Chapter 524
The time of the exchange was very short, and all the influential bankers in the United States gathered here, not to talk about it.
After all the people took their seats, the meeting soon got to the main topic, about the enactment of the Bank of America bill, strengthening the right of the Federal Reserve to formulate and implement monetary policy.
"Roosevelt's strengthening of capital control over America is about to begin." Li Zitao kept smiling, but he was thinking about the benefits of this matter to him.
He is a representative of the big capital consortium, and he is also one of them. There is nothing wrong with seeking welfare for capital.
What's more, without the help of these capitalists, it would be easier to dream with a Washington, D.C., that can't run any business.
Now he wants to strengthen not only the power of the Federal Reserve, but also that of the president, with Marina IKOs as his partner.
The enactment of the banking act also represents the end of the era when banks operate multiple businesses, and the boundary between commercial banks and investment banks is thus divided.
"In the current banking law, it is not clear whether banks can operate other financial businesses other than deposit and loan. The division of securities and insurance business is not clear. There is no dispute between the Ministry of justice and the Ministry of finance, and the Federal Reserve is supervised by all parties. Therefore, we should..."
Marina IKOs's language falters and forcefully, and his waving action from time to time strengthens his persistence and affirmation of his words.
However, all the people present were also old foxes who had practiced for many years. They nodded quietly and squinted as if they were enjoying the afternoon sun nap.
The division of management rights is not intended to harm the interests of all, but it will also flow out new market vacancies, making competition more intense and new institutions springing up like bamboo shoots.
This is good for the whole market, but no one is willing to be the first bird.
In particular, several companies have turned their eyes to JP Morgan, among which the most affected is JP. Morgan, and no one is more complicated than its business.
Over the years, JP. Morgan has been avoiding being forcibly split up by Congress. For what reason, it is not because after the split up, there will be gaps in the original market, so that some institutions or lucky people who are in the right position to get their own interests.
At the same time, it will increase their operating costs, and the overall operation of the company will not be as smooth and seamless as it is now.
Li Zitao also kept silent. He was the youngest and had the least capital.
Take a look at all of you, Treasury consultant, Justice Department consultant, NYSE president, American Stock Exchange president, Goldman Sachs, JP. Morgan, Merrill Lynch, Lehman Brothers...
now, Lehman Brothers is in the ascendant, helping to establish the New York Cotton Exchange, obtaining trading seats on the NYSE, underwriting stock issuance, managing the first RB government bond sale transaction, and underwriting $1.5 RB bonds, for the Kanto earthquake preparation funds and so on, Lehman in the international market, especially RB mixed with wind and water.
Who can imagine that this capital rich and long history investment bank will be forced to apply for bankruptcy in the future for various complicated reasons.
For the bankruptcy of the later generations of Lehman, there are many opinions on the Internet, and experts have come to their own opinions in two or three days. However, Li Zitao now thinks that it is not so simple.
There must be other reasons why the Federal Reserve did not provide funds for it, why Washington allowed it to go bankrupt, and why Morgan contributed to it.
It can't be that everyone looks down on Lehman and then sits back and watch it die?
This time, we should not only redefine the business scope of banks, but also abandon the gold standard and establish a federal deposit insurance system to prevent the recurrence of the run.
These things can't be solved in a day or two. Li Zitao lowered his attitude and decided to be a good student, listen more, watch more, and never speak.
Fortunately, no one asked him any questions. Even the little Morgan, who he was most worried about, didn't have the time to pay attention to him now. He was busy trying to find ways to avoid the birth of the new law on business division.
Li Zitao was happy and leisurely. It would be great if he could have a glass of wine and a plate of fresh sashimi.
At 10:00 p.m., the meeting ended on time. Li Zitao and little John walked out together and were talking about their views. Little Morgan caught up.
"Charlie, what do you think of the bill the chairman is talking about today?" Asked little Morgan directly.
"What can I say? There are a lot of banks under the name of Li's holding company. The division of management rights can make those small banks go further." Li Zitao said with a smile.
"Then you are in favor of it. Don't you worry about rich countries?" Asked little Morgan, squinting. He had some anxiety at the bottom of his heart. He needed to pull in all the forces as soon as possible.
"That's a bit of a hassle, by the way." Li Zitao turned his head to little John and said with a smile, "Uncle John, Datong's business is all in savings, right?"
