> they earn money on assets under management and not (broadly speaking) when the market goes up or down

Broadly speaking? Ok well what happens to the AUM when the market goes up or down? More or less AUM. More or less money no?

Am I missing something? Wouldn't they have a ton to lose during these times?

> Today, BlackRock has been selected in more no-bid contracts to be the sole buyer of corporate bonds and corporate bond ETFs for the Fed’s unprecedented $750 billion corporate bond buying program which will include both investment grade and junk-rated bonds.

Seems like a nice setup. Especially now.