Larry Fink On Cyprus: "I Don't Really Care"

Tyler Durden's picture




 

Blackrocks's Larry Fink "doesn't really care" about Cyprus, "it's really not something of concern," he tells Bloomberg TV. While gesturing that he can't really discuss specifics as Blackrock is an adviser to Cyprus, he then goes to explain how European and US markets have it all wrong and that "It has some symbolism impact on Europe, but it’s not a really major economic issue." This dip is "just clients taking some chips off the table and reaping some gains from the huge rally," he goes on, dismissing the interviewer's question as nonsense, "this is temporary," and adding that he "is hyperbullish on the US economy," and that "global markets will be up 20% this year." However, what is most fun to watch is his arrogant dismissal of the interviewers question over US depositor fears, there are two reasons that is foolish, he notes "a) we have insurance, so that will not happen; [ZH: umm, so did Cyprus]; and b) we have always prioritized the liabilities [ZH: umm, except for GM]." So all good then, storm in a teacup. Carry On - though he has some stern words for the French and for the Russians.

 

Perhaps our favorite line:

"Many of the depositors in Cyprus are not EU members - maybe a little east and north of Cyprus - and therefore bearing the cost on depositors is an indication that "we're fine with bailing out EU members and EU depositors, but this is quite a bit different"

 


Transcript

BBG: What did you make of the Cyprus situation?

"I really don't care."

 

"Cyprus is a $10bn problem. It is really not something of concern"

 

“It has some symbolism impact on Europe, but it’s not a really major economic issue,”

 

"It does remind us of the frailties of Europe; it does remind us that the European fix will be multiple years, but the essence of Cyprus is more symbolic...

 

Blackrock is representing the Cyprus government so I am not permitted to talk too much about the specifics

 

Many of the depositors in Cyprus are not EU members - maybe a little east and north of Cyprus - and therefore bearing the cost on depositors is an indication that "we're fine with bailing out EU members and EU depositors, but this is quite a bit different"

So you dont care about Cyprus but the market did...

This is just clients taking some chips off the table and reaping some gains from the huge rally.

 

This is temporary

 

Cyprus is just one of the elements that is being used as an excuse

Were u shocked at them trying to tax bank deposits?

Smugly (2:28) Fink initially ignores the question, smiles a wry smile, and doesn;t answer...

BBG: Well even people in America were questioning that...

A) we have insurance, so that will not happen; (SO DID CYPRUS)

 

B) we have always prioritized the liabilities (EXCEPT for GM)

Where are we in the European credit crisis? Are we close to the end?

We're in the third inning. This is a long process, the work done in Spain and Italy over the last year is very good (Spain now has a current account surplus). So there has been much improvement and yet there is a lot more to do...

 

you still have the instability of finances in France that we cannot underestimate how severe that could become

 

The OMT was designed to firewall Spain and maybe Italy but there's not enough money in Europe if France continues down the path of having huge deficits and huge imbalances of productivity

 

France is just not as competitive as Germany and that remains a big issue

 

We are going to have 6 more innings of evolving uncertainty

At 5:00, Are we in a correction?

FINK: We are definitely in a pause. Inflows have flattened and most of that money came in from cash - not a rotation from bonds. It was really people putting money to work and now some people are taking them money off

 

Depending the macro data, we could see a 5% correction or a prolonged 1-2 month pause

 

At 6:00, but by year end equity markets will be a lot higher with a potentiality for global markets to be up over 20% by year end.... markets are improving, economic conditions are improving, the changes in Japan is a net positive, China is not as weak as we feared, and the US is going from strength to strength to strength - and that is the dominant story in 2013

 

I am hyperbullish on the US economy

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Wed, 03/20/2013 - 08:47 | 3351640 CH1
CH1's picture

Translation: These aren't the droids you are looking for.

Wed, 03/20/2013 - 08:54 | 3351679 HulkHogan
HulkHogan's picture

I'll leave a bad taste in that chick's mouth.

Wed, 03/20/2013 - 09:05 | 3351733 DblAjent
DblAjent's picture

Clorox?

Wed, 03/20/2013 - 09:07 | 3351741 Badabing
Badabing's picture

Imagine all the people……….

  Or a lot of people participating in a new movement, a Movement In Liberty In Truth In America or MILTIA ©  for short, who’s motto is “this will not be a peaceful demonstration” and who’s prime directive is to detain individuals under citizens arrest that have Corzined the people and not stood trial. A group that welcomes planted agitators to its functions, and after identifying them arrests them and publishes their  identities  for who they are, example plain clothes  cop, secret service, military………..  And with anonymous donations, uses the funds to set up pirate cable, television, radio stations and internet sites. Also urges its participants to talk to relatives, friends, and neighbors on a one to one or in a group to spread the word and be prepared. And show loving respect for constructional oath keepers.

