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Chapter 532 The King of Wall Street?

The night sky over Manhattan Island in New York is divided into a staggered sea of ​​light by the neon lights of skyscrapers.

The top floor of a top-tier hotel in the heart of the city center is bustling with activity.

Amidst the elegant attire and glittering lights, numerous New York celebrities, dignitaries, politicians, and wealthy businessmen gathered.

They were dressed in bespoke high-end suits and luxurious evening gowns, exuding elegance in every gesture.

Beneath this glamorous facade, every conversation is fraught with hidden scheming, every smile represents calculation, and every nod may conceal an unspoken exchange of interests.

It wasn't just the upper class in New York; upon closer inspection, there were also many officials from Washington and family members representing other states.

The entire scene was filled with the clinking of glasses, the bubbles of champagne rising and bursting in the stemmed glasses, accompanied by soft jazz music, creating a scene of peace and prosperity.

The models, socialites, and minor celebrities responsible for warming up the event were impeccably made up and had slender figures. They skillfully moved among the guests, using just the right amount of flattery and charming smiles to keep the older men in the audience smiling.

I wonder how many goddesses will become playthings to be trampled on tonight.

In the center of the banquet, Paulson was overwhelmed by the flattery and adoration of everyone around him, each of whom was a figure who could command respect in their respective fields.

At that moment, he was like a chrysanthemum in full bloom, a new emperor ascending the throne, his wrinkles revealing a smile. Meanwhile, in a corner not far away, Richard Fuld, the president of Lehman Brothers, stood with his secretary, holding a wine glass, his face grim.

His gaze pierced through the noisy crowd and landed on Paulson. A cold smile curled at the corner of his lips, and his deep voice, filled with undisguised sarcasm, echoed between the two of them: "A new king has ascended the throne? Let's see how long you can be happy."

Wall Street, this narrow street in Lower Manhattan, a global symbol of money and power, has had its own kings in every era.

The earliest examples include Alexander Hamilton and William Duer.

The former, as one of the founding fathers of the United States and its first Secretary of the Treasury, can be considered the founder of Wall Street and even the American financial system.

He spearheaded the establishment of the federal tax system, the Treasury market, and the central bank, laying the basic framework for America's modern financial system.

It can be said that without him there would be no Wall Street. He transformed Wall Street from an ordinary trading port into the financial center of the United States, and now it is a global financial mecca.

The latter, however, spearheaded a speculative frenzy centered on bank stocks, triggering the first large-scale investment boom in American financial history.

Although his methods seem somewhat crude by today's standards, he pioneered the use of market information asymmetry and policy dividends for capital operations, demonstrating the enormous potential of the financial market.

Following them was JP Morgan, a restorer of order, who single-handedly coordinated major banks to prevent the collapse of the financial system.

Benjamin Graham, the pioneer of value investing, wrote books considered by investors worldwide as the bible of finance, influencing a generation, including the current stock market guru, Warren Buffett.

However, in the last two or three decades, many people have called themselves the King of Wall Street, but none have achieved the universal recognition of J.P. Morgan. This title, considered the most authoritative on Wall Street and even in the entire United States, has long lacked a true successor.

Now, Paulson has the potential to become that figure, as he once again led Wall Street to reshape a new order.

Unlike the Wall Street kings of the past, Hamilton, JP Morgan, and others had their influence mainly confined to the United States. They established their position by building the domestic financial system and stabilizing the domestic market.

Paulson, on the other hand, turned his attention to the vast overseas market, leading numerous Wall Street institutions to ruthlessly exploit Asian markets and reap huge profits for Wall Street financial institutions.

Moreover, judging from the current situation, it can be said that they have won a great victory.

Although no one admits it, everyone knows that the Asian financial crisis was premeditated, and Paulson was the man at the helm.

Everyone was hoping, hoping that this man could find such an opportunity again to lead the hyenas of Wall Street to expand their territory overseas and conquer new lands.

A humiliating treaty with South Korea is not enough. Although they have already obtained half the country's wealth, greed knows no bounds.

There are so many countries in the world, even developed countries like South Korea, and many more in Europe.

If Paulson could take them out for a feast, they would naturally be willing to acknowledge him as the leader of the martial arts world and the esteemed king of Wall Street.

"Boss, what do you think of Paulson's suggestion just now?" Just as Richard Fuld was staring at Paulson's back with a complicated look in his eyes, his secretary Humphries cautiously asked.

