LARRY FINK EXPRESSES CONCERNS AT THE ECONOMIC CLUB OF NEW YORK
For Immediate Release
April 7, 2024 – New York, NY – American Industrial Acquisition Corporation (AIAC) and Avara Pharmaceuticals hosted their clients, colleagues, and friends at a reception and luncheon program sponsored by the Economic Club of New York, honoring Larry D. Fink, Founder, Chairman and Chief Executive Officer of BlackRock, on April 7, 2025, at the Union League Club of New York. As the world’s largest asset manager, BlackRock has assets under management of over $11.6 trillion. BlackRock funds are among the top three shareholders of the largest publicly traded corporations.
Mr. Fink was interviewed by Erik Schatzker, Editorial Director of Bloomberg New Economy and former Co-Anchor of Bloomberg Market Makers. Mr. Fink issued a sobering message on the state of the U.S. economy, warning that a slowdown is not just a distant possibility but already underway. He said the economy was showing signs of real and immediate distress, largely triggered by escalating trade tensions and market volatility. “Most CEO’s have said that we are probably in a recession,” he noted.
According to Fink, economic weakness is becoming increasingly evident across key sectors, with a notable slowdown in consumer spending and business activity. “There is a real downturn developing,” he said, adding that “more and more people are pausing, reassessing, and reducing consumption.” He pointed to declining airline ticket sales as a leading indicator of a consumer retrenchment, noting “Airlines are the canary in the coal mine.”
His remarks come at a time of turbulence in global financial markets. The S&P 500—one of the primary benchmarks for U.S. equities—declined 10.5% over the prior two trading sessions, while early-week trading remained erratic as investors tried to interpret the implications of the administration’s tariff agenda.
Mr. Fink emphasized the seriousness of the situation: “When you see a 20 percent market decline over three days, it clearly has major consequences. The ripple effects of these proposed tariffs will be long-lasting,” he warned. “It’s not just Wall Street—Main Street is feeling it too.”
Fink struck a cautiously optimistic sentiment about the long-term investment landscape. “This is likely more of a buying opportunity than a selling one in the broader context,” he said. However, in the short term he noted, “That said, we could still see another 20 percent drop from here. Markets can overshoot in both directions.”
Mr. Fink also noted the destabilizing effects of U.S. trade policies on global markets. He argued that uncertainty over tariffs is prompting businesses to delay investments and consumers to hold back on spending. “This kind of economic policymaking creates global uncertainty,” he said. “We are seeing knock-on effects in Europe, Asia, and beyond.”
Mr. Fink cast doubt on the possibility of the Federal Reserve cutting interest rates, commenting, “I see zero chance of a Fed rate cut under current conditions.” He pointed to inflationary pressures being intensified by the proposed tariffs. If tariffs were fully implemented, he explained, the cost of goods would rise significantly—potentially undermining consumer purchasing power and complicating the Fed’s monetary strategy.
When pressed by Mr. Schatzker about whether he believed in a “Trump put”—the notion that President Trump might reverse course on tariffs if stock markets fall too far—Mr. Fink declined to speculate. “I don’t know how to value that,” he said, underscoring the unpredictable nature of current policymaking and its implications for global markets.
Mr. Fink described Blackrock’s recent announced or completed acquisitions of Global Infrastructure Partners, Prequin, and HPS Investment Partners. He also discussed the pending acquisition of the Panama Ports Company from Hong Kong-based CK Hutchison Holdings for approximately $22.8 billion. He spoke about his concern for New York City and the need for new leadership. Mr. Fink expressed his desire to nurture a cohesive, positive corporate culture at Blackrock and described Blackrock’s executive succession plan.
Larry Fink’s remarks during the program were broadcast live and immediately made news worldwide, covered by every major media service.
AIAC’s distinguished guests included the following leaders from business, finance, government, media and industry:
Sharon Bowen, Chair, New York Stock Exchange, former Commissioner of the CFTC, and former partner of Latham & Watkins LLP.
Jessica Sibley, Executive Officer of Time and former Chief Operating Officer of Forbes.