You can say I’m a dreamer but I’m not the only one…………

If you have any ideas please help

Wed, 03/20/2013 - 09:15 | 3351783 Divided States ...
Divided States of America's picture

Spoken like a true joo....they dont care for anyone except themselves. But what goes around comes around. His time hasnt come yet..

Wed, 03/20/2013 - 09:35 | 3351875 flacon
flacon's picture

I was part of the merger of MLIM (Merrill Lynch Investment Managers) and Blackrock back in 2007. I kid you not - when we went to Manhattan for merger meetings all they gave us for lunch was a bottle of water and a bowl of Blackrock mints. 

Wed, 03/20/2013 - 10:11 | 3352013 NotApplicable
NotApplicable's picture

Well, you sure don't sound very grateful.

Wed, 03/20/2013 - 11:23 | 3352275 MagicHandPuppet
MagicHandPuppet's picture

"They tried it.  It didn't work.  So, let's move on."

~ Larry "The Stink" Fink (on the EU initiative to tax Cyprus bank accounts)

Oh, how our overlords love us to just move on and not concern ourselves with their games.  Keep maxing out your 401Ks and Credit Cards.  All will be well.

 

Wed, 03/20/2013 - 09:37 | 3351882 Shizzmoney
Shizzmoney's picture

The bankster jew is what will tear this country down.

The shame of it is, they'll throw all of the other enabler jews who defend them under the bus, when this thing blows.

Wed, 03/20/2013 - 09:16 | 3351787 sunaJ
sunaJ's picture

It amazes me sometimes how often people live up to their name....Fink, Madoff, Dick, B.S. Bernanke, etc.

Wed, 03/20/2013 - 09:53 | 3351924 Divided States ...
Divided States of America's picture

Fink (JEW- still free and raping everyone else legally but he dont really care),

Madoff (JEW in jail, thats what you get for fucking the tribe),

Dick (if you mean Fuld, JEW but used as scapegoat by the other JEWS, someones gotta take the hit),

B.S. (If you referring to Ben Stein - the JEW who thinks hes real funny, I just find him funny looking)

Bernanke (Biggest MoFo JEW of all time, well maybe tied with Greenspan and Larry Summers)

Wed, 03/20/2013 - 11:15 | 3352240 Big Slick
Big Slick's picture

... Shilling, Fastow, Barak Hussein Obama (BO), Gutfriend, Tiger Woods...

Wed, 03/20/2013 - 09:16 | 3351789 Dr. Richard Head
Dr. Richard Head's picture

I love how he speaks to "who will bare the responsibility" as if it is unknown to whom responsibility is owed.  Let's go after depositors who had abso-fucking-lutely NOTHING to do with the debts incured so as to free the burden from the derivatives, EU bonds, and interest being layed upon the money already borrowed.  Sounds like the EU has imported Amerikan decomcracy at its finest.

Wed, 03/20/2013 - 11:16 | 3352247 nope-1004
nope-1004's picture

Larry Fink isn't that bright.

 

Wed, 03/20/2013 - 09:26 | 3351823 TruthInSunshine
TruthInSunshine's picture

Fair enough, ZH. But counter-point; Larry Fink of Blackrock can & has shown remorse when clients have lost hundreds of millions (and dozens of billions) of dollars, including during (frequent past top ticking moments) when Larry Fink has been "hyper-super-so so so sooo-bullish" before, despite things not panning out so well (the joys of OPM; you just can't lose, no matter how epicly bad your calls nor idiotic your "advice").

Just one (of many) example:

Stuyvesant Town Hurt Larry Fink On Very Deep Level

 

Sad Larry Fink. Very melancholy; defensive due to horrendous abomination of "investment advice, but very, very Sad Fink:

At the mention of these blunders, Fink, who has been sprawled in his chair, suddenly stiffens. His voice takes on a harsh tone that is leavened only by his visible anxiety. “When you manage money, you are going to make mistakes. You are not going to be 100 percent perfect. Our job is to minimize those problems, to cauterize them,” Fink says, his voice rising. “We’re not perfect, and I’ve never said to anyone that we are going to be perfect. Our investors had all the information we did and they did their own due diligence.” He exhales deeply. “Our real-estate division is struggling because of bad performance, and we’re making changes. I don’t care if the whole industry blew up, our job is to do better than the industry, and we didn’t in real estate,” he says. “I am not making excuses. I lose sleep over these problems.” The Stuyvesant Town loss was “an embarrassment,” he says. Then his voice drops to a whisper. “I mean, my mother gets her pension from Calpers.”

