
0:04
States is a lie that a country that
0:07
claims to Champion freedom and democracy
0:10
is held by the invisible strings of a
0:11
puppet master what if I told you that
0:13
it's not the lawmakers in charge it's
0:16
not billionaires like Elon Musk and it's
0:18
not even the president what if I told
0:20
you the true power lies in the hands of
0:22
a shadowy figure you'd probably never
0:24
even heard of a man who single-handedly
0:27
created a trillion dollar company that
0:30
has granted him the ability to shape
0:31
markets influence policies and even sway
0:34
American elections today we're going to
0:37
talk about how one man went from losing
0:39
$100 million and became a Wall Street
0:42
Outcast to holding the Reigns of an
0:44
entire country in his
0:50
hands Larry fin was born in 1952 in
0:54
Sunny van n Los
0:56
Angeles a rapidly growing neighborhood
0:58
in the central San Fernando Valley Van n
1:01
was the perfect backdrop for our hero or
1:03
villain depending on who you ask to grow
1:05
up in Larry's mother was an English
1:07
professor at California State University
1:10
and his father the proud but humble
1:12
owner of a shoe store though he had two
1:14
siblings his father chose Larry to help
1:17
out at the shop why him well young Larry
1:21
was the least academically gifted of the
1:23
three children so his father thought it
1:25
was important for him to learn a trade
1:27
little did he know it would one day be
1:30
Larry calling all the shots but we'll
1:32
get to that later as the years went by
1:34
Larry grew up and matured leaving behind
1:36
his childhood and preparing for the next
1:38
chapter in his life in 1970 a
1:41
fresh-faced Larry fin was accepted into
1:44
UCLA he would later graduate with the
1:46
Bachelor of Arts in political science in
1:49
1974 this tells us that even as a
1:52
college student Larry felt a deep desire
1:54
to impact American politics to what
1:57
degree he' do so was not evident just
2:00
yet but during his time in college Larry
2:02
did much more than just hit the books he
2:05
also joined a shadowy fraternity called
2:07
Kappa beta F now Larry's not the only
2:11
notable figure to come out of this brat
2:13
a number of high-ranking Executives in
2:15
Wall Street Hot Shots were kbp members
2:18
including Michael
2:19
Bloomberg unfortunately the secret
2:22
society had a strict no publicity policy
2:25
so we may never know exactly what Larry
2:27
learned during his time at kbp
2:31
but what we do know is that after
2:32
earning his first degree think veered
2:35
off course and graduated again in
2:37
1976 this time with a master's degree in
2:40
Business Administration with a
2:42
concentration in real estate but why
2:44
real estate well think had picked up a
2:47
few extra courses during his college
2:49
Years and developed a natural interest
2:51
in the subject he figured that Selling
2:53
Houses in the Los Angeles area would be
2:56
a decent way to earn a living and lead a
2:58
comfortable life but at his core think
3:00
wanted more than just a comfortable life
3:02
and he knew that the best way to make
3:04
money and get power wouldn't be through
3:06
selling Hollywood homes to families
3:08
before instead Larry's first job was at
3:11
a place called first Boston an
3:13
investment Bank just about as far from
3:15
Los Angeles as you can get New York City
3:19
in 1976 he began working in the bond
3:22
trading department and quickly Rose his
3:23
way through the ranks in 1978 just 2
3:27
years after joining 26-year-old Larry
3:29
think was running the entire department
3:32
not bad for a kid whose High School
3:34
report cards caused more than a few
3:36
parental size during this time think
3:39
played a role in developing the debt
3:40
securitization Market of course these
3:43
mortgage back Securities would later
3:45
contribute to the harrowing 2008
3:47
financial crisis but we'll talk more
3:50
about think's role in that Financial
3:51
storm later by age 31 V had earned
3:54
himself the title of the firm's youngest
3:56
managing director ever an impressive
3:59
feat
4:00
but despite these successes not
4:03
everything was sunshine and rainbows for
4:04
Larry as a Jewish man working on Wall
4:07
Street he often dealt with anti-Semitism
4:09
from co-workers some of his teammates
4:12
had even not so affectionately nicknamed
4:15
his desk little Israel but did thinkink
4:17
view himself as a victim not really he's
4:20
actually admitted he probably should
4:22
have been fired from first Boston for
4:24
taking on too much risk and has even
4:26
described himself as a jerk during this
4:29
time
4:30
but for a while none of that mattered
4:32
see Wall Street doesn't care if you're
4:35
nice they care how much money you make
4:37
and Larry think he was making it rain in
4:40
the halls of first Boston that is of
4:42
course until he got too cocky in a power
4:45
play to become CEO think made a high
4:48
stake scamble on interest rates hoping
4:50
the stock market would go in his favor
4:52
and earn the company Millions the
4:55
opposite happened his huge bet ended up
4:58
costing first Boston a whopping $100
5:01
million and think could only watch as
5:03
his life Came Crashing Down The Crown
5:06
Prince who once had been in line for the
5:08
throne was now completely disgraced and
5:11
in 1988 he found himself not only
5:14
unemployed but shunned by Wall Street
5:17
now at this point a leser man might have
5:19
booked a flight back to LAX and brushed
5:21
off their political science or real
