3/25/2008

The Federal Reserve Bank of New York has given Lawrence Fink's BlackRock Financial Management the mandate to manage Bear Stearns' $30 billion portfolio. The Fed's move shows that "these people really are the go-to guys in a crisis," said Jason McPharlin, a portfolio manager at Northstar Capital Management. "Their stock price is climbing not because they got another $30 billion in assets but because of the huge vote of confidence the Fed has bestowed on them."

Full Story:
Reuters

Related Summaries