According to documents published by the New York Fed, BlackRock employees managing the Fed's $750 billion corporate credit facility are permitted to trade on the information they've learned in advising the Fed after just two weeks of "cooling off." And even during those two weeks of latency, they can provide "general market views" to clients. That regulatory standard means that the firm and its individual traders are primed to benefit massively and legally from insider knowledge of what's been by far the most robust and efficient component of the bailout so far. Not only can BlackRock traders direct the Fed to pour its billions into funds they have an interest in, they can use that information to further their own investments and positions, making it a near certainty that they'll reap massive rewards on all sides of the stimulus program. Because the Fed doesn't have to announce its purchases right away, BlackRock could be permitted to trade positions before the purchases become public.