Wall Street of the third generation chaebol

＜ dread/note. (1) >

“……”

bum bum.

Mellon walked out of the Federal Reserve with a hardened face. His face, which had hardened as if he had matured and piled up with anger, was terrifying.

The secretary swallowed a gulp and carefully flew the fortune to Chairman Melon.

“Are you having any unsatisfactory terms in your deal with the Detroit Fed Chair?”

Melon Chairman stopped walking.

He opened his eyes wide and looked at the secretary as if he had ever made a scary expression.

“Dissatisfied? Me?”

“Yes? Yes, I was worried because you didn’t look good.”

“Worried? Ah…”

Melon president burst into laughter and then burst into laughter.

“Hah ha ha ha ha!”

“Make-up?”

“No, I’m against it. I’ve been thinking about it slowly in my head, admiring the Detroit Fed Chairman’s suggestion. I’m very satisfied.”

He waved his hands.

Mellon recalled the voice of the Detroit Fed Chairman.

– Establish a joint venture for collection.

‘It was unexpected.’

Chairman Melon thought it was one of two things.

Will you take it and get it worth it? Or will you just accept it?

I wanted to test the validity of President Morgan’s remarks.

‘I hope we can maximize the synergy by holding hands.’

“Hey, do you know that the provisional seizure of patent infringement damages has a higher priority than the current debt collection?”

“Yes, that’s why you didn’t want to stop losing high-yield bonds. Because it’s a bond that will be turned into garbage anyway, and you don’t want a court battle.”

“Yeah, high-yield bonds are just garbage, as long as you’ve already sucked it up with bond options. But the Detroit Fed Chairman saved it.”

If the Detroit director executes the collection after the injunction against patent infringement, only the chaff left after he sucks it all up remains their share.

It was quietly eaten or it was a courtroom, but in that case, it was much more profitable to sell it.

“However, we are not trying to create a joint venture for collection by combining our claims and their claims for damages.”

joint venture.

The stake is important.

The intrinsic value of their high-yield bonds is garbage. Also called junk bond.

But the Detroit Fed chairman’s claim for damages was worth many more.

Hedge Fund 75%

Creditors 25%

A collection corporation was established with this equity ratio.

By trusting (trusting) the underlying assets (bonds, claims) to a collection corporation, the collection corporation has the right to collect.

“This is a structure that makes everyone happy except the debtor.”

The Detroit Fed chairman has a monopoly on voting rights through an overwhelming stake.

In other words, the Detroit Fed chair had the same effect as buying a bond without spending a dime.

He was able to beat Bethlehem with two whips: a claim for damages and a high-yield bond.

creditors?

tell me what After all, the Detroit Fed chairman was destined to sweep away the chaff and eat only the chaff with the right to claim damages, but the actual bond value rose by establishing a joint venture.

Simply put.

We were able to pluck more, and thanks to that, we were able to distribute more.

“The Chairman of the Detroit Fed has stronger collection rights. His dexterity was proven late in the evening, so we can comfortably take our dividends.”

Except for the debtors who will be bastards.

everyone becomes happy

“If you dare to add a word… you could call it a creative economy.”

Mellon swept his chin, savoring the design of the Detroit Fed chairman.

admirable

Indeed, there was a reason President Morgan praised him so dry and worn out.

“At first, I suspected that the Detroit Fed Chairperson was Morgan’s puppet, but that’s a genius. No, the word monster might be more appropriate.”

A warm smile appeared on Melon Chairman’s lips.

“Melon Bank will do its best to become a key hedge fund partner in the future. Maybe this time Bethlehem will be a watershed.”

“A watershed?”

the media is talking

The dreadnought incident is a conflict between the United Kingdom and the United States.

But no.

Britain didn’t matter to Wall Street today.

At least from the perspective of Melon Chairman, who has been watching hedge funds closely.

As the president of the top 10 New York banks, I dared to speak.

