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BlackRock Earnings Rise 23% as Fund Investors Seek Safe Haven

(Bloomberg) -- BlackRock Inc., the largest publicly traded U.S. asset manager, said second-quarter earnings rose 23 percent after attracting investors seeking to weather the crisis in the financial markets.

Net income increased to $274 million, or $2.05 a share, from $222.2 million, or $1.69 a share, a year earlier, New York- based BlackRock said today in a statement. Revenue climbed 26 percent to $1.39 billion.
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BlackRock was picked March 24 by the Federal Reserve to oversee $30 billion of Bear Stearns Cos.' investments after the fifth-largest U.S. securities firm agreed to be acquired by JPMorgan Chase & Co. The company has also been called in by UBS AG to help manage a portfolio of mortgage assets. Still, the shares have slumped in the past month, in part on concerns that Merrill would sell its holdings.

Merrill acquired its stake in BlackRock in 2006, as part of BlackRock's acquisition of Merrill's investment unit. Pittsburgh-based PNC Financial Services Group Inc. owns 34 percent of BlackRock.



Interesting, isn't it, how BlackRock is now a hot stock thanks to the Bear Stearns deal? That deal stank. It was wrong. It was a backroom, buddy-buddy deal rigged by Goldman Sachs which runs the Treasury and half of the Federal Reserve. JP Morgan being the other half. [financial - sic] Stocks are soaring today in NYC due to confidence that the US taxpayers will be in hock for all these messes. "(snip)

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