Harry Potter Morning Light

Chapter 1789 twist zone (eight)

Severus and Gonceil arrived together in the "Dark Blue" room of the Richelieu Library.

Since the purpose of humans inventing tools is to save their own labor, is it possible for artificial intelligence to replace chess players and judges instead of humans?

Take a good look at the "cashier" in the black robe, does he look like a robot?

Although modern trusts were established in England and later spread to the United States, the earliest birthplace of trusts was not England, but the Roman Augustus era more than 2000 years ago.

Moreover, the purpose of this system at the beginning was because the emperors were worried that women would be tempted by priests to become deaconesses and donate their property to the church, so they set up laws that only allowed women over 60 years old to become deaconesses. Strict restrictions were imposed on the transfer of property to ensure that family interests were not overlooked.

However, the law was short-lived and was repealed the same year it was promulgated, and the clergy severely criticized the emperors for restricting the church's acceptance of bequests.Protests and contempt are often easily aroused by express prohibition, and then there is a secret trust system.

There is a big difference between this kind of secret trust and the classical trust. In other words, the trust after Augustus was middle-class and did not serve the original purpose, but to protect the incapable.

Trusts require probate, which is a torture for everyone, while secret trusts omit this step, such as lovers, illegitimate children or other hidden people, the testator will leave the estate to A trusted settlor, who is a trusted friend who enforces the benefits of the undisclosed trust.

For example, an old rich man, he has a strong wife of 12 yuan, and five or six wolf-like children. At the same time, he also has a weak lover who is more than 20 years younger than him, and their illegitimate child. He will find a trustworthy person to entrust part of his property to him, and ask him to protect his lover and children and prevent them from getting involved in the family inheritance battle.They may not get a lot of property, but they can guarantee to maintain a middle-class life without worry.

Even if it was born by a mother, the brothers and sisters would ask for a paternity test to ensure that everyone was the father's biological child. At that time, no one cared about the mother's feelings.

This is due to advanced technology. In the past, detectives were invited to conduct investigations. The story is even more bizarre than the family ethics dramas broadcast on TV.

The wizarding world also has a trust, and the Malfoy family distributed it to all the war orphans of the pure-blood nobles who had followed Voldemort, but the money left by Voldemort was definitely not just the one run by the Malfoy family.As for Harry's situation, even though the Potter family had a lot of gold coins in Gringotts, no one could touch them.

Modern public trusts are also different from those in the United Kingdom and the United States.

After the American War of Independence, when choosing a system, the founding fathers did not choose the British law of equity, but the Roman law of nations.

Although some people say that the law of equity is as erratic as the pace of the justices, the trust system is the greatest contribution of the law of equity.In the equity case of abandoning a wife, when the husband goes bankrupt and the creditor wants to take away the property, if the husband has already handled an irrevocable trust, then the creditor cannot take away the husband's house and drive the wife out.

This is the characteristic of equitable ownership transfer. Even if the husband has gone bankrupt, the assets counted in the irrevocable trust already belong to others. The transfer relationship between the settlor and the trustee is similar to the common law, and the beneficiary’s third It does not fall within the scope of common law protection and regulation.

When the beneficiary feels that his rights have been violated, he can sue the trustee to the judge, which is an ordinary English trust.

The revocable trusts that are ubiquitous after 2000 were invented by the damn Americans, because there is no law of equity, so their trusts cannot use the British model.The common law believes that trusts are irrevocable, but both the federal and the states in the United States have legislative power. Before the enactment of the Uniform Code of Trusts, the trust system was not under the jurisdiction of the federal government but the state government. Although the trust regulations of each state have common features, However, it is still under the sole jurisdiction of the states, which formed a huge regulatory loophole and even led to the "Great Shock" in 1907.

After the San Francisco earthquake of 1906, Wall Street bear Jesse Livermore made a fortune shorting Union Pacific stock.Beginning in 1902, the development momentum of American railways and heavy industries surged, and a large amount of European capital poured into the U.S. market through short-term credit to reap huge profits.

Even after the earthquake, people are still full of confidence in the recovery of the U.S. economy. In particular, the reconstruction of San Francisco requires a lot of funds. The huge market has given birth to a new financial institution-trust and investment companies, which enjoy investment businesses that many commercial banks cannot operate. Moreover, the funds are all private placements, and there is an extremely lack of government supervision, which allows trust companies to absorb social funds without restriction.

Not only parents who want to buy insurance for their children, but even the middle class who have a little money among the people are also investing money in it.

The advantage of the trust itself over the deposit bank is the high return. It will make investors richer and richer, and they don’t have to worry about the principal. In theory, the trustee should treat the customer’s money like his own money.

In theory.

