Before 08 years, Ameriken or the whole of Europe and the United States were far from being able to compare with later generations in terms of financial supervision in terms of strength and severity.

In the aftermath of the '08 financial crisis, Ameriken introduced a comprehensive financial regulatory act, the Dobby-Frank Act, which restricts banks from using their own funds for transactions and strengthens the regulation of systemic risk and financial products.

If there is such a bill now, Madoff will be the first to be exposed.

Then, 18 years later, under the leadership of the Golden Retriever, a large number of provisions of the Dobby-Frank Act were scaled back because they believed that they were bad for small and medium-sized financial institutions, and the result was the collapse of Silicon Valley Bank and other banks in 2023.

Therefore, risk control is the lifeblood of the financial industry, and bad rules are better than no rules.

Back to the present, compared with later generations, it is not too much to describe the current financial industry as chaotic.

Therefore, it is not an exaggeration for users like Paul to use their savings to buy Madoff financial products on Baidu and channels, and many users get loans with interest rates of about 5% from banks, and then go to buy Madoff financial products.

With the idea of earning interest differentials, they borrowed heavily and pulled up leverage.

Banks don't stop this in the slightest, even if they know that the customer's loan is not for consumption as they wrote when they apply.

Because for the bank, it's good for me to get the job done.

The whole chain turned.

In the first year, Ameriken had a local consumer who became a Madoff customer with full leverage, and in the second year, the first phase of the financial product was successfully redeemed, during which the user's withdrawal was not hindered.

By the second year, it was not only consumers in the Americon area who were buying Madoff's products, but also many European users who purchased the product through various channels, through their friends in Americon or through companies in the middle.

During the period, the regulator turned a blind eye to this behavior, and Baidu He watched the numbers on the books rise.

The fundraising scale of Baidu's payment Madoff financial products has increased sixfold from 5 billion yuan in the first phase to 30 billion yuan in the second phase of the second year.

If you add it up, Madoff receives nearly $50 billion in money from retail investors.

The growth rate is so fast that top scammers like Madoff are a little panicked, and the money on the Internet comes too easily.

With the help of rapid growth in the field of electronic payment, Baidu has brought about a soaring stock price, and its market share has successfully surpassed, becoming the second largest electronic payment software.

In terms of the total number of customer balances, Baidu Pay has even left WeChat far behind.

This rapid growth has brought huge profits to George, Baidu's treasurer, and Madoff has to pay him close to $300 million a year from private accounts.

Baidu's executives and board of directors looked at such beautiful data and applied to expand the scale of the cooperation with Madoff.

Why can I only sell one issue a year? We should sell two issues a year, and then one issue a month.

Madoff himself refused, the amount of money was too large, and he was no longer worried about the liquidity in his hands drying up, the only thing he was worried about was that his scam would be exposed because of the huge amount of money.

In order to avoid the scam being exposed, Madoff, who had never done any financial operations before, even began to buy some stocks in the capital market to do some hedging operations.

Approaching $50 billion, with a single customer cap of $1 million.

From this point of view, it takes 50,000 full customers, and in fact, there are many European customers who buy Madoff's financial products by signing contracts with Ameriken intermediaries.

So Madoff is siphoning money from around the world.

Of course, there are also Chinese customers who are buying.

Why do European customers buy it? Because European monetary policy is more accommodative than American, the cost of money is even lower than American, and their leverage is even higher than that of American.

Ameriken individual clients obtain loans from banks and the cost of capital is between 5 and 7%, while the cost of capital for European clients is between 3 and 4%.

In addition, between 2000 and 2007, Ameriken's household credit debt increased from 98 percent to 136 percent of personal disposable income.

The English figure grew from 120 per cent to 180 per cent.

Why did the financial crisis in 08 make such a fuss, from the five European pig countries to the whole of Europe, and then to the American people, because the Europeans have looser money, pull leverage more, and the rapid growth of credit and the expansion of asset price bubbles faster.

The money came so easily that NewPay was red-eyed.

There are executives within NewPay who watch their competitors make this money, but they can't make it on their own side.