‘The race for supremacy between McKinley and Detroit.’

This is a battle for supremacy between the White House and Wall Street. Furthermore, it was a competition for hegemony between the state and capital.

It’s a small incident though.

The essence of this case is terrifying.

The watershed is just that.

The borderline of the era that is small but touches the essence.

And he was obligated to serve the interests of Wall Street and Mellon Bank.

Full Wall Street support.

That was the ultimate reason I met with the Chairman of the Detroit Fed today.

“I just want Wall Street and capital to be favorable for the future.”

what if.

really if.

If the day comes when the Chairman of the Detroit Fed will defeat the White House. If you can prove that precedent, if only you can prove that capital can beat the state.

even the next day.

It was clear that the world would be overflowing with capital. It was clear that the heyday of Wall Street was coming.

The signs, ironically, were coming from the White House.

Chairman Melon put gloves on his hands.

“Vice presidential nominee Roosevelt has turned to neutrality. The fact that he, who is the vanguard of anti-monopoly, put neutrality is proof that the current American trend is flowing in the Wall Street’s favor.”

“Only the White House is going in the opposite direction.”

“Yeah. As long as McKinley doesn’t bend his pride and look to the future, the bottom line will soon be exposed.”

Chairman Melon shrugged.

“It will not be easy to find composure now that re-election is imminent.”

he was sure

This novel was posted at https://readwn.com

Old age McKinley will be ruined by capital.

Paradoxically, it will usher in the heyday of a new capitalism.

This novel was posted at https://readwn.com

Once the trend of the times is changed, it is maintained for at least 10 years or so.

Wall Street in New York watched the White House in Washington, DC holding its breath.

Hegemony for the next 10 years was about to be decided.

Is Detroit himself facing this fact?

“I look forward to that day.”

Melon’s lips twitched.

***

Washington DC

White House.

“What happened to the defense line in the Far East? If the British dreadnought fleet pushed in to Geomundo, it means they pushed in right in front of Japan.”

“In fact, the waters of Korea, the East China Sea, and the South China Sea are interpreted as joint waters between the United Kingdom and the United States under the Long Richard Secret Agreement Amendment.”

“Even if it was a military action, it was done in the common waters, so there is no reason for it?”

“Yeah, if we go out to the Pacific Ocean, we can take action by encroaching on the sea, but we’re stuck in Geomundo.”

Weak Raimi guys.

During the White House emergency and security meeting, McKinley muttered to himself. No matter how strategists analyzed Britain’s progress, it was nothing more or less than an armed protest.

But there was no other way to deal with it.

The presence of the dreadnought brought in by the Royal Navy in the first place was too huge.

“Then why are there no requirements?”

“That’s the question. The fact that armed demonstrations are an indirect expression of our dissatisfaction with the United States, but it is obviously strange that there has been no request yet.”

Secretary of State John Hay pulled out his hair.

He wanted to see through Britain’s intentions, but he couldn’t figure out what he wanted, so he was burning inside.

“First of all, the fleets anchored at the Yokozuka Naval Base near Tokyo Bay are continuously responding to armed demonstrations. The reorganized 1st Fleet is moving.”

“Admiral Dewey’s fleet.”

“Only at this level, the Royal Navy will be able to recognize that it is a diplomatic rudeness and save face. We are in a hurry right now. It’s time to think about the British will as much as possible.”

“That’s all I know.”

Admiral Dewey.

The move of the giant who reached the top for the first time in the history of the U.S. Navy shook the nation, but he did not seem to have any particular ambitions. He was simply a true soldier who did his best in the military service of the Navy.

“For now, somehow block the British from the Far East Defense Line. If we can withdraw the British, it will be our diplomatic victory.”

“Yes.”

quack.

He crumpled up the piece of paper he was holding in his hand.

Unfortunately, even if you want to blockade at sea or something like this, it is a place where imports and exports are active, and most of the territory is the United States, which causes great confusion.

