Chapter 171

Chapter 171 practice yoga and continue to maintain human parameters

About eleven o'clock in the morning.

In a hotel in Los Angeles, Abel and Annie practice yoga together.

Abel suddenly discovered that yoga is a good exercise.

good for health.

Seeing Anne's graceful figure, she performed a difficult, curvy and very attractive yoga pose. Abel immediately fell in love with this sport and decided to practice yoga with her.

While Abel and Annie focused on learning yoga.

The phone next to the bed kept vibrating.

Really embarrassed about my yoga studies.

"Honey, what about… You should... check your phone in case... something important happens?"

Anne bit her lip and said.

His forehead was full of sweat, yoga was very tiring.

Need to maintain a fixed posture for a long time, consuming a lot of energy. "Don't worry about it, you should focus on teaching, you know?"

Abel supported Annie's slim waist, helping her correct her posture.

"Yes!" Annie hummed softly and ignored the phone.

After more than an hour of yoga, Anne was sweating all over and Abel was also sweating a little.

He found that some of the difficult movements in yoga were actually very good.

After doing a series of yoga poses, I feel refreshed and relaxed both physically and mentally. Abel carried the exhausted Annie into the bathroom for a comfortable bath.

After showering, he took her back to the hotel room and went to sleep.

Annie closed her eyes, lazily lying in Abel's arms, looking extremely lustful.

Abel hugged her as he picked up his phone and scrolled through it.

He has three cell phones a day. One is mobile number 1.

This phone number is known only to his wife, family and close friends.

this is what he uses for intimacy.

Usually when he's with another woman.

He won't take this phone. This phone will be delivered to David. Jones is there.

It feels like now.

The remaining two cell phones, one of which is for work calls.

When you communicate with people in the company and professional friends. This is the phone I used.

Finally, there are satellite phones, which are only used when cell phones are not convenient to use.

The cell phone ringing at this moment was the number two.

He didn't see who called first.

Instead, he looked at the messages on his phone first. Seven or eight unread messages, most sent last night by investment banking giants and Wall Street tycoons.

Philip Purcell: [Hey, dear Mr. Smith. I want to treat you to a meal. I wonder if you would like to honor me? "]

Paulson: [I heard there's a really good Chinese restaurant in Lower Manhattan. Are you interested, Mr. Smith? ]

Richard Fuld: [Mr. Smith, Lehman Brothers wants to talk to you]

[.]

The content of the messages sent by the executives of these investment banks was similar.

They all wanted to invite Abel to dinner or talk to him.

Even last night.

Due to Abel's activities, these investment banks suffered slight losses. Most of them lost money.

But now they don't seem to care.

One by one, they wanted to contact Abel.

Even if the valuation goes up to 500 billion USD, they still call it a fraud.

But then, people who want to speak will still want to come speak. "The benefits truly touch people's hearts!" Abel shook his head slightly.

He looked back at the log of disconnected calls and saw that it was marked with [Fuguo, Richard Kovacich].

Richard Kovacich is the current CEO of Wells Fargo.

Wells Fargo, the largest mortgage lender in the United States, has historically underperformed due to its aggressive and pragmatic business strategy.

But this is one of the normal banks and also has the most stable operations among the large banks in the US. This makes it popular among conservative American investors.

It is the only bank in the United States with a AAA rating.

This is also one of the banks with the highest market capitalization in the world.

Total assets under management reached $800 billion this year.

This is aimed at large US banks that often prefer investment banks. considered heterogeneous.

Based on the practice that eggs cannot be placed in cages.

Previously, Smith Capital had cooperated many times.

It's about letting the other party act as an intermediary, much like a mutual financial partnership acts as a guarantor.

About four days ago, Abel came up with an idea and wanted to create a wave of short-term and long-term money. At the same time, let Wall Street realize that you, Abel Smith, are not at odds with Wall Street.

It wasn't necessary, but once he got the idea.

It could make Wall Street miserable.

So in 4 days, he failed to surpass Smith Capital and David Mellon.

He secretly sent his own brain to contact Wells Fargo and Citibank. By mortgaging his property in Los Angeles, as well as his personal line of credit.

