Reborn in America, I am a legendary short seller on Wall Street.

Chapter 273 What benefits do big investors with 200 million enjoy? (4.4K)

Larry made a fortune this time. After withdrawing $200 million, he still had 3 shares of General Electric and more than $43 in cash in his account.

However, Larry was struggling to decide which bank to transfer the $200 million to.

Putting the money into Morgan Trust Bank was not a good idea! Larry had previously promised Mr. Morgan that he would assume unlimited liability for the syndicated loan used to acquire Bausch & Lomb…

Larry didn't want to reveal all his secrets to Morgan, as that would put him in a very passive position.

But if he put it in National City Bank of New York… Larry was a little hesitant. Because Henry Goldman had just said that the people shorting General Electric had an unusually close relationship with the bank, so he had to be careful and not put all his money in one basket.

Larry was very uneasy about the other banks at the time, so he could only rely on his memories from his previous life to find a major bank that would definitely survive for 100 years!

The decision wasn't difficult, and soon Larry had two targets: Wells Fargo and Bank of New York.

In his previous life, he was very familiar with Wells Fargo, not only because it was his usual bank, but also because it was highly regarded in the investment world due to Warren Buffett's long-term investment. During Buffett's ownership period, Wells Fargo was practically the most trustworthy model in the American banking industry.

Of course, things are different after Buffett sold off his entire stake.

But a problem arose: Wells Fargo had grown alongside the westward expansion caravans and was considered an important bank in the West at the time. However, its influence on the East Coast was still weak, with only one branch in New York.

Currently, Wells Fargo's services are far from perfect. Especially in areas involving international and interbank transfers—services most valued by New York's wealthy—it falls short. It's fair to say that Wells Fargo's current standing in New York is not even as high as the Postal Savings Bank.

Another option is Bank of New York! It's one of the oldest banks in the United States.

The Bank of New York was founded in 1784 by Alexander Hamilton, one of the Founding Fathers of the United States and its first Secretary of the Treasury, and was then named the Bank of New York.

This bank has been deeply involved in the construction of the American financial system since its inception. It is known as the oldest existing bank in the United States. Headquartered on Wall Street in New York, it was a core force in the New York financial circle at the end of the 19th century.

Placing the money here before transferring it also helps expand one's influence in New York's financial circles. After all, opening an account with as much as $200 million can even shake up the headquarters of a New York bank.

Larry thought to himself, "With this $200 million in, won't the Bank of New York send me a few barrels of oil and bags of flour during holidays? That's settled then! The new account will be opened with the Bank of New York."

A short while later, Mr. Porter and his front desk manager placed a wax-sealed envelope containing a $200 million bank draft accepted by Paine Weber Securities in front of Larry. Larry glanced at it but did not take it. He then told them that he was going to open a new account at the Bank of New York and asked them to send someone to escort him there, along with the original copy of the bank draft.

Mr. Porter didn't inquire about the matter at all, nor did he say anything more. After all, it was Larry's prerogative.

Mr. Porter adhered to the professional ethics of a securities firm employee, only executing clients' decisions without questioning them!

But Mr. Porter was concerned with something else: Larry's commission rebate.

"Larry, where did you put this money? Do you need to withdraw it?" Mr. Porter never revealed the figures in a client's account in front of others. Instead, he handed over a slip of paper with the commission rebate amount written on it, which showed Larry's commission rebate, totaling $66,615.

Larry didn't take it, but glanced at it and said, "Then let's deposit this money into the account of the National City Bank of New York."

Mr. Porter nodded; he knew Larry had an account at National City Bank in New York, so the money could be transferred directly there.

Immediately, Mr. Porter dispatched his front desk manager with two guards; Larry called Dunbar, who had been waiting at the door. The group then rode together in a large, ornate carriage to the New York Bank headquarters on Wall Street.

The headquarters of Bank of New York is located in the heart of New York's financial center—One Wall Street. This building, adjacent to the New York Stock Exchange, marks the eastern end of Wall Street and is a symbol of contemporary American financial power.

After the five men disembarked from the carriage, the front desk manager stepped forward first, leading Larry Livingston toward the grand entrance of the Bank of New York.

The security guards and doormen at the brass gate had already spotted the group. The duty manager quickly approached them and asked in a low voice, "Gentlemen! What kind of business do you need?"

