BlackRock's Fink scrutinizes earnings of Wall Street banks

07/22/2009 | Financial Times (tiered subscription model)

Larry Fink, founder and CEO of BlackRock, said major investment banks have capitalized on a drop in competition to increase trading costs for their customers. "There are fewer players. There is very little capital being committed by these dealers," Fink said. "They're just taking the spread between the bid and the ask[, or the price gap between buyers and sellers,] and they are making very luxurious returns."

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