However, in 1906, about half of bank loans in New York were mortgaged by trust companies and invested in high-risk stories and bonds. As San Francisco rebuilds, even New York, the financial center, is strapped for cash.

New York City failed to issue municipal bonds and was still out of cash. At the same time, the cloud of war has not dissipated. The third largest trust company in the United States, the Knickerbocker Trust and Investment Company, which estimated that copper would appreciate in value, acquired the Consolidated Copper Company.

At this time, the public didn't know that the bank was out of cash, and there were enough banknotes in the bank to handle normal counter business. Until the news of Knickerbocker's acquisition of the United Copper Company came out, the trust company was attacked the next day. "Run", all depositors came to withdraw money.

At that time, the richest individuals were less than the Rothschild family who had just won Waterloo. The Bank of England was afraid of them. Banking business still surpassed personal business and was the main source of funds for trust companies.After the collapse of Knickerbocker, the domino effect began. The banks had a strong sense of distrust of the trust industry and demanded that the trust company repay the loan immediately. Under the attack of both sides, the trust company had to borrow money from the stock market, and the interest rate even rushed to 150%.

This did not ease the panic, but exacerbated the sense of mistrust. Terrified citizens lined up all night in front of various trust companies, waiting to withdraw their money. At this time, Jesse the Bear of Wall Street came to make a fortune. Almost closed down.

In this crisis, more than 300 trust companies went bankrupt, many of which had good reputations. It was not until JP Morgan came out to rescue the market that the panic gradually subsided in 1908.

After the First World War, Morgan uttered bold words, not the law, but money, and only money, to promote it.

This kind of trust model with a strong commercial color can only become like this in the United States. This kind of business trust (business trust) can not only give customers generous returns, but also because the trustee can receive remuneration, it makes the trust paid and grows faster. professionalization of trustees.

This is good news?Of course not, the Ponzi scheme also appeared in the upper class under the cloak of trust. Their class is superstitious about gossip and likes to hear introductions. As long as someone introduces a scammer into their circle, they will soon be accepted by them. , the most attractive thing for them is the high rate of return, and of course they must have a sufficiently decent appearance and a personality that appeals to them.

But if anyone is okay, ask them what the difference is between the trust pools of Ponzi schemes, these party animals will probably not be able to figure it out for a long time.

Trust companies in the United States are "strictly regulated" by law, are qualified trustees, and have "never been defrauded."

For example, a liar with a high IQ controls a "robot", whose responsibility is it?

Or to put it another way, is the guilty person a natural person, a legal person or an agent?

A legal person may not know anything, register with his name, and others will do whatever he wants, and he will be responsible for any accidents.

The agent may also know nothing, and he is completely unaware that he is committing a crime. The internal model of the company is to distribute the money of the later customers to the previous customers who joined the club.

Whether it is a legal person, an agent or the person behind the scenes, they should all be natural persons, who are also the subject of the crime. You can say that you were cheated by a trust company. Are all natural persons in trust companies liars?

Some people must say that they are not, and even the scammer pretending to be a trust company tried to make money for real money after he had a fund pool, and distributed the returns to customers, so he invested his money in the real estate industry.

Speculation in the stock and bond markets, real estate will never be speculation. Real estate is the safest investment. This housewife knows that she can make money without losing money.

It would be less risky for him to use this money to go to the atomic furnace fund. At least the federal government is afraid that the money will be used up all at once, so it will save and spend it, and even if there is a loss, it will recover a little bit.

The center of the British trust is the beneficiary. When the trust expires, the trust company must distribute the principal and income to the investor. When the trust evolves and cannot be paid as scheduled or when the payment is difficult, the company must deal with it. This is called rigid payment, and it is also a trust The unspoken rules of the industry are a means of attracting investors.

However, in the case of 1907, rigid payment cannot be realized, and this will exacerbate the moral hazard of the trust industry.

It’s not bad to be able to redeem the principal, but you still want interest?This is not impossible, banks can have it, and many private banks received interest when Morgan rescued the market, and Morgan also took the opportunity to acquire mining companies.

But there is no hope for retail investors. Finance does not actually create any wealth, it just transfers wealth and concentrates the money in the hands of some people in the hands of others. Jesse is also a poor boy, and he later became a giant bear on Wall Street.

Retail investors can't even get their principal back, let alone interest, and the so-called rich are just bigger fish in this crisis, but they can find Morgan's way to recover their losses, just like they used to The money goes to another agent who has cost them dearly.

For this purpose, all the doors that were not open to Morgan before were opened, only in North America, and it would not work in Europe.

Those "castle owners" will also marry Americans, only for their daughters to marry in the past, they will not marry their daughters to the United States, the heroine Rose of the Titanic, her father died, only her and the widow mother, it is estimated She also married a steel tycoon only when she was dilapidated.