5:22
estate degree but not Larry thinkink he
5:25
had aspirations far beyond managing
5:28
director and he was ready to prove to
5:30
Wall Street that they've been wrong
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about
5:35
him in the world of Finance your network
5:38
is your net worth and nowhere is this
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more true than on the Cutthroat streets
5:42
of Wall Street you see deals aren't made
5:45
in boardrooms or on trading floors
5:47
they're made on golf courses and in
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fancy restaurants over expensive bottles
5:51
of wine and secret handshakes and by
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this point in his career Larry Frink was
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fortunate enough or smart enough to have
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forged a few powerful connections
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especially during his time at first
6:03
Boston so who was Sphinx's most notable
6:07
contact in the late 80s enter Steven
6:09
schwarzman the former head of the Leman
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Brothers Globe mergers and Acquisitions
6:14
practice and the co-founder of a new
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powerful investment firm called
6:19
Blackstone after getting the boot from
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lhan Brothers in 1985 schwarzman wasn't
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ready to give up on his dream of hitting
6:26
it big on Wall Street just yet so with
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just one one partner in only 400,000
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schwarzman had started his own firm
6:34
Blackstone the company was a pretty
6:36
immediate success and today it's
6:39
managing over a trillion dollars in
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assets after Fin's own dishonorable
6:45
discharge from first Boston he saw in
6:47
schwarzman a kindred soul in 1988 he
6:51
assembled a crew of Traders and went
6:52
knocking on schwarzman store with a
6:55
business proposition that same year the
6:57
two founded Black Rock a new investment
7:00
firm under blackstone's umbrella formed
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by the two men who'd been ostracized by
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Wall Street with schwartzman's 5 million
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investment he and think became equal
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Partners each holding a 50% stake in the
7:14
new
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Venture so there they were a team of
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eight entrepreneurs with a dream and a
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big sign that said Black Rock black
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Rock's initial Focus was on fixed income
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Investments you know boring stuff like
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bonds and treasuries but boring or not
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they were good at it and began earning
7:32
millions of dollars in just a few years
7:34
what was their secret in the same year
7:36
of the firm's conception Fink's risk
7:39
management division Black Rock Solutions
7:41
had cooked up some truly magical
7:44
technology it was called Aladdin and
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while it may not have been a literal
7:48
Genie in a Bottle it was certainly the
7:50
big secret behind all of Larry F's
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wishes coming true Aladdin was a super
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computer designed to monitor millions of
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traits and analyze invest portfolios
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Around the Clock 24/7 365 days a year it
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provided Black Rock with a way to more
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accurately predict the outcome of every
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investment they made for Larry fin who
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had learned the hard way that risk
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management is everything Aladdin was a
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game changer nowadays this piece of
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technology is considered an industry
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standard with financial institutions far
8:21
and wide taking advantage of this
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magical tool using Aladdin gives them
8:25
access to a ton of historical data and
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Market simulations
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this helps them predict future scenarios
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for equities bonds and everything in
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between but back in the late ' 80s and
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early 9s Aladdin was a revolutionary
