Thu Aug 26, 2021 – 9:40 am EDTThu Aug 26, 2021 – 8:04 am EDT
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Story at-a-glance: Behind the scenes of many of the companies that provide the products and services you use each day are two investment firms that own more shares than other shareholders. The list includes social media, transportation, news media, food manufacturers and pharmaceutical companies. Blackrock and Vanguard hold large interests in pivotal companies, and Vanguard holds a large share of Blackrock. In turn, Blackrock has been called the “Fourth Branch of Government” by Bloomberg as they are the only private firm that has financial agreements to lend money to the central banking system. Blackrock also developed the software used by the Fed to manage financial transactions; one Princeton University lecturer has said Blackrock controls the Federal Reserve and has more power than most governments. Ascertaining who owns large portions of Vanguard is more difficult as it is a private company that is not publicly traded. It’s important to think globally but act locally to protect your
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