Chapter 954
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At present, the ugly eating of Wall Street in seizing benefits can not be tolerated by the public opinion of capitalist society and other industries.
Among them, the basis of dissatisfaction is not only based on intuitive feelings, but according to the media, with clear data support.
In short, this year, 1986, is the most profitable year in Wall Street's history.
According to the data on the surface, Drexel Burnham Lambert, the leading junk bond company, made a net profit of about $550 million in the financial year 1986.
In particular, Michael Milken, as the director of the junk bond business of Drexel Burnham Lambert company, who can be called the one who has promoted the boom of the junk bond market in the United States, has received nearly $300 million in personal salary, setting a record of the highest salary of employees in the world. It is unprecedented, and it is estimated that it is difficult to come later.
At this stage, Drexel Burnham Lambert and Michael Milken are closely watched by all parties, including the U.S. Securities and Exchange Commission, and have become the target of public criticism, so that Morgan Stanley, which ranks second in the field of junk bonds, is often ignored.
It has to be said that no matter where he is, it is an iron law to make a big fortune. Just like Sir Gao, his attention has been transferred to the public interest platform of Xiangjiang exchange fund administration, and the members of Gao's consortium are much more low-key. Even if the public operation of becoming the largest shareholder of Intel is commented by various financial analysts, But none of them involved the negative attribute of capital.
Xiangjiang Exchange Fund Management Bureau is now shining. It can be seen from the warm pursuit of its support for the global promotion activities of the international financial center and the International Digital Center held at the Waldorf hotel in New York. The participants included major investment banks on Wall Street, high-tech companies and even media giants.
The logic is not difficult to understand. Xiangjiang's international financial center has gone out of Asia and reached the global level. To a large extent, the international digital center is consolidating the existing status of an international financial center. For example, the efficiency of financial information processing and communication is higher. International investment banks and Commercial Banks naturally like it.
The psychology of high-tech companies is simpler and clearer. The orders for the construction of Xiangjiang digital expressway are full of temptation.
As for the enthusiasm of media giants, it reflects the foresight of the elite and the potential of Xiangjiang to become a global media center.
In fact, the deeper logic is that Xiangjiang is now the bridgehead for the outside to enter the incomparably huge Chinese market.
All the visitors are guests. The initiators of the event, including the Xiangjiang Exchange Fund Management Bureau, the Xiangjiang development investment fund, the Xiangjiang Trade Development Bureau, the Xiangjiang Productivity Promotion Bureau, the Xiangjiang Industry Federation, the industry department and the Trade Department of the Hong Kong government, perform their respective duties, warmly entertain and actively negotiate.
Sir Gao, President of the Xiangjiang exchange fund authority, has focused his main energy on contacts with the financial circle. There are not only a wide variety of topics, but also considerable concern from the outside world, such as the obvious appreciation trend of the Hong Kong dollar, the deepening development of the Xiangjiang yen offshore financial center, the Xiangjiang international financial center, and the rumor that the Xiangjiang exchange fund authority has been upgraded to the Xiangjiang financial authority. It is absolutely inseparable from communication with sufficient level and authority.
In the same sentence, circles are everywhere, and wall street can not be divided into three, six, nine, etc. among them, the most traditional and core circles are large investment banks, such as Morgan Stanley and Goldman Sachs. Although Lehman Brothers was bought by gaoyimi because it was in business difficulties, it also belongs to this circle, which is just the lower ranking, Even Solomon brothers is not as good as it is for the time being.
For another example, the venture capital circle growing up with the high-tech industry in Silicon Valley has also attracted more and more attention. For example, when Apple computer was listed on Nasdaq, Morgan Stanley condescended to participate in stock underwriting.
However, the most popular circle at present is the junk bond circle, which gives companies at the level of Drexel Burnham Lambert the ability to call the wind and the rain, which is enough to shine with the large investment banks on Wall Street.
By the way, junk bonds are just a popular name. Even Morgan Stanley has actively participated in this game. There must be a good name, called high-risk and high-yield bonds.
Junk bonds naturally have strong vitality as a way of playing that can be accepted by the core circle of Wall Street. The most attractive attraction for the capital operation elites is their supporting role in leveraged buyouts.
For example, William Simon, Minister of finance during the period of Nixon government and Ford government, was a senior partner in charge of the government and municipal bond departments of Solomon brothers before entering politics; When Carter won the presidency, he started politics, returned to Wall Street and started his old business. In 1982, he used leveraged buyout to win the American greeting card company, the second largest greeting card supplier in the United States.
