Thursday, December 13, 2007

BlackRock Top Guns Bailing?

BlackRock (BLK) lost Kieth Anderson today. Kieth Anderson was the vice chairman and chief investment officer fixed income. As well he was one of the founders. The reason for his departure was officially "That he will start his own money management firm"

Hey Kieth didn't you already do that and make a bundle. BlackRock has been experiencing some executive suite leakage as various luminaries all seem to be heading for the exit doors. Of course they are all supposed to be starting up another money management firm. Most of these guys are rich enough that their own personal assets would keep many a money management firm busy with just their account.

The sudden desire to start another firm is starting to wear thin. Couldn't you just make tens of millions of dollars where you are now. After all everything is set up. Contacts, lines of credit, office space and furniture; its all there. So what nuance are investors to find credible?

The party is coming to an end and a few guys are going to the coat check a little early. After all they have been reading trends and forecasting supposedly correctly in recent past. Time to wave bye-bye.