"According to the new statement in the bill, it should be commercial banks." Little John would smile and darken Morgan's face.
"I hope you won't regret it." With that, little Morgan quickened his pace and left. He needed to contact other people to see if he could win over partners."I don't know what they still insist on?" Li Zitao had no language and shrugged.
"Once the situation is broken, JP Morgan's position will be shaken, and they will certainly be anxious." Little John took a deep look at him and said with a certain meaning.
Li Zitao did not respond to this, but he tasted it carefully on the road, and he understood little John's meaning.
JP. Morgan is a well deserved boss now. If it is divided into two, it is equivalent to the separation of the rich in ancient times. Naturally, its power is not as strong as before.
It's hard to avoid getting dirty after splitting up. "Hey, this is really interesting!"
The more he thought about it, the more interesting he felt. It seems that he thought too simple before.
For the next three days, little Morgan was trying to win over the alliance.
At the beginning, there were people who stood with him because of their worries. But as time went on, everyone saw the advantages of this. Without splitting Morgan, they would not be able to make it.
Fierce competition also means that the market is more active and more profitable. If Wall Street is as stagnant as it is now, they will not starve to death sooner or later.
When it comes to making a statement, the situation tends to be one-sided. Little Morgan also knows the general trend, and the next thing to consider is the future.
Sitting in Morgan's position, you will never regret or get angry easily. If things have become a foregone conclusion, you should try to reduce losses and make more profits from it.
Whether JP. Morgan is going to be a commercial bank or an investment bank is the next focus.
In the five-day meeting on the establishment of financial institutions, there are still no specific rules and regulations on the establishment of financial institutions in Washington.
A single blow to death is tantamount to breaking up with all the financial giants, and Roosevelt could not have done so.
However, it is no doubt detrimental to the future of the United States to let the market develop freely as before.
Listening to the old foxes, you and I debated one by one, Li Zitao has learned more in recent days than in previous years.
At least he is now looking at the problem, no longer simply from his own position, the company's position or the short-term interests.
"only a strong American can bring more benefits, while protecting these interests will not be violated. The world has the final say." On the evening of the formal end of the meeting, little John said this with a meaningful pat on his shoulder.
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After all the people took their seats, the meeting soon got to the main topic, about the enactment of the Bank of America bill, strengthening the right of the Federal Reserve to formulate and implement monetary policy.
"Roosevelt's strengthening of capital control over America is about to begin." Li Zitao kept smiling, but he was thinking about the benefits of this matter to him.
He is a representative of the big capital consortium, and he is also one of them. There is nothing wrong with seeking welfare for capital.
What's more, without the help of these capitalists, it would be easier to dream with a Washington, D.C., that can't run any business.
Now he wants to strengthen not only the power of the Federal Reserve, but also that of the president, with Marina IKOs as his partner.
The enactment of the banking act also represents the end of the era when banks operate multiple businesses, and the boundary between commercial banks and investment banks is thus divided.
"In the current banking law, it is not clear whether banks can operate other financial businesses other than deposit and loan. The division of securities and insurance business is not clear. There is no dispute between the Ministry of justice and the Ministry of finance, and the Federal Reserve is supervised by all parties. Therefore, we should..."
Marina IKOs's language falters and forcefully, and his waving action from time to time strengthens his persistence and affirmation of his words.
However, all the people present were also old foxes who had practiced for many years. They nodded quietly and squinted as if they were enjoying the afternoon sun nap.
The division of management rights is not intended to harm the interests of all, but it will also flow out new market vacancies, making competition more intense and new institutions springing up like bamboo shoots.
This is good for the whole market, but no one is willing to be the first bird.
In particular, several companies have turned their eyes to JP Morgan, among which the most affected is JP. Morgan, and no one is more complicated than its business.
Over the years, JP. Morgan has been avoiding being forcibly split up by Congress. For what reason, it is not because after the split up, there will be gaps in the original market, so that some institutions or lucky people who are in the right position to get their own interests.
At the same time, it will increase their operating costs, and the overall operation of the company will not be as smooth and seamless as it is now.
Li Zitao also kept silent. He was the youngest and had the least capital.