The front desk manager flashed his company badge, patted his small briefcase, and said briefly, "When accompanying a client to open an account, please bring at least a senior partner. This gentleman is a distinguished client!"

Upon seeing the name of Paine Weber Securities and the impressive entourage, the duty manager dared not be negligent and quickly led the group to the reception area in the headquarters lobby.

Larry glanced around and found that the New York bank wasn't as grand as he'd imagined; in fact, it felt a bit cramped. He figured it was probably because the bank had been around for so long.
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"Sir, this way please. What kind of account are you planning to open?" the duty manager asked, carefully observing the customer in front of him.

The client was young, handsome, tall, and imposing. He wore a well-tailored grey English suit, and the gold chain of his pocket watch swayed slightly with his steps, his demeanor as relaxed as if he were attending an afternoon tea party.

This composure stands in stark contrast to the anxious faces commonly seen on Wall Street, and is also quite incongruous with his age.

When the customer was led to the counter, his bodyguard automatically stepped aside; and the two young men from Paine Weber Securities who accompanied him also stood still, not daring to approach.

Only Larry and the front desk manager remained. When Larry stood in front of the counter, the front desk manager took a half step forward and placed the small suitcase on the counter.

"Open an account," Larry said calmly to the person behind the counter.

While he was speaking, the front desk manager of Paine Weber Securities Company had already opened the locked briefcase and unlocked the chains on his wrists. He then took out the envelope with sealing wax and Mr. Saul Porter's seal from the briefcase and solemnly pushed it to the teller behind the brass bars.

The teller was quite old, with graying hair at his temples, clearly a senior teller at the Bank of New York.

He took the bill with a professional smile until his eyes swept over the amount—$2000000. The senior teller's eyes narrowed, his hands trembled, and the bill nearly slipped from his grasp.

This figure is equivalent to half of the daily turnover of a New York bank, and more than 6 times his annual salary.

The senior teller's Adam's apple bobbed as he tried to say something, but only managed short, breathy sounds.

“Sir…” The teller finally found his voice, his fingers gripping the edge of the bill tightly, then pushing it back over the brass gate. “Please wait a moment, I need to ask a senior partner to handle this.” He practically ran towards the back hall, the sound of his leather shoes hitting the marble floor echoing under the dome.

Five minutes later, senior partner Henry Watson strode over.

The banker, known for handling railroad bonds, was reviewing a government bond contract when he heard the report and even suspected the teller had misread two zeros. But when the senior teller repeatedly confirmed that it wasn't $200, but $2 million, he was so shocked that he immediately stood up.

At that moment, Henry Watson strode across the hall, his gaze quickly sweeping over Larry, a perfectly professional smile of flattery and delight already appearing on his face.

“This is our bank’s senior partner… Henry Watson!” the senior teller introduced to Larry first.

“I’ve heard so much about you! It’s a pleasure to meet you!” Larry smiled and extended his hand. “Larry Livingston, I need to open an account with you!”

“It’s a great honor! Mr. Livingston, your presence is a great honor for the Bank of New York!” Watson shook hands with Larry through the brass fence, then said apologetically.

"Please wait a moment. After I have the counter staff verify your ticket, please go to the back reception room to rest!"

As he spoke, Watson caught a glimpse of the bank draft endorsed by Paine Weber. The Citibank's encrypted seal on the back of the draft was perfectly sealed, and the last trace of doubt in his heart dissipated.

If this huge sum of money came from inheritance or real estate sale, it would inevitably be accompanied by a legal team and a suitcase full of documents. But the gentleman in front of us was accompanied by senior executives from a securities firm, and the suitcase containing the funds was even casually placed to the side.

This tight-knit setup combined with a relaxed and casual attitude reminded Watson of Cornelius Vanderbilt, whom he had hosted ten years earlier—the shipping tycoon had been just as he had been back then.

At this moment, the senior teller was busy verifying the ticket, but he could have determined its authenticity as soon as he held it in his hand; now it was just a matter of verifying it again.

After a moment, the senior teller turned his head and nodded slightly to Walter.

"Please come to the VIP room at the back for a detailed discussion, Mr. Livingston!" The senior partner quickly gave the duty manager a wink, and the latter hurriedly led the group to the VIP room on the other side of the lobby.

Larry strode forward silently, and the group behind him shifted, with the three from Paine Webber falling behind and Dunbar closely following Larry.