Yu'e Bao opened the era of Internet finance, and the cooperation between Madoff and Baidu has brought Internet finance to the extreme.

Products with 10% income are in the front, and Yu'e Bao with 2 to 3 points is not worth mentioning.

Baidu can get 2% of the revenue from Madoff's financial products, which means that the annual revenue of this piece alone is about 600 million US dollars.

NewPay executives believe that Madoff first talked to them about cooperation, and with the help of NewPay's channels and user base, once they start selling Madoff financial products, the scale can far exceed Baidu.

"Peter, I think we should also work with Madoff, Baidu is menacing, and they have completed the accumulation of original customers with the help of Madoff financial products.

Baidu Pay is not only growing rapidly in the number of customers, exceeding 5 million, but also offline payment is also expanding rapidly.

With the help of the funds precipitated by Madoff's financial products, most customers choose to continue to put the interest income after Madoff settles the interest in their Baidu payment accounts, and then complete the transaction through Baidu.

It is equivalent to using Madoff financial products, Baidu has customers and substantial payment behaviors, and they are also talking about cooperation with a large number of offline enterprises, and they are also rapidly rolling out offline, which means that they will also have offline payment scenarios.

We need to be wary of this opponent, we need to pay attention to this opponent, Baidu and NewPay have faced different competitors in the past.

I think we should work with Madoff as well. Noel Sacasa said.

He is a senior executive who joined NewPay after its founding, and specializes in poaching top experts from the International Monetary Fund.

Peter Thiel looked at each other with sharp eyes: "Sakassar, don't say you don't know that Madoff's financial products are risky.

Once faced with a liquidity depletion, you should know what that means. ”

At the moment, even the craziest conjecture did not think that Madoff Investment Company was an outright scam, and realized that it was wrong, and only thought that Madoff was engaged in arbitrage operations.

Because of the undefeated myth of his undefeated return of more than 12 per year, Madoff may have done some irregularities and risked running out of liquidity, Peter Thiel, or most of the doubters of Madoff, think.

Sacasa clasped his hands around his chest, looked Peter Thiel in the eye and said, "I know."

Peter, yes, Madoff may be risky, but it's impossible to run a business without taking risks.

When an outside director asked the board of directors if we could work with Madoff, you replied that our position in the field of electronic payments would not be shaken, that we were far ahead of our competitors, and that we needed to adopt a sound business strategy.

That's right, and I agreed with you at the time.

But now it's different, Baidu already has the most critical elements of electronic payment, and they are not like it, Baidu, which controls the Internet entrance, has the best traffic.

Weibo was sold to Microsoft, and WeChat has its own payment software, which is impossible to attract traffic for us.

Baidu has formed a positive cycle after having all the elements, the snowball has begun to roll, and the gap between them and us is only getting closer.

What we need to do is stop the snowball rolling, and working with Madoff is the best way to do it.

I know that there are risks, and we can clearly write down the risks, and make the risks clear in the electronic agreement signed with the user, including the risk in the product introduction.

If the customer still chooses to buy Madoff financial products, then there will be an accident in the future, which is the customer's own choice, and has nothing to do with NewPay.

Before, it was okay for us not to take risks, but now it's time to take risks.

Peter, you're in the mall, not in school, don't always cling to the academic mentality. ”

Sacasa was referring to Peter Thiel's previous teaching at Stanford.

Peter Thiel pressed his hands down, signaling that he needed to think.

He was thinking about what Zhou Xin would do if he encountered such a situation.

Without Zhou Xin, Peter Thiel would also be one of the earliest founders of PayPal, ousting Musk from the position of PayPal CEO and becoming the CEO of PayPal himself, making Musk's attempt an unprecedented failure, so that Musk said in a public interview that he wanted to assassinate Peter Thiel at that time.

Of course, because Confiniti is now merging with NewPay, not with it, Peter Thiel and Musk are still friends.

Peter Thiel will also be one of Facebook's earliest investors.

Therefore, Peter Thiel's sense of smell is definitely sharp enough, and the means are far from being like Sakassar's so-called academics, and he has never wanted to cooperate with Madoff, which is essentially a feeling.