Wed, 03/20/2013 - 09:31 | 3351865 LawsofPhysics
LawsofPhysics's picture

And the oscar goes to...

Larry is close to the free money spicket and manages the money for several very large institutional investors, he really doesn't give a shit.

Wed, 03/20/2013 - 09:47 | 3351906 TruthInSunshine
TruthInSunshine's picture

Just because he's been far more frequently wrong than correct, and runs a too-big-to-fail with express U.S. taxpayer bailout guarantee status, and has nearly perfectly top-ticked many 'a markets with his raging bull El Bullience (see what I did there? Raging Bull?...El Buli?....ehhh..ahh ha...) doesn't mean he's not The Best Around.

 

Larry Fink Is a Real Human Being With Feelings and Emotions [NYM]

Yes, he runs a global multi-trillion-dollar firm with 8,500 employees and a market capitalization of around $40 billion. Yes, he is on the speed dial of everyone important in Washington and on Wall Street, has a regular table at San Pietro, raked in over $40 million last year, and is one of, if not the, most powerful people in finance today. But inside, Blackrock's Larry Fink is still the guy who was fired from his job at First Boston 22 years ago in what one of his peers recalls as a "public and really awful" way, and should you mention that, or any of Fink's other failures, it all comes rushing back and suddenly he's Fired Larry all over again, not to mention all of the other failure incarnations of himself: Fat Larry and Loser Larry and Smelly Ethnic Food for Lunch Larry. Vanity Fair's Susanna Andrews found this out recently, when she brought up Blackrock's recent, doomed acquisition of Stuyvesant Town, which lost huge amounts of money for Blackrock and several of its major clients, including the California Pension and Retirement System.

Wed, 03/20/2013 - 10:01 | 3351960 TruthInSunshine
TruthInSunshine's picture

Larry Fink, I'm sorry if I offended you. I never called you "fat Larry," by the way. Not my style.

Wed, 03/20/2013 - 09:05 | 3351734 fudge
fudge's picture

i'd sooner leave a bad taste his mouth by shoveling the shit back into it.

Wed, 03/20/2013 - 09:06 | 3351740 Pladizow
Pladizow's picture

The only thing this phsycopath cares about is his bonus!

Wed, 03/20/2013 - 09:02 | 3351717 Banksters
Banksters's picture

I  guarantee the guy is a sociopath.   

Wed, 03/20/2013 - 09:15 | 3351785 El Oregonian
El Oregonian's picture

You don't carry the name "Fink" and not become one...

Wed, 03/20/2013 - 09:32 | 3351868 flacon
flacon's picture

Finker-lickin' good!

Wed, 03/20/2013 - 10:15 | 3352027 onewayticket2
onewayticket2's picture

doesnt add up....

i'd think that the cyprus situation would be "huge" news to a "hyper" bullish guy....it would be a trigger for massive inflow of global wealth seeking safe haven in the US.....it would take someone from bullish to "hyperbullish"....it certainly isnt the disposable income story.....taxes going up, inflation going up, fewer taxpayers year over year, all time high food stamps and disability, health care costs skyrocketing, 3.8% obamacare tax on housing transactions, massive and snowballing pension liabilities....and massive new spending that WILL be paid for eventually....it's not a "hyper bullish" story at all.  but if anything, cyprus could be seen as bullish for the USA (provided our boys dont get any ideas)

Wed, 03/20/2013 - 09:04 | 3351725 spastic_colon
spastic_colon's picture

...and for the bernank to cryptically say today that: "Cyprus does not matter, but QE will continue because of Cyprus"

Wed, 03/20/2013 - 09:05 | 3351732 Jayda1850
Jayda1850's picture

I've given up on watching news, these people can say whatever they want and never get  called out on a fucking thing. HL Menken is rolling over in his grave.

Thank you ZH for shining a light on all the BS.

Wed, 03/20/2013 - 11:52 | 3352389 madcows
madcows's picture

It isn't "News" anymore.  It's TMZ with a weatherman.

Go ahead.  Watch the morning "News".  They lead with some celebrity gossip, follow it with the latest uTube viral video, mix in the pillowfluffing weatherman, and close with a Presidential blowjob. 

hence, the majority of America has turned away from it, and look for their "real" news from internet sources.  Inconcievably, though, they've gone even more TMZ-ish in their attempts to lift the ratings.  It's a spectacular fireworks show, watching these douchebags (ABC, CBS, NBC, CNN, MSNBC) go down in flames.  Suck it Katie Couric, George Stefanopulis and any View Host.  You're nothing more than tabloid TV with an overinflated opinion of yourselves.  Ha ha. Losers.