Morgan Brennan, Co-Anchor, CNBC’s Closing Bell: Overtime, former writer and reporter for Forbes Media, covering real estate for Forbes Magazine, ForbesLife Magazine, and Forbes.com.
Olivia Troye, Homeland Security and Counterterrorism Advisor to Vice President Mike Pence, and Member, White House Coronavirus Task Force.
William (Bill) Isaac, Chairman, Securia/Isaac and former Chairman of the FDIC under Presidents Carter and Reagan, and former Chairman of Fifth Third Bank.
Yves Andre Istel, Senior Advisor, Hanseatic Group, former Vice Chairman of Rothschild & Co., Chairman International of Wasserstein Perrella & Co., Co-Chairman of First Boston, Board Member of Lehman Brothers, and Partner of Kuhn Loeb.
Dennis Flannery, CEO Stone Hill Associates LLP, former Senior Executive or Advisor at the World Bank, the US Treasury, the Trade Bank of Iraq, the Inter-American Development Bank, and Iraq Country Head, Citicorp; former executive at Bank of America, First Boston, and Lehman Brothers Kuhn Loeb.
Dr. Ken Lin: Senior Vice President for Global Investment of Charoen Pokphand Group Company, Ltd. (CP Group, Thailand), a $100 billion revenue, family-owned, private holding company.
Patricia Duff, CEO of The Common Good and member of the Council on Foreign Relations and the Board of Advisors for the Georgetown University School of Foreign Service and Board of Trustees for PEN America and the National Harbor Conservancy which oversees Federal Hall.
Faanya Lydia Rose, President Emerita of the Explorers Club, Member of the Board of Trustees of the American Friends of the Oxford Philharmonic Orchestra, and President of Fight for Sight.
Brian Shiau: Mergers and Acquisitions Director for Paper Excellence, the global pulp and paper manufacturer, and former Senior Vice President, AIAC.
After the luncheon program, AIAC guests were treated to a private tour of the Union League Club’s notable collection of presidential portraits, followed by a reception in the club’s grill room.
L. M. Levie, Chairman of AIAC and Avara Pharmaceuticals, and a Member of both the Centennial Society and the Legacy Society of the Economic Club of New York, remarked, “It was a privilege to welcome our esteemed guests to this impactful, newsworthy luncheon featuring Larry Fink of BlackRock. Larry’s visionary leadership has not only revolutionized global asset management but also reshaped the principles of responsible investing, leaving an enduring mark on the world of finance. The rise of BlackRock—from its founding by Larry just 37 years ago to becoming the world’s largest asset manager—stands as one of the most extraordinary achievements in modern business history.”
At the luncheon, AIAC Chairman Levie greeted Larry Fink and Ralph Schlosstein, co-founder and past President of Blackrock. Frances Schlosstein, AIAC Senior Advisor for Environmental Compliance, is Mr. Schosstein’s sister. Mr. Levie also greeted Barbara Van Allen, President of the Economic Club of New York, and Edward Cox, Secretary of the Economic Club of New York and Chair of the New York Republican State Committee.
For further information, please see:
https://www.youtube.com/watch?v=qlAthHkDZb0
https://www.ft.com/content/e443bca7-ce7e-4295-aeaa-f9f29a37b294
https://fortune.com/2025/04/07/larry-fink-blackrock-ceos-us-recession-economy-trump-tariffs/
About Laurence D. Fink
Laurence D. Fink is Chairman and Chief Executive Officer of BlackRock. He and seven partners founded BlackRock in 1988, and under his leadership, the firm has grown into the world’s largest asset manager, with $11.6 trillion in assets under management. Prior to founding BlackRock in 1988, Mr. Fink was a member of the Management Committee and a Managing Director of The First Boston Corporation.
Mr. Fink serves as a member of the Board of Trustees of the World Economic Forum and is Co-Chair of the NYU Langone Medical Center Board of Trustees. In addition, he serves on the Board of Trustees of the Museum of Modern Art, the International Rescue Committee, and the Executive Committee of the Partnership for New York City.
Mr. Fink earned an MBA from the University of California at Los Angeles (UCLA) in 1976 and a BA from UCLA in 1974.