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concept that gave Black Rock an
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unbeatable Edge over the
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competition in fact Aladdin worked so
8:46
well that by the mid90s Black Rock had
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become one of the largest fixed income
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managers in the world that's right in
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less than a decade these guys had gone
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from a small firm of eight people to
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managing billions of in assets it was an
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unprecedented rise the kind of success
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story that Wall Street Legends are made
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of and Larry thinkink he was quickly
9:08
becoming one of those Legends but little
9:10
did he know more trouble would arise
9:13
before he could reach legendary
9:15
status in fact the cracks and his
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partnership began to show in 1994 when
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schwarzman sold off a mortgage
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Securities unit with a whopping 23
9:25
billion in assets to PNC Bank for $240
9:28
million it was then that think and
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schwarzman began to realize that they
9:32
had fundamental differences in opinions
9:35
regarding compensation you see now that
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black rock had solidified itself as a
9:40
real player in the wall Street's game
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had a Clear Vision for further
9:44
expansion he wanted to offer New Black
9:46
Rock hires a stake in the business
9:49
hoping to lure in top talent from major
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Banks
9:53
schwarzman well he thought it was a
9:55
terrible idea the tensions between the
9:58
two eventually reached a boiling point
10:00
in that very same year schwarzman
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decided he'd had enough he Bid Farewell
10:06
to Black Rock giving up his 50%
10:08
ownership in disentangling Black Rock
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from Blackstone Forever This left Larry
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fin to steer the ship all alone looking
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back schwarzman has admitted that
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walking away from Black Rock was one of
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the biggest mistakes of his career and
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who can blame him for feeling regret
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Black Rock has since become an absolute
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Powerhouse a trillion dooll Titan that
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wields more influence than most Nations
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but now with schwarzman out of the
10:33
picture think found himself with full
10:36
ownership of the company and with that
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ownership came a whole lot of
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power with Aladdin as a secret weapon
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Larry took Black Rock public in 1999 and
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began gobbling up other companies left
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and right how'd he do it well think was
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on a mission to expand black Rock's
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reach and influence so he was purchasing
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controlling stakes in other companies
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wherever he could with each new
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acquisition Black Rock was in control of
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more and more corporations cementing F's
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power not just on Wall Street but within
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the entire United States and in just 3
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years after separating itself from
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Blackstone black Rock's assets under
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management had ballooned to a staggering
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46 billion and in case you're wondering
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how this dollar amount translated into
11:19
Power let's talk about think's role in
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the financial crisis of 2008 I told you
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we'd get back into this didn't I the
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2008 crisis was a period of economic
11:28
chaos triggered by the implosion of the
11:31
United States housing market but how did
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it all start Banks had been issuing
