Andrew Ross Sorkin has reached out to Larry Fink to smooth over any bad feelings created by a sentence in his book Too Big To Fail claiming that BlackRock’s balance sheet was weighed down by billions on subprime loans. In fact, BlackRock was healthy during the crisis and it was Merrill Lynch that was in trouble.
“I transposed blackrock for merrill by accident. It was an honest mistake,” Sorkin tells us.
BlackRock chief’s Fink was annoyed when he discovered that the book claimed the asset management firm he started 21 years ago was falling apart during the crisis. A person close to the matter described him as “enraged.” Many employees at BlackRock can cite the exact sentence and page–page 134–in which the error occurs.
Apparently Sorkin has patched things up by promising that the error will be corrected in the next printing.
“I discovered the error on Tuesday and immediately asked the publisher to correct it for the next printing, which, i am happy to say, is beginning today,” Sorkin said last night. “I spoke to Larry Fink about the mistake and he was remarkably gracious.”