The Lacuna Project

lacuna (n.) a gap in a record where something should be

Independent research. Not affiliated with any government, agency, or company.

Company

BlackRock, Inc. (including BlackRock Financial Markets Advisory)

Documented money flows

Findings that rest on exhibits naming this entity

  • INF-1.3: Proxy statements filed from January to September 2026 list at least one of Vanguard, BlackRock and State Street as holding more than 5 percent of the common stock of each of 17 companies: eight media, five pharmaceutical and four defense. The listed stakes run from 5.1 to 14.9 percent, and 14 of the 17 proxies cite at least one Schedule 13G filed between January and April 2024, so the percentages describe holdings on dates from 31 December 2023 to 30 June 2026.
  • INF-1.4: Form 13F filings for 31 December 2025 show Vanguard, BlackRock and State Street each holding shares of all 20 share classes checked, those of the 17 companies above and of News Corporation. Comcast Class A, for example, appears at 369.3 million, 315.8 million and 186.8 million shares, and Pfizer at 541.3 million, 493.1 million and 300.4 million.
  • POL-8.4: GAO's Table 8 totals $16,115 billion of loans across the Fed's broad-based emergency programs by adding every renewal of overnight loans without adjusting for term, and GAO found that loans outstanding peaked above $1 trillion in late 2008. Senator Sanders's release of 21 July 2011 described the audit as uncovering "$16 trillion in secret loans."
  • POL-8.5: GAO reported that JPMorgan Chase was both a borrower and a vendor in the Fed's emergency programs while its chief executive served as a Class A director of the Federal Reserve Bank of New York. The New York Fed's releases name Jamie Dimon, JPMorgan Chase's chief executive, as a Class A director from January 2007, reelected in February 2010 for a term ending December 2012.
  • POL-8.6: GAO identified at least 18 current and former directors from 9 Reserve Banks who were affiliated with institutions that used at least one emergency program, including 11 Class A directors who served between 2008 and 2010, and wrote that member-bank representatives on Reserve Bank boards create an appearance of a conflict of interest. GAO also found no evidence of systemic bias toward favoring particular institutions in the emergency programs.
  • POL-8.8: From 2008 to 2010 the New York Fed paid BlackRock fees across seven contract lines that sum to $212.0 million in GAO's tables. Four of the lines, worth $194.5 million, were awarded noncompetitively: Maiden Lane ($107.6 million), Maiden Lane III ($50.0 million), Maiden Lane II ($24.1 million) and Citigroup valuation ($12.7 million).
  • POL-8.9: On 24 March 2020 the New York Fed retained BlackRock Financial Markets Advisory as investment manager of the corporate credit facilities, and in February 2021 it ended or replaced BlackRock's roles. The published agreement of 11 May 2020 made BlackRock a fiduciary, barred fees on the facility's ETF holdings including BlackRock ETFs, and required neutral treatment of BlackRock ETFs.
  • POL-8.10: The Fed's trade-level workbook records $8,434,795,268 of ETF purchases by the Secondary Market Corporate Credit Facility between 12 May and 23 July 2020. BlackRock-sponsored ETFs were 48.9 percent of the total, Vanguard 34.2 percent and State Street 15.6 percent.
  • POL-8.12: On 7 April 2020 Senators Cramer and Cruz and 15 Republican colleagues asked that BlackRock act without regard to investment policies it adopted for its own funds. On 22 April 2020 Representatives Garcia, Tlaib, Pressley and six Democratic co-signers asked for the contracts, BlackRock's conflict policies and documents on how the programs affect BlackRock's own ETFs.
  • POL-8.13: A staff analysis by the Democratic majority of the House Select Subcommittee on the Coronavirus Crisis reported that bonds the Fed bought through the Secondary Market Corporate Credit Facility came from companies that laid off more than one million workers. Chair Powell answered on 23 September 2020 that the Fed bought small amounts across about 800 issuers because it did not want to decide which companies to buy from.

Exhibits naming this entity

  • Exhibit 784 July 2011. U.S. Government Accountability Office: Federal Reserve System: Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance (GAO-11-696)
  • Exhibit 791 Page opened 10 November 2026 (facility announced 23 March 2020). Federal Reserve Bank of New York: New York Fed: Primary Market Corporate Credit Facility (vendors section)
  • Exhibit 792 Page opened 10 November 2026 (facility announced 23 March 2020). Federal Reserve Bank of New York: New York Fed: Secondary Market Corporate Credit Facility (vendors and announcements)
  • Exhibit 793 11 May 2020. Federal Reserve Bank of New York: Secondary Market Corporate Credit Facility Investment Management Agreement between Corporate Credit Facilities LLC and BlackRock Financial Markets Advisory (with exhibits)
  • Exhibit 794 30 December 2021. Board of Governors of the Federal Reserve System: Secondary Market Corporate Credit Facility transaction-specific disclosures (Section 11(s)), workbook released 30 December 2021
  • Exhibit 796 7 April 2020. U.S. Senate (Cramer, Cruz and 15 colleagues): Letter from Senators Cramer, Cruz and 15 Republican colleagues to Secretary Mnuchin and Chairman Powell on CARES Act implementation
  • Exhibit 797 22 April 2020. U.S. House of Representatives (Garcia, Tlaib, Pressley and co-signers): Letter from Reps. Garcia, Tlaib, Pressley and six Democratic co-signers to Secretary Mnuchin and Chairman Powell on BlackRock's contracts with the Fed
  • Exhibit 798 23 September 2020. House Select Subcommittee on the Coronavirus Crisis (Democratic majority staff): Select Subcommittee on the Coronavirus Crisis, "Prioritizing Wall Street: The Fed's Corporate Bond Purchases During the Coronavirus Pandemic," staff analysis
  • Exhibit 958 24 April 2026. Comcast Corporation: Comcast Corporation definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 959 22 January 2026. The Walt Disney Company: The Walt Disney Company definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 960 30 April 2026. Warner Bros. Discovery, Inc.: Warner Bros. Discovery, Inc. definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 961 30 April 2026. Nexstar Media Group, Inc.: Nexstar Media Group, Inc. definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 962 13 March 2026. The New York Times Company: The New York Times Company definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 963 17 April 2026. USA TODAY Co., Inc. (formerly Gannett Co., Inc.): USA TODAY Co., Inc. (formerly Gannett Co., Inc.) definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 964 17 September 2026. Fox Corporation: Fox Corporation definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 966 12 March 2026. Pfizer Inc.: Pfizer Inc. definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 967 8 April 2026. Merck & Co., Inc.: Merck & Co., Inc. definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 968 11 March 2026. Johnson & Johnson: Johnson & Johnson definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 969 23 March 2026. AbbVie Inc.: AbbVie Inc. definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 970 20 March 2026. Eli Lilly and Company: Eli Lilly and Company definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 971 26 March 2026. Lockheed Martin Corporation: Lockheed Martin Corporation definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 972 9 March 2026. RTX Corporation: RTX Corporation definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 973 3 April 2026. Northrop Grumman Corporation: Northrop Grumman Corporation definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 974 27 March 2026. General Dynamics Corporation: General Dynamics Corporation definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 975 17 April 2026. iHeartMedia, Inc.: iHeartMedia, Inc. definitive proxy statement (DEF 14A), security ownership table
  • Exhibit 977 12 February 2026. U.S. Securities and Exchange Commission (filed by BlackRock, Inc.): BlackRock, Inc. Form 13F-HR information table for the quarter ended 31 December 2025