Wed, 03/20/2013 - 09:08 | 3351749 tarsubil
tarsubil's picture

Actually, his response seems rehearsed and his follow up seems nervous. Maybe the infobabe should have asked why he shit his pants?

Wed, 03/20/2013 - 09:14 | 3351776 Water Is Wet
Water Is Wet's picture

Translation: "I got mine; Fuck You."

Wed, 03/20/2013 - 09:59 | 3351952 Yamaha
Yamaha's picture

Or another way of saying "That is why I'm richer than you..."

Wed, 03/20/2013 - 10:03 | 3351974 TheFourthStooge-ing
TheFourthStooge-ing's picture

Alternate translation:

Let them eat German Knuckle Cake.

Wed, 03/20/2013 - 11:22 | 3352270 malek
malek's picture

I'd say it must be Juncker-serious.

Wed, 03/20/2013 - 08:47 | 3351642 Cdad
Cdad's picture

Larry Fink "doesn't really care" about Cyprus, "it's really not something of concern," he tells Bloomberg TV. While gesturing that he can't really discuss specifics as Blackrock is an adviser to Cyprus

Orwellian overload....

Wed, 03/20/2013 - 08:55 | 3351683 SheepDog-One
SheepDog-One's picture

'What's really important'....is that STAWKS are up! Keep making those deposits, consumer lemmings!

Wed, 03/20/2013 - 09:17 | 3351792 Cdad
Cdad's picture

"The important thing is...stawks are off of their overnight lows.  Stawks are near all time highs.  Stawks are cheap.  Stawks are trending.  Stawks are emerging into a new bull market.  And everyone knows that it is in everyone's interest [stawks] to find a bailout solution for Cyprus."  B. Pisani

Wed, 03/20/2013 - 09:00 | 3351707 Translational Lift
Translational Lift's picture

The key phrase he forgot to use.......What difference does it make!!

Wed, 03/20/2013 - 08:47 | 3351643 chunga
chunga's picture

What an asshole this guy is.

Wed, 03/20/2013 - 08:51 | 3351659 unwashedmass
unwashedmass's picture

 

but that's why he's richer than you. smirk smirk

Wed, 03/20/2013 - 08:51 | 3351660 azzhatter
azzhatter's picture

This fucker is a major leaguer

Wed, 03/20/2013 - 09:06 | 3351736 spastic_colon
spastic_colon's picture

did you mean to have a question mark after that comment?

Wed, 03/20/2013 - 08:52 | 3351664 cossack55
cossack55's picture

His name, at least, fits him.   Tho Larry Prick or Larry Shithead would apply equally well. 

Wed, 03/20/2013 - 09:00 | 3351712 chunga
chunga's picture

Worlds largest money manager doesn't care....pfft.

If every country in the world is buried in debt where did all the money go Mr. Mcsnarkypants?

Right in your greasy pocket you crony fuck-head.

Wed, 03/20/2013 - 10:14 | 3352023 resurger
resurger's picture

Fuck him big time.

Wed, 03/20/2013 - 09:03 | 3351720 BandGap
BandGap's picture

Larry Fuckstick or Lawrence Painfulrectalitch

Wed, 03/20/2013 - 09:06 | 3351739 smlbizman
smlbizman's picture

chunga,

why do you feel the need to insult assholes? ...

an asshole is an orifice were vile stinking ,useless shit comes out of.....oh, never mind i see ur point now...

Wed, 03/20/2013 - 09:11 | 3351763 chunga
chunga's picture

No offense intended for normal, regular assholes.

Wed, 03/20/2013 - 09:14 | 3351782 eclectic syncretist
eclectic syncretist's picture

It's like saying that our paper dollars will never deteriorate in value against paper currency from other countries because ours have the all seeing Souronesque eye over a lucky pyramid on the back, and theirs don't. 

Larry Fink is hereby nominated as Larry Flynts jackass of the month.

Wed, 03/20/2013 - 08:49 | 3351646 madcuban
madcuban's picture

Fuck you, fink.

Wed, 03/20/2013 - 08:49 | 3351647 GetZeeGold
GetZeeGold's picture

 

 

hyperbullish on the US economy

 

Molly geez......that's just one step short of double dog bullish.

Wed, 03/20/2013 - 08:59 | 3351702 eigenvalue
eigenvalue's picture

What did you expect him to say? Blackrock is the sponsor of SLV. You know what it means. 

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