Interesting article in the New York Post:
George Soros warns BlackRock’s investment in ‘repressive’ China risks US national security
Hedge fund titan George Soros on Monday slammed BlackRock for funneling billions of dollars into China — a move he said imperils clients’ money and US security.
Soros, in a Wall Street Journal op-ed, said BlackRock’s investment in China is tantamount to propping up an oppressive regime. He warned it’s “likely to lose money for BlackRock’s clients and, more important, will damage the national security interests of the US and other democracies.”
BlackRock is the world’s largest money manager, with $9.5 trillion under management.
Late last month, BlackRock introduced mutual funds in China for Chinese investors to buy after getting the green light from President Xi Jinping to launch investment products earlier this year. Shortly after getting approval, BlackRock recommended clients invest more money in China.
But even as China opens itself up to foreign investment following various trade agreements struck with the US, Soros, who’s known for supporting liberal causes through his Open Society Foundations, warns it’s a serious mistake for banks and other financial institutions to expand their presence in the nation.
Soros called out BlackRock CEO and Chairman Larry Fink as well as Blackstone CEO and chairman Stephen Schwarzman and former Goldman Sachs President John Thornton for jumping at “the prospect of business opportunities dangled by Mr. Xi.”
The Wall St. Journal is behind a paywall. Quite the sea-change. Interesting after his long career in currency arbitrage. His 1992 collapse of the British Pound reinforces my belief that he is a sociopath. His collaboration with the Nazis helping to round up his Jewish friends cements it.
Makes me wonder if he is not moving against the Yuan...
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