[lbo-talk] Query on Wealth

[Carrol Cox]

In an old lbo post, Doug wrote: Seriously rich people tend to move assets
into municipal bonds and other fixed-income investments; they own claims to
revenue, not surplus value.

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Can this be expanded on. And also --

As of several years ago, BlackRock Investment Management held or managed
assets of over 4 trillion. Also a bit of miscellaneous bits. Over 400
employees at JPMorganChase are devoted solely to relations with BlackRock.
BlackRock also has its representatives on the Boards of major corporations.
(I believe its CEO might have become Sec. of the Treasury in a Clinton
cabinet.)

I really have only the vaguest idea of "investment management," so all
clarification is  welcome. And my main question: How does the existence of
such corporations relate to the statement quoted above. Who owns the
corporations & how do the 1% "hold" their money?

Carrol