Just when the richest man Bao inspected various branches and made an appointment to meet acquaintances. The major fund companies and investment banks on Wall Street are very busy. At least these two days of meetings, but not less.

If you want to say what era of Wall Street capital is the craziest, at this stage, it is definitely on the list. In order to make a profit, it can be said that there is nothing that these speculators dare not do.

The 1980s was hailed as an era of coexistence of greed and pomp; the brutality and ruthlessness of capital, and the intoxication of Wall Street were vividly rendered. At this stage, the LBO wave actually has the deepest economic roots. Economic downturn and corporate profits decline, management agency problems and corporate governance problems, undervaluation of companies and the flow of hot money are some of the most critical factors of the times.

The 1950s and 1960s after World War II was known as the "Golden Age" for the economic take-off of the United States. In 1950, the U.S. GDP growth rate was 8.7% year-on-year. In the following 20 years, the U.S. GDP growth rate exceeded the 6, 7, and 8 thresholds many times. But good times don't last forever. Entering the 1970s, the US economy embarked on a "turbulent journey".

During the Nixon administration, it was even announced to the outside world that it would stop fulfilling the obligation to exchange the US dollar for gold. As the war's stimulus to economic growth faded, the United States faced significant downward pressure on the economy and started running a current account deficit.

After the Vietnam War, the United States was burdened with a huge budget deficit. Coupled with the outbreak of the fourth Middle East war, the Organization of the Petroleum Exporting Countries announced an oil embargo, and oil prices soared, which led to an aggravated contraction of demand in the United States. The three pillar industries of construction, automobiles, and steel were hit particularly hard. The unemployment rate was close to 10%. The number of bank failures was a postwar record.

During the same period, U.S. consumer prices rose by more than 10%, and more severe inflation plunged the U.S. into a quagmire of stagflation. Corporate profits fell sharply, driven by the economic downturn and corporate profits; mergers and acquisitions dominated by "hostile takeovers" began to appear.

After the merger wave in the 1960s with the goal of "risk diversification", the United States produced a large number of "diversified" giant companies. For example, itt, which has acquired more than 350 companies, and Lytton Industries, which is driven by a diversification strategy. In these diversified companies with dispersed ownership, the agency problem of management has become more and more prominent.

Inefficient investment, blind expansion of the company's business territory; even squandering shareholders' profits, corporate governance issues are more and more exposed by the media. In the context of weak internal governance, the pressure of mergers and acquisitions is seen as a means of external corporate governance. After the 1970s, some giant enterprises were re-divided and returned to their main businesses.

At the same time, the macro credit environment also provided the soil for the prevalence of leveraged buyouts. The stagflation in the 1970s led to continuous credit expansion and extremely loose monetary policy. Before President Reagan took office, there were nearly five years of negative real interest rates; the U.S. federal funds rate and the inflation rate were once inverted.

Even into the late 1970s, the junk-bond market swelled sharply, with money looking for opportunities everywhere. In the past two years, investors have invested $18 billion in the junk bond market, benefiting kkr, the king of leveraged buyouts, with junk bond funds participating in its 13 large acquisitions.

During the market downturn, high-yield leveraged buyouts have become the target of hot money in the market. At this time, Wall Street found that there were good projects, and absolutely ignored them. Bao Zixuan wants to establish a stock exchange market in Fucaira, combined with the huge size of the Black Cloud Group and the huge oil resources in the Middle East, it is a profitable business no matter what.

The most important thing is that everyone is not stupid, investing in Baozixuan and oil; it is definitely much better than increasing leveraged buyouts in uncertain companies. Not to say that you won't lose, but it is indeed difficult to find a reason for failure. And the profit earned is not less. So when the news was released, the entire Wall Street was shocked.

They all want a piece of the pie, but now they can't negotiate directly with Bao Zixuan; instead, they want the other party to see their professionalism.

The first is Goldman Sachs Investment Bank, after all, Bao Zixuan was the first to find them; Bruce Powers is reporting the relevant situation to the directors.

