America 1919

Chapter 1581 577: The Plan Targeting Morgan Begins (Part 2)

Because he reached a consensus and formed an alliance with Donnie, Franklin Roosevelt could only focus his attention on the second largest financial group in the United States at the time, Morgan!

In this matter, Franklin Roosevelt actually needed a prerequisite condition!

His prerequisite condition was to find a scapegoat for the financial crisis that began in 1929.

At that time, what the American public hated and feared the most was the financial crisis that began in 1929, which triggered the Great Depression period in the United States.

Only by defining this matter would Franklin Roosevelt gain the support of the broad masses of the public.

Many times, people believed that the so-called American election was actually supported by large financial groups, and public support was negligible.

But in reality, this way of thinking is not entirely correct.

Because public support represents the support of a city and a state.

And the legislators in these states also need the support of the public.

In simple terms, both sides are in a state of ebb and flow, where one side's strength makes the other side appear weak; it's not achieved in one stroke.

What Franklin Roosevelt needed to do now was to bring public support to a peak. Only in this way would Franklin Roosevelt have more chips to balance Congress.

And have more power in his hands.

This is also why Franklin Roosevelt would rather face conflicts with Donnie directly and wanted to target Venus Bank initially.

But now the target had changed to Morgan.

Actually, before Franklin Roosevelt, Herbert Hoover also wanted to do this.

That was Herbert Hoover's last struggle in early 1932 to run for re-election.

At that time, Herbert Hoover requested the Senate Banking and Currency Committee to begin investigating short selling behavior.

However, because Herbert Hoover lacked Franklin Roosevelt's boldness, and with Herbert Hoover's deep entanglements with Wall Street bankers,

this investigation went on for months with 'nothing to show for it,' and ultimately, Herbert Hoover resorted to the traditional American political tactic of throwing dirt on his competitors.

Herbert Hoover announced that the investigation results were the 'Democratic Party's tricks!'

Yet there was no complete investigation result.

This situation made Herbert Hoover a laughing stock among the public.

But this investigation also drew public attention back to the 1920s.

Many stock pooled funds were the main forces in short selling. As more and more fund managers were brought under scrutiny, people gradually discovered that their methods of manipulating the market were largely the same. More shockingly, most of these methods originated in the speculative boom of the 1920s.

The painful memories of 1929 were rekindled, and as the hearings deepened, public emotions swelled, like grapes of wrath, day by day.

A "searching for sinners" logic chain became increasingly clear: the present Great Depression was caused by the Great Crash, which was the result of deliberate manipulation by Wall Street wrongdoers, not merely the previously acknowledged punishment for human greed.

Most pooled funds were initiated by banks. However, when the public demanded someone to apologize for the events of 1929, Wall Street bankers were unwilling to take responsibility.

Instead, they hoped Hoover's fall would put an end to what they saw as a "revenge" farce.

In such a situation, Morgan did something foolish that did not align with Franklin Roosevelt's interests.

Russell Leffingwell had sought out Franklin Roosevelt at the time, hoping Franklin Roosevelt would endorse Morgan.

Franklin Roosevelt coldly responded, "I want bankers to admit to me that there were serious frauds between 1927 and 1929, and that they fully support measures to prevent such a situation from happening again."

Roosevelt's icy demeanor foretold a bleak outlook for Wall Street bankers.

It was also against this backdrop that the investigation of Citibank was a natural progression.

In fact, all the events happening at this stage were strongly interrelated!

The fall of Charles Mitchell, the President of Citibank, paved the way for Franklin Roosevelt's targeting of Morgan.

Under the current White House's propaganda, with Morgan being a giant on Wall Street.

In such a situation, it would be unbelievable to say that Morgan had no issues.

Thus, the plan targeting Morgan naturally took shape.

Under Morgan's direction, Ferdinand Pecora launched an investigation into Morgan.

And obtained certain evidence.

Considering Morgan's influence, Ferdinand Pecora gave Jack Morgan three months to ponder.

Hmm, now there is less than a week left before the hearing arrives.

Donnie sat on the sofa, expressing with empathy to Jack Morgan.

"Mr. Morgan, I have actually spoken with Roosevelt and Pecora on the phone about this matter.

But you know the character of our U.S. President, and I can very clearly tell you.

Actually, at the beginning of this matter, Roosevelt wanted to target Venus Bank instead of Morgan.

All I can do now is try to protect Venus Bank!"

Jack Morgan listened to Donnie without any doubt.

Now Venus Bank was already the largest banking group in the United States. If he were in Franklin Roosevelt's position himself,

he would certainly first think of Venus Bank.

Even though Morgan became a scapegoat for Venus Bank.

Jack Morgan wasn't angry about it; instead, he was pleased with Donnie's honesty.

At least Donnie wasn't deceiving him!

Regarding this matter, Jack Morgan was more angered by Morgan's own reaction.

"Morgan's reaction was too slow, bloated like an old lady!" Donnie also pointed out Morgan's situation.

"During Franklin Roosevelt's campaign speeches, Morgan should have judged that once Franklin Roosevelt entered the White House,

he would certainly take action in the banking sector.

Now, Morgan is not only bloated but also arrogant.

You viewed Franklin Roosevelt as similar to the previous people,

believing that under Morgan's powerful influence, no one would truly suppress Morgan.

Now, with Franklin Roosevelt's big stick swinging down, Morgan realized that his previous reliance wasn't as strong as he thought!"

Faced with Donnie's statement, Jack Morgan fell silent.

The truth is a blade that kills!

Donnie's words accurately pinpointed Morgan's problem.

"Block, is there really no way out of this?"

In any case, Jack Morgan still hoped Donnie could offer substantial help for Morgan.

And Jack Morgan felt he could gradually rectify Morgan's problems.

Donnie shook his head and said: "Now that things have developed to this point, Franklin Roosevelt's blow will definitely fall.

This is fundamental to him, unless in some way, Franklin Roosevelt suddenly...

But you and I both know such a thing is impossible.

Thus, Morgan needs to make more suitable preparations for what lies ahead!"

Jack Morgan paused for a moment, knowing Donnie was telling him that Morgan must bear this loss!

"We are willing to make the maximum compensation for this matter!"

Jack Morgan made a last attempt.

Jack Morgan has always hoped to become a great figure, like his father.

But now, under his management, Morgan is facing serious problems.

This is an outcome Jack Morgan could not bear.

Donnie shook his head again. Now, looking over the American banking industry, aside from Venus Bank and Morgan, no other bank is qualified to bear this matter.

"Mr. Morgan, my suggestion is that you should consider splitting Morgan!"

"Splitting?" Jack Morgan's eyes instantly widened.

This was something he had never considered.

Would Morgan still be Morgan after splitting?

Donnie continued: "Rockefeller's split, I believe, is worth learning from, Mr. Morgan!"