What BlackRock, Vanguard and State Street Are Doing to the Economy FARHAD MANJOO May 12, 2022 https://www.nytimes.com/2022/05/12/opinion/vanguard-power-blackrock-state-street.html
three gigantic American asset management firms —BlackRock, Vanguard and State Street — control too much of the global economy. the firms are using their heft to push companies in which they hold large investments into adopting liberal political positions — things like focusing on climate change or improving the diversity of their work force. The real danger posed by the three is economic, not political. this increasing market concentration reduces consumer choice, raises prices and most likely harms workers. ..Indeed, there is some evidence that their concentrated ownership is associated with lower wages and employment and is already leading to price increases in some industries, including in airlines, pharmaceuticals and consumer goods