At this time, the president of Goldman Sachs was in high spirits. After all, the other party took the initiative to find them, allowing Goldman Sachs to take the lead.

Bruce Bowers: "On the day of Microsoft's listing, Mr. Bao Zixuan found me. I hope to cooperate with Goldman Sachs Investment Bank to establish the Fuchaila stock exchange market. Regarding the relationship between Bao Zixuan and Fuchaila, here is also the I don't need to stress it."

"The other party is sincere and has a very clear attitude. If Goldman Sachs wants to participate, it will definitely give us a seat. At the same time, although Bao Zixuan did not directly reject Morgan Stanley, but from the tone analysis; the other party should not choose the same Morgan family cooperation. This is our opportunity, at least much better than junk bonds.

Goldman Sachs must not remain indifferent to the goodwill released by Bao Zixuan. If that is the case, then with that kid's character, it is estimated that there will be no chance for cooperation in the future. Old Morgan is just too stubborn, so now there is less and less cooperation with the Black Cloud Group.

Even the National Steel Corporation of the United States is about to be kicked out of the black cloud auto supplier list. You must know that this is the world's largest automobile group, and people would rather import steel from abroad than buy it from home. National Steel's products are definitely not bad for the price/performance ratio. It can be said that this kid just wants to fight for a breath.

As for Apple and Microsoft, that's because they're never involved in any management. Even if it is listed, it is to come over to deal with the errand. It can't be regarded as cooperation with Heiyun enterprises; Bao Zixuan is not the controlling shareholder of these two enterprises.

At this time, a director said: "President Bowers, how much profit Goldman Sachs can get if he helps Heiyun Group build a stock exchange market in Fucaira."

Hearing this, Bruce Bowers was disgusted. It is because of this director that Goldman Sachs entered the field of junk bond underwriting. This will not only damage the company's reputation, but more importantly, it will bring serious hidden dangers in the future.

But these people, for the sake of short-term interests, are completely disregarding it. There is no cooperation yet, and to be precise, no details have been negotiated; it is just an early concept, when Goldman Sachs has to come up with a plan. Even asking how much profit can be made, this is how people answer.

But now it's the board of directors, so we must not be childish.

Bruce Bowers said very seriously: "I can't answer you at the moment. After all, this matter is still planned. As for how much profit can be made, it depends on Goldman Sachs' attitude and efforts."

"Bao Zixuan has made it clear that he is not very professional in the stock market; therefore, I hope Goldman Sachs can come up with an overall plan. That is to say, the Fucaira stock market is planned by Goldman Sachs. This is a test of skill. While maximizing profits, it also satisfies customers.

"So I will lead the team, investigate it myself, and then give the final plan."

"Dear directors, there is currently no professional stock exchange market in the Middle East, but there are many large oil companies in the Middle East. They lack technology and capital, but they have huge oil and natural gas resources."

"As long as you raise funds in the stock market, it's easy to grow. If Goldman Sachs invests junk bond funds into oil and gas companies; not only will the assets become benign, but future returns will be immeasurable."

Hearing that Goldman Sachs can participate in the construction of a national stock exchange market, all the directors of UU Kanshu www.uukanshu.com are very interested. This is not just a matter of profit; popularity and influence are even more difficult to measure with money.

If the Fucaira project is successful, then other countries that want to build a stock exchange market will definitely choose Goldman Sachs first. This is invisible advertising, more useful than any propaganda.

And you can swap junk bonds for stocks of oil and gas companies, fools know how to choose. This is a great opportunity that you can't find even with a lantern; it must not be missed.

Chris Goldman, the company's largest shareholder, said very firmly: "Junk bonds can't last, so we should get out of here as soon as possible. Since Bao Zixuan took the initiative to find President Powers; then you have to work hard and be a customer Satisfactory plan."

Chris Goldman, as the representative of the Goldman family; his words still carry a lot of weight, and it can be regarded as a final conclusion on this matter. That is to say, the entire company must unconditionally cooperate with the Fucaira stock exchange market project.

As for the other directors, they definitely didn't dare to say anything more, that would be unpleasant for themselves.

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