Most Canadians have never heard of Larry Fink. An American, he is the biggest money manager in the world. His firm, BlackRock, has over $4 trillion it directs on behalf of clients.
Fink is famous in the financial world. For one thing, he was a key figure in the development of mortgage-backed securities, sometimes called CDOs or collateralized debt obligations.
These were the instruments that in 2007 all of a sudden no one wanted to buy, so no one could sell. Portfolios full of worthless CDOs led to a break down in the world financial system, creating the crash of 2007-08, which was followed by the great recession.