For further information, please see:
WWW.BLACKROCK.COM/CORPORATE/ABOUT-US/LEADERSHIP/LARRY-FINK
About American Industrial Acquisition Corporation
American Industrial Acquisition Corporation (AIAC) is a diversified industrial group with manufacturing and distribution sites in 24 countries in North America, Europe, Africa, Asia, and Australia-New Zealand. AIAC has acquired and grown non-core subsidiaries and divisions of Boeing, Siemens, Lockheed Martin, Northrop Grumman, Raytheon, Johnson Controls, Merck, Pfizer, Astellas, Visteon, Carlyle, Ahlstrom, Tolko, Groupe Suez, Groupe Rexel, and many other leading multinational corporations.
AIAC companies serve companies and governmental entities worldwide in all major sectors, including aviation, space, defense, automotive, truck, rail, marine, petrochemical, solar, nuclear, food, confectionary, beverage, civil engineering and infrastructure, commercial construction, mining, dredging, disaster relief, education, medical devices, and pharmaceuticals. In addition, AIAC companiesare exclusive, authorized distributors of leading branded industrial and consumer products and serve as critical suppliers for the construction of major airports, schools, hospitals, performing arts and sports centers, offices and hotels throughout Southeast Asia, Australia, and New Zealand. AIAC is a leading manufacturer of building, street, and highway signage in Europe, signage and illumination structures in North America, and a distributor of electrical products throughout France.
Of note, AIAC purchased Boeing Canada in 2005 and has produced over 10,000 unique components for every Boeing jet plane ever since, reliably serving Boeing from manufacturing facilities in North America. A leader in ultra-high precision jet engine component manufacturing, AIAC companies produce 2,200 fan blades for each jet engine produced by GE, Pratt & Whitney, Rolls Royce, and Honeywell.
AIAC companies actively support exploration into outer space, manufacturing critical components for launching and propelling spacecraft and satellites. AIAC customers in this sector include NASA, the European Space Agency, SpaceX, Blue Origin, and Boeing. AIAC companies also lead in the design and manufacture of undersea umbilical cables for worldwide oceanographic research.
AIAC companies produce the critical automotive wire and cable for Tesla, GM, Ford, Chrysler-Fiat, Toyota, and Nissan. In connection with its kraft paper manufacturing interests in Canada and the US, AIAC controls and sustainably manages 22 million acres of Manitoba, Canada forestland, an area equivalent in size to the nation of Hungary. AIAC affiliate, Metallwarenfabrik Gemmingen GmbH, located in Germany, designs, manufactures and distributes high performance, emergency portable power generators utilized in global conflict zones and during natural disasters.
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About AIAC Philanthropy
AIAC and the AIAC Foundation support a wide range of nonprofit, nonsectarian, bipartisan organizations which promote international conflict resolution, disaster relief, economic development, environmental sustainability, exploration, and the performing arts. The exploration-focused nonprofit organizations which they actively support include the National Geographic Society, the Royal Geographical Society, the American Museum of Natural History and the Hayden Planetarium, the Victoria & Albert Museum, the National Air and Space Museum, the National Space Society, and the United States Space Foundation.
L. M. Levie, Chairman of AIAC, is a Member of the Centennial Society and Legacy Society of the Economic Club of New York and a Member of the Board of Trustees of the Explorers Club.
AIAC’s other beneficiaries include the Appeal of the Nobel Peace Laureates Foundation Inc., the Asia Society, the Atlantic Council, the Bill and Melinda Gates Foundation - Gates Philanthropy Partners, the Bretton Woods Committee, the Carnegie Endowment for International Peace, the Carter Center, the Council on Foreign Relations, the Economic Club of New York, the Foreign Policy Association, the Institut Française des Relations Internationales, the International Committee of the Red Cross, the International Crisis Group, the International Rescue Committee, the Japan Society, the JFK School of Government of Harvard University, the Peterson Institute for International Economics, the Richardson Center for Global Engagement, the Royal Institute of International Affairs (Chatham House), the Sierra Club, and the Trilateral Commission.
