There is no contradiction between strict regulation and lack of punishment.

There are a lot of rules that you can't do this and that, but the ban can't be exhaustive, and the regulation is also a patch after a vicious event, and you can always find loopholes in the layers of rules.

After the '08 financial crisis, the Federal Reserve and the Treasury Department have a lot more power, and many of the compliance operations before '08 may not only be non-compliant, but also illegal after '08.

"In addition, I think we should increase the role of enterprises and reduce administrative interference as much as possible.

For example, the China Development Bank can be transformed from a policy bank into a financial institution, so that it can perform its functions.

I believe that it is more conducive to our financial health to transform financial functional institutions into enterprises as much as possible and participate in market-oriented competition. ”

Zhou Xin put forward a lot of constructive suggestions at the closed-door financial meeting held in Yanjing, and many of them were remedial measures after taking a detour.

Of course, Zhou Xin's speech at the closed-door meeting was considered too radical by many people, especially those related to the financial sector.

In fact, the public servants are fine, because they can't end up in person, but for the people in the financial central state-owned enterprises, Zhou Xin's proposal will seriously affect their interests.

The group of people in the financial central state-owned enterprises are the most double-standard, the treatment should be the same as that of foreign-funded enterprises, the stability should be on par with the public servants, and the work intensity should be the same as that of Yanjing financial institutions.

Stability, work intensity, and a high salary are all enjoyed by them.

As for why Yanjing agreed to their request, to put it bluntly, everyone is their own people.

Shortly after the closed-door financial meeting, the details of China's 10 measures to stimulate the economy were announced, among which the establishment of the Bills Exchange and the transformation of CDB from a policy bank to a market-oriented financial institution were all manifestations of Zhou's new opinions.

And Huaguo NewPay has become one of the shareholders of the Bills Exchange, although the shares are very small, but the symbolic significance is significant, Yanjing hopes to give full play to NewPay's dominant position in the field of science and technology, so that the Bills Exchange can better use information technology to supervise the acceptance of bills.

As for Zhou Xin's suggestions on the securities market, the relevant departments said that they are still studying it, and the domestic securities market still needs time to grow.

Zhou Xin was not disappointed after knowing it, he didn't expect his proposal to be accepted in its entirety, how could the registration system in the real sense be implemented so quickly, let alone 2008, even if it is now 2018, there are still countless resistances.

"NewPay will complete the acquisition of Merrill Lynch's entire share capital at $32 per share, in a three-way transaction between NewPay, Merrill Lynch and the Federal Deposit Insurance Corporation.

The Federal Deposit Insurance Corporation (FDIC) first participated in NewPay's private placement and became the largest institutional shareholder of NewPay, and then NewPay completed the acquisition of Merrill Lynch."

NewPay's successful acquisition of Merrill Lynch has had a nuclear bomb-like impact on the capital market, mergers and acquisitions between large financial institutions are accelerating, Wells Fargo defeated Citigroup to buy Midland Bank, and Bank of America has turned its target to Ameriken International Group, etc.

The biggest winner after this merger and acquisition is definitely NewPay, which has completed the acquisition of Douglas Bank and Merrill Lynch, making NewPay a comprehensive financial institution, covering commercial banking, credit cards, brokerage, investment banking, and wealth management.

With the blessing of NewPay's huge traffic, these businesses will usher in the effect that one plus one is greater than two.

Merrill Lynch is biased towards NewPay, there are many factors, first of all, the Federation believes that NewPay is a good company, and compared with NewPay, which has a global business, the attractiveness of Bank of America is limited, and the Federation wants to take advantage of this opportunity to become an important shareholder of NewPay.

For the board members and executives of Merrill Lynch, the merger with NewPay can protect everyone's interests to the greatest extent, and the merger with Bank of America, there is a high probability that everyone will not even have scum left.

It's just that what they didn't expect was that NewPay was not good at stubble, and the acquisition was announced after the official completion of the Federal Reserve's approval, and Peter Thiel announced a total of 11,000 layoffs.

NewPay bought Merrill Lynch for $55 billion, $50 billion of which was paid by the Federal Reserve, and after the completion of the acquisition, Zhou Xin's stake in NewPay fell to less than 15%.

But Zhou Xin still has control of NewPay through a unique shareholding structure, and the Fed wants to abolish the A/B share structure when it trades, and the A/B share structure is still in place despite Zhou Xin's insistence and Paulson's compromise.

