: George Soros says BlackRock is on wrong side of ‘life and death’ conflict with China


Legendary investor George Soros has criticized index powerhouse BlackRock for a second time, blasting the fund manager over its stance on Chinese investments.

In a Wall Street Journal op-ed, the billionaire called it a “tragic mistake” to pour billions of dollars into China now. BlackRock

recently launched a fund for Chinese consumers, and has recommended that investors triple their allocations to Chinese assets.

“It is likely to lose money for BlackRock’s clients and, more important, will damage the national security interests of the U.S. and other democracies,” said Soros, the founder of Soros Fund Management and the Open Society Foundations. In an earlier op-ed in the Financial Times, Soros criticized BlackRock for effectively forcing U.S. investors into Chinese companies whose corporate governance doesn’t meet required standards.

In the WSJ item, Soros mentioned not just Larry Fink, BlackRock’s chairman, but also Stephen Schwarzman, co-founder of Blackstone

and John Thornton, former Goldman Sachs

president, as being interested in the business opportunities “dangled” by Chinese President Xi Jinping.

“Earlier efforts could have been morally justified by claims that they were building bridges to bring the countries closer, but the situation now is totally different. Today, the U.S. and China are engaged in a life and death conflict between two systems of governance: repressive and democratic,” said Soros.

Fears over China’s increased regulatory scrutiny of its companies has left the Hang Seng

15% lower than its February highs. The Shanghai Composite

has dropped 6% this year.

Market Snapshot: Dow trades about 200 points lower as investors weigh delta variant

Previous article

Financial Crime: California man, 79, sentenced to 4 years for charging small businesses and charities hugely inflated prices for printer toner

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in News