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risky subprime mortgages to borrowers
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with questionable credit for years
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fueling an unsustainable housing boom
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these subprime mortgages were then
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bundled into mortgage back Securities
11:46
and sold off to investors of course the
11:49
investors assumed that house prices
11:50
would always go up I mean what better
11:53
investment than real estate right but
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this wasn't true and when the wave of
11:58
homeowners defaulting on their loans
12:00
inevitably hit the House of Cards Came
12:02
Crashing Down causing the worst
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recession since the Great Depression
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unemployment skyrocketed the economy
12:09
contracted and major stock indices like
12:12
the S&P 500 fell eliminating trillions
12:15
of dollars in wealth and to make matters
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worse The public's faith in Banks and
12:20
Wall Street as a whole was completely
12:22
destroyed turns out people don't take
12:25
too kindly to being lied to and having
12:27
their life savings go up and smoke
12:29
but when everything was crumbling and
12:31
the American economy lay in Ruins guess
12:34
who the government called to clean up
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the mess none other than Larry fin
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himself so how did he save the day the
12:41
Federal Reserve personally reached out
12:42
to thinkink asking him to help bail out
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big Banks like Bear Sterns and insurance
12:46
companies like AIG it wasn't long before
12:49
Black Rock became responsible for
12:51
managing 30 billion in assets from be
12:53
Sterns alone during this time they also
12:56
quietly took over 301 billion of City
12:59
groups assets but if you think that's a
13:02
lot we're hardly even getting started I
13:05
mean there was virtually not a single
13:07
major deal during the 2008 crisis that
13:09
Larry thinkink didn't have a hand in
13:12
while unemployment rates were
13:13
skyrocketing and people were losing
13:15
their houses their jobs and their sanity
13:18
Black Rock was only further cening its
13:21
status as the most powerful company in
13:23
the United States but Larry's thirst for
13:25
money and power wasn't satisfied just
13:27
yet in 20 9 he made his boldest move yet
13:31
with the acquisition of Barclay's Global
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Investors and Investment Management
13:35
division of Barclay's Bank let's talk
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about how he did it in 2009 Barkley was
13:40
looking to offload its investment
13:42
Department called bgi they had a 4.4
13:45
billion offer on the table from CVC
13:47
Capital Partners but that was just for
13:50
the ETF unit Barclays wanted to sell off
13:53
more enter our protagonist Larry
13:55
thinkink the Black Rock Chief had been
13:57
on the prow for a big acquis position
13:59
something to take his firm to the next
14:01
level when he caught wind of the bgi
14:03
sale he knew it was now or never think
14:07
went all in putting together a massive
14:09
13.5 billion cash in stock deal for the
14:12
entire bgi business it was a bold move
14:15
the biggest play think had made since
14:17
starting Black Rock Back in ' 88 the
14:19
negotiations were intense but in the end
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fin came out on top when Barclays
14:24
accepted his offer it was with this
14:26
acquisition that black rock officially
14:28
became not just the United States
14:30
largest but the world's largest asset
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manager has since called this
14:35
acquisition a game changer for Black
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Rock as it's allowed the company to grow
14:39
in scale range and increase its already
14:41
huge Global Market reach without
14:44
scooping up bgi Black Rock would likely
14:46
not be the financial giant that it is
14:48
today as if this wasn't enough Larry was
14:52
already setting his sits on a new target
14:54
post acquisition ETFs now what the heck
14:57
does ETF stand for for if you don't
15:00
already know ETFs or exchange traded
15:03
funds are investment vehicles traded on
15:05
stock exchanges just like regular old
15:08
individual stocks but instead of
15:10
representing just one single company
15:12
ETFs hold a whole collection of
15:14
Securities think stocks bonds currencies
15:17
debt future contracts you name
15:20
it before long black rock controlled
15:22
nearly half of all ETFs in America can
15:25
you even comprehend wielding that much
15:28
power
15:30
since then Larry fin has become a major
15:32
shareholder in almost every public
15:34
company out there with stakes in
15:36
everything from Apple to Amazon he has
15:38
his fingers in more pies than anyone
15:40
could count but in recent years Black
15:42
Rock has taken a stand for something
15:44
bigger than just profits they've also
15:46
made a bold move toward environmental
15:48
social and sustainable investing or ESG
15:51
for
15:52