Watson ushered Larry into the VIP room first, while the duty manager of the New York Bank began to arrange drinks and open cigars, while Dunbar stood guard at the door, looking indifferent.

Once the tea, whiskey, and Cuban cigars for the VIPs were laid out on the table, the duty manager turned around, closed the VIP room door, and stood aside carefully serving them.

The heart-shaped wooden doors of the VIP room closed, shutting out the noise of the main hall. Watson personally poured bourbon whiskey and said with a smile,

“As is customary, you are our core client with deposits exceeding one million. Rest assured, everything will be arranged for the best!” With that, Watson handed Larry a glass of wine, a warm smile on his face, and continued, “Please allow me to express once again our bank’s honor. A discerning young gentleman like yourself is exactly the kind of person New York Bank has been striving to serve since its inception.”

Larry smiled faintly, said nothing more, and picked up his whiskey glass.

Watson glanced at Larry's reaction and continued, "Your account will be a 'Presidential' account, a gold savings account with an annual interest rate of 8.5%. As I just mentioned, your funds will be jointly guaranteed by our bank's vault and Rothschild Bank in London. Secondly, you will also receive a priority right to purchase no less than $50 in railroad bonds annually—you know, Northern Pacific Railroad bonds are currently the hardest currency on the market."

Larry gently swirled his glass, remaining noncommittal.

Watson leaned forward slightly, lowering his voice as if revealing a core secret, "Furthermore, we will open a 'Presidential Passage' for you. This means that any transfer order exceeding $100,000 will be effective with just my single signature, without going through cumbersome layers of approval. We know that speed is the lifeline on Wall Street, and we understand this all too well."

“That sounds very thoughtful,” Larry finally spoke, looking calmly at Watson. “This is what I need, Mr. Watson! Because it will be one of my backup accounts, and the easier the flow of funds, the better… In addition, I need your help to quickly set up a new company; I have some business issues to deal with! Also, I need your bank’s absolute confidentiality regarding my information.”

A flicker of surprise crossed Watson's eyes, but he quickly regained his professional composure. "Mr. Livingston, the Bank of New York was founded by Mr. Hamilton, and reputation and confidentiality are our cornerstones. We can meet your requirements through a separate accounting management system."

Larry nodded, picked up his glass, brought it to his lips, and smiled at the senior partner. "...Or would you like to take a piece of paper and write down my upcoming arrangements?"

Watson hurriedly stood up from the sofa as if he had been stabbed in the butt; the duty manager, who was standing by, had already found some stationery and a pen for him and handed them over.

Watson spread the papers on the stone coffee table. Because the posture while writing was too low, he simply stopped sitting and half-squatted at Larry's feet, his face full of obsequiousness, smiling as he spoke.
“Mr. Livingston, what are your instructions?”

Larry nodded, took a leisurely sip of his bourbon whiskey, thought for a few seconds, and then slowly began to speak.
"I need your help to start a company, and the company will be called Manhattan United Holdings..."

Larry then explained his requirements for starting a new company to the other party, asking for their help in setting it up as soon as possible. In addition, Larry also explained in detail how he planned to allocate the $200 million to two other companies and the Progressive Partners Fund account...

Watson was also scribbling quickly on the letter. He wasn't surprised when he heard Larry's instructions on how to allocate funds to the account; but he was extremely shocked by the vast network of investment relationships involved in Larry's account.

That's $200 million! If this young client was using it for investment or savings, that would be one thing; the Bank of New York would just have another spoiled young master client with a fortune inherited from his ancestors.

But Larry Livingston wasn't here to deposit money! He clearly intended to distribute the money into various accounts, which surprised me greatly, given his young age and the large number of interconnected and segregated businesses he already had.

Despite his surprise, Watson's hands flew as he took notes, and even as his hands grew tired, he showed no sign of impatience.

After Larry finished stating his request, he calmly watched Watson finish copying it down before taking a sip of his drink and adding, "Oh, and by the way, give me the checks to open an account. I need to cover some personal expenses."

“Okay, sir…” Watson finished writing, looked up at Larry, his face covered in fine beads of sweat from squatting for so long. “I’ve memorized it all!”

“Very good!” Larry smiled and said solemnly, “Please repeat it! Let me check if your record is accurate.”

“…Okay,” Watson said with a smile.

(End of this chapter)