Of the $80 million acquisition, William Simon's capital was only $1 million, of which $330000 was paid by himself, and the remaining $79 million was provided by companies like Drexel Burnham Lambert through junk bonds.
Sixteen months after William Simon successfully acquired the American greeting card company, the American greeting card company made an initial public offering, and the market value suddenly soared to $290 million. William Simon personally earned about $66 million, truly achieving high risk and high return.
With such successful examples there, it's strange that junk bonds are not rampant.
According to Gao Xian's information, there have been about 200 leveraged buyouts in the US capital market every year since 1979, in which private equity funds and junk bonds play a vital role.
Among the Wall Street elites who came to the Waldorf hotel in New York, there was Michael Milken, who was now very popular. Sir Gao gave him a warm reception as usual.
How good is Michael Milken now?
There is a highly credible saying in Wall Street circles that Michael Milken's ability to raise funds can even be compared with JPMorgan, the big man among the big men.
A strong evidence is that issuing junk bonds is inseparable from the bank, but the bank knows what high risk is; At this time, Michael Milken's personal reputation is the endorsement of success.
During the conversation, Michael Milken talked about his interest in Xiangjiang international financial center and the rise of Asian capital.
Sir Gao tasted the implication in this kind of talk. Michael Milken wanted to continue to expand the business of debt-based bonds, especially to expand the capital pool.
You know, the successful financing of debt based bonds can only be achieved if the buyer is willing to accept the offer. The situation in the United States is roughly that a series of strengthened supervision of the financial industry in the United States since Roosevelt's new deal in the 1930s have been relaxed after Reagan came to power in the 1980s. In this case, insurance companies have become a major force in buying junk bonds, but the more the better this capital pool is, and the depreciation of the US dollar after the Plaza Agreement, Can Asian capital with greatly enhanced purchasing power better coax rural rich people?
Gao Xian did not express his attitude towards this, which is also his due performance as the president of Xiangjiang Exchange Fund Management Bureau. You can test, but I don't react. It's normal.
There are too many "wild ways" in the game of junk bonds. It takes time to improve the rules. The securities and Exchange Commission of the United States is investigating all kinds of black box operations. Sir Gao does not intend to give the official view of Xiangjiang exchange fund administration to avoid endorsement. In Gao's consortium, Lehman Brothers can play properly, and other members can forget it for the time being.
It can be said that Michael Milken's temptation did not make him feel uncomfortable. However, like Soros and others, he was inevitably vigilant when they tried to change the attitude of the exchange fund authority towards the current obvious appreciation trend of the Hong Kong dollar.
However, Gao Xian believes that the current situation will not allow international speculators to do anything, so he bluntly said that the exchange fund authority believes that the timely introduction of negative interest rates by Xiangjiang banking industry is a good measure.
……
Bow to thank the book friend: 123 life and toss more than reward support!!
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At present, the ugly eating of Wall Street in seizing benefits can not be tolerated by the public opinion of capitalist society and other industries.
Among them, the basis of dissatisfaction is not only based on intuitive feelings, but according to the media, with clear data support.
In short, this year, 1986, is the most profitable year in Wall Street's history.
According to the data on the surface, Drexel Burnham Lambert, the leading junk bond company, made a net profit of about $550 million in the financial year 1986.
In particular, Michael Milken, as the director of the junk bond business of Drexel Burnham Lambert company, who can be called the one who has promoted the boom of the junk bond market in the United States, has received nearly $300 million in personal salary, setting a record of the highest salary of employees in the world. It is unprecedented, and it is estimated that it is difficult to come later.
At this stage, Drexel Burnham Lambert and Michael Milken are closely watched by all parties, including the U.S. Securities and Exchange Commission, and have become the target of public criticism, so that Morgan Stanley, which ranks second in the field of junk bonds, is often ignored.
It has to be said that no matter where he is, it is an iron law to make a big fortune. Just like Sir Gao, his attention has been transferred to the public interest platform of Xiangjiang exchange fund administration, and the members of Gao's consortium are much more low-key. Even if the public operation of becoming the largest shareholder of Intel is commented by various financial analysts, But none of them involved the negative attribute of capital.
