BlackRock loses $500m on shadow banking blow-up

BlackRock’s loss will fuel wider concerns about shadow banking industry - Getty The world’s biggest investment group is facing a $500m (£380m) hit after its shadow banking business fell victim to an alleged fraud. BlackRock’s private credit investment arm, HPS Investment Partners, has started legal action to recover loans it made to a US telecom firm, which has been accused of faking payments from customers. The loss will fuel concerns about the opaque shadow banking industry, which has drawn billions of ...