"We are delighted to have completed this incredible transaction." Peter Thiel's face was radiant at the press conference after the signing, and he couldn't hide his inner smile at all, and the jealousy in the heart of Warren Jensen, who watched him so proudly, kept churning.

Obviously, the earliest CEO of NewPay was me.

NewPay, which successfully acquired Merrill Lynch, may not be as good as the top ones in terms of asset size, but it can definitely be called one of the top financial institutions on Wall Street.

"Mr. Thiel, after NewPay launched the largest layoff plan in Merrill Lynch's history as soon as it acquired Merrill Lynch, does it mean that NewPay is dissatisfied with the status quo of Merrill Lynch?" Journalists are always afraid that the world will not be chaotic.

Peter Thiel is not shy about it at all: "That's right, if Merrill Lynch hadn't mismanaged, it wouldn't have been NewPay's turn."

It is the chaotic management of Merrill Lynch in the past, the arrogant management, and the lax risk control that have led to the current situation of Merrill Lynch, Merrill Lynch's financial situation is very bad, and after NewPay acquires Merrill Lynch, we need to carry out a profound, bottom-up reform of Merrill Lynch. ”

The reporters present were in an uproar, and John Sain, who was sitting next to Peter Thiel, had a very bad face.

Merrill Lynch's former CEO, O'Neal, has been ousted and is now replaced by NYSE-Euronext CEO John Sain.

NYSE-Euronext is a merger of NYSE and Euronext, the result of the merger of Ameriken and European stock market trading.

John came to Merrill Lynch to put out the fire, and NYSE-Euronext is better than Merrill Lynch.

As a result, Merrill Lynch was acquired not long after, and he signed it himself, and after signing, he had to be humiliated by the CEO of NewPay opposite, and John was a little nervous.

The reporters in the audience are boiling, it is rare to be so faceless after the acquisition, and generally after the acquisition, they will say a little bit of drama.

"Mr. Till, you are dissatisfied with Merrill Lynch's business strategy, so why did NewPay acquire NewPay? And how does NewPay plan to operate Merrill Lynch after the next acquisition is completed? The Wall Street Journal reporter, who grabbed the right to interview, asked.

Peter Thiel said: "I am dissatisfied with the status quo of Merrill Lynch, the status quo is the result, and the past Merrill Lynch's business strategy is the reason.

From the second half of last year to the first half of this year, Merrill Lynch's mortgage business alone lost more than $20 billion in one year.

This is a major mistake in business strategy.

In the future, NewPay will start to lay off employees from the technology, logistics and risk control departments, and then the global wealth advisors also need to be streamlined, we will complete the streamlining plan of wealth advisors in the next three years, and we will transform Merrill Lynch through technology to make it a real financial technology company. ”

Seeing Peter's tough attitude, although he didn't give face, but it was very reasonable, they turned to ask Merrill Lynch's CEO: "Mr. Sain, what do you think of Mr. Thiel's plan for Merrill Lynch?"

And do you think it would be reasonable to make such massive layoffs immediately after the acquisition is complete? ”

John Sain is clearly not so mad: "Bank of America plans to lay off 25,000 people, Wells Fargo plans to cut 11,000 people, Bear Stearns goes bankrupt, Lehman Brothers goes bankrupt, financial institutions are struggling, and a proper contraction is necessary."

Judging from NewPay's past regulatory performance on risk, I believe they can bring a different look to Merrill Lynch.

Merrill Lynch itself will accept the acquisition of NewPay, largely because of NewPay's rich experience in risk control, which will contribute to the long-term stability and asset health of Merrill Lynch in the future. ”

NewPay's acquisition of Merrill Lynch can be called a "strong wave" in the current round of Wall Street earthquake, and is regarded by Silicon Valley Internet companies as a victory for Silicon Valley over Wall Street.

"A 10-year-old Silicon Valley company can acquire a century-old Wall Street aristocrat, and there are infinite possibilities for the Internet!"

"That's the beauty of Newman, and there's no way anyone else can do it."

"Newman's prudent business strategy has caused other electronic payment software to lose consumer trust, and NewPay can not only occupy an absolute leading position in the field of electronic payment, but also acquire financial giants such as Merrill Lynch."

"This is the difference, in the first two years, everyone thought that Baidu Pay gradually caught up with NewPay, but as a result, Baidu Pay pulled Baidu down, Baidu was split into Baidu and Google, Baidu and Google both announced their withdrawal from the payment business, and NewPay's position has not been shaken in the slightest, and there is no possibility of being shaken in the future."