Receive three billion US dollars from the loan fund, and then use this money to enter the international foreign exchange market.

With the guarantees of these two banks, look for capital leverage from many other banks.

Compared to before, he did not hide any cash flow at all.

This time, his cooperation with these two banks was very secret. These Wall Street short-selling giants are used to openings and easings before.

He is not vigilant about his activities in this area.

For him to finally succeed in stealing the chicken and Xiaoxiao made them miserable.

Then, if you want to repeat this, it will be more difficult to deceive them.

Unless it takes more time and uses more complicated methods. In this case, you cannot go to another bank but can only let Smith Capital do it themselves.

And there must also be at least one separate bank.

Your own bank.

Abel kept this matter in mind.

This will be his next biggest endeavor in the financial sector. Richard Kovacich just called.

is the CEO of Wells Fargo Bank who was in contact with Abel throughout this transaction.

It's worth recalling that Richard Kovaciewicz was not the CEO of Wells Fargo two years ago.

At that time, he was the CEO of Norwest Bank.

In December 1998, he broke his usual routine. Acquired Wells Fargo Bank with $93 billion in assets for $35 billion.

However, Richard Kovasivic only paid a fee 9% higher than Wells Fargo's market value to complete the acquisition.

This rarely happens in everyday large-scale corporate acquisitions.

It was a very successful acquisition.

Compare this exchange with Richard Kovasivic. Not long ago, a transaction of similar scale occurred in the international banking sector.

This is Credit Suisse First Boston, the company that acquired Fleet Bank Boston.

On the other hand, the latter paid a 40% premium for this.

Buy something worth 100 yuan, get 109 yuan or 140 yuan free.

I think everyone can understand the difference here. After the merger, Wells Fargo became one of the largest banks in America.

For two years, Richard Kovasiewicz directed very well.

Holding the cell phone, Abel called.

The phone didn't ring twice, the other end quickly connected.

"Mr. Smith? "It's me. Hello, it's noon, Mr. Kovacevich."

"Hahahaha~ Hello. Also, I think it would be nicer if you could call me Richard!"

"Okay, Richard. But Richard, you can also call me Abel."

"Understood, Abel."

On the phone, Richard Kovasivic sounded enthusiastic. From the beginning they wanted to get over their feelings, but before this transaction, they hadn't even spoken once.

It's normal.

Although Smith Capital prefers to spread capital among major banks when it comes to operating capital.

But this type of dispersion is also slightly preferred.

Some banks have good relationships with Smith Capital, like the big four investment banks – it's really no joke. Since its inception, Smith Capital has in fact maintained the best relationship with these four banks.

This may also be the reason why these four investment banks pay close attention to each Smith Capital stock.

For the big four investment banks, Smith Capital provides fees and interest quickly and consistently.

is their highest quality master account template!

If they have ten clients like Smith Capital every year.

It is estimated that their annual profits could double on the current basis. Among these banks, Wells Fargo belongs to a financial group that does not have a close relationship with Smith Capital.

In the banking industry, Smith Capital, which prefers short-term, stable and fast operations and has a large monthly trading volume, has always been the most popular type of business.

Because it can generate more interest and commission income for intermediaries and underwriters.

Smith Capital is always generous.

In other words, partnering with Smith Capital in this area can yield generous commissions. Wells Fargo had no personal relationship with Abel before, so this time she took advantage of the opportunity.

Richard Kovacevich clearly wanted to get closer to Abra.

Therefore, Abel chose an intermediary to guarantee the future.

You can further cooperate with Wells Fargo.

Again, it's all for profit. "Abel, as per your request. As of last night, we have started closing your account."

Richard Kovashivic said on the phone with a regretful voice:

"Total floating profit starts at $1.156 billion."

"But you asked to close the position so quickly, we had to give up some floating profit, and eventually the profit was retraced. Your actual profit is now $690 million."

The Wells Fargo CEO talked about a dollar long that Abel started building a position on four days ago.

Last night, after ten o'clock, he contacted the opponent and began to close the position.

Because these giants shorted the dollar after discovering that the overall trend could not be breached. One by one, they chose to cut the meat and left with a loss of 100 million.

