McCabe: One of the great ironies in investigative journalist Peter Schweizer’s new book Red-Handed is the degree to which the Chinese Communist Party has infiltrated the very heart of American capitalism on Wall Street. Schweizer told The Star News Network that the titans of Wall Street are among China’s closest allies.
Schweizer: What China wants from Wall Street is access to Western capital with no questions asked. And unfortunately, the biggest firms on Wall Street are prepared to give it to them.
So when the Trump administration pushed for tariffs and restrictions on Chinese economic activity in the United States, one of the first institutions to stand up and protest in the White House were the big firms on Wall Street.
McCabe: Schweizer said one of the Chinese Communist Party’s biggest supporters on Wall Street is BlackRock and its CEO and co-founder Larry Fink.
Schweizer: He basically runs a fund that that manages money that’s equivalent to half of the entire United States economy. So he has an enormous pull.
McCabe: The investigative reporter said Fink is not shy about his support for the Chinese government.
Schweizer: He has also praised the regime. He said that yes, you know, there may be some people who are being repressed, you know, 10 percent of the population he says, but the fact is most people are better off economically so it’s okay. I can’t imagine if he applied that calculus to the United States.
McCabe: In the U.S., BlackRock uses its capital to invest in companies aligned with its environmental agenda and other left-wing causes. But in China, Schweizer said BlackRock invests in coal projects and firearms manufacturers – companies making weapons for the People’s Liberation Army.
Schweizer: And at the same time, his firm invests in Chinese companies that enhance the operations of the Chinese state, and that enhance the capabilities of the Chinese military.
McCabe: Peter Schweizer, in his book Red-Handed, questions the loyalty of the captains of industry. Are they loyal to the United States of America, or their clients in China?
On Wall Street, they say buy low, sell high. Have our captains of industry sold the American people high and dry? Reporting for The Star News Network, this is Neil W. McCabe.
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Photo “Peter Schweizer” by The Star News Network.