Laurence Fink supported QE1 and QE2, but the head of the world’s biggest money manager is not a fan of Operation Twist.

“I’m not sure what it does other than flatten the yield curve, which causes much more pain for banks and insurance companies in terms of making the proper returns, and therefore their lending and their annuities are going to be probably hampered,” the BlackRock CEO said in an interview with the Globe. “So I don’t understand it.”

The Fed’s move will lower the cost of financing for corporations, but given where rates currently are the move won’t be significant enough to spur them to finance new factories or operations, he says. “Corporations are sitting with so much cash already that my fear is the companies that are going to be taking advantage of the inexpensiveness of long-term debt now may just use it to buy back shares. I’m not so certain how that helps in job creation and building a more robust economy.”