For further information, please see:
HTTPS://WWW.AIAC.COM/OUR-VALUES
About Avara Pharmaceutical Services
Avara Pharmaceutical Services is a global leader in contract manufacturing for pharmaceutical and biotechnology companies. With campuses in Arecibo, Puerto Rico; Norman, Oklahoma; and Liscate, Italy, Avara serves 40 countries, producing a wide range of critical medications, including oral solid doses and injectable pharmaceuticals.
During the COVID-19 pandemic, Avara played a key role in manufacturing essential treatments. In 2021, Avara Norman produced the active pharmaceutical ingredients for Remdesivir, a leading COVID-19 treatment. Avara Liscate manufactured Nimbex for AbbVie from 2020 to 2022 and Adrenaline for Pfizer from 2020 to 2024, both vital respiratory drugs for COVID-19 patients. Avara’s state-of-the-art facilities ensure compliance with global regulatory standards and enable efficient production processes. Committed to sustainability, Avara invests in advanced manufacturing techniques and environmental initiatives. Trusted by clients such as Aspen, AbbVie, Astellas, Bausch & Lomb, Genentech-Roche, Merck, Organon, Pfizer, SK Life, and others, Avara tailors its services to meet unique client needs.
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About the Economic Club of New York
Founded in 1907, the Economic Club of New York is the premier forum for discussion on a wide range of issues facing New York City, the United States, and the world. The Club welcomes preeminent thought leaders from across the globe and from the public and private sectors to speak on complex issues ranging from public policy and economic regulation to tech disruption. Nonpolitical, nonpartisan, and nonprofit, the Club promotes no agenda and takes no sides on issues, encouraging speakers and members to engage openly in thoughtful discussions.
The Economic Club comprises individual members, drawing from the senior leadership of many prominent corporate and financial organizations based in the metropolitan area. The Club has hosted speakers who are experts in their respective fields and who drive the conversations that shape the world’s future.
Past speakers include leaders of Fortune Global 500 companies and multiple U.S. presidents, including Woodrow Wilson, William H. Taft, Herbert Hoover, Dwight D. Eisenhower, John F. Kennedy, Richard Nixon, Ronald Reagan, and George H.W. Bush. International heads of state such as Winston Churchill, Mikhail Gorbachev, Indira Gandhi, Margaret Thatcher, and Yitzhak Rabin have addressed the Club. In recent
months, Japanese Prime Minister Fumio Kishida, U.S. Federal Reserve System Chair Jerome Powell, Microsoft Co-Founder Bill Gates, JPMorgan Chair Jamie Dimon, U.S. Secretaries of Treasury Janet Yellen and Scott Bessent, and Citadel Founder and Chair Ken Griffin have addressed the Club.
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About the Union League Club of New York
The Union League Club of New York is a private social club located at 38 East 37th Street in the Murray Hill neighborhood of Manhattan. It was founded in 1863 during the American Civil War by a group of citizens who supported the Union cause and the policies of President Abraham Lincoln. The club’s mission has historically centered on patriotism, civic responsibility, and public service.
The club played an active role during the Civil War, notably helping to recruit and equip the 20th United States Colored Infantry, one of the first African American regiments in the Union Army. In the years that followed, it supported Reconstruction efforts, advocated for civil service reform, and promoted good government practices.
Membership in the Union League Club has included numerous prominent individuals, such as U.S. presidents, senators, business leaders, and public figures. The club has traditionally maintained a nonpartisan stance, while encouraging engagement in civic and national affairs.
The current clubhouse, completed in 1931 and designed by architect Benjamin Wistar Morris, is a neo-Classical building designated as a New York City Landmark. The facility includes dining areas, meeting rooms, a library, athletic facilities, overnight accommodations, and an art gallery. The club also houses a notable private collection of American art.
Today, the Union League Club continues to serve as a private social institution for members interested in cultural programming, networking, and civic engagement. It remains one of the oldest and most historically significant private clubs in New York City.
For further information, please see:
https://www.unionleagueclub.org
https://en.wikipedia.org/wiki/Union_League_Club
Media Contact:
Isabel Carro-Toro, Vice President
American Industrial Acquisition Corporation
+34 689 295 827 (Spain)
+ 1 787 244 3175 (USA)
icarro-toro@aiac.com
