BlackRock played an integral role in the Federal Reserve's response to the Great Recession, managing about $30B of hard-to-sell Bear Stearns assets on behalf of the New York Fed.

BlackRock sponsored the Federal Reserve's purchasing of corporate debt through exchange-traded funds during the COVID-19 pandemic, while it simultaneously sold some of its own shares on the secondary market—sparking controversy over potentially unfair advantages.

Larry Fink cofounded BlackRock with a $5M investment from Blackstone cofounder Stephen Schwarzman in 1988, before officially severing ties with Blackstone in 1994.

Listen to a sit-down interview with BlackRock CEO Larry Fink to learn more about his background, the lessons he's learned throughout his career, and his outlook for the future.

BlackRock acquired Merrill Lynch's asset management division, bringing in more than $500B in assets and pushing the firm's total assets under management above $1T in 2006.

In March 2008, Bear Stearns was the first major bank to collapse in the Great Recession—leading to panic across the entire global financial system.

In 2023, BlackRock founder Larry Fink turned from an outspoken champion of the 'environmental, social, and governance' framework to a critic.

Before Lehman Brothers filed for bankruptcy in 2008 with more than $600B in debt, the Federal Reserve tried to orchestrate a private deal to save the then-fourth-largest investment bank in the US.

Explore a tool that shows how much stake large asset managers, including BlackRock, hold in public companies.

The Federal Reserve fought the Great Recession primarily with quantitative easing and repurchasing agreements.

To avoid a total collapse of the housing market, the US government took control of the two leading mortgage companies, Fannie Mae and Freddie Mac.

Track all of the acquisitions in BlackRock's history, from eFront to Preqin.

Commonly referred to as the 'bank bailout,' the Troubled Asset Relief Program disbursed $443B in an attempt to keep the financial system solvent.

BlackRock says investor demand and improvements in underlying fund technology have supercharged ETF availability in 2025

Investors are likely most familiar with ETFs that invest in an index or other grouping of stocks. However, BlackRock breaks down a wide variety of options, including commodity ETFs, currency ETFs, and bond ETFs.

American International Group, one of the largest insurance companies in the world, received $182B from the federal government—the largest of any bailout in the wake of the Great Recession.

In 2007, Bridgewater Associates, the world's largest hedge fund, warned of an impending financial crisis.

In the aftermath of the 2008 financial crisis, the Fed began a program of quantitative easing

This program injected trillions of dollars of new money into financial markets to stimulate the economy. The move catalyzed an 11-year bull run and was repeated during the pandemic. Experts argue such power could worsen wealth inequality and contribute to bubbles in housing and finance.

Ray Dalio considers betting against the US debt load in 1982 among his biggest failures

In the early days of his hedge fund, Bridgewater Associates, Ray Dalio calculated that the US had accumulated more debt than it was possible to repay. He took short positions in the market that backfired when the Federal Reserve cut interest rates and avoided a global economic collapse. Dalio lost everything and even had to borrow $4K from his dad—but often describes this experience as one of the most pivotal moments in his career.

Before the Great Recession, lax requirements to get a mortgage resulted in mass defaults that left nearly 19 million homes vacant.

Track how much the US government has spent on bailouts.

Passed in 2010 in the fallout of the Great Recession, the Dodd-Frank Wall Street Reform and Consumer Protection Act was the most significant financial reform since the Great Depression.

Watch a breakdown of 'The Volcker Rule,' which stopped banks from being able to make trades with client money and is one of the most controversial financial regulations to date.

The financial crisis in 2008 had a major impact on many 401(k) plans

Amid the 2008 financial crisis, stocks and bonds cratered as the broader market floundered due to the subprime mortgage crisis. Investors with so-called "target-date" funds—which shift allocations based on the maturation of a fund—shared in the slump, with some funds declining by 20% or more just a year or two away from maturation.

The 'Big Three' asset managers—Vanguard, State Street, and BlackRock—collectively manage more than $30T in assets and are the largest shareholders in roughly 88% of all the companies listed on the S&P 500.

In 2008, the 'Big Short' mastermind Michael Burry made more than $700M.

'Aladdin,' which stands for the asset, liability, debt, and derivative investment network, is BlackRock's central software system that models, forecasts, and provides an operating system.

Who is Michael Burry?

Michael Burry is best known for shorting the mortgage bond market in 2007. Before the Great Recession, the legendary investor’s firm took a stake in GameStop and argued the company was being undervalued in 2019. Learn more about Burry’s historical impact on markets here.

Listen to BlackRock's head of behavioral finance, Emily Haisley, explain the psychology of investing—including controlling biases, managing ego, and being prepared for volatility.

The Rockefellers' family office expanded to become a multifamily office

The Rockefellers created the first known single-family office in the late 1800s but the firm has evolved since to serve many wealthy American families.

Apollo Global Management and Blackstone are among the world's top 20 private credit fund managers

While Blackstone is the world's largest alternative asset manager, Apollo Global Management is a large private equity firm. Apollo had $480B in private credit assets under management as of January 2025.