“The British Foreign Ministry has yet to remain silent. However, given the active movement within the Cabinet, it seems that the announcement was made by surprise without being organized internally.”

“Anyway, there’s no way I’m going to go back to eating eel jelly on a fictitious day.”

Dreadnought 0.

It was the worst problem the United States had right now.

With the exception of the two dreadnoughts to be launched soon, the lease of the dreadnoughts to the UK should be immediately abolished without extension and immediately moved to the US naval base.

the problem is.

bang-!

“I’m sorry during the President’s meeting. Something big happened.”

“What’s going on?”

“It is said that the Bethlehem shipyard, which was the only dreadnought being built, has even been seized by the court for patent infringement!”

Even the shipyard file for bankruptcy.

McKinley felt his mind wander.

[Bethlehem Shipyard, its rapid growth and downfall. The huge sand castle built by patent infringement collapsed.]

[Federal Court, ‘Collection of warships by the collection group is an act without any legal problems. It only respected the constitutional right of individuals to protect property rights.’]

[Bethlehem shipyard shut down. Their future darkened before their eyes.]

[The White House, ‘Warship collection is an act of making a big hole in U.S. maritime security. Stop it immediately and hand over the dreadnoughts to the Navy.’]

[Bethlehem Creditors. ‘We started quality evaluation of the dreadnought. Whether it is illegal or excessive collection will be decided by the courts. The White House should not be involved in corporate property rights.’]

-Washington Post (WP)

“You must give an executive order to stop the collection of warships.”

White House aides took a bite to advise McKinley. Without the immediate dreadnought, it was not known what kind of security void it would expose not only to Britain, but also to the German Empire and imperial Russia.

“It is said that the collection team has established a joint venture that combines the right to claim damages and creditors.”

“A member?”

“that is….”

The assistant licked his lips.

“The largest shareholders are the Detroit Fed Chairman’s hedge fund and the New York Mellon Bank.”

“…I’m going crazy.”

New York’s 10th largest bank.

Melon Chairman Melon Bank is a person who is treated as a great figure in the financier who raised the status of a medium-sized bank to the 10th largest bank in New York.

And it was becoming a factor that put McKinley in a dilemma in the current situation.

“In the current situation where we have to press Rockefeller, Melon Chairman’s stake in Texas Oil Company is absolutely necessary.

Retirement ordeal.

If you try to dismantle Standard Oil, 0 dreadnoughts will threaten maritime security, and if you want to split the collection team by executive order for maritime security, you will lose the stake of Melon Chairman who will defend Standard Oil.

This novel was posted at https://readwn.com

One of them is a situation where you have to give up.

“Why is the plate going against us?”

McKinley grabbed her flabby forehead.

Re-election is coming soon, and accidents are happening all over the place at the same time.

“What about Roosevelt?”

“Secretary Roosevelt recently cleared the antitrust route and switched to a neutral route. For the time being, he predicted that the power of capital in the United States would surpass that of the White House.”

“neutrality….”

“Yes, thanks to this, pro-Trust lawmakers are gathering under Roosevelt. I think this will create a new political faction.”

“No, it’s better. As long as he’s my running mate, even if the Republican Party splits, it doesn’t mean he’s absorbed the other half.”

tight-knit tightrope.

The Republican Party’s pro-trust circles were so startled by McKinley’s order to disband Standard Oil that they almost left.

The problem is warships.

“It’s an issue that the judiciary is in charge of, so it’s a difficult issue for our administration, the federal government of the United States, to get involved.”

if the judiciary.

It should also be handled by the judiciary.

“Once, request the Federal Supreme Court to stop the collection of warships. Emphasize the uniqueness of warships, which are essential for national security, and emphasize that the collection of dreadnoughts is not appropriate.”

McKinley was excited.

“If you kneel like this, what is the difference between the White House kneeling to a single capitalist!”

You can never lower the authority of the White House like that.

The moment you compromise here, your authority will be lowered in the same way.

