Chapter 524 (1/2)

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.