April 16, 2012
BlackRock Made $2.2 Billion Last Year, Then Lobbied And Won A Multimillion Tax Break From New York
The Times Union of Albany has a lobbying story about BlackRock, the investment management firm headquartered in New York. Despite earning a tidy $2.2 billion in profit last year, New York lawmakers enacted a change in the tax code that is saving the firm between $5-10 million in taxes.
Lobbying records from by New York City and New York State reviewed by Republic Report show that BlackRock contracted the Albany lobbying firm Wilson, Elser Moskowitz Edelman & Dicker LLP with an apparent $3,000-per-month retainer.
As much as $10 million in savings for a small investment in influence peddling. Not a bad ROI.