The Phoenix Pioneer Fund has successfully operated, and with Tang Bao's guidance, it has directly entered the very hot Japanese stock market, and it is inevitable to make money.

……

In recent days, Tang Bao has stopped going to Phoenix Investment Group, and has been nesting in the university library, reading some professional financial books, and carefully taking notes in his notebook, extremely seriously.

This time, Tang Bao has a clear goal, and the books he reads are all about rating agencies. The impact of the S&P rating incident shook him hard, and also reminded him that those who engage in capital operation must have a certain right to speak in finance, and if you don't have the right to speak, even if you have all kinds of skills, you can only be slaughtered by others. Today's S&P Ratings incident is the truest portrayal! Obviously, the scale and revenue of Phoenix Investment Group are much larger than that of Standard & Poor's, but in this short confrontation, Phoenix Investment Group was completely defeated and even had no power to fight back.

Dragged by play......

on this.

Tang Bao can only pour some dirty water on S&P, but there is no effective solution. The freedom of speech granted by the U.S. Constitution to rating companies, even if their ratings are seriously inconsistent with the facts, do not need to bear legal responsibility, which is the biggest reliance on S&P to dare to make trouble with Phoenix Investment Group.

He read a lot of books and materials about rating agencies, and the more he learned about them, the more he felt the terrible influence of rating agencies in the entire financial field. He didn't want to be a bystander and taste the taste of being at the mercy of others, so Tang Bao was planning to set up a credit rating company.

If you can't change it, get involved.

Leave the library.

Nick also appeared at Tang Bao's side on time, waiting for orders. He would occasionally accompany Tang Bao to read books in the library, and sometimes he would do chores such as buying drinks. However, as long as Tang Bao is on campus, Nick's work is extremely easy, and there is very little to do.

"Boss, I've found a lot of land in the suburbs of New York, there's a big lake, there's a small wood, the air is fresh, there's no noise, it's very livable, it's a good place to build a villa, do you need to go and check it out?" Nick stepped forward and asked, this was the first task given to him by Tang Bao, and he did it with great care, striving for perfection.

"No need."

Tang Bao shook his head, what is there to see about a piece of land, at present, he is thinking about how to have his own rating company, how can he care about those little things. Besides, he also believes that Nick will handle this matter properly, he has to care about everything, so what's the use of having this personal assistant.

Suddenly.

Tang Bao thought that Nick was also a top student at Yale University and was familiar with American law, so he asked, "Nick, if I want to buy a rating company, is there any legal obstacle?" Well, or will U.S. regulators hinder such acquisitions? ”

In all fairness. The success of a rating company is not something that can be achieved overnight, and to play a role in the international rating system, it takes decades to polish it, build up a reputation step by step, and slowly win trust. As a result, Tang Bao is inclined to acquire a rating company.

Even if it is a small rating agency, it has a basic foundation, and Tang Bao can quickly get started and get involved in the field of credit rating.

"Uh, boss, you want to buy the rating company?" Nick was stunned.

Mergers and acquisitions between U.S. companies happen all the time, and rating companies are no exception, but not everyone can participate in this kind of merger, and there are hidden restrictions.

"Yes, I have this idea." Tang Bao nodded.

Nick obviously didn't expect that his boss would be disgusted by the S&P once, and he would go to steal someone's job. He didn't know much about rating agencies, but he still understood some superficial things, and replied: "From a legal point of view, the U.S. regulatory authorities will not interfere in mergers and acquisitions between such companies, and in fact, the U.S. government rarely regulates this area." However, as far as I know, no foreign company has successfully merged with a U.S. rating company, even a small one. ”

"Oh? Didn't work out? What do you mean, there have been attempts by foreign companies to merge with American rating companies before......" Tang Bao grasped the key point in Nick's words.

"Yes, the UK, France, and Japan rating agencies have all tried to rely on mergers to enter the US ratings market, but all have failed. On the contrary, the three major rating agencies of Standard & Poor's, Fitch and Moody's, which have been able to successfully merge and control other peers, have a firm grasp of this part of the market. Nick said.

"Do you know the reason for the failure?"

"Nobody knows, anyway, the acquisitions of foreign rating agencies will eventually fail. Perhaps it was the three major rating agencies that stirred up the situation, or perhaps the government department vetoed the acquisition for fear of threatening the financial security of the United States. Nick voiced his guess.

So.

Nick is not optimistic about Tang Baoneng's successful acquisition of a rating company!

"Boss, the rating market is the cheese of the three major international rating agencies, Standard & Poor's, Moody's and Fitch, they have a monopoly on the rating market, and if you want to meddle in this area, you may face the risk of the three major rating agencies joining forces to fight back. For example, more similar S&P rating events ......"

Alas.

Tang Bao sighed lightly in his heart, he thought that there might be a lot of obstacles to acquiring a rating company, but when he heard Nick's reminder, he still thought about it too simply.

But.

No matter how difficult it is, Tang Bao has to try it, and if he hasn't tried it, how can he be willing.

The next few days.

Tang Bao approached several small rating companies through Nick and expressed his intention to buy. But the effect was not obvious, but it made a joke. When he expressed his intention to acquire a rating agency called Prudential Consulting Services, he was ruthlessly ridiculed by the other party, and after the last check, he realized that this rating agency was a company controlled by Standard & Poor's.

Grass.

In this regard, Tang Bao could only scold secretly.

I also blame myself for being dizzy, a little anxious for quick success, but if he usually wants to buy a company, he will definitely conduct a detailed investigation. However, Tang Bao was stimulated by the S&P rating incident and desperately wanted to intervene in the rating market, so he ran to buy other companies without doing any investigation.

In the end, he was disgraced, and he deserved it.

With a lesson, Tang Bao calmed down and did not make rash moves.

Tang Bao and Nick commissioned a professional research company to investigate several of their preferred target rating companies, including the shareholding structure of these companies.

When he saw the investigation report, Tang Bao was taken aback, and couldn't help but secretly scold the three major international rating agencies for really operating well. He commissioned a survey of eight small rating companies, but seven of them had shares from the three major rating agencies. Among them, S&P holds three, Moody's and Fitch each hold two, and the ostensibly independent rating companies are all quietly controlled by the three major rating agencies.

It's no wonder that Nick said that previous acquisitions of U.S. rating companies by foreign rating agencies would fail.

Nima's three major rating companies operate this market impenetrably, and they control the small rating companies, and they will sell the company if they are stupid and lure the wolf into the house.

In fact.

Tang Bao did not know that these were the results of the failure of the rating companies of the United Kingdom, France and Japan to break into the United States, and in order to monopolize the market, the three major rating agencies successively participated in and controlled the small rating companies in the United States, because they did not want to see any opponents challenge their authority through these springboards.

Medi Investment Services, Inc.

This is the only one of the eight companies surveyed by Tang Bao that does not have the shadow of the three major international rating agencies, which also makes Tang Bao have a trace of expectation.