now think knew that blackrock investor class would hold blackrock responsible for making a profit. you invest in a company you want that company to make a profit if you return on your investment or what fink needed was a broader group to whom it blackrock would owe its fiduciary duty that would allow it to pursue social and political objectives. and that group would hold it accountable for. nothing. so fink instructed america's ceos that to show they were making his required posit contribution to society. whatever he would decide that might be, their companies must benefit all their stakeholders, not just their shareholders, but their employees, customers, suppliers and the communities in which they operate. in other words, they had to. they had. they had to benefit everybody. now, seriously, who isn't a customer? an employee, a supplier, or a member of a community, we all fit into one or more of those groups. collectively, fink intended these groups to represent society as a whole. so fink require companies to then serve a social purpose rather than his clients financial interests

think who's ceo blackrock. he was formerly at first boston. he serves at the museum of modern art is a trustee that is on the board of directors for the world economic forum in davos. he's on international business council. the business is director. he's a council on the council of foreign relations. he's a trustee at new york university. he grew up in los angeles. his family were, i think his dad, older a store of some sort, but they weren't incredibly. but he you know, he did let's see. he university went to ucla, an mba, then got hired for first boston. his net worth now and he just got added to by forbes this is a billion and he gets 36 billion from blackrock and he 400 and some million dollars in shares from their he donated 50,000 the council of foreign relations a few years back the other the other example is james gorman. he's australian and u.s. he is chairman, ceo of morgan. he worked for merrill lynch, a visa. he serves on the federal reserve bank of new york. he's he's an institute of international finance. he's a partner in new yo

wall street etf leaders and they jumped in, that was certainly really interesting and news that blackrockoking to expand etfs in bitcoin in europe. now it's like it's spreading and it's fascinating. how far does it go? >> saying in 2020 for years the virus is spreading and we're allowed to say that again. bitcoin is a mental virus and see it in a certain way and they realized volatility and revenue and new customers, and that is the life blood of the financial firms and now penetrating into the united states and have blackrock, fidelity, many others saying wait a second, why don't we go and get customers in europe or asia or latin america or wherever. people figured out that bitcoin is a new thing and energy and attention and users that you don't have today and embrace bitcoin, good things happen to your company, to your portfolio, et cetera. liz: to that end, ibid jumping 128% since the launch a year ago. micro-strategy reports after the bell. they're the largest holder of bitcoin outside of the guy that owns if and they own 461,000 bitcoin. do you own any stocks like micro-strategy that

our thanks to blackrock and bnp might ba.resident trump speaking to reporters saying that he hasn't changed his mind on the u.s. steel nippon steel deal and i just want to point out that we have the yen weakening as well as we're getting these headlines. so the president habit changed his mind on u.s. deal nippon steel. trump not meet the u.s. in gaza. and autotariffs are always on the table. he will be talking to president putin and he also says he will be meeting with prime minister xi probably very soon. those are the headlines out of the president's meeting with ishbia. this is bloomberg. this is bloomberg. ♪ i can't believe you corporate types are still calling each other rock stars. you're a rock star. we're all rock stars. oooo look look at my data driven insights, i'm a rock star. great job putting finance and hr on one platform with workday. thank you! guys, can you keep it down. i'm working. you people are (guitar noises). hand over the air guitar. i've got another one. (♪♪) now for something you can both agree on a

so frank fink being creative, that allowed blackstone. >> but we're also talking blackrock. >> blackrockve it away yesterday. it was down 60 points. and what they're doing is very positive and they're not being hostage to whatanguard doing. and you're absolutely right. they're becoming more and more of a bank. and i think that that stock is way undervalued versus everybody else. interesting. >> but i thought it was interesting that rohan was actually referring to blackrock in particular, in terms of providing them product so they can originate. but then, you know, the a lot of people have been concerned about the growth of private credit, but the fact is that the buyer is one buyer. but when you start to actually disseminate that risk more broadly amongst the public in some way, then maybe you are raising the risk profile. >> you can get 7 or 8%. i asked larry to be able to make it so that individuals could be in it, and that would actually the company here to be able to say, can i be in that fixed income product because there's just so much money being made there. and larry's doing a ve

i did add to my blackrock and i'm wondering should i add more to goldman sachs? i really do like it. >> and i think goldman is incredible. the stock sells at 13 times earnings. it's doing amazingly well. i think it is a solid buy. so it down at one point today. so low 622 was terrific. blackrock might be down because vanguard cut its fees i trust larry fink i think it's a great opportunity to buy. and you saw it because your club member that we picked at some today. and thank you for being a member of the club. let's go to joe in new jersey. joe. >> hello. >> mr. cramer, thank you for taking my call always. >> joe, great to have you on the show and thank you for calling in. thank you for being consistent. how can i help you? >> on my way to on my way to work, about a mile and a half away from my house, i've been watching this beautiful warehouse go up about a year or so later. it's up and it's called vertiv. i never heard of it. i look it up and it manufactures digital infrastructure for data centers. do i buy this company? >> this is for. this is ford of fortive

