NYT Dealbook had two stories dealing with BlackRock, but only one mentioned the firm by name. The first story dealt with Stuyvesant Town, a huge housing complex in New York.
The partnership that bought the complexes in 2006 for a record $5.4 billion defaulted on a $3 billion senior mortgage in January and $1.4 billion in secondary loans.
BlackRock was part of the partnership that bailed on Peter Cooper Village and Stuyvesant Town, sticking it to struggling Fannie Mae and Freddie Mac. After welshing on a $3 billion mortgage, BlackRock is rumored to have bid on ResCap, GMAC's mortgage finance business. Nice.
How much of ResCap will Uncle Sam eat so BlackRock can profit?
Update 9-17-10 Bloomberg mentioned BlackRock's role in Peter Cooper/Stuyvesant Town. It noted Wilbur Ross's possible interest in the properties. Like most financial vultures, Ross prefers deals with federal subsidies.