BlackRock exec's US$2,700 donation could cost company US$37m

Washington

BLACKROCK Inc faces a ban on collecting about US$37 million in fees from Ohio public sector clients after discovering that one of its top executives ran afoul of pay-to-play rules during last year's presidential campaign.

Mark Wiedman, the head of BlackRock's iShares unit, donated US$2,700 to John Kasich in January 2016 during a fundraiser for the Ohio governor's campaign to become the Republican presidential nominee, according to a regulatory filing.