The so-called interest rate is too high, the fear of Madoff's liquidity risk, and the fear of affecting NewPay's reputation are the reasons for the decision.

In a room with only two people, Sacasar and Peter Thiel, Peter Thiel asks about his own heart, which is essentially a kind of disgust, the subconscious disgust and antipathy of Peter Thiel as a Germanic to Madoff as a Jew.

"No, I stand by my idea, and if you object, you can convene a board meeting to oppose the decision I made.

As long as you can get Newman's support, or Newman's abstention. Peter Thiel decided to follow his feelings.

Although this feeling does not make sense, he has been following his feelings in the past, and this time is no exception.

Neuer Sacasa had anger on his face: "Peter, you will regret it!" Then he pushed the door open.

Sacasa didn't say anything more, because he knew that when Peter Thiel said he was looking for Newman, there was no point in arguing.

Compared with Peter Thiel, Sakasa has a limited time to join NewPay, and he has no dealings with Zhou Xin, so Zhou Xin returned to China.

This, combined with the unconditional affirmation of Peter Thiel on the board of directors last week, made him realize that there was no way to get this done.

Peter Thiel looked at the departing Sakasa and didn't sit down for a long time, he didn't know if the decision he had made was right or wrong, probably only time could give him an answer.

Zhou Xin was not aware of the controversy that was taking place within NewPay, and if he knew, he would have supported Peter Thiel.

Because Baidu has already burned this fire enough, the scale of 50 billion US dollars, plus a large number of users are pulling the lever on the car, this thunder has been buried big enough, and NewPay does not need to meddle anymore.

And in the future, when this thunderstorm explodes, NewPay will become an absolute monopoly electronic payment software on the market.

After entering 2005, there was no breakthrough in technology, and Mphone was unable to launch the next generation of products, but the smartphone chip developed by Xinxin Technology was officially launched.

"I am very glad that so many mobile phone brands have come to participate in the press conference of Xinxin Technology today, and I can introduce to you the upcoming chip products of Xinxin Technology here.

I only joined Xinxin Technology last year, and I was mainly responsible for Xiaomi mobile phones before, and after the new president returned to China, I told me that the press conference will be handed over to you in the future, Mr. Hu is old, and the physical exertion on stage is a bit big for him.

I also like to give speeches, and speaking in front of a crowd, so I took over the job.

I would like to introduce myself to you, my name is Yu Chengdong, although this time I am to introduce you to the products of Xinxin Technology, but I myself am responsible for Xiaomi's mobile phone business within Xinxin Group, and I am a peer and a direct competitor. ”

Yes, under Zhou Xin's signal, Xinxin Technology dug Yu Chengdong from Huawei, at this time he can only be regarded as a middle-level at best, and the person in charge of Xiaomi's mobile phone is obviously a better opportunity for him.

Therefore, with some work, he joined Xinxin last year.

For Zhou Xin, it is better to use raw than familiar, and these well-known figures have proved their abilities in the future, so there is no need to discover talents from unfamiliar people.

Zhou Xin has always adhered to it, try not to toss, and make good use of the advantages of vision.

After Yu Dazui finished speaking, the camera showed Zhou Xin sitting in the audience, and thunderous applause rang out from the audience, this applause was for Zhou Xin.

The news of Zhou Xin's return to China has been exposed at the last Shenhai Financial Summit, and this time it is just another verification.

At the press conference, which was attended only by mobile phone manufacturers and the media, hundreds of people applauded and showed the momentum of thousands of troops.

There are a lot of analyses about Zhou Xin's return to China, and the most mentioned approximate meaning is: "Because Zhou Xin's identity and historical achievements have a totem-like role, his return to China means that he is optimistic about the future development of China's economy." ”

"I don't sell Guanzi either, the two chips we are going to launch this time are named Birdfinch and Honghu respectively."

I didn't get up in the morning, so I had to change it in the evening.

To be honest, the scale of Madoff's financial products of 50 billion, the crows feel conservative, replaced by 08 years ago Ameriken, if there are similar products, they should be able to do this scale higher

(End of chapter)