short according to think this isn't just
15:55
a feel-good PR stun it's a call to
15:58
action
15:59
in a push for change you see black
16:02
Rock's shift has sent shock waves
16:03
through the corporate world forcing
16:05
other firms to invest more consciously
16:08
and encouraging the companies they
16:09
invest in to develop more eco-friendly
16:13
practices but why should other
16:15
investment firms and companies care what
16:16
Larry fin has to say well think has
16:19
warned them that making social conscious
16:22
Investments is a must if you want to
16:24
stay in Black Rock's good graces and
16:26
considering Black Rock has over $1
16:28
trillion of the country's money under
16:30
their management you'd have to be pretty
16:32
brave or a total fool to piss them off
16:35
but hey at least everything Larry fin
16:38
does is in the interest of saving the
16:39
planet and creating a better more
16:41
Progressive Society right right not so
16:49
fast you see with great power comes
16:52
great scrutiny and not everyone is
16:54
thrilled about black Rock's massive
16:56
influence because while this investment
16:58
company may talk a big game about
17:00
sustainability and social
17:03
responsibility there are those who
17:05
suspect a darker side to the firm's
17:06
influence some have even dubbed The Firm
17:09
the world's largest Shadow Bank painting
17:11
it as a secretive Force that's calling
17:13
all the shots in the nation and when you
17:15
look at the numbers it's not hard to see
17:17
why this Theory exists in the us alone
17:20
Black Rock owns at least 5% of most
17:22
major companies giving it a significant
17:25
say in how these corporations are run in
17:27
fact according to the top Equity
17:29
Holdings as the first quarter of 2024
17:31
you'll see the firm is involved with
17:33
some of the biggest names in the game
17:35
we're talking ownership Stakes ranging
17:37
from almost 6% to over 8% in the top 25
17:40
companies alone that may not sound like
17:42
much but when you're dealing with
17:44
trillion dollar market caps those
17:46
percentages start to add up real fast
17:48
that's a lot of power for one company to
17:51
wield many have actually criticized
17:53
Black Rock for being too big to fail
17:56
implying that its downfall would rock
17:58
the United States st's economy and
17:59
entire Financial system of course think
18:02
has fought back against these claims
18:04
claiming that because black rock is an
18:06
asset manager and not a bank it can't be
18:09
too big to fail but it's not just black
18:11
Rock's domestic dealings that have
18:13
raised eyebrows the firm's investment in
18:15
China have also come under Fire with
18:18
some worried that they could pose a
18:20
threat to America's national security
18:22
and as it turns out Uncle Sam himself
18:25
might not be too happy about some of
18:27
black Rock's dealings in the Far East
18:30
according to the US House select
18:31
committee on the Chinese Communist party
18:34
Black Rock has had its hands in some
18:36
pretty shady cookie jars we're talking
18:39
over 429 million invested across five of
18:42
its funds into Chinese companies that
18:44
are considered counter to the US
18:46
interests ones that have been
18:48
blacklisted by the United States
18:49
government in in 2016 China actually
18:53
rewarded Black Rock for its loyalty they
18:55
handed over the first US rqf
18:59
II license giving Larry Fin and his team
19:02
a golden ticket to invest in Mainland
19:04
China's domestic Capital markets
19:06
speaking of China let's talk about their
19:08
popular app Tik Tok for a moment you
19:11
know that innocent little application
19:13
that's got everyone from tween to
19:15
Grandmas shaking their hips and lip
19:17
syncing to the latest viral hits well as
19:20
it turns out there have been some
19:22
concern that Tik tok's Chinese parent
19:24
company might be using the app to
19:26
harvest data on unsuspec respecting
19:29
Americans but what does this have to do
19:31
with black rock with its vast portfolio
19:34
and close ties to the Chinese powers
19:36
that be Black Rock might have access to
19:39
an unprecedented amount of information
19:42
on individuals and companies
19:44
alike some have even suggested that
19:46
black Rock's data harvesting
19:48
capabilities put Tik Tock to shame if
19:51
true this could give Larry f the power
19:53
to influence what Americans are seeing
19:55
on their phones which could also
19:57
influence what they buy who they vote
19:59
for and who's winning presidential
20:01
elections but you might be wondering
20:03
what's so bad about Larry thinkink
20:05
having all this power if he's using it
20:07
for good if he's harnessing this control
20:10
to fight climate change and improve the
20:12
world why should we even
20:14
care well perhaps the biggest question
20:17
mark surrounding black rock is its
20:19
stance on the environment sure Larry F
20:22
talks a big game about sustainability
20:24
and social responsibility but some have
20:27
suggested that it's all just a front
20:29
after all this is the same company that
20:30
was named one of the top climate
20:32
villains by the guardian in 2022 thanks
20:35
in large part to its involvement in
20:37
deforestation and let's not forget about
20:39
that time in 2021 when Black Rock teamed
20:42
up with a Saudi asset manager to invest
20:45
in aramco gas pipelines not exactly a
20:48
move that screams Green in fact a closer
20:51
look at black Rock's portfolio reveals a
20:54
