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BlackRock Attacks The Street

BlackRock CEO Larry Fink is making some scathing remarks about his rivals. But are they accurate or is the rhetoric just posturing?

According to a report in the Financial Times, BlackRock is accusing other Wall Street firms of being quite the opportunists -- and taking advantage of reduced competition "to charge their customers more for even basic trades.”

“They’re just taking the spread between the bid and the ask and they are making very luxurious returns,” said Fink.



As you may remember some of the Street’s biggest banks reported much stronger-than-expected profits last week, largely due to blowout trading results.

“Helped by unusually large spreads between bid and offer, financial groups such as Goldman Sachs, JPMorgan Chase and even Citigroup, experienced record revenues in their investment banking businesses,” says the paper.

What do the traders make of it?

I can’t help but wonder if Mr. Fink is talking up his own business, muses Karen Finerman.

And it’s a good time to say things that are politically correct, adds Tim Seymour.

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Trader disclosure: On July 22nd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman's Firm Owns (MSFT), (PBG), (TYC), (YUM), (NOK), (WMT), (TGT); Finerman's Firm And Finerman Own (BAC) Preferred Shares, Finerman Owns (BAC); Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (USO), (MCO); Seymour Owns (AAPL), (MSFT), (SBUX), (UNG); Grasso Owns (BAC); Terranova Owns (MCD), (QCOM), (AMZN), (AXP), (MSFT), (SUN), (FTO); Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

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