A considerable number of people's concept of money is that they cannot maintain their lives without money. Anna Gould, the daughter of the founder of the American railroad, married Bernie de Castellane, and they lived well. At least she wasn't called an "ugly Yankee" by some noble lady of the Montesquieu family.

After World War I, French aristocrats expanded their dowry hunting targets to the entire Americas. Throughout the 20s, billionaires on Fifth Avenue in New York sent their daughters to Paris.

The common people probably think that this is the perfect combination of the powerful and the big capitalists. In fact, the famous and powerful families express their dissatisfaction as always, especially when wealth overrides their birth.

Wealthy families know best that family business decline is easier than family business revival, but they have never been as afraid of social status and being forgotten as they are now. They call wealth a social status elevator, and this perception forces them to sit back and eat annuities. transition to senior management.

Because of the ancient and closed tradition of the aristocracy, noble ladies will only marry noble young masters. When noble young masters marry wealthy daughters from the United States in order to obtain a dowry, these noble ladies begin to face embarrassing situations due to the lack of suitable spouses.

Some would lower their standards and marry cultured people like Suzanne's mother, while others would simply stay single and pursue a career they loved, most likely a Marchioness as a midwife in a Parisian hospital.

Although the power of nobles was not reflected in the law, their titles were restored after Napoleon ascended the throne. Of course, they were only titles. In the old days, nobles did not perform military service. In the development of the military.

After Suzanne passed the marriageable age, the circle of young people who belonged to the wrong family began to be popular, and their circle even jumped out of the big capitalists and cultural people, which made them have to lower the pomp of life and reintegrate Their wealth, such as the sale of castles that are extremely expensive to maintain.

The daughters of the big bourgeoisie can be called like that, and the girls of the "working class" can't expect to hear good things.Compared with beauty, they value their wives' abilities more, whether they can help them complete the rejuvenation of the family, such as entering the Pantheon or something.

In addition to being a member of the Napoleon Foundation, Suzanne is a member of the Society of the Nobility, which aims to unite the maintenance of the traditional moral standards of the aristocracy with the success prescribed by the business world.

Previously, there was a Wall Street business trust investor named Madoff who wanted to expand his business in Europe. He hired several young nobles as partners, hoping to attract clients through the extensive interpersonal relationships of the dignitaries just like in the United States.

Who was he looking for?
Suzanne didn't trust this "wizard of the financial world", but she still believed in the "ancestral" foundation.

No matter how the Bonapartists split, there are still people who are loyal to Napoleon, and they will properly handle the wealth left by Napoleon. Of course, it is also possible that they are still thinking about the wealth that Napoleon looted from Moscow.

In fact, everything as big as the Tuogu minister appointed by the king on his deathbed, as small as the tomb guards who guard the tombs of pharaohs and nobles, all belong to trusts. The revocable entrustment in the United States is called passive trust. British aristocratic circles are regarded as not establishing trusts.

As for the supervision of "American-style trusts", it is called dual federal and state supervision. In fact, some people are taking advantage of loopholes. How to turn the settlor into a trustee? After 250 million copies were printed, the writer fled to Ireland.

He did not break the law, nor was he a high-ranking official or executive who accepted bribes. The US police could not arrest him, so the tax authorities had no choice but to prosecute him in the name of tax evasion.

When the elders are dying, they leave their last words and hand over their assets to the trust company to prevent their children from squandering them. Although the returns given by the trust are not low, they only give a little at a time, and they cannot be squandered at one time. The feeling of being controlled Actually bad.

It’s not a good feeling to fall from the clouds once. The United States has benefits, but the benefits at the bottom are limited. There is also a misdemeanor system to search, plus a “genius” judge asking why you don’t go out to work?I also asked why you let your girlfriend eat and drink.

That's why "nobles" don't compete with ordinary people. The friendship in school days is relatively pure. Even if you don't find someone to partner with to start a company, it's good to find someone you can trust to manage your money.

Loving and righteous people are hard to find. Napoleon was right at first, but later he became like those poor children who abandoned their original spouses after they became successful.

Other commoners may not need to have a son to inherit the throne, he does have this need, and it is not necessarily true that he is completely cold-blooded and heartless, after all, Josephine caused trouble when he was out fighting.

When we were young, we read fairy tales and always laughed at the king.

After the riots in Cairo, Bonaparte issued a proclamation, in which there was a sentence saying: Those who are my enemies will have no place in this world or after death.

Even 50 years after his death, the French aristocrats who liked archeology came to Egypt, and the locals still worshiped him very much.People called him Kebir Sultan, which means Sultan of Fire.

Daydreams are probably not so incredible.

　Madoff Trust, uh...you deserve it ╮(￣▽￣)╭

　
(End of this chapter)