Merrill Lynch itself is one of the world's largest securities retailers and investment banks.

Investment and asset management are Merrill Lynch's strengths.

As a result, Merrill Lynch now wants customers' money.

If you let another company manage your investment, it will tarnish Merrill Lynch's reputation.

If a public opinion is formed and it is brought to the media.

This may have triggered a decline in Merrill Lynch stock.

But capital, it doesn’t actually care about this.

It only considers value-added, value-added, and value-added.

As long as someone can make it grow more, and grow more quickly.

Merrill Lynch doesn't mind the loss of reputation, and neither do most Wall Street giants.

These behemoths, in many cases, actually do nothing more than pool the money of retail investors.

Then give this money to managers who can make money.

In the end, they take some commissions, and in many cases the profits earned are mainly these commissions.

Like Buffett, among his investors.

There are giants like Merrill Lynch and Goldman Sachs.

Every time Berkshire Hathaway launches private equity shares, the ones who grab the most happily are often these giants.

As long as it is guaranteed, or can be observed to be profitable.

Then these giants are willing to take risks and give their money to others to invest.

All in all, making money is what matters.

Facing Charlie Scharf’s slightly flattering attitude,

Abel asked succinctly: "How many?"

Charlie Scharf hesitated and then said: "$800 million."

"Too many."

Abel shook his head and said, "I'm not saying you have too much money.

But it means that US$800 million occupies too much of my share of this private placement."

"For this private placement, Smith Capital's goal was only one billion US dollars."

"The situation changed later, and I plan to expand this number to US$3 billion."

"But I'm sorry, but not before you come, Mr. Schaff."

"Mr. John Reed and Mr. Breen, as well as the Bank of New York, Mellon Financial Corporation and other companies, have subscribed for US$1.9 billion in shares."

Looking at the somewhat surprised Charlie Scharf, Abel shrugged and said:

"So if Merrill Lynch wants to subscribe, the share can only be less than US$500 million."
Chapter completed!