number of investments in companies that
20:56
are actively contributing to climate
20:57
change from cool fire power plants to
21:00
fossil fuel Giants and this isn't just
21:03
speculation in Black Rock's very own
21:05
2022 company letter they fested up to
21:08
having some serious cash tied up in oil
21:10
and gas companies to the tune of nearly
21:13
260 billion worldwide we're talking
21:16
about investments in some of the biggest
21:18
fossil fuel names in the business like
21:20
Philip 66 oxidal petroleum Valero Energy
21:25
kico Phillips and Exxon Mobile and when
21:28
companies like these burn fossil fuels
21:30
they release massive amounts of
21:31
greenhouse gases which scientists
21:33
suggest only further contribute to the
21:35
problem of global warming we're talking
21:38
rising sea levels that could swallow up
21:40
entire cities extreme weather events
21:43
that could devastate communities and the
21:45
destruction of habitats and ecosystems
21:47
that could wipe out countless species of
21:49
plants and animals but here's the thing
21:52
whether you care about the environment
21:53
or not whether you believe in the risks
21:55
of climate change you can't deny that
21:58
this whole situation reeks of hypocrisy
22:01
because on one hand you've got Larry
22:03
Fink and his crew preaching the gospel
22:05
of sustainability wagging their fingers
22:07
at any company that dares to invest in
22:09
anything that might harm the environment
22:11
but on the other hand you've got Black
22:13
Rock itself pouring billions of dollars
22:16
into the same fossil fuel companies that
22:17
are driving us towards a climate
22:20
catastrophe it's like watching a vegan
22:23
lecture you about the evils of meat
22:24
eating while secretly scarfing down a
22:26
Big Mac in the bathroom so much for all
22:29
the talk about social responsibility huh
22:32
it seems that when push comes to shove
22:34
black rock is more than happy to put its
22:36
money where its mouth isn't and it's a
22:39
lot of money we're talking about today
22:41
black roock manages around 10.5 trillion
22:45
that's right trillion dollars making
22:47
them in control of a huge portion of the
22:50
entire country's cash flow and at black
22:53
Rock's current rate of growth it's not
22:55
hard to imagine a future where it and
22:57
other Giant corpor operations like it
22:59
effectively Run the World a future where
23:02
the voice of the people is drowned out
23:03
by the sound of money talking and where
23:05
the only votes that matter are the ones
23:07
cast in the boardrooms of the wealthy
23:09
and Powerful so what's Larry think the
23:12
Mastermind behind it all up to these
23:14
days think's been enjoying his power
23:16
while managing to keep a relatively low
23:18
profile he's been called one of the
23:21
world's greatest leaders by fortune and
23:23
one of the world's best CEOs by Barons
23:27
and yet many American an have never even
23:29
heard of his name not only does Spinx
23:31
spend his time running arguably the most
23:34
powerful company in the world he also
23:36
serves on the boards of organizations
23:38
like NYU the Museum of Modern Art the
23:41
Council on Foreign Relations and the
23:43
world economic Forum but let's get to
23:45
what you're really wondering how rich is
23:48
this guy as of April of 2024 Forbes
23:51
estimated Larry F's net worth to be
23:53
around $1.2 billion not too shabby for a
23:57
kid from vanai who started out working
23:59
in his dad's shoe store but as that old
24:02
saying goes Mo Money Mo Problems and one
24:05
of the biggest problems facing Black
24:07
Rock right now is the question of who
24:09
will take over when Larry fin finally
24:11
decides to step away from the throne
24:13
investors have been sounding the alarm
24:15
for years about the lack of a clear
24:17
secession plan at the company and for
24:19
good reason with Fin's outsized rule
24:22
it's hard to imagine Black Rock without
24:24
him at the helm Black Rock has
24:27
acknowledged that need to develop the
24:29
next generation of leaders but so far
24:31
they've been pretty tight lipped about
24:33
who those leaders might be and that's
24:35
got a lot of people worry because
24:38
whoever takes over from Larry thinkink
24:39
will be inheriting not just a company
24:42
but a vast Empire with tentacles that
24:44
reach into every corner of the global
24:47
economy they'll have access to an almost
24:50
unimaginable amount of money and power
24:52
and the ability to shape Finance in ways
24:55
that few individuals have ever had
24:57
before it's a terrifying Prospect and
25:00
one that should give us all
25:02
pause but whether you love him or hate
25:04
him the truth is that Larry fin has the
25:07
power to make or break an entire
25:10
American economy with a single keystroke
25:13
and that's not something we should be
25:14
taking
25:15
lightly so what's the truth is Larry a
25:20
greedy Mastermind corrupted by power and
25:23
pulling the strings to control the
25:24
United States or is he a Visionary
25:27
leader driven by by a mission to create
25:29
a better more Progressive Society maybe
25:32
the answer lies somewhere in between but
25:34
I'll leave that up for you to decide let
25:36
us know where you fall in the comments
25:38
and while you're contemplating that big
25:40
question you won't want to miss our next
25:43
video because if you think Larry Fin's
25:45
story is crazy you'll want to learn all
25:48
about this guy as always thanks for
25:51
watching
#Investing