Take a look at all of you, Treasury consultant, Justice Department consultant, NYSE president, American Stock Exchange president, Goldman Sachs, JP. Morgan, Merrill Lynch, Lehman Brothers...
now, Lehman Brothers is in the ascendant, helping to establish the New York Cotton Exchange, obtaining trading seats on the NYSE, underwriting stock issuance, managing the first RB government bond sale transaction, and underwriting $1.5 RB bonds, for the Kanto earthquake preparation funds and so on, Lehman in the international market, especially RB mixed with wind and water.
Who can imagine that this capital rich and long history investment bank will be forced to apply for bankruptcy in the future for various complicated reasons.
For the bankruptcy of the later generations of Lehman, there are many opinions on the Internet, and experts have come to their own opinions in two or three days. However, Li Zitao now thinks that it is not so simple.
There must be other reasons why the Federal Reserve did not provide funds for it, why Washington allowed it to go bankrupt, and why Morgan contributed to it.
It can't be that everyone looks down on Lehman and then sits back and watch it die?
This time, we should not only redefine the business scope of banks, but also abandon the gold standard and establish a federal deposit insurance system to prevent the recurrence of the run.
These things can't be solved in a day or two. Li Zitao lowered his attitude and decided to be a good student, listen more, watch more, and never speak.
Fortunately, no one asked him any questions. Even the little Morgan, who he was most worried about, didn't have the time to pay attention to him now. He was busy trying to find ways to avoid the birth of the new law on business division.
Li Zitao was happy and leisurely. It would be great if he could have a glass of wine and a plate of fresh sashimi.
At 10:00 p.m., the meeting ended on time. Li Zitao and little John walked out together and were talking about their views. Little Morgan caught up.
"Charlie, what do you think of the bill the chairman is talking about today?" Asked little Morgan directly.
"What can I say? There are a lot of banks under the name of Li's holding company. The division of management rights can make those small banks go further." Li Zitao said with a smile.
"Then you are in favor of it. Don't you worry about rich countries?" Asked little Morgan, squinting. He had some anxiety at the bottom of his heart. He needed to pull in all the forces as soon as possible.
"That's a bit of a hassle, by the way." Li Zitao turned his head to little John and said with a smile, "Uncle John, Datong's business is all in savings, right?"
"According to the new statement in the bill, it should be commercial banks." Little John would smile and darken Morgan's face.
"I hope you won't regret it." With that, little Morgan quickened his pace and left. He needed to contact other people to see if he could win over partners."I don't know what they still insist on?" Li Zitao had no language and shrugged.
"Once the situation is broken, JP Morgan's position will be shaken, and they will certainly be anxious." Little John took a deep look at him and said with a certain meaning.
Li Zitao did not respond to this, but he tasted it carefully on the road, and he understood little John's meaning.
JP. Morgan is a well deserved boss now. If it is divided into two, it is equivalent to the separation of the rich in ancient times. Naturally, its power is not as strong as before.
It's hard to avoid getting dirty after splitting up. "Hey, this is really interesting!"
The more he thought about it, the more interesting he felt. It seems that he thought too simple before.
For the next three days, little Morgan was trying to win over the alliance.
At the beginning, there were people who stood with him because of their worries. But as time went on, everyone saw the advantages of this. Without splitting Morgan, they would not be able to make it.
Fierce competition also means that the market is more active and more profitable. If Wall Street is as stagnant as it is now, they will not starve to death sooner or later.
When it comes to making a statement, the situation tends to be one-sided. Little Morgan also knows the general trend, and the next thing to consider is the future.
Sitting in Morgan's position, you will never regret or get angry easily. If things have become a foregone conclusion, you should try to reduce losses and make more profits from it.
Whether JP. Morgan is going to be a commercial bank or an investment bank is the next focus.
In the five-day meeting on the establishment of financial institutions, there are still no specific rules and regulations on the establishment of financial institutions in Washington.
A single blow to death is tantamount to breaking up with all the financial giants, and Roosevelt could not have done so.
However, it is no doubt detrimental to the future of the United States to let the market develop freely as before.
Listening to the old foxes, you and I debated one by one, Li Zitao has learned more in recent days than in previous years.
At least he is now looking at the problem, no longer simply from his own position, the company's position or the short-term interests.
"only a strong American can bring more benefits, while protecting these interests will not be violated. The world has the final say." On the evening of the formal end of the meeting, little John said this with a meaningful pat on his shoulder.
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