BlackRock is the primary manipulator and this is the reason: Conflicts of interest are built into the operation of several facilities The Fed has indicated that bond buying by the PMCCF and SMCCF will be executed by BlackRock, a financial firm with about $7 trillion under management. Among other things, BlackRock operates retail mutual and exchange-traded fund bond funds, and it actively manages portfolios for individual and institutional clients. Hence, BlackRock will be pricing and purchasing assets on behalf of the Fed, when those actions will affect the company’s own financial interests and those of its business clients. This fact is implicitly recognized in a recent BlackRock announcement that it will waive management fees on exchange-traded funds that it buys on behalf of the Federal Reserve. Moreover, BlackRock will have advance information about purchases and prices that could be used to advantage its portfolio management business. The Fed has also indicated that collateral for PDCF loans will be valued by the Bank of New York Mellon. Since this bank may well have ongoing business relationships with primary dealers providing the collateral, as well as with firms whose assets they are valuing, there are also potential conflicts of interest in the operation of this facility. https://www.americanprogress.org/article/making-fed-rescue-serve-everyone-aftermath-coronavirus-pandemic/