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Larry Fink wants you to put on a mask so he can stop worrying about the US economic recovery. “We need a world of compassion and that compassion [means] wearing a mask,” BlackRock’s billionaire boss told CNBC in a Friday interview. “If we all wore masks, if we all cared about our fellow citizens a …
Larry Fink wants you to put on a mask so he can stop worrying about the US economic recovery.
“We need a world of compassion and that compassion [means] wearing a mask,” BlackRock’s billionaire boss told CNBC in a Friday interview. “If we all wore masks, if we all cared about our fellow citizens a little more, we will be resolving this crisis much sooner.”
Earlier Friday, the world’s largest asset manager posted earnings per share of $7.85, easily beating estimates of $6.99. Overall, despite the coronavirus, BlackRock saw it’s profits soar 21 percent thanks to major gains in fixed-income trading, and its total assets under management jump 7 percent, giving Fink and his team $7.32 trillion total.
But even with that much capital, Fink was cautious about the next few months, warning that things will likely get economically worse before they get better, thanks to the uncertainty of the virus.
Ending the virus is the best way to being the recovery, according to Fink, which spurred his musings on masks.
“If the disease continues to grow, if mortality rates grow from where they are today,” Fink told CNBC. “Then we’re going to have to see another shutdown of parts of our economy.”
