Chapter 1026

Such a party is like this. In fact, it is mainly a social place. No, Li Feng began to get to know people from all walks of life and expand his network resources in the United States.

Today's Li Feng naturally has the qualification that no one can underestimate. Similarly, looking at the young man who has just reached the age of 18 talking and laughing with himself, he still provoked a group of old friends to look at him. It's really too conspicuous.

I guess I'm feeling it in my heart. Why can't the younger generation of my family produce such a figure. After all, whether it's a group of former bosses or a group of Wall Street bosses, these people are old. The younger ones are at least 4 or 50 years old. If the older ones are 7, 80 or even close to 90.

It's not because they don't have excellent children. If their children and grandchildren have excellent ability, it's estimated that the old guys would have let them inherit their career long ago.

It's really that the grandchildren suck up and can only let a group of old people come out to support them. No wonder a group of old people are jealous and jealous of Li Feng. They even imagine that if their son and grandson have half of Saint John Li's ability, they can enjoy their old age.

Now that he has taken over PNC's shares in BlackRock, he is officially stationed on Wall Street. If you really want to say, he is also a big man on Wall Street. BlackRock controls hundreds of billions of dollars of assets, which is also a small success.

Larry Fink brought Li Feng here to meet everyone on Wall Street. Obviously, he is expanding his contacts on Wall Street. For this, Li Feng also holds the attitude of making friends. Therefore, Li Feng had a very pleasant chat with several giants.

……

What people did Larry Fink introduce to himself this time? Let's not talk about Fidelity Investment. Future financial investment groups that can be compared with BlackRock control assets in trillions; Others, such as bridge water fund, are known as the first hedge fund; Blackstone Group, the world's first alternative asset management group and so on, all exist on Wall Street.

Today's American financial industry is in an unprecedented change. Since the establishment of the Glasgow Steagall act of the banking industry in the 1930s, American financial giants have suffered a heavy blow. The most famous is naturally the core of the Morgan consortium. Morgan bank has been divided into two, becoming today's JP Morgan bank and Morgan Stanley.

The former is a commercial bank and the latter is an investment bank. The glass Steagall act is the famous American financial bank Antitrust Act. The act stipulates that financial bank holding groups cannot operate commercial banks and investment banks at the same time, and completely distinguish the two.

With the passage of time, the implementation of the act has led to a sharp decline in the profits of commercial banks, and non bank corporate groups have invaded the loan business of commercial banks, which is inconsistent with the financial development situation, which is the main obstacle for banks to expand to other financial fields.

Since the 1980s, it has been opposed by many commercial banks. As early as 88, it tried to abolish the bank antitrust law for the first time. Although it was unsuccessful, it increased the proportion of investment banks where commercial banks are located higher and higher.

At the beginning of the complete separation, the proportion of investment banks in the holding banking group has been increasing, from 5% to 25% to 50% today. Especially this year's merger of Citibank and traveller group, Citigroup has once again become the first financial group in the United States to collect all financial products, which makes the bill exist in name only.

……

This time, Li Feng made friends with the leaders of Wall Street. Finally, they talked about today's American financial industry. Naturally, the development monopoly law closely related to the financial and banking industry is the focus. Soon, they talked about the major events closely related to themselves, such as the government's possible cancellation of the Antitrust Act.

"Indeed, the Glasgow Steagall act played an important role in the original American economic recovery and the supervision of the financial and banking industry. However, with the passage of time, the act is indeed more and more inapplicable to today's era. It's time for complete change." Paul Walker, a former Fed boss, smiled.

"Paul, are you sure, gentlemen? In this way, should we celebrate? I think the spring of American financial and banking industry has come again."

"What else is uncertain? Now there is a wave of mergers in the banking industry, and the merger of Citigroup and travelers in the first half of this year shows that the glass Steagall act is in name only!"

"Yes, damn Glasgow act. I think it's time to finish it completely."

"The new century is a new situation, which is good news for all of us."

“…”

"Unfortunately, the big men of JPMorgan and Morgan Stanley can't see today. It's a day they didn't dream of."

Bloomberg, the Wall Street boss, smiled and joked, leaving everyone speechless.

"Uh..."

"Hehe..."

"Ha ha... Really...!"

……

Bloomberg's last words were really right. When the Glasgow Steagall act was established, Morgan bank, the core of the famous Morgan consortium, was forced to be divided into two. Finally, Morgan bank could only choose between commercial banks and investment banks, while Morgan consortium chose to retain Morgan bank's commercial bank, which is now JP Morgan bank.

But I didn't expect that the development of Morgan Stanley was faster than that of commercial banks. The split investment bank became the new big man of Wall Street. When Morgan was just split, both JPMorgan and Morgan Stanley dreamed of the day when the two big Morgan could merge again.

Now the time is ripe for this day. Unfortunately, it is almost impossible for JPMorgan and Morgan Stanley to re merge into Morgan group. After all, there are almost no shares of the Morgan family in Morgan Stanley.

And in all respects, Wall Street will not want another institution like Morgan bank. No wonder, finally, Michael Bloomberg's joke made everyone laugh and speechless at the same time.

It can be said that Citigroup is the leader of Wall Street to Washington. The five major investment banks that call the wind and rain on Wall Street have declined one after another. In addition to the weak anti-financial risk ability of investment banks compared with commercial banks, there is no new natural adjustment of Wall Street itself for the cancelled financial Anti-monopoly Act.

In the 1990s, the assets controlled by large financial institutions were still up to 100 billion, but at the beginning of the new century, many large financial institutions were rapidly stepping into the ranks of trillion through merger and reorganization.

After 10 years of the new century, the assets controlled by financial institutions such as BlackRock and fidelity have stepped into trillions of dollars and are on the order of 10 trillion.

……

As a reborn person, Li Feng is now on the side of Wall Street and in it, which is more closely related.

Considering the scale of those super financial giants in future generations and the changes in the financial and banking industry since the 1980s and 1990s, Li Feng can only feel in his heart that his CSCB can not fall behind.