Xiangjiang Exchange Fund Management Bureau is now shining. It can be seen from the warm pursuit of its support for the global promotion activities of the international financial center and the International Digital Center held at the Waldorf hotel in New York. The participants included major investment banks on Wall Street, high-tech companies and even media giants.
The logic is not difficult to understand. Xiangjiang's international financial center has gone out of Asia and reached the global level. To a large extent, the international digital center is consolidating the existing status of an international financial center. For example, the efficiency of financial information processing and communication is higher. International investment banks and Commercial Banks naturally like it.
The psychology of high-tech companies is simpler and clearer. The orders for the construction of Xiangjiang digital expressway are full of temptation.
As for the enthusiasm of media giants, it reflects the foresight of the elite and the potential of Xiangjiang to become a global media center.
In fact, the deeper logic is that Xiangjiang is now the bridgehead for the outside to enter the incomparably huge Chinese market.
All the visitors are guests. The initiators of the event, including the Xiangjiang Exchange Fund Management Bureau, the Xiangjiang development investment fund, the Xiangjiang Trade Development Bureau, the Xiangjiang Productivity Promotion Bureau, the Xiangjiang Industry Federation, the industry department and the Trade Department of the Hong Kong government, perform their respective duties, warmly entertain and actively negotiate.
Sir Gao, President of the Xiangjiang exchange fund authority, has focused his main energy on contacts with the financial circle. There are not only a wide variety of topics, but also considerable concern from the outside world, such as the obvious appreciation trend of the Hong Kong dollar, the deepening development of the Xiangjiang yen offshore financial center, the Xiangjiang international financial center, and the rumor that the Xiangjiang exchange fund authority has been upgraded to the Xiangjiang financial authority. It is absolutely inseparable from communication with sufficient level and authority.
In the same sentence, circles are everywhere, and wall street can not be divided into three, six, nine, etc. among them, the most traditional and core circles are large investment banks, such as Morgan Stanley and Goldman Sachs. Although Lehman Brothers was bought by gaoyimi because it was in business difficulties, it also belongs to this circle, which is just the lower ranking, Even Solomon brothers is not as good as it is for the time being.
For another example, the venture capital circle growing up with the high-tech industry in Silicon Valley has also attracted more and more attention. For example, when Apple computer was listed on Nasdaq, Morgan Stanley condescended to participate in stock underwriting.
However, the most popular circle at present is the junk bond circle, which gives companies at the level of Drexel Burnham Lambert the ability to call the wind and the rain, which is enough to shine with the large investment banks on Wall Street.
By the way, junk bonds are just a popular name. Even Morgan Stanley has actively participated in this game. There must be a good name, called high-risk and high-yield bonds.
Junk bonds naturally have strong vitality as a way of playing that can be accepted by the core circle of Wall Street. The most attractive attraction for the capital operation elites is their supporting role in leveraged buyouts.
For example, William Simon, Minister of finance during the period of Nixon government and Ford government, was a senior partner in charge of the government and municipal bond departments of Solomon brothers before entering politics; When Carter won the presidency, he started politics, returned to Wall Street and started his old business. In 1982, he used leveraged buyout to win the American greeting card company, the second largest greeting card supplier in the United States.
Of the $80 million acquisition, William Simon's capital was only $1 million, of which $330000 was paid by himself, and the remaining $79 million was provided by companies like Drexel Burnham Lambert through junk bonds.
Sixteen months after William Simon successfully acquired the American greeting card company, the American greeting card company made an initial public offering, and the market value suddenly soared to $290 million. William Simon personally earned about $66 million, truly achieving high risk and high return.
With such successful examples there, it's strange that junk bonds are not rampant.
According to Gao Xian's information, there have been about 200 leveraged buyouts in the US capital market every year since 1979, in which private equity funds and junk bonds play a vital role.
Among the Wall Street elites who came to the Waldorf hotel in New York, there was Michael Milken, who was now very popular. Sir Gao gave him a warm reception as usual.
How good is Michael Milken now?
There is a highly credible saying in Wall Street circles that Michael Milken's ability to raise funds can even be compared with JPMorgan, the big man among the big men.
A strong evidence is that issuing junk bonds is inseparable from the bank, but the bank knows what high risk is; At this time, Michael Milken's personal reputation is the endorsement of success.
During the conversation, Michael Milken talked about his interest in Xiangjiang international financial center and the rise of Asian capital.
Sir Gao tasted the implication in this kind of talk. Michael Milken wanted to continue to expand the business of debt-based bonds, especially to expand the capital pool.