Jaeseon was right in front of you.

“Once the Bethlehem Shipyard can launch only the ordered dreadnought, everything will be reversed. So, somehow, you have to defend the dreadnought!”

bang-!

McKinley clenched his fist.

***

“Well…..”

Bethlehem Shipyard.

Lawyers of the collection company and court enforcement officers are busy with the collection work.

Newport News Shipyard President Huntington visited the Bethlehem Shipyard with a quality inspection team.

“Detroit, I can’t do this.”

It is the result of the court commissioning an appraiser.

In the first place, Newport News Shipyard was the only shipyard in the United States capable of quality inspection of a dreadnought level, so it was natural.

Thanks to that, President Huntington came to visit in person.

“Are there any problems?”

Huntington’s investigation team simply went inside the dreadnought battleship, looked around, and came out with a serious face.

“It’s not at the level of a lot of problems. I’ve figured out why the Bethlehem guys haven’t launched a launching ceremony for three months. It can’t be called a warship in the first place.”

“Yes?”

“No, the dreadnought is correct, but huh…”

Huntington took off his work gloves.

Then he took out a fountain pen and began to take notes on a piece of paper.

“Okay, once it was dried according to the blueprint. It is true that it was dried faithfully according to the blueprint. From the parts to the armor plate, it was properly applied.”

“Yes.”

“The quality of each part is also excellent. For an incompletely stolen patent, it was implemented to a near-perfect level. There is no problem with this.”

“Yes.”

Wharton Chairman of Bethlehem Steel.

The essence of business school.

I didn’t even think the founders of the UPenn Wharton School would expose a loophole in that area.

“Ttt. Everything is fine. It kills the performance and everything is good. There is nothing decisive.”

“Is it decisive?”

“The absence of shipbuilding technology.”

Huntington glanced at me.

“Yeah, if you ignored my words and proceeded with the construction, a dreadnought class like that would have come out. Without shipbuilding technology, the battleships are screaming all over the place.”

Tsutsui.

Huntington clicked his tongue.

“Materials and techniques are great, but what’s the use if you can’t assemble it? A ship is not a ship until it floats.”

“Right.”

“The keel is dented.”

“Yes?”

keel.

Even I, who came from a literary school ignorant of ships, knew roughly how important the keel was.

I remember hearing that it is the alpha and omega of shipbuilding technology, which corresponds to the spine of the ship.

But the dreadnought’s spine is distorted?

“Detroit, that dreadnought class, I assure you, the keel will break and sink at the moment of launch. Knowing that, the Bethlehemites have been dragging for three months.”

sinking.

The situation at the dreadnought level was worse than expected.

“It’s more valuable to dismantle it and collect it in parts. That’s a chimera. Chimera. It’s rags. It has no value as a battleship. It’s $0. It’s $0.”

Huntington drew a squeaky line.

+

The final opinion of the assessor on the quality inspection.

ineligible.

+

“It’s heartbreaking to see such garbage as a warship.”

“President Huntington.”

“Why but?”

I smiled brightly.

What’s the use of confiscating the dreadnoughts anyway, as a financier?

It was just an amulet complex.

Also, a mad dog called the White House was running towards me like crazy to defend this treasure trove.

‘But from the beginning, did you say that the dreadnought was bad?’

That’s not a dreadnought.

A super-large dreadnought iron ‘model’.

In the first place, there were 0 ships like the dreadnought from the beginning.

And the White House doesn’t know this yet.

“I’ll just let it go.”

But the White House should not take ownership of the dreadnought and launch it. If the White House launches it and sinks it, we’ll be charged with partly destroying it.

then?

Now that we have the dreadnought class as ‘our asset’, we just have to sink it. Who would say that packaging is a part of quality inspection?

An unfortunate accident or the disaster in Bethlehem would be a major feature.

“Let’s call the big press.”

It was time to break the illusion of the White House.

＜ dread/note. (1) > end