Vol 6 Chapter 578: Weekend carnage

• Daniel Madd and his team arrived at the Federal Housing Credit Agency at 2:30 in the afternoon.

This is the first time they have been so active when they attended similar meetings.

Perhaps because of a bad premonition or unknown fear, they hope that officials from the Housing Credit Agency, the Treasury Department, and the Federal Reserve will see their positive attitude.

Although Ma De knew in his heart that this might be of no avail, but on the other hand, instead of sitting in a hotel and speculating about various pessimistic fate, it is better to face it in advance.

Whether the officials could detect their attitude, Ma De didn't know, but he quickly learned the attitude of the officials.

Seeing their party arrived, a staff member soon told them, "Sorry everyone, the meeting is not ready yet,"

This staff member is actually familiar with them, but this time, he hurriedly left after saying this sentence, leaving the group of them in the hall like this.

This is obviously not in line with the manner of etiquette, and naturally made Mad and the others feel annoyed.

If it is normal, let alone their senior executives, if the company comes here by any person, at least there will be a place to drink coffee while waiting.

But now, they can't care about it. In fact, they can't care about it either.

So far, no one has any unrealistic illusions about the outcome of their trip.

Because of this, they also completely let go. These are in charge of a family in charge of more than 2.5 trillion US dollars in loans (this amount is close to half of the entire US 12 trillion US dollars in loans, and they and Freddie Mac add up to exactly the same amount. Nearly half of the guys from the giant company, holding hands or akimbo, wandering in the lobby of the credit bureau, talking and laughing.

That's it, love whoever you are.

However, when he saw Fed Chairman Ben Bernanke coming in through the front door, out of politeness and, by luck, Madder went over and greeted him.

Unlike the predecessor who always smiled, the chairman of the Federal Reserve was always a little unsmiling, especially today. Seeing Ma De, he just nodded his head from a distance and walked directly upstairs.

Don't talk about shaking hands, you don't even say "Hi".

Ma De knows that today’s meeting should be worse than he expected, but I don’t know why. At this time, he is still in the mood to joke, "Do you think that Mr. Chairman treats me as The staff? Because, it seems that every time I enter or leave the company, I will nod like the guard at the door."

The high-pressure executives laughed through this, and some people analyzed it, "This is indeed very possible. You know, there are so many things that make Mr. Chairman a headache, that he really didn’t recognize it just now. You come,"

At this time, someone pointed to the door and said, "That one is the one with glasses in the middle. If we misunderstand him, he is a reporter from the Wall Street Journal. You said he would wait outside the door. what are you doing?"

What else can I do? I definitely got the news in advance, so I was lurking at the door, and the source of this news, undoubtedly, is definitely not people like them.

All things clearly indicate at this time that it is very likely that they will set foot here for the last time as they are now.

…………

After three o'clock, they were finally invited into the conference room.

Like the meeting rooms of all departments except the White House they have been to, this meeting room is very tall and light is always insufficient. The dress is modest and solemn. Even the air in the meeting room seems to be bureaucratic.

And Madd and the others were assigned to sit on the side of the oval desk and wait, like a row of prisoners waiting for the grand jury's verdict.

After about a few minutes, the door was opened, and the tall Paulson came in first. He walked to the opposite side and sat down without squinting.

Bernanke quietly followed behind him, his big beard and serious expression made him look bitter and bitter.

And the appearance of him being indifferent to people other than himself, as if he was still immersed in those headaches.

The director of the Credit Department and the initiator of the meeting, Jim Lockhart, the official with the same name as the superhero red torpedo in the DC comics, looks more like a stern old accountant, or a relentless CIA trial in a movie Agent of the suspect.

Lockhart opened the folder in front of him, "Mader, everyone,"-these were the three people on the opposite side, and it was the first time someone greeted them.

It was also because of their attitude that when three high-ranking officials like them came in, Ma De and the others just sat on the chairs, and they didn't even have the intention of shirking.

"This is our latest statistical report. According to this report, among the assets owned by Fannie Mae, those unclear losses will prevent you from fulfilling the function of supporting the housing market."

Bernanke, who has been quiet, finally spoke, "No matter what criteria or angle of analysis you follow, your funds are seriously insufficient."

Paulson, the biggest player among the three, remained silent at this time. He put one hand on the table and kept scanning Mad and them again and again with sharp eyes on the table.

"Our conclusion is," Lockhart glanced at the file in front of him.

Ma De knew that when it was time for the announcement, it was strange that he was not nervous at all at this time, and he also saw that Lockhart seemed a little reluctant to let him announce these, "You, Fannie, must agree to The government takes over,"

"The plan is as follows," Lockhart glanced at the file again.

Ma De and the others think this is really a single move, can't you remember?

"The federal government will purchase $1 billion in preferred stock, which will account for 80% of the company."

Ma De closed his eyes.

Sure enough, this is the result!

This means that Fannie Mae’s shareholders will be swept out, and all their shares will become waste paper.

"Although we will not provide any cash immediately, if Fannie Mae needs it, we will immediately invest 100 billion US dollars,"

"Besides," Lockhart said while looking at Madd, "the current person in charge will be relieved of his duties,"

Ma De knows that this mainly refers to him.

"At the same time, all the golden parachutes (meaning huge severance pay) of all management team members will be null and void,"

As soon as these words came out, Madd and the others suddenly fell into a low mood, because this was a measure that was really directly related to them.

Ma De looked at the three on the opposite side. None of them had much hair, so they all looked gleaming on their foreheads. You guys are really cruel!

Looking at Paulson's bald head, he said to his heart, you, the emperor of Wall Street, do you want to become the butcher of Wall Street?

"James, you know, I have to discuss with the board," he said.

"Yes," Paulson spoke for the first time, very tough, "but you must agree on the 7th at the latest,"

The next words are even more murderous, "Tell your board of directors, even if you object, the government will use all its strength to do so,"

"In short, we will make sure to take over Fannie Mae before the market opens next week,"

Lockhart added, "The same goes for Freddie."

Madd suddenly knew that it was useless to say anything, because this was a massacre, a premeditated weekend massacre.

They hurriedly left the credit bureau and rushed to the Sullivan and Cromwell law firm, which they entrusted to deal with related issues, where board members will meet with them.

On the way, Ma De first reported to the chairman of the board of directors Steve Ashley about the meeting, and finally said, "Steve, I suggest that all of our board members immediately initiate all relationships in Washington..."

"Mediation?" Steve Ashley said.

"We can't let them just take our company," Ma De said.

Ashley was silent for a while, "Made, do you think we, or us and Freddie, can declare war on the federal government?"

Ma De fell silent ~www.wuxiaspot.com~ With a faint sigh, the phone was hung up by unknown side.

At this moment, in the same room, Freddie Mac’s President Richard Theron and the others heard something similar to Madd and the others.

…………

For Li Ruiyuan, this meant that things went smoothly unexpectedly. On the 7th, that is, on the weekend, when he received a call from John Joy, he smiled and said, "I know, I am also watching, "

On TV, Paulson and James Lockhart announced at a press conference that the US government has taken over the troubled housing mortgage financing institutions Fannie Mae and Freddie Mac.

Everything was exactly the same as Feng expected.

So, the next suspense is what their share price will be after the market opens tomorrow.

Li Ruiyuan immediately shook his head, it seemed that there was no more suspense.