You know, the successful financing of debt based bonds can only be achieved if the buyer is willing to accept the offer. The situation in the United States is roughly that a series of strengthened supervision of the financial industry in the United States since Roosevelt's new deal in the 1930s have been relaxed after Reagan came to power in the 1980s. In this case, insurance companies have become a major force in buying junk bonds, but the more the better this capital pool is, and the depreciation of the US dollar after the Plaza Agreement, Can Asian capital with greatly enhanced purchasing power better coax rural rich people?
Gao Xian did not express his attitude towards this, which is also his due performance as the president of Xiangjiang Exchange Fund Management Bureau. You can test, but I don't react. It's normal.
There are too many "wild ways" in the game of junk bonds. It takes time to improve the rules. The securities and Exchange Commission of the United States is investigating all kinds of black box operations. Sir Gao does not intend to give the official view of Xiangjiang exchange fund administration to avoid endorsement. In Gao's consortium, Lehman Brothers can play properly, and other members can forget it for the time being.
It can be said that Michael Milken's temptation did not make him feel uncomfortable. However, like Soros and others, he was inevitably vigilant when they tried to change the attitude of the exchange fund authority towards the current obvious appreciation trend of the Hong Kong dollar.
However, Gao Xian believes that the current situation will not allow international speculators to do anything, so he bluntly said that the exchange fund authority believes that the timely introduction of negative interest rates by Xiangjiang banking industry is a good measure.
……
Bow to thank the book friend: 123 life and toss more than reward support!!
At present, the ugly eating of Wall Street in seizing benefits can not be tolerated by the public opinion of capitalist society and other industries.Among them, the basis of dissatisfaction is not only based on intuitive feelings, but according to the media, with clear data support.In short, this year, 1986, is the most profitable year in Wall Street's history.According to the data on the surface, Drexel Burnham Lambert, the leading junk bond company, made a net profit of about $550 million in the financial year 1986.In particular, Michael Milken, as the director of the junk bond business of Drexel Burnham Lambert company, who can be called the one who has promoted the boom of the junk bond market in the United States, has received nearly $300 million in personal salary, setting a record of the highest salary of employees in the world. It is unprecedented, and it is estimated that it is difficult to come later.At this stage, Drexel Burnham Lambert and Michael Milken are closely watched by all parties, including the U.S. Securities and Exchange Commission, and have become the target of public criticism, so that Morgan Stanley, which ranks second in the field of junk bonds, is often ignored.It has to be said that no matter where he is, it is an iron law to make a big fortune. Just like Sir Gao, his attention has been transferred to the public interest platform of Xiangjiang exchange fund administration, and the members of Gao's consortium are much more low-key. Even if the public operation of becoming the largest shareholder of Intel is commented by various financial analysts, But none of them involved the negative attribute of capital.Xiangjiang Exchange Fund Management Bureau is now shining. It can be seen from the warm pursuit of its support for the global promotion activities of the international financial center and the International Digital Center held at the Waldorf hotel in New York. The participants included major investment banks on Wall Street, high-tech companies and even media giants.The logic is not difficult to understand. Xiangjiang's international financial center has gone out of Asia and reached the global level. To a large extent, the international digital center is consolidating the existing status of an international financial center. For example, the efficiency of financial information processing and communication is higher. International investment banks and Commercial Banks naturally like it.The psychology of high-tech companies is simpler and clearer. The orders for the construction of Xiangjiang digital expressway are full of temptation.As for the enthusiasm of media giants, it reflects the foresight of the elite and the potential of Xiangjiang to become a global media center.In fact, the deeper logic is that Xiangjiang is now the bridgehead for the outside to enter the incomparably huge Chinese market.All the visitors are guests. The initiators of the event, including the Xiangjiang Exchange Fund Management Bureau, the Xiangjiang development investment fund, the Xiangjiang Trade Development Bureau, the Xiangjiang Productivity Promotion Bureau, the Xiangjiang Industry Federation, the industry department and the Trade Department of the Hong Kong government, perform their respective duties, warmly entertain and actively negotiate.Sir Gao, President of the Xiangjiang exchange fund authority, has focused his main energy on contacts with the financial circle. There are not only a wide variety of topics, but also considerable concern from the outside world, such as the obvious appreciation trend of the Hong Kong dollar, the deepening development of the Xiangjiang yen offshore financial center, the Xiangjiang international financial