Mediterranean hegemon

Since the United Group cannot negotiate, it is better to talk to the Soviets first. Wall Street does not expect to sell all 4.4 billion to the Russians, but as long as the other party buys part of it, and buys it at the price Wall Street needs. , then the United Group will come back and accept its fate.

In such a tug-of-war, the stock index continued to move downward slowly. By November 24, it had fallen below 150 points and reached 148 points. However, the market deleveraging was almost complete. Xiaotiao had Investors have long since liquidated their positions, and blue-chip owners are also forced to cut their flesh amid the continuous decline. Short-sellers who have made money are leisurely closing their positions. The one-month period was originally stipulated, and there is almost the last week. Many people are watching whether it will fall below 140 points.

Livermore believes that it may be possible to fall below 140 points, but it is impossible to fall below 140 points for a long time, because the short sellers have greatly exceeded their own strength. Now it is completely panic selling, and all the chips are thrown out. , the market transaction volume is also sluggish, and the land volume reflects the land price, which can basically judge the short-term end.

On November 28, he basically liquidated his position and helped United Trust liquidate all its short positions. During the entire stock speculation process, he earned 180 million U.S. dollars, plus the 10 million U.S. dollars in advisory fees from Contini, which made him almost 190 million U.S. dollars. As for United Trust's account, he did not calculate it carefully, and estimated it to be between 40 and 40 million U.S. dollars. Between 4.2 billion, he guessed that Contini took away 1.5-1.8 billion of it, and then he could get 20% of the remaining 2 billion, which is expected to be a harvest of 2.5 billion, plus the amount of convertible bonds. The revenue of nearly 1 billion is expected to be around 3.5 billion.

He had no idea that the entire United Trust, except for a few individual users, was Contini's shadow institution. Therefore, the money earned by United Group was not 3.5 billion, but almost 5.4 billion. In addition, the money earned by Contini during the long-term After excluding various miscellaneous expenses, the overall profit was US$8.7 billion.

Of the $8.7 billion, more than three-quarters were the losses of U.S. investors, and the remaining quarter were the losses of European investors, because U.S. stock prices rose higher than on the eve of a major crisis in history, and more people were involved. , involving a wider range of funds, so that international capital has also entered the United States on a large scale, especially speculative capital from Britain and France. There is a lot of speculative capital in the United States. Since opening investment accounts across countries is not as convenient as it was in Contini's time, European capital generally uses the trust and fund model to invest in the U.S. stock market, that is, European capital first becomes a trust company - which can be a separate U.S. subsidiary. , or it can be the U.S. office of a European company, and then this company invests in the U.S. securities market in the form of trusts and funds.

According to regulatory requirements, these funds should penetrate one layer - that is, the exchange should know the owner behind the purchase of the trust or fund. But is this difficult for European speculative capital? You penetrate one layer? Then I will nest 5 and 6 layers. The most typical case is: an Italian controls a German company to set up an investment fund in France, absorbs British funds and then purchases Swiss bank investment trusts, and finally uses the investment channel of the American subsidiary of a Portuguese trust company. Open an account on the New York Stock Exchange and hire a Hispanic fund manager to manage it. The traders may be of Dutch or Irish descent. Then the question arises, who is the real owner and controller of this fund? Which country's law applies when a dispute arises over the subject of liability?

In the era before computer networking, these things were almost impossible to check because you had to deal with judicial and financial institutions in more than 10 countries. By the time you found out, all relationships would have been over. This method is also a tried and tested channel for European speculative capital to enter the markets of various countries. The same logic was used when speculating on the Deutsche Mark. The manipulator behind the scenes could not be found at all, so the German people could not retaliate against a specific Jewish consortium because they could not figure it out at all. , we can only place the blame of hatred on all Jews.

Most of United Trust also adopts this method: the investment clients behind the entire United Trust involve more than 10,000 people (institutions), but it is all real and not fabricated information, which has been registered with the exchange. But what will not be filed is: United Group controls more than 2,000 vests. Not to mention that outsiders can't see this relationship clearly, even Livermore, who is serving, can't see it clearly. As for Contini, who has always caught the big and let the small go, he can't understand it even more. He is now a boss who doesn't know everything: He doesn’t know how many subsidiaries he has, how many employees he has, or how many assets United Group has. Leo knows better than him. The president only needs to control the people who know clearly.

There are only two people who really have all the information: one is Francisco and the other is Antonio, and the information of these two people is also half-and-half - each is in charge of a section of the entire process to avoid everything being exposed if something goes wrong, so in the entire speculation process Before the end, Antonio and Francisco could not stay together for a long time. When Antonio and Leo arrived in the United States, Contini was about to take Francisco back to Italy.

This is a typical way for European capital to invest in the United States. There is more than one United Trust. There are hundreds of European trust institutions in the United States, and there are thousands of trusts in the United States. Moreover, these trusts also cross-trade with each other. In the past few years when the stock market has been booming, these capitals have made money, so they have been sucking blood from the European market. The scale is very large. The United Trust is just the largest one. The reason why Hoover and Mellon believe that the United Trust is not the own funds of the United Group is because they see that this is the largest scale, the largest amount of funds, and the most shareholders and investors. Therefore, they have come to this conclusion. In fact, the remaining ordinary investors and other trusts are only slightly more than the United Group’s vests - basically they all invest for the president’s reputation.

Therefore, it is almost impossible to find out the exact identity of the owner behind the scenes. If you want to check, you can only check the flow of funds: leaving the United States and entering the United States is a significant sign of judgment, especially now that it is not an era of computerization, and various bills are needed for evidence, so checking cash flow is relatively simpler.