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BlackRock, on Argentina’s Debt Accord BlackRock, on Argentina’s Debt Accord
(about 3 hours later)
To the Editor:To the Editor:
“BlackRock Faces Test of Principles” (Business, Aug. 1) questioned whether our firm’s role in Argentina’s debt restructuring was consistent with our commitment to stakeholder capitalism. The answer is a resounding yes.“BlackRock Faces Test of Principles” (Business, Aug. 1) questioned whether our firm’s role in Argentina’s debt restructuring was consistent with our commitment to stakeholder capitalism. The answer is a resounding yes.
Argentina announced early Tuesday that it had reached agreement with its major creditors. The breakthrough in negotiations, led by BlackRock, will provide Argentina with $23 billion in upfront cash relief, virtually eliminating contractual payments during the next four years. This will give Argentina significant space to develop a credible plan to stabilize its economy and create an environment where investment and employment can thrive.Argentina announced early Tuesday that it had reached agreement with its major creditors. The breakthrough in negotiations, led by BlackRock, will provide Argentina with $23 billion in upfront cash relief, virtually eliminating contractual payments during the next four years. This will give Argentina significant space to develop a credible plan to stabilize its economy and create an environment where investment and employment can thrive.
BlackRock, like other asset managers in our bondholder group, invested in Argentina on behalf of millions of people around the world saving for retirement. We are fiduciaries to our clients and seek outcomes that benefit all stakeholders, including the countries in which we invest. With this new agreement in place, we have successfully navigated that outcome.BlackRock, like other asset managers in our bondholder group, invested in Argentina on behalf of millions of people around the world saving for retirement. We are fiduciaries to our clients and seek outcomes that benefit all stakeholders, including the countries in which we invest. With this new agreement in place, we have successfully navigated that outcome.
Using media and other third parties as a mechanism in negotiations is a bad formula for a successful outcome. We are pleased that, in the end, all parties engaged directly and constructively to achieve a consensual outcome. Most important, with fair restructurings now in place, Argentina (and Ecuador) can better address vital social needs posed by Covid-19.Using media and other third parties as a mechanism in negotiations is a bad formula for a successful outcome. We are pleased that, in the end, all parties engaged directly and constructively to achieve a consensual outcome. Most important, with fair restructurings now in place, Argentina (and Ecuador) can better address vital social needs posed by Covid-19.
J. Richard KushelNew YorkThe writer is senior managing director and head of the portfolio management group at BlackRock.J. Richard KushelNew YorkThe writer is senior managing director and head of the portfolio management group at BlackRock.
To the Editor:To the Editor:
“Biden Could Quickly End Transgender Military Ban” (news article, July 23) says President Trump’s ban on open transgender military service “does not affect people who are already serving.”“Biden Could Quickly End Transgender Military Ban” (news article, July 23) says President Trump’s ban on open transgender military service “does not affect people who are already serving.”
First of all, the ban prohibits transgender service members who have not already received a diagnosis from transitioning to live openly as who they are. Second, although the ban conditionally grandfathered those service members who already transitioned, it stamps them with a badge of inferiority, marks them out as an exception to the rule and forces them to serve under the constant threat of being summarily discharged for who they are.First of all, the ban prohibits transgender service members who have not already received a diagnosis from transitioning to live openly as who they are. Second, although the ban conditionally grandfathered those service members who already transitioned, it stamps them with a badge of inferiority, marks them out as an exception to the rule and forces them to serve under the constant threat of being summarily discharged for who they are.
Transgender service members have proved time and time again over the last four years that they are as competent and capable as their peers. They have proved themselves in the most austere environments and have deployed worldwide. We applaud the effort to move quickly to eliminate the ban so that transgender service members can continue serving our country without looking over their shoulders.Transgender service members have proved time and time again over the last four years that they are as competent and capable as their peers. They have proved themselves in the most austere environments and have deployed worldwide. We applaud the effort to move quickly to eliminate the ban so that transgender service members can continue serving our country without looking over their shoulders.
Sasha BuchertWashingtonThe writer is a senior attorney with Lambda Legal and a Marine Corps veteran.Sasha BuchertWashingtonThe writer is a senior attorney with Lambda Legal and a Marine Corps veteran.
To the Editor:
Re “The Weak Ties That Bind,” by Jane E. Brody (Personal Health, Aug. 4):
Talking to strangers is part of the rich texture of city life. During these highly uncertain and socially distanced times, in addition to missing loved ones, I miss talking to strangers I would formerly encounter in the subway, and on street corners. I miss talking with unknown babies and children, and trying to make them smile or laugh.
And I especially miss those “known strangers” I would see in coffee shops and while doing errands; I worry about workers I would talk with in these venues, and hope that they are healthy and are able to survive economically.
Alas, given the need to maintain social distancing to protect everyone’s health, I regret that these joyful daily encounters will not return for a long while, especially as many people ignore the mask mandate. As a result, one now feels safer limiting in-person contact, particularly with strangers.
One hopes that with time this will change.
Ilene StargerBrooklyn
To the Editor:
Re “Second Home, Full Time” (Real Estate, July 26), about families who have retreated to their weekend homes:
I usually look forward to reading the Real Estate section, even during this pandemic. But the cover story focusing on those who have fled New York City and are worrying about how to make adjustments to their “summer home” just hit me in the gut.
I don’t begrudge those who are fortunate enough to be able to have the luxury of owning two homes and the ability to escape the isolation and tension that exist in the city, but I just found this article to be totally insensitive by focusing on renovations when people are suffering across the country.
Millions of people lost their additional $600-a-week unemployment benefits at the end of July. Is this the appropriate moment for The Times to devote prime real estate coverage to those who are concerned about renovations rather than those who are trying to determine where are they going to find money to pay August’s rent?
Sharon MyrieNew York