Evidence

Format Web Page

"The New York Fed retained BlackRock Financial Markets Advisory as third-party investment manager for the Secondary Market Corporate Credit Facility in March 2020."

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Three Sleepy Kings

Source title Secondary Market Corporate Credit Facility

Source authors Federal Reserve Bank of New York

Source year 2020

Confidence high

Importance high

Format Web Page

"The New York Fed retained BlackRock Financial Management to manage assets in the Maiden Lane vehicles created during the 2008 financial crisis."

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Three Sleepy Kings

Source title Maiden Lane Transactions

Source authors Federal Reserve Bank of New York

Source year 2026

Confidence high

Importance high

Format Online paper / PDF

"In the proxy-vote data examined by Fichtner, Heemskerk and Garcia-Bernardo, the Big Three sided with company management in more than 90 percent of votes."

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Three Sleepy Kings

Source title Hidden power of the Big Three? Passive index funds, re-concentration of corporate ownership, and new financial risk

Source authors Jan Fichtner, Eelke M. Heemskerk and Javier Garcia-Bernardo

Source year 2017

Confidence high

Importance high

Format Online paper / PDF

"In the study’s 2015 ownership data, BlackRock, Vanguard and State Street together constituted the largest shareholder in 438 of 500 S&P 500 firms, or roughly 88 percent."

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Three Sleepy Kings

Source title Hidden power of the Big Three? Passive index funds, re-concentration of corporate ownership, and new financial risk

Source authors Jan Fichtner, Eelke M. Heemskerk and Javier Garcia-Bernardo

Source year 2017

Confidence high

Importance high

Format Podcast / Spotify embed

"Vanguard grew from Bogle’s 1970s index-fund experiment into a dominant shareholder across U.S. public companies on behalf of tens of millions of clients."

Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Three Sleepy Kings

Source title Vanguard

Source authors Acquired

Source year 2026

Confidence mid

Importance mid

Format Web Page

"Jan M. Twardowski first led the portfolio-management effort for Vanguard’s original index fund."

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Three Sleepy Kings

Source title 50 years. 50 facts. Indexing since 1976.

Source authors Vanguard

Source year 2026

Confidence high

Importance high

Format Web Page

"Vanguard launched the First Index Investment Trust on August 31, 1976, giving individual investors access to an index mutual fund."

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Three Sleepy Kings

Source title 50 years. 50 facts. Indexing since 1976.

Source authors Vanguard

Source year 2026

Confidence high

Importance high

Format Online paper / PDF

"Falling desired investment, including effects from cheaper capital goods, lower public investment and wider financing spreads, also contributed to lower global real rates."

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Three Sleepy Kings

Source title Secular drivers of the global real interest rate

Source authors Lukasz Rachel and Thomas D Smith

Source year 2015

Confidence high

Importance mid

Format Online paper / PDF

"Demographic forces and rising inequality increased desired saving and contributed to the long decline in global real interest rates."

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Three Sleepy Kings

Source title Secular drivers of the global real interest rate

Source authors Lukasz Rachel and Thomas D Smith

Source year 2015

Confidence high

Importance high

Format Online paper / PDF

"Secular forces can account for roughly 400 basis points of the approximately 450-basis-point decline in global long-term real interest rates over the three decades studied."

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Three Sleepy Kings

Source title Secular drivers of the global real interest rate

Source authors Lukasz Rachel and Thomas D Smith

Source year 2015

Confidence high

Importance high