Just minutes earlier, surrounded by a crowd, Paulson delivered a brief impromptu speech. After reviewing Wall Street's illustrious track record in Asian markets, he suddenly made an unexpected proposal: to bring Ernst Asset Management into the Federal Reserve team.

It's worth noting that no one from Ernst Asset Management was present today, and Paulson's actions were seen by many as a case of trying to win someone over with a cold shoulder.

Of course, some people speculate that Paulson and Ernst Asset Management may have already reached a private deal.

However, Richard understood that Paulson was simply trying to save face.

"He can't control what happens at Seoul Bank. Ernst is no ordinary person. The White House is not going to break ties with Ernst over Seoul Bank."

The Federal Reserve team and the Federal Reserve are not the same thing, but you could say they are the same thing.

The former is a liquidity hub and a key link in the transmission of global dollar liquidity.

On the one hand, it provides short-term financing for the US government, financial institutions, and businesses.

On the other hand, funds are transferred to brokers and dealers through the repurchase market, and then flow to hedge funds and other institutions, completing the efficient circulation of US dollar funds.

The latter is the name of a temporary group.

As for why the two are considered the same thing, it's because only financial institutions within this group are qualified to participate in this grand feast in Asia.

The Federal Reserve provides them with financial support. Ernst Asset Management is not part of this, but that doesn't mean it can't make some profits.

Just like the acquisition of Samsung, it needs to follow market rules and is a normal business operation.

But being on this list is different; it means the whole of America is protecting you.

Why was Citibank able to acquire those 100 valuable branches in South Korea, leaving the worthless ones to the South Korean government?

Because the South Korean government disagrees, the IMF cannot grant it a loan.

Ernst Asset Management may have acquired Samsung, but it couldn't have done it in such a ruthless, exploitative way.

Similarly, this is also why capital from other countries cannot participate.

Because the IMF would never approve, South Korean companies can't sell even if they want to, as they can't get past the government's approval.

Ernst Asset Management's contact with Seoul Bank was against the rules.

But no one could find fault with them, because it was Seoul Bank that approached them first.

Both are Americans, and Ernst is a leader among the younger generation in the United States, a figure who commands a large following in the internet industry.

Even knowing that Ernst Asset Management was trying to steal business from Seoul Bank, the American leadership would pretend not to see it. It's not worth escalating the conflict over Seoul Bank; the current objective is to unite against external threats.

"Besides, Paulson didn't suffer any losses. Seoul Bank was never really a target for Goldman Sachs."

Fuld's lips curled into a mocking smile. "So Paulson's proposal to include Ernst Asset Management in the Federal Reserve team, seemingly a gesture of goodwill, was actually a way for him to save face."

"He knew he couldn't stop Ernst from participating in the Seoul Bank transactions. Rather than letting Ernst get a share outside the rules, he decided to bring him into the rules himself, so that at least he could be somewhat restrained."

After listening to Fuld's analysis, Humphries suddenly understood, but then a new worry arose: "If Ernst Asset Management really gets involved, will it cause other reactions?"

"If he can take over Seoul Bank today, he might covet Lehman Brothers, or the assets in Citigroup or JPMorgan Chase's portfolio tomorrow."

In his memory, he was a very domineering young man.

Richard scoffed, "Do you really think they'll join this team?"

Humphries' eyes widened, and he asked, puzzled, "Why not?"

Richard looked at the secretary and, having nothing better to do, decided to teach him.

"By joining this team, Ernst Asset Management will enjoy corresponding resources, but it also means that it must abide by the rules here."

"The assets of South Korea have already been largely divided up, so there's not much for them to gain by joining in." "Ernst wouldn't be so foolish as to sacrifice his reputation for such a small profit."

"He's not one of us. He's made his living this way and doesn't care about outside opinions. He's just profiting from other people's suffering."

"His main businesses are in the internet, technology, and other industries. Now that he's on various countries' blacklists, do you think it's worth it?"

"So he'd rather not eat than join in."

Richard glanced again at Paulson, who was frequently raising his glass, and gave him an expectant look. "I wonder how this King of Wall Street will feel when he gets slapped in the face?"

"How would he feel if not only did they not accept his goodwill in trying to mend the relationship, but they immediately turned around and stabbed him in the back?"

Humphries thought of the Chicago-New York line, which was now in November, less than two months away from Ernst's promise to open it by the end of the year.