center, and the rumor that the Xiangjiang exchange fund authority has been upgraded to the Xiangjiang financial authority. It is absolutely inseparable from communication with sufficient level and authority.In the same sentence, circles are everywhere, and wall street can not be divided into three, six, nine, etc. among them, the most traditional and core circles are large investment banks, such as Morgan Stanley and Goldman Sachs. Although Lehman Brothers was bought by gaoyimi because it was in business difficulties, it also belongs to this circle, which is just the lower ranking, Even Solomon brothers is not as good as it is for the time being.For another example, the venture capital circle growing up with the high-tech industry in Silicon Valley has also attracted more and more attention. For example, when Apple computer was listed on Nasdaq, Morgan Stanley condescended to participate in stock underwriting.However, the most popular circle at present is the junk bond circle, which gives companies at the level of Drexel Burnham Lambert the ability to call the wind and the rain, which is enough to shine with the large investment banks on Wall Street.By the way, junk bonds are just a popular name. Even Morgan Stanley has actively participated in this game. There must be a good name, called high-risk and high-yield bonds.Junk bonds naturally have strong vitality as a way of playing that can be accepted by the core circle of Wall Street. The most attractive attraction for the capital operation elites is their supporting role in leveraged buyouts.For example, William Simon, Minister of finance during the period of Nixon government and Ford government, was a senior partner in charge of the government and municipal bond departments of Solomon brothers before entering politics; When Carter won the presidency, he started politics, returned to Wall Street and started his old business. In 1982, he used leveraged buyout to win the American greeting card company, the second largest greeting card supplier in the United States.Of the $80 million acquisition, William Simon's capital was only $1 million, of which $330000 was paid by himself, and the remaining $79 million was provided by companies like Drexel Burnham Lambert through junk bonds.Sixteen months after William Simon successfully acquired the American greeting card company, the American greeting card company made an initial public offering, and the market value suddenly soared to $290 million. William Simon personally earned about $66 million, truly achieving high risk and high return.With such successful examples there, it's strange that junk bonds are not rampant.According to Gao Xian's information, there have been about 200 leveraged buyouts in the US capital market every year since 1979, in which private equity funds and junk bonds play a vital role.Among the Wall Street elites who came to the Waldorf hotel in New York, there was Michael Milken, who was now very popular. Sir Gao gave him a warm reception as usual.How good is Michael Milken now?There is a highly credible saying in Wall Street circles that Michael Milken's ability to raise funds can even be compared with JPMorgan, the big man among the big men.A strong evidence is that issuing junk bonds is inseparable from the bank, but the bank knows what high risk is; At this time, Michael Milken's personal reputation is the endorsement of success.During the conversation, Michael Milken talked about his interest in Xiangjiang international financial center and the rise of Asian capital.Sir Gao tasted the implication in this kind of talk. Michael Milken wanted to continue to expand the business of debt-based bonds, especially to expand the capital pool.You know, the successful financing of debt based bonds can only be achieved if the buyer is willing to accept the offer. The situation in the United States is roughly that a series of strengthened supervision of the financial industry in the United States since Roosevelt's new deal in the 1930s have been relaxed after Reagan came to power in the 1980s. In this case, insurance companies have become a major force in buying junk bonds, but the more the better this capital pool is, and the depreciation of the US dollar after the Plaza Agreement, Can Asian capital with greatly enhanced purchasing power better coax rural rich people?Gao Xian did not express his attitude towards this, which is also his due performance as the president of Xiangjiang Exchange Fund Management Bureau. You can test, but I don't react. It's normal.There are too many "wild ways" in the game of junk bonds. It takes time to improve the rules. The securities and Exchange Commission of the United States is investigating all kinds of black box operations. Sir Gao does not intend to give the official view of Xiangjiang exchange fund administration to avoid endorsement. In Gao's consortium, Lehman Brothers can play properly, and other members can forget it for the time being.It can be said that Michael Milken's temptation did not make him feel uncomfortable. However, like Soros and others, he was inevitably vigilant when they tried to change the attitude of the exchange fund authority towards the current obvious appreciation trend of the Hong Kong dollar.However, Gao Xian believes that the current situation will not allow international speculators to do anything, so he bluntly said that the exchange fund authority believes that the timely introduction of negative interest rates by Xiangjiang banking industry is a good measure.Bow to thank the book friend: 123 life and toss more than reward support!!
