Vol 6 Chapter 169: The wind is blowing

Wall Street in August is still a prosperous scene. A large number of financial professionals in custom suits, with assistants holding coffee, enter and exit the building vigorously.

In the lobby of various well-known institutions, those who came to negotiate business and look for opportunities gathered together, and when the uniformed guards nearby looked over, they immediately lost a smile.

In fact, many people waiting here are absolutely high-income people by American standards, but the standards of Wall Street are obviously different from those of ordinary people.

Tens of millions, hundreds of millions, or even billions of net worth, in front of these Wall Street companies, are all scum, not worth mentioning.

Of course, if you are the founder or person in charge of a company with a high market value or valuation at the same time you have a lot of money, then it is possible to get the respect of Wall Street.

The most realistic thing in this world will always be the financial industry. He doesn't care about factors such as comprehensive strength. He only looks at two points, how much money you have and how much money your company has.

Tourists from all over the world are still the same as before, with a mood of worship, under the big sun, and go to this narrow street for pilgrimage, which is the symbol and mascot of Wall Street, which is almost pious. Group photo of Tong Niu.

With envy, they looked at the elites who walked in and out of the buildings next to them with their heads upright.

When I look up at the windows of these buildings with some history, they are in a mood of admiration. Many people dream about or look forward to sitting behind those windows, doing transactions of tens of millions or hundreds of millions of dollars in their hands... …

Even if you can't make such high-value transactions, having a place in these buildings on this street is a success for many people.

This is not an ordinary street, this is the heart of the real world financial center.

This street, even if it is the income of a new employee, will make many affluent middle-class families envy.

They had no idea that some of these people upstairs were already ants on the hot pot at this time.

…………

Bear Stearns, the original star fund manager, now the sinner in the eyes of the company and users, Ralph Theofi, looking at the bright sunshine outside the window, watching the lively scene downstairs, always feel that he saw all this , Very fantasy.

Or is it all my experience, like a dream?

The substantive bankruptcy of the two funds under management has come from the angry condemnation of users, which gives him more time and reason to go to the bar to get drunk these days.

It's just that the colleagues I met there are still no different from the past, they are still living the days of singing and dancing, and drunk.

This is also related to the tradition of Wall Street. Wall Street adventurers generally believe that as long as the music is still playing, everyone should dance to its rhythm as much as possible.

Now, the music is still as strong as ever.

So when I was in the bar, Theofi always felt that I might just encounter a temporary dilemma. The next moment, the securities that I invested in will be the same as before, which can bring high amounts to myself, the company and users. Return?

However, as soon as he returned to the office, the data in the system once again unmistakably told him a cold fact that he was in a cold valley, no matter from which aspect, there was no hope of getting out.

After drinking three cups of coffee, there was a question, and he still didn't have an answer. Is it because I am out of touch with reality, or is the world out of touch with reality?

He dialed the phone of the top director of the asset management department again.

After the sound of "Beep", there was a distant voice in calmness, "Theofi, you have your work to do, I have my work to do, let us all focus on our own work, Okay?"

Theofi dumbly listened to the ticking sound after the phone was hung up, he could fully imagine that the other party must be greeting his family at this time, because he is now a troublemaker in the eyes of many people in the company.

The current chairman and executive officer of the asset management department, not long after he took office, or not long after he served concurrently, was an expert from Lehman Brothers, the vice chairman of Lehman Brothers. Free Lane.

Ryan is responsible for revitalizing Bear Stearns’ asset management business and restoring Bear Stearns’ image. The top priority is to ensure the proper placement of Saiofi’s two risk funds to avoid greater losses to investors’ interests.

Ryan replaced Richard Marin, Saiofi's former boss, as his senior adviser, and Saiofi, at this time, has been essentially excluded.

So, Saiofi sat there in a daze. What work do I have to do?

Ryan, who came to fight the fire, had a very difficult time at this time.

To deal with this kind of affairs, for him, he is very familiar with it. As long as he raises funds, saves the above two hedge funds, avoids his assets from being auctioned off by creditors at a low price, in order to minimize the losses, he will be done.

For investment banks like Bear Stearns, the method of raising funds internally is also very simple, just selling other fund assets.

The problem is that at this time, the conditions of Bear Stearns' other funds are not much better. Frankly speaking, there are only two funds that need to be rescued, and not more funds need to be rescued, which is a blessing.

After asking Saiofi to focus on his work on the phone, he felt that he actually didn’t have much work to do to save the two funds, and the best way to minimize Bear Stearns’ losses was to announce this. Two funds closed down.

He put away the final resolutions given by his subordinates, took a folder, and found Bear Stearns’ CFO, Sam Molinaro, “Sam, we think it’s better to give up,”

In front of the solemn Molinaro, Ryan, who was still in good condition by Lehman Brothers, seemed a little relaxed at this time.

"I understand your concerns and your feelings, but trust me, this is the best solution,"

"Sorry, we tried our best,"

This is the greatest sympathy he can give Bear Stearns.

Having said that, for Wall Street giants, who hasn't lost money yet?

The white hair on his head is a lot more, and Molinaro who seems to have lost a lot of weight put away the plan, "Thank you Ryan.

"It's just that we have to wait,"

"Wait?"

"Yes, wait," Molinaro said.

He believes that although this issue has not attracted everyone's attention-it can be seen from Ryan's relaxed attitude, but at this time, there must be some colleagues who have encountered the same problem as himself.

If it is for other colleagues to announce this result first, and Bear Stearns will follow up. Although the loss is still inevitable, it will not cause too much damage to the company's reputation.

Because whether it's a good thing or a bad thing ~www.wuxiaspot.com~ people are often only impressed by the first person who appears.

Following the announcement of other colleagues, it is actually telling the outside world, see, this is not our fault, this is the problem that our industry has encountered.

He knows very well how important reputation, this seemingly vague thing, is to financial institutions like them.

Especially at such times.

He knows very well that although the current situation looks difficult, it is certainly not the most difficult time. The next days will be the most difficult time.

At that time, they need such a good reputation even more, so as to avoid more runs and redemptions by users who have lost confidence in Bear Stearns.

Faced with such a situation, even a well-functioning financial institution will not be able to deal with it, not to mention their broken ship that seems to have leaked, and there are more places that seem to be leaking.

In such a gloomy day, the rare good news is that this time, they did not suffer from waiting for too long.

On the second day of August, its European counterparts across the ocean, the German Industrial Bank, announced a profit warning because of their 12.7 billion Euro Rhineland Fund and the bank itself participated in the US real estate subprime mortgage market in a small amount. , And may suffer huge losses.

In order to avoid causing too much adverse effects, their external statement only stated that after auditing the balance sheet, they found that 6.2 billion euros of total assets were "difficult" securities.

And said, "The risk is controllable."

However, the Bundesbank, subsequently convening the German banking industry to discuss a basket of plans to rescue the German Industrial Bank, undoubtedly made it very clear that their situation was far from as easy as their statement.

Feng Yiping's phone call was immediately broken.