Reborn in America: Starting as a California Resident

"It seems that the Mellon family has really broken with its long-standing family traditions, with each branch now trying to go its own way."

After listening to Henry's explanation, Gloria pondered for a moment and nodded gently, her words carrying a hint of barely perceptible emotion.

Anne, standing nearby, became serious upon hearing her mother's words: "Mom, is it possible that even Paul Mellon can't stabilize the Mellon family now?"

"Maybe!"

Gloria's voice carried uncertainty. "At least based on the information we have so far, the Mellon family is indeed in an unprecedented power vacuum."

"Oh, I'm so sorry to interrupt you, but don't you two beautiful ladies think you should speak more clearly?"

I was completely confused!

Henry, who was standing nearby, couldn't help but frown and interrupt their conversation after hearing this incomprehensible exchange.

He cleared his throat and smiled with a hint of helplessness: "I know you have many important things to consider, but if possible, could you explain them in a little more detail?"

This way I can better understand the situation and maybe even offer some advice.

"Oh, I'm so sorry, dear Henry."

Hearing her son's slightly complaining words, Gloria immediately smiled gently and explained to Henry: "Here's what happened: ever since Richard King Mellon, one of the third-generation leaders of the Mellon family, passed away in 1976, cracks have begun to appear within the family."

Although the current head of the family, Proser, is Richard's adopted son, and Richard had strongly recommended him to succeed him, Proser's personal marital and family problems, as well as his limitations in leadership, made it difficult for him to maintain the unity of the family.

The relationships between the various branches of the Mellon family are no longer as close as before, and they are all beginning to seek more autonomy.

"So, the Mellon family is currently facing some trouble?"

Henry's tone revealed surprise.

In his memory, the Mellon family is a long-established and deeply rooted conglomerate whose name is closely linked to the American Industrial Revolution and financial history.

Thomas Mellon and his son Andrew Mellon laid the foundation for the family's illustrious legacy.

By 1920, the Mellon family had become one of the wealthiest families in America, paying taxes second only to the Rockefeller and Ford families.

In 1946, Mellon National Bank, Union Trust Company (founded by Andrew Mellon in 1889), and Melbank (founded by Richard Mellon in 1929) were merged into Mellon National Bank and Trust Company. In 1963, it was renamed Mellon Bank Corporation.

Through financial transactions, they directly or indirectly controlled various sectors of industrial production at the time.

Giants including, but not limited to, Alcoa, Gulf Oil, and Westinghouse Electric are all directly invested in and managed by Mellon Bank;

In addition, companies such as U.S. Steel, Heinz, General Motors, and ExxonMobil were all born and gradually grew into industry giants with the strong financial support of Mellon Bank.

The expansion of its financial business, coupled with its growth in the industrial sector, made Mellon one of the most powerful conglomerates at the time.

Even in later generations, the influence of the Mellon family remains widespread.

As everyone probably knows, when Donald Trump launched his 2016 presidential campaign, he said, "I don't need anyone's donations—it feels good. I don't need donors."

He spent $6600 million of his own money on that campaign.

In fact, Trump's main campaign funds in 2016 still relied on donors.

According to the latest filings with the Federal Election Commission, the ten billionaires who have donated the most to the 2024 presidential campaign are all longtime supporters of the former president, having donated a total of $1.23 million to groups supporting Trump.

The number one ranked person is Timothy Mellon from the Mellon family.

The donation amounted to $7650 million.

One person took the majority of the election funds!

This kind of arrogance can only be achieved with a net worth of tens or hundreds of billions.

And this is just one member of the Mellon family!

By observing only a part of the whole picture, you should be able to make some judgments, right?

Gloria gazed at the boundless blue sea and sky, and said softly, "Yes, Henry."

After Richard's death, the Mellon family lost an irreplaceable key figure.

Although Paul, as Andrew's son, inherited many of the family's businesses, he seemed to lack the ability to unite people, or at least he did not have the will to do so.

Coupled with the turbulent global economic environment in recent years, even a large family like the Mellons has found it difficult to remain unaffected.

Since the 1973 oil crisis, the global economy has experienced numerous ups and downs, especially the long-term effects of stagflation, which have made the situation more complex.

Recent tax reforms have only exacerbated the situation, forcing many wealthy families to reconsider their asset allocation and succession strategies.

She paused, her gaze shifting to the Getty family crest, a complex emotion flickering in her eyes: "The new generation of family members has received a more diverse education; they have their own dreams and career aspirations, and are no longer willing to be confined to the traditional family business."

Despite Paul Mellon's efforts to maintain family unity, he ultimately could not resist the changing times.

"The Revenue Act of 1978 was indeed a significant factor that led to changes in the Mellon family structure."

Anne chimed in, offering her perspective: "This bill introduces the concept of Individual Retirement Accounts (IRAs) for the first time, posing entirely new challenges to private wealth management and inheritance."

This has prompted members of wealthy families like ours to place increasing emphasis on the independence and flexibility of our personal finances.

"Annie, you're right, that's a key factor."

Gloria nodded in approval at her daughter's opinion.

Henry, standing to the side, asked with a mixture of certainty and doubt, "So, Richard Mellon Skelf's branch is planning to move to California?"

Richard Mellon Skaeff is the fourth generation of the Mellon family and the oldest male among the eight of his generation;

Rachel is his eldest daughter.

"It seems so..."