According to Richard Kovasivic's thinking at that time, if the closing speed could slow down a bit.

Higher profits at this point are guaranteed.

But Abel refused and asked Wells Fargo and Citibank to close their positions as quickly as possible.

This caused the already very beautiful Fuying to shrink by more than half. In forex and futures trading, a small, careless operation often occurs.

Richard Kovasiewicz is calling.

Abel planned for three days to inform Abel about the final situation of this investment.

"It's already quite delicious, Richard. I have never been greedy. A profit of 690 million USD is already very high," Abel said with a smile.

A single investment brought in $690 million, which is not common in the capital markets.

As talented as he is, he's always used high leverage as a player.

In high risk conditions, high profits are excessive. Switching to a conventional investment manager would require at least $10-20 billion in capital.

This amount can be earned in two or three days.

And they cannot guarantee regular profits nor continuous losses.

"Haha~ okay." Richard Kovasivic laughed there.

"Abe, I'm on a plane to New York right now. I'll get off the plane in an hour."

"So would you please show me your face, I want to treat you to a meal ~ to celebrate your profits in this investment!"

"Huh? I'm really sorry. I'm in Los Angeles now."

"Um" means Richard Kovasivic, aren't you still in New York at midnight?

But if you think about it, it takes about six to five hours to fly from New York to Los Angeles.

Also, entrepreneurs are at their level. It is also normal to fly up and down across the United States.

Richard Kovasivic said regretfully: "Wow, that's a pity."

"What a shame." Abel smiled and said:

"By the way, Richard. Please help me pay back the money in my mortgage account to Wells Fargo. As for the specific commissions and interest, just give me another invoice."

Richard Kovasivic immediately stated there:

"Huh? So fast? Abel, I can give you an additional 50% off your previous profit.

"You don't have to repay this loan right away. You can use this loan to earn extra money."

"I believe that with your abilities, this is not a difficult task."

The financial industry or banking industry is this urine.

Successful businessmen want the other party to be able to borrow as much money as possible.

Interest rates are offered at the lowest possible cost, and some have almost no interest rate.

Even these entrepreneurs sometimes do not need loans. And businessmen are in urgent need of money and loans.

The interest rates they borrow from banks are often very high.

Umbrellas are given out on sunny days and umbrellas are taken out on rainy days.

is the best description for these people.

"Sorry, Richard. I'm not short of money. You know, I chose Wells Fargo because it's more stable," Abel said softly.

Richard Kovaciewicz was silent there.

Finally, he smiled and said on the phone: "Okay, no problem." Wells Fargo will serve you wholeheartedly!

"Thank you, Richard. I still have work to do here so I won't talk to you for now.

"Understood, no problem."

After hanging up the phone, Abe thought for a moment and found another person's name on the phone.

Call back to the past

Similar airtime to Richard Kovasiewicz.

The subject of this call is John Reed, CEO of Citibank.

The content of the dialogue is similar to that of Richard Kovasivic. it's paying off your mortgage while knowing where the money is.

After the mortgage and credit have been repaid.

Deduct part of interest and commissions.

This time, Abel carried out this operation discreetly through Citigroup and Wells Fargo.

The total profit is 6.9 4.5, a total of 11.4 USD. The reason why there is a difference of more than 200 million USD.

Abel himself invested a little less in Citigroup to buy insurance.

Funds are not transferred to Smith Capital accounts.

This money is considered Abel's personal money and is not transferred to a specific business account.

This means that if you have money, you are not subject to tax evasion or tax reduction. Most of this money will be collected by the IRS as taxes.

But that was also Abel's goal.

He's the type of person who pays his taxes legally and he doesn't even try to avoid them.

But let's just say he's not really been completely transparent about his income. The IRS could do that with a great idiot. It is necessary to follow proper procedures to avoid taxes, and this must still be done.

For example, now the big boss of Smith Capital.

It's time to start avoiding taxes the right way.

On the contrary, if profits of more than 10 billion yuan are used to pay taxes, it is too painful.

