Fink puts BlackRock centre stage
Larry Fink is one of the pioneers of the mortgage-backed securities market. As a trader at First Boston a quarter of a century ago, he pitched the first collateralized mortgage obligation that Freddie Mac ever did.
He can be self-deprecating, for example in recounting his ouster from First Boston in 1986 after his desk lost $100 million in a single quarter when the markets moved in ways he didn’t understand. The firm should really have sacked him the quarter before, he is wont to joke – his desk had made $130 million profit, and he didn’t know how he managed that either.
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