Chapter 542 After All, the Big Fist Has the Final Say

The time for greetings was very short, and all the influential bankers in the United States gathered here, not just to talk about the mountains.

After everyone was seated, the meeting quickly cut to the chase, regarding the enactment of the Bank of America Act and strengthening the Federal Reserve's power to formulate and implement monetary policy.

"Roosevelt's strengthening of capital's control over the United States is about to begin." Li Zitao kept smiling, but he was thinking about the benefits of this matter for him.

Roosevelt was originally a representative of a large capital consortium, and he himself was a member of it. There is nothing wrong with seeking benefits for capital.

Besides, it may be easier to dream of dragging the United States out of the quagmire without the help of these capitalists, with a Washington that cannot operate any business.

Now he not only wants to strengthen the power of the Federal Reserve, but also the power of the president. Marina Ecos is his partner.

The enactment of the Banking Act also represented the end of the era of banks operating multiple businesses, and the boundaries between commercial banks and investment banks were thus divided.

"The current banking law is not clear about whether banks can operate other financial businesses other than deposits and loans, and the division of securities, insurance and other businesses. The Ministry of Justice and the Ministry of Finance are in dispute. For the healthy development of the banking industry, we should..."

Marina Ecos's language was frustrating and powerful, and the movement of waving his hands from time to time during his speech strengthened his persistence and affirmation of his words.

However, everyone present is also an old fox who has practiced for many years, and they all nodded and squinted calmly, as if they were enjoying a nap in the afternoon sun.

Separation of management rights is not intended to harm everyone's interests, but it also creates new market vacancies, makes competition more intense, and new institutions spring up like mushrooms.

This is beneficial to the entire market, but no one wants to be the first to be the first bird.

In particular, several companies have set their sights on JP Morgan, and the most affected one is naturally JP Morgan. 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 once it is split up, there will be gaps in the original market, allowing certain institutions or lucky people who are eager to get the benefits that should belong to them.

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 remained silent. He was the youngest and the least capitalized at the scene.

Take a look at those here, consultants of the Ministry of Finance, consultants of the Department of Justice, the president of the New York Stock Exchange, the president of the American Stock Exchange, Goldman Sachs, JP Morgan, Merrill Lynch, Lehman Brothers...

Now Lehman Brothers is in the limelight, assisting in the establishment of the New York Cotton Exchange, obtaining a trading seat in the New York Stock Exchange, underwriting stock issuance, managing the first RB government bond sale transaction, underwriting RB treasury bonds of $1.50, and contributing to the Great Kanto Earthquake Raising funds and so on, Lehman is booming in the international market, especially RB.

Who can imagine that this well-capitalized investment bank with a long history will be forced to file for bankruptcy due to various complicated reasons in the future.

Regarding the bankruptcy of Lehman's later generations, there are many opinions on the Internet, and experts also come out to explain it every day, but Li Zitao now thinks that it is not that simple.

There must be other reasons for why the Federal Reserve did not provide funds for it, why Washington allowed it to go bankrupt, and why Morgan contributed to the flames.

It can't be that everyone dislikes Lehman and just sit back and watch it die, right?

This time, it is not only necessary to redefine the business scope of the bank, but also to abandon the gold standard and establish a federal deposit insurance system to prevent the recurrence of bank runs.

The matters here cannot be resolved 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 was there to ask him questions. Even the little Morgan, who he was most worried about, didn't have time to talk to him now, and was busy trying to avoid the birth of the new bill on business division.

Li Zitao is happy to be at leisure, if there is a glass of wine in this meeting,

A plate of fresh sashimi would be perfect.

At 10 o'clock in the evening, the meeting ended on time. Li Zitao and John Jr. walked out together, discussing their views, and Morgan Jr. caught up.

"Charlie, what do you think of the bill the chairman said today?" Little Morgan asked bluntly.

"What can I think? There are many banks under the name of Li's Holdings. Dividing the management rights can make those small banks go further." Li Zitao laughed casually.

"Then you agree, don't you worry about Fuguo?" Little Morgan asked with squinted eyes, feeling a little anxious in his heart, he needed to draw all the strength as soon as possible.

"This is a little troublesome, by the way." Li Zitao turned his head to Little John and said with a smile, "Uncle John, Datong's business is all on savings, right?"

"According to the new statement in the bill, it should be a commercial bank." Little John would smile, making Little Morgan's face darker.

"I hope you won't regret it." After speaking, Little Morgan quickened his pace and left. He needed to contact other people to see if he could win over a collaborator.

"I really don't know what they are still insisting on?" Li Zitao shrugged speechlessly.

"Once the situation is broken, JP Morgan's position will be shaken. Of course they will be anxious." Little John gave him a deep look and said meaningfully.

Li Zitao hadn't realized it at first, but he savored it carefully as he walked on the road, and he roughly understood what Little John meant.

JP. Morgan is now the well-deserved boss. If it is divided into two, it is equivalent to the division of the rich man in ancient times, and the power will naturally be much worse than before.

Divorce also inevitably arises after the separation, "Hey, this is really interesting!"

The more Li Zitao thought about it, the more interesting he became. It seemed that he had thought too simply.

For the next three days, Morgan Jr. was trying to win over the alliance.

In the beginning, some people stood with him due to concerns, but as time went by, everyone could see the benefits in this. If Morgan is not split up, they will not have a bright future.

Intense competition also means that the market is more active and more profitable. If Wall Street is always like it is now, like a pool of stagnant water, they will not starve to death sooner or later.

When it came time to make a statement, the situation tended to be one-sided. Little Morgan also knew the general trend, and the next thing to consider was the future.

Sitting in Morgan's position, he will never regret or get angry easily. The matter is a foregone conclusion, so find a way to reduce losses and earn greater benefits from it.

Whether JP Morgan wants to go to a commercial bank or an investment bank is the next focus.

The meeting has been going on for five consecutive days and has not yet ended. Regarding the new banking law and the upcoming financial regulatory agency in Washington, the specific rules and regulations are all produced in the process of weighing.

Completely killing them with a single stick is tantamount to turning against all financial giants, and it is impossible for Roosevelt to do so.

But it is undoubtedly not good for the future of the United States to let the market develop freely as before.

Listening to the old foxes arguing with each other in a calm manner, Li Zitao has learned more in the past few days than in previous years.

At least he looks at the problem now, no longer purely from his own standpoint, the company's standpoint or short-term interests.

"Only a strong America can bring more benefits, and at the same time protect these interests from being violated. In this world, after all, the big fist has the final say." On the night when the meeting officially ended, Little John meaningfully clapped Leaning on his shoulder, he said this.