But to maintain a good relationship with the IRS and a good image of paying taxes according to the law. Support for the work of the IRS cannot be suddenly stopped.

After consideration, Abel decided to use his personal account to trade once or twice a month.

Try to earn an annual profit of about 4 billion USD, while paying full taxes.

It was at his expense to maintain the character designs.

It is also the tax protection agency of America's most powerful agency, the IRS, that is always on its side. With the IRS, I fear FBL!

If the IRS is looking for trouble, they can randomly check FBI headquarters at any time!

Just like last time at the Manhattan district attorney's office.

If after the trial storm, Robert did not react at all.

He wanted to go to the tax collector.

Let the IRS play with Robert Morgenthau!

At that time, he implicitly expressed this intention to the IRS.

IRS Deputy Director Jed also implicitly expressed that they were very happy. This is the role of protection costs.

You have to pay a protection fee. Money earned from this type of investment usually has two names.

Investment income In the United States, the usual tax payable is capital gains tax.

Capital gains tax is around 15-20%. In addition, if it is stocks, there is also dividend tax and another tax.

However, US tax law stipulates that profits from financial transactions such as stocks, futures and bonds held for up to 12 months are not subject to capital gains tax.

Paying personal income tax is more expensive

According to current tax law.

Personal income tax in the United States is divided into 7 levels from 10% to 37%.

Abel's income level is of course the highest income level of 37%. The 37% tax rate includes personal income taxes imposed by U.S. federal, state, and local governments.

According to different levels of collection, it is divided into federal income tax, state income tax and local income tax.

The majority of revenue comes primarily from federal personal income taxes.

States and localities account for a small percentage.

Therefore, some states in the United States that are wealthier or have complex situations do not tax personal income at all. Like Texas, Texas only pays federal personal income tax and requires no other income taxes.

State tax is personal income tax, the tax rate is usually 1% to 11%.

This is why Texas has been so popular with these nouveau riche in recent years.

You can get tax exemption, even if it's just a little money.

Abel's profit is 1.14 billion USD without tax evasion and regular tax payment. Nearly $420 million at once.

There are so many that it hurts.

This will likely happen over the past few years, even decades.

Maybe never.

The IRS has achieved the largest record for the highest amount of taxes paid by an individual in terms of personal income tax. But to maintain the character design, and mainly for this purpose.

At the same time, he continued to build a good relationship with the powerful IRS department and Abel still chose to pay.

Only later did he ask the IRS to do certain things in a certain way.

Elsewhere, make up for it yourself.

Depending on the nature of the urine from various jurisdictions in the United States, the IRS will most likely be very cooperative. You should know that in these power departments, they have their own work indicators.

A good child like Abel, who pays taxes according to the law, is, in the eyes of the IRS, a good child who has achieved his goals.

Like last time, Jed, deputy director of the Federal Internal Revenue Service.

When Abel created his own character.

Jed, as Deputy Director of the IRS, did not hesitate to stand up and assert his personality. It can be said that this is the first time in IRS history.

For the first time, the IRS approved of a rich person's good tax ethics

You should know that in the past, the IRS was always the department that the richest people in America feared the most, and at the same time was the department that was most hated and opposed.

Being like Abel is no longer rare.

is the only one.

After all, with such a large tax, even Abel felt a little heartbroken. Fortunately, money is easier for him than being blown away by the wind.

Coins blown by strong winds must be "difficult" to pick out one by one.

And Abel earned this money with just a few phone calls

Thinking like that, Abel no longer felt miserable.

He threw the phone on the furniture.

Turned back to hug Annie, who was so tired that she fell asleep. "Wake up~ baby, let's do yoga again!"

"Huh? I'm still coming here~"

Annie woke up, her whole body was limp and numb.

Practicing yoga alone will not be effective.

Practicing yoga with Abel, it's so hard!

Consider carrying a large sandbag moving around on your back when practicing yoga.

Even that big punching bag itself plays some role in maintaining posture. But it will be very tiring.

But I haven't seen you in over a month.

Anne hesitated to refuse him.

She had no choice but to do what she could, work hard, sweat again, and do the yoga pose she had been doing for a while.

(end of this chapter)