Sep
20
2009

More 'News' from WaPo's 'Exciting Alternate Universe'

Under the headline "Washington Post Publishes More Information About Exciting Alternate Universe," A Tiny Revolution blogger Jonathan Schwarz (9/13/09) lets us know that, while "lots of banks had to get a bailout from the federal government," do "you know who didn't? The ultra-smart guys at BlackRock investment management, that's who"–at least according to the September 13 Post, which featured this passage:

BlackRock emerged as one of their principal advisers as the agencies bailed out major companies and tried to put a price on their toxic assets. BlackRock is also managing tens of billions of dollars worth of AIG assets for the government. In August, officials selected the company to help arrange the purchase, partly using taxpayer money, of toxic assets from banks. Although BlackRock, which avoided the plague of toxic assets, has turned to Washington by choice, some firms have been forced to Washington.

Schwarz's response can hardly contain his excitement:

Impressive! Impressive work there by BlackRock! Let's stroll over to BlackRock's own website, so we can find out who owns them and extend our congratulations:

Merrill Lynch & Co., Inc., a wholly-owned subsidiary of Bank of America Corporation, and The PNC Financial Services Group, Inc. own approximately…47.4 percent and 31.5 percent of BlackRockâ┚¬Ã¢”ž¢s capital stock…

Whoops!

Bailout Recipients

Bank of America $45.0 billion
Bank of America, NA $6.0 billion
PNC Financial Services $7.6 billion

But Schwarz really feels "there's no need for the Washington Post to report on what's going on in this universe," since "it would only upset and confuse their readers."