America 1919-Chapter 802 - : 275, Venus Bank
Chapter 802: 275, Venus Bank
In the ABC report, it wasn’t mentioned that Donnie was the one who sold Breton Bank stocks today; it only announced another piece of news.
Donnie will officially establish a private bank called Venus in Atlantic City.
The moment this news broke, it shocked the whole of Wall Street. Brokers who had been competing for Breton Bank stocks during the day were dumbfounded!
The reason they were vying for Breton Bank stocks was that they received information that Donnie would compete with the Dick Family for Breton Bank. Based on Donnie’s past experiences, they were convinced that there would be profits to be made this time.
But now, with Donnie himself establishing Venus Bank in Atlantic City and taking into account the massive sale of Breton Bank stocks at the NYSE today, they instantly realized that Donnie Block must be behind it, even though there is still no direct evidence to prove it!
Despondent!
It was only at this point that they finally understood what it meant to shoot themselves in the foot. If Donnie gave up on acquiring Breton Bank, the natural outcome would be a fall in Breton Bank’s stock price from today’s peak.
Meanwhile, Donnie was using their money to set up Venus Bank!
Even more desperate than these stockbrokers and securities dealers was Dick!
And Dick’s feelings were even more complicated than theirs.
Fundamentally, Donnie giving up on acquiring Breton Bank was what he wanted to see. However, he didn’t want Donnie to completely abandon Breton Bank.
Because Dick had to explain to Breton Bank’s shareholders that no matter the reason, as long as Breton Bank’s stock price goes up, they wouldn’t want it to fall again.
If it goes down, it signifies Dick’s incompetence as a leader!
With these circumstances in play, what Dick truly hoped for was that Donnie would continue to own and honestly hold his current Breton Bank stocks and be a genuine shareholder and director of the bank!
But after so much preparation on his part, Donnie suddenly threw in the towel!
What about his own preparations?
Keep in mind that the Breton Bank stocks Dick bought during this period were purchased with bank funds; the specific process involved using his equity in Breton Bank as collateral to take out capital from Breton Bank.
Although as a major shareholder and president of Breton Bank he wouldn’t face any issues doing this, the bank still has its internal regulatory system.
When there was a profit to be had, the bank’s internal regulatory system would turn a blind eye due to Dick’s status, but when there was no profit to be made, those in charge of the regulatory system would start to have thoughts!
If everything was done by the book, those in charge of Breton Bank’s regulatory system should force Dick to pay off part of the loan due to a decrease in the stock price, in order to protect the bank’s own interests.
Although this situation is unlikely to happen because of Dick’s position, if he wants to ensure the normal operation of Breton Bank, this is what must be done. Otherwise, once the matter becomes public, it will be a heavy blow to both Dick and Breton Bank!
Donnie establishing Venus Bank and selling off Breton Bank stocks can be said to have put Dick on the hot seat!
Not minding the current situation of Dick.
Inside Atlantic City.
Donnie was surveying Atlantic City, this city that belonged to him.
Nucky, who should have been enjoying himself in New York, was also back in Atlantic City at this time, right beside Donnie.
“Donnie, this time, you’ve really managed to offend most of the securities dealers on Wall Street!”
Nucky joked as he walked beside Donnie.
“That’s no concern of mine. I never officially announced my intention to acquire Breton Bank; it was those people’s own wishful thinking. Why should I be involved? Everyone is an adult; they should understand the need to take responsibility for their own choices, right?” Donnie said indifferently, looking at the hotel in front of him: “What do you think about making this the headquarters of Venus Bank?”
Nucky looked around but didn’t answer Donnie’s question directly: “Do you really plan to locate the Venus Bank headquarters in Atlantic City instead of New York?”
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Donnie shook his head: “New York is already crowded enough. Morgan, Mellon, Rockefeller, Citibank, these giants have already divided up the New York City’s cake. If we jump in, it would only make it more crowded and make Venus Bank a target.
We don’t have these worries in Atlantic City, New Jersey. This is our turf, and any company that wants to develop here must get our approval. That’s our advantage. To ignore our own advantage and compete with others’ is foolish thinking.”
Nucky nodded at first, then asked worriedly: “But does Atlantic City’s image match with Venus Bank? Combining gambling with finance, if put together, it’s hard not to raise suspicions!”
Donnie nodded: “That will definitely be a concern, but we should look at everything from both positive and negative perspectives. Because of Atlantic City’s image, indeed, quite a few people might have some worries about Venus Bank’s future. But at the same time, because of Atlantic City’s image, more people will have a clearer understanding of Venus Bank!”