we took $2 billion away from blackrock in terms of managing pension so we stood up and showed we werethe side of the people and successful and it looks like donald trump is having great success as well. >> and you are back on the same page. you fight it out but then hug it out which is tradition the way he does things. ted cruz one of his biggest advocates and the gloves were off when they were competing. thanks so much, great to see you. hopefully we can resolve this. >> will get it done. >> movement and center after hhs nobody rfk junior's confirmation hearing. the crowd got a little crazy. >> you forgot about this. >> are you supportive of this? i am supportive of vaccines. >> i've always been pro once he. food bed.com. she joins us with her mission rfk junior is now on. she was first. ♪ and conspiracy theorist because i said red died because cancer now fda acknowledged that and bandit. >> are you supportive of one scenes ask. >> i'm the proud mother of a 36-year-old man with severe cerebral palsy so please do not suggest anybody in this body little party doesn't want to know what

for the impact on blackrock and invest -- invesco, katie greifeld is standing by. >> we welcome audiences we are joined by vanguard ceo salim ramji in exclusive conversation. we saw the ripple effects and your average fee now is just seven basis point across your lineup. the industry averages 44 basis points why now? >> monday was a pretty joyous day here vanguard because it really is a reaffirmation of our business model. we are owned by our clients, so as a result, as we gain scaled economies at the company we share those with our clients that has not just been true since monday. it has been true since 1975 when we founded the company, so this was continuing on a 2000 price cuts. now it is 2168 price cuts and that has been part of the proposition investors have with vanguard for decades. katie: i think i'm asking a part of your competitors and investors. how low can fees go? you are at seven basis points now. where floor? salim: we do not price products as loss leaders. we are not looking to price abnormally low to get someone to buy at a higher cost another service, so we look at it ac

this is a blackrock etf i am looking at. it tracks the nasdaq 100 without the top 36. it is up 0.7%, which indicates a rally broadening. looking at the 10 year treasuries, it is down by nine basis points after service sector activity weakened more than expected. scarlet: weakened more than expected. the price point on ism services came in a little bit lower. perhaps encouraging people who were worried about inflation. isabel lee, thank you so much for that. we will be keeping an eye on all these developments. we have our big conversation coming up. we are going to cover a wide range of topics from washington and policy to the stock market rally overall. i want to welcome our bloomberg radio and youtube audiences as we bring in our big guest this hour, and my coanchor for the close romaine bostick joins us for an excuse of conversation with jim chanos. jim, a comeback. jim: thank you for having me. scarlet: you are a skeptic. some might say a cynic. you built your career on questioning conventional wisdom companies say. when it comes to expectations of trumponomics and

this is a blackrock etf i am looking at.

jonathan: jeff rosenberg of blackrock joins us. what is your big take?ary is a difficult month. there are a lot of moving parts. it is a strong labor market. probably the most interesting thing is the last thing you said, that they may benchmark revisions per the market having expected bigger validation of the story the labor market is overstated in terms of the overstatement was not as overstated as people thought so maybe that is pushing up on the rate reaction. it is a mixed report. the unemployment rate ticking down, that is on the strong side. the headline number is disappointing given the seasonal expectation that would give it a seasonal boost. i think you talked about the asymmetry to the fed. it will take a strong report and unlikely to come out of the labor report but really and inflation report to push the fed off of the cutting expectations. a weakening side, the fed will be quick to cut. i do not think this changes the outlook. we are still on pause through the first half of the year. a lot more data will be necessary for the fed to accelera

tom becker from blackrock on the latest.e at a time when people are so balled up on the u.s. equity market. we are closing that underweight slowly. we talk about nvidia, maybe taking advantage of the dislocations we have seen in the past few weeks. lisa: trimming back our underweight. i need to use language like that at home. the passive and kind way of saying we are buying. beautifully done. how many people are viewing this as a tactical market? we can't have longer-term calls. reviews are your enemies. having a look at measures and being methodical about certain trigger points where you will buy, that is the strategy for the year. how can anyone have a concrete view at a time we have no idea what will happen in two hours time? jonathan: making the trade in europe is different than making an investment. an investment is a trade gone wrong, something like that. particularly in europe it feels that way. lisa: at the moment it is hard to know. that's a fundamental issue. people say the ecb has to cut more, just follow the mone

ruck, ellen zentner, and jeff rosenberg of blackrock. and a whole lot more.g tv. this was "bloomberg surveillance." ♪ katie: features trying to put higher despite disappointment on the earnings front. vonnie: bloomberg open interest starts right now. katie: disappointing others from industry heavyweights. ford sees a sharp drop in profit as qualcomm faces slowing phone growth. honeywell moving into three independent companies following pressure from activists. yields, not the fed. scott bessent says the administration's focus is on the 10-year treasury rate. he points bloomberg at 1:00 p.m.

. >> firms like blackrock and vanguard and other large investment firms and houses is that, you know,appen. >> in 2025. >> to start to. >> happen in 2025 and. >> then continue through this administration. i think the biggest. >> one will be. >> that securities. will be tokenized. >> i think that that's been a. long standing concept that has had starts and stops, but i think things like stocks, bonds, real estate will actually start to get tokenized as digital assets during this administration. and that's. >> a. >> that's a. huge sea change to how things. >> work today. >> and the. >> legitimacy and credibility. >> of. >> digital assets and crypto. i think stocks and bonds and real. estate going on chain. >> is probably the. >> biggest thing that we see at kindred happening in this administration. >> let's talk ai and the changes not only from this administration, but maybe more substantially, the changes that we have. just post deep sea, this latest release. how has that changed things in your world? what have you seen from the companies you deal with? well. >> it's really interesting