Big asset managers like BlackRock, Vanguard, and State Street are gaining power over housing, hospitals, water and more. They own trillions of dollars in assets and are the top shareholders of thousands of corporations.
, Christophers discusses what asset managers do, how they’re programmed to aggressively squeeze out profits, how they’re increasingly capturing “real assets” like housing and energy infrastructure, and what we might do about it all.
The fund is at the very core of the industry, because it’s the vehicle through which asset managers do what they do. That’s why asset managers are often referred to as “fund managers.” There are structural reasons for this. One is the huge salaries at these firms. There was an article in thethat said the average salary at Blackstone now is around $2 million. If you’re Blackstone, it’s not possible to pay those kinds of salaries unless you’re being pretty ruthless about extracting profits from the assets you own. You can’t be a landlord that is giving rent breaks to tenants while paying $2 million to your staff.
In the early 1990s, asset managers began to significantly buy into global housing markets, but this went into overdrive after the 2008 financial crisis. Suddenly you had huge stocks of “distressed housing” because of massive foreclosures, especially in the U.S. Lots of housing stock became quickly available, and very cheaply. To its eternal discredit, the U.S. government enabled big asset managers to hoover up large amounts of housing on very favorable terms.
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