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Fink Belies Being Boring Telling Customers to Buy Stocks


In June 2008, American International Group Inc. was desperately trying to figure out what to do with its $80 billion in money-losing credit-default swaps, which were backed by mortgages. Then Larry Fink came calling.

The chief executive officer of BlackRock Inc. was pitching his firm’s proprietary software to value the derivatives, says Robert Willumstad, AIG’s then-newly installed CEO. Willumstad hired BlackRock, Bloomberg Markets magazine reports in its October special issue on the 50 Most Influential people in global finance.