The 2008 financial system unraveled in a wave of speculation

Michael Lewis—author of the bestselling "The Big Short"—explains how a wave of speculation (among other factors) drove the 2008 collapse, from lenders issuing risky mortgages to Wall Street turning them into fragile securities. He also highlights the few outsiders who recognized the bubble and bet against it before the crash.

The term ‘Black Friday’ originally referred to a 1869 US gold market crash

After financiers Jay Gould and James Fisk attempted to corner the US gold market, the market crashed on September 24, 1869, bankrupting thousands of investors and sending stock prices plummeting by 18%. That day became known as “Black Friday” long before the unofficial retail holiday emerged.

To continue selling mortgages, agencies that determine how risky a loan is gave high ratings to homebuyers regardless of their actual risk portfolio.

Watch Margot Robbie explain subprime mortgages—risky loans given to homebuyers with low credit scores or no income verification.

Watch former Securities and Exchange Commission Chair Gary Gensler's 'Eras Tour' for the agency's 90th anniversary, a look back on the pivotal moments in the agency's history.

Alternative investments have become more popular since the 2008 financial crisis

When the traditional markets crashed during the 2008 financial crisis, many people saw the value of their traditional investments plummet and began to look into alternatives as a result.

The world's most famous case of deflation happened after Black Thursday

While the details are not fully agreed upon, many economists point to the Federal Reserve's tightening of the money supply as a prime culprit, leading to a significant deflationary spiral.

Subprime lending practices, which fueled the housing bubble, surged after 2000.

During COVID-19, the Fed made drastic moves in attempts to shore up the US economy called quantitative easing

The Fed took an aggressive approach to help the US economy during COVID-19 beyond standard monetary levers, including broad purchases of mortgage-backed securities, Treasury securities, and more.

Since the 1990s, banks have sold some of the credit risk of their accounts to external investors, known as SRTs, or synthetic risk transfers

This means if the account defaults, the outside investors assume most of the risk in return for some regular payments, freeing up the bank's ledger. It is a form of insurance used by banks to allow them to free up capital. In 2024, nearly $100B worth of SRT notes were sold.

Famed American investor Jesse Livermore made millions when the stock market crashed in 1929

Livermore made his first major short against rail company Union Pacific in 1906, coincidentally before an earthquake in San Francisco, which ultimately tanked share prices. During a financial panic the next year, JP Morgan reportedly asked Livermore to increase his long-term investments to restore hope and restabilize the market—which Livermore did. However, Livermore began betting against the market in 1929, sensing that stocks were too hot, and was one of the few people to benefit from the 1929 stock crash.

FTX, one of the world's largest crypto exchanges, collapsed in 2022

As crypto markets declined during the post-pandemic slowdown, Sam Bankman-Fried propped up the markets with billions he'd earned leading FTX, one of the largest crypto exchanges. Then, in one of the most rapid financial implosions in modern history, the exchange collapsed as investors rushed to withdraw money.

The Federal Reserve didn't institute an official no comment period before meetings until 2011

Although Fed governors have largely practiced some version of a blackout period before Federal Open Market Committee meetings where the board decides where interest rates should be since the 1980s, the official blackout period wasn't formalized until 2011. During the blackout, members of the Federal Reserve generally aren't allowed to speak publicly on macroeconomic or monetary policy in order to avoid any confusion over the board's decisions.

Many retail investors exited the stock market after 2008, leading to a drop in individual market participation

That changed thanks to GameStop, federal stimulus checks, and strong corporate results in the first quarter of 2021. This chart plots how much retail investors poured into the market each day, reaching records in early 2023.

Today’s Rockefellers have become climate activists

The Rockefeller Family Fund has been engaged in more than 40 lawsuits against ExxonMobil, a company that John D. Rockefeller’s Standard Oil created.

How the Rockefellers' wealth evolved over time

The Rockefellers built one of the most powerful business empires in US history. By the early 1900s, their company, Standard Oil, controlled over 90% of the US oil market.

Read a breakdown of the different financial and banking regulatory bodies in the US, including the SEC.

The history of the Rockefellers in 60 seconds

John D. Rockefeller—the world's first billionaire—once controlled 90% of the US oil refining market, built Standard Oil through vertical integration, and used his fortune to fund universities, museums, and landmarks like Rockefeller Center.

Time magazine named Ray Dalio one of the 100 most influential people in 2012

Dalio's profile, written by former Federal Reserve Chairman Paul Volcker, praised Dalio for his investment strategy and his deep understanding of economics, if unorthodox at times. Volcker particularly appreciated Dalio's support for the Federal Reserve's handling of the 2008 financial crisis. Dalio and Volcker were longtime friends—Dalio has referred to Volcker as "the most principled man" he knows.

The Federal Reserve is the most powerful financial institution in the US

The Fed controls the money supply, determines interest rates, and regulates the banking system. Established in 1913 after a volatile series of financial panics, the central bank has managed to retain its legitimacy despite broad critiques against its obscure and independent decision process.

The Dodd-Frank Act increased banks' capital requirements and established the Consumer Financial Protection Bureau.