America 1919-Chapter 803 - : 275, Venus Bank_2
Chapter 803: 275, Venus Bank_2
At this point, Donnie paused and asked Nucky, “Do you know how many tycoons in the United States have laundered their ill-gotten gains into legitimate money through the Surf Hotel?”
The banking industry, especially the private banking sector, cannot withstand scrutiny, especially in the West. There was a joke that said if all officials were rounded up and shot without trial, although there would be casualties of innocence, the move would absolutely be worth it.
This is also true for the private banking sector. If any investigation is conducted, no private bank is immune to scrutiny.
Thus, most consortia in the United States have their own banks to ensure the security of their funds, nobody wants to become the next casualty!
Even consortia without their own banks will seek close allies!
This is precisely why Donnie must have his own bank; his funds are not clean. Just the money earned from the Bootlegging Empire is enough for any government to crack down on Donnie’s cash flow!
To ordinary people, the Surf Hotel is just a place to gamble and have fun. The only difference here is that activities permitted inside would be illegal elsewhere. Moreover, the Surf Hotel caters to a wide variety of consumer desires.
But to America’s wealthy, the Surf Hotel serves another function: it converts their illicit funds into clean money.
In this process, they also need a trustworthy bank to facilitate this.
After all, before this, their funds only existed in the form of chips at the Surf Hotel!
After hearing Donnie’s explanation, Nucky nodded slightly. Although he was a shareholder and director of the Surf Hotel, the board’s understanding of the hotel’s situation was very sparse.
Only Donnie truly understood the Surf Hotel.
“Nucky!” Donnie said casually, “We have discussed the future of Atlantic City before, turning Atlantic City into a Casino City is my first step, but that won’t ensure it retains its current heat. Perhaps in the future, there will be another Casino City in the United States that will compete and inevitably siphon resources from Atlantic City.
If we want to maintain the prosperity of Atlantic City, it needs another pillar industry. Considering the current geographic attributes of Atlantic City, neither heavy nor light industry nor any other sector can meet this requirement. Only finance and technology are capable of supporting the prosperity of Atlantic City.
I don’t think you want, a hundred years from now, when we are old, for it to be nothing more than a memory for others, right?”
Hearing this, Nucky was somewhat moved and said, “I’ve always known your thoughts, but I never realized you were thinking so far ahead!”
Donnie laughed, “Can’t help it, my two children are going to be born this year, I must think hard about this!”
Nucky nodded again, but still said, “Research seems unrealistic here, as the environment does not match and it corrupts the hearts of those tech talents. Only finance is possible, but it’s not easy, you know just Venus Bank alone cannot prop up a financial market!”
Donnie nodded and smiled, “That’s why one day in the future, I will relax the financial regulations of Atlantic City. Once more banks join, they will bring a different scene to Atlantic City.”
Atlantic City does not have explicit legal provisions for so-called financial control, but if Donnie has such a regulation, Atlantic City will have it!
Nucky said, “But doing so will increase your competitiveness!”
Donnie replied with a smile, “No problem, by the time they join, we’ll already be gods sitting on top of the mountain, looking down at everyone!”
Nucky was somewhat shocked by Donnie’s ambitions but did not express it. Instead, he brought the conversation back to the previous topic, “It’s fine to have the headquarters of Venus Bank here, shall we continue with the previous partnership? I’ll provide the location, and you provide the cash. Venus Bank will then be managed by you?”
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Although Donnie’s plans seemed crazy, what could be crazier than developing a consortium in just under four years?
Therefore, Nucky was willing to believe in Donnie and continue investing in him.
However, this time, clearly Nucky had misunderstood Donnie’s intent.
“Nucky, we can’t work together this time!” Donnie flatly refused Nucky’s suggestion, “Venus Bank will not have other shareholders; I will have complete control!”
Nucky was shocked by Donnie’s plan. Anyone could see that once Venus Bank was established, it would immediately become the core enterprise of the New Jersey Consortium founded by Donnie.
How can a consortium be controlled by one person?
This is completely different from the approach of American consortia.
Even family-style conglomerates like Morgan, Rockefeller, DuPont, and Mellon have their own partners, because that is the only way to ensure that the interests of the firm align with those of everyone involved.
But now, Donnie’s Venus Bank doesn’t want partners?
Nucky wasn’t dissatisfied with this development; he merely communicated his thoughts to Donnie.