"It's unbelievable, who would have thought that NewPay would buy Merrill Lynch a year ago?"

On Weibo, Silicon Valley's IT elite expressed their views on the matter, and everyone was proud of NewPay's acquisition of Merrill Lynch.

The Wall Street media also went on to interpret the significance of NewPay's acquisition of Merrill Lynch.

"I first noticed Newman in 1999, when, under the leadership of Goldman Sachs, Time Warner acquired Quora, a well-known but little-known company in the Internet space, in a deal that was later hailed as the deal of the century.

It was this deal of the century that made Newman the focus of attention in the United States, and no one thought that in less than ten years, a new century trade would be completed under the leadership of Newman, and Newman also changed from a pawn to a chess player.

NewPay's acquisition of Merrill Lynch is no less significant than Time Warner's acquisition of Quora, which will be regarded as a landmark event in the financial crisis when we talk about it in the future, and NewPay, founded by Newman, will become a financial institution comparable to Goldman Sachs after the completion of this transaction.

I thought that Newman, like other Silicon Valley tycoons, Bill Gates, Elson, and Jerry Young, would focus most of their energy on enjoying life and lacking new ambition for their careers.

Life is always difficult to surpass one's peak, after I saw the news of the Time Warner Century transaction, I sincerely envied this young man in China, the future life can be enjoyed to the fullest, as a result, Newman not only did not stop, but wrote legends in more fields. NewPay's acquisition of Merrill Lynch is the result of Newman's long-term efforts and is a perfect embodiment of the American dream."

Time magazine used Zhou Xin's profile picture and NewPay logo as the cover of their new issue, the Wall Street Journal recounted Merrill Lynch's glorious past and the decline of a generation of legendary brokers, and the Chinese media focused on how much money Zhou Xin had after the deal was completed.

Wall Street's troubled financial institutions are trying to contact NewPay, hoping that a white knight will come forward to save them.

2008 was an unforgettable year for China, with all sorts of major events taking place, from the snowstorm at the beginning of the year to the mid-year earthquake, to the Olympics and the global financial crisis.

Zhou Xin donated 50 million yuan in the snow disaster and 500 million RMB worth of materials in the earthquake.

After the end of 2008, Zhou Xinneng realized that the previous cooperation with Americon had entered a new stage, and ASML's EUV prototype had been built, but the Xinxin lithography machine, which should have been faster, was stuck by some key technical nodes.

Zhou Xin has a hunch that the cooperative relationship between them and EUV LLC is likely to end, and the degree of cooperation between EUV LLC has decreased significantly.

Of course, he is not afraid of challenges, DUV is enough to develop to 7nm, under the leadership of Xinxin, the progress of Huaguo's EUV technology is not slow, hurry up and catch up, sooner or later it can be overcome, and it is not a zenith technology.

Zhou Xin is now sure that Ameriken's restriction strategy on chips will most likely fail.

"Newman, there is news from Xinxin Neon that Elpida intends to sell shares or production lines for Xinxin to take over." Hu Zhengming said.

This is not surprising to them, Xinxin's internal high-level meetings often mention Elpida, memory chips are Xinxin's weak link.

However, Matrix and Xiaomi's huge annual smartphone shipments have a lot of demand for memory chips.

In the end, these needs had to be handed over to Samsung and Hynix, and the price of Samsung and Hynix was lower than Elpida, and the yield rate was higher, so there was no reason why they should not choose Samsung and Hynix.

Xinxin has developed to the point where it is today, and there has always been a voice inside that it wants to make its own memory chips.

Zhou Xin is not in a hurry, because he knows that sooner or later Erbida will not be able to bear it, and it is better to take Erbida directly than to start anew.

"Elpida finally can't bear it." Guan Jianying said.

Liang Mengsong, who came back to report on his work, said: "They have lost money for eight quarters in a row, and it is estimated that they will lose at least $200 million in the first quarter of this year, which is one level compared to the same period last year."

It's strange that Samsung expanded production last year, and it will expand production this year, and then it will reduce prices again, and Hynix will also reduce prices, and Elpida will be played to death by Samsung and Hynix. ”

Goryeo's semiconductor companies all belong to killing you, I will make money again, before I kill you, it is not important to make money, this trick is also learned from neon manufacturers, and the blue is better than the blue, and the play is more skilled than the neon manufacturers.

(End of chapter)