Miss President wants to talk to you

"Mr. Hopkins."

Pecora spoke.

She was disgusted and nauseated by the shamelessness Richard had just displayed.

However, the other party's testimony phase had already ended, and Pecora had no grounds to refute it further.

We can only place our hopes on Eleanor.

"I need to remind you that, as a White House representative, every answer you give from now on represents the White House's position. Are you aware of that?"

“I understand,” Eleanor nodded.

"Okay, Mr. Richard Morgan just mentioned that the current version of the Banking Act poses significant risks. How would you respond to that?"

Is this the kind of direct question we're asking right from the start?

"What nonsense!"

Eleanor did not shy away from the issue and directly stated her position.

Then he said, "But I can understand why Morgan would say that, since if the Banking Act is passed, the Morgan Group will become the largest criminal organization in federal history!"

What?!!

Everyone was stunned by these words.

What the hell is Eleanor talking about!

They were just thinking that Richard liked to spout outrageous remarks and make wild statements at hearings.

It seems that you, Eleanor, are just as good!

Pecora was also so shocked that he couldn't recover for a long time.

After a long silence, she finally said, "Mr. Hopkins, you can't just say things like that! This is a very serious accusation! Can you take responsibility for your words?"

"of course can."

Eleanor said seriously, "In fact, when I learned what Morgan Group was doing behind the scenes, I was even more shocked than you were."

brush!

All eyes turned to Morgan in the audience.

Richard's expression kept changing at this moment.

He had a bad feeling. Why would Eleanor target him?

Where does their confidence come from?

Is it

Richard thought of Rogers, who had been arrested by the FBI.

Did he say something he shouldn't have?

Richard didn't dare to gamble.

He could only try to maintain a calm facade while mentally preparing for the worst-case scenario.

Meanwhile, lawmakers with ties to the Morgan Group also began to take action.

"I protest!"

One lawmaker raised his hand and said, "The purpose of this hearing is to examine the rationality of the Banking Act. What Morgan Group has done has nothing to do with the topic of the hearing."

"Hopkins is trying to confuse the issue. Please, the Presidium, get the topic back on track!"

This protest is clearly justified.

"The protest is valid."

Fletcher struck the gavel and looked at Eleanor.

"Mr. Hopkins, please refrain from discussing topics unrelated to this hearing and return to the Banking Act."

"No problem, Mr. Chairman."

Eleanor readily agreed and surprisingly never brought it up again.

But he only said half of what he meant, which made countless listeners eager to hear more.

What exactly did the Morgan Group do that made you, Eleanor, call them the biggest criminal organization?

You should finish what you're saying!

Pecora was one of the people in this group.

She really wanted to know what dirty secrets Eleanor had about the Morgan Group.

"Mr. Hopkins."

Pecora thought for a moment and continued his questioning.

Why do you think that Morgan Stanley would become a criminal organization after the Banking Act was enacted?

"Do you believe that existing laws contain crimes that cannot be judged?"

Pretty!

Countless onlookers couldn't help but applaud and cheer.

Pecora was indeed a seasoned prosecutor; with just one question, he not only continued the previous topic but also provided perfectly legitimate reasons.

His debating skills are truly outstanding.

Richard, sitting in the audience, really wanted to curse.

He really couldn't understand it.

What did I do to offend Pecola that made him target me like this?

Am I the only banker in the entire Federation? Why are you always chasing after me?

When Eleanor heard this question, he thought to himself, "No wonder it's Pecora."

A tough guy who dares to challenge countless billionaires with a monthly salary of 250 yuan.

They've really mastered the art of language.

"Of course it exists."

Eleanor picked up the thread, "Let me give you an example. Suppose there's a bank that hasn't paid a single penny in taxes in the past three years."

"Did this bank's actions violate federal law?"

Upon hearing this, Richard's face turned green.

The audience also erupted in uproar.

Not paying taxes for three years? That's definitely a crime!

What is the tax bureau doing? Are they taking absolutely no action?

At this time, after hearing about Eleanor's example.

Pecora frowned and said, "This is certainly illegal, Mr. Hopkins. Does such a bank even exist?"

Everyone was waiting for Eleanor to mention the name of Morgan Group and provide corresponding evidence.

However, Eleanor was in no hurry.

He suddenly sighed and said, "This bank does exist, but unfortunately, their actions have not broken any laws."

This answer stunned everyone.

How is that possible?!

If a bank doesn't pay taxes for three years, do you think they haven't committed a crime?

Does that mean I've been a fool all these years of diligently paying taxes?

Pecora's expression was extremely serious at this moment.

"Mr. Hopkins, could you elaborate on this? How could the law possibly allow a company to not pay taxes?"

"Unfortunately, this is how it's done legally."

Eleanor shrugged. "All you need is for your books to show no income."

Pecora frowned: "No income?"

How is this possible?

As long as a business is operating, it may make a profit or a loss, but it will never be without income!

This is an absurd situation that even falsifying accounts couldn't have produced!

Unfortunately, this is exactly what happened.

Eleanor explained, "If there is a partnership bank, the profits and losses are shared separately by the partners."

"Then the taxes will naturally be borne separately by the partners."

"Article 23 of the Revenue Act stipulates that individuals may deduct losses from their income from business or profitable transactions..."

At this point, the faces of the members of the Banking Committee changed instantly.

They could understand everything.

Holy crap, you Morgan!

Do you use all the money you lose from investing in stocks to offset your income?

Everyone present fell silent.

Even someone who knows nothing about economic law can understand how outrageous this operation is after a little thought.

in short:

No matter how much money a person earns in a year, as long as he loses the same amount of money in investing and the stock market.

He could then use these losses to offset his income.

He wanted to avoid paying any taxes at all.