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BlackRock Cashes Out Crisis Bet to Expand Charitable Arm

BlackRock Inc. made a well-timed bet on distressed loans during the financial crisis. Now the firm has moved its windfall to its charitable arm. In a move disclosed Thursday, the giant asset manager said it has donated all of its nearly $600 million worth of shares in the mortgage company PennyMac Financial Services Inc. to…

BlackRock Inc. made a well-timed bet on distressed loans during the financial crisis. Now the firm has moved its windfall to its charitable arm.

In a move disclosed Thursday, the giant asset manager said it has donated all of its nearly $600 million worth of shares in the mortgage company PennyMac Financial Services Inc. to fund nonprofits. Half of that went into a new corporate foundation the firm is launching called the BlackRock Foundation.

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