Vol 6 Chapter 580: The beginning of a billion dollars

? One of Yahoo's most important executives chose to vote for Feng Yiping, who has no room to change with him, and this immediately made Sun Zhengyi a little angry.

How could this be?

What he didn't know was that at this time on Wall Street, there was a person who was shouting almost the same thing as him.

Manhattan, New York.

At the intersection of Seventh Avenue and 49th Street, there is a building that looks like a tower with a castle. Like Times Square not far from it, there is also a huge LCD screen on the outer wall of this building. , On the screen, a variety of beautiful and tall patterns are displayed scrolling, of course, the green logo of Lehman is the one that appears the most.

Because this building is the headquarters of Lehman Brothers.

At this time, in the large office on the 31st floor of the building, Lehman Brothers President Fuld was watching the news conference on TV in a daze, listening to Paulson saying to the camera, "...the reason for taking This historic measure is due to the fact that Fannie Mae and Freddie Mac are so large in scale and so close to the financial system that any one of them will cross over and cause great turbulence in the U.S. and global financial markets..."

After Paulson, Lockhart of the Housing Credit Agency further added specific measures, "...accounting for 80% of the two companies,...the repayment level of our capital injection, after the debt..."

Hearing this, he couldn't help but cursed, "motherf××k,"

The wine glass in his hand was heavily paused on the table by him, "Why is this?"

Because the reason why the two rooms are today is really inseparable from his company.

Liangfang, which was not as well-known as the five major investment banks on Wall Street before, emerged in the subprime mortgage crisis. Speaking of which, Lehman released a research report on Liangfang on July 7 this year.

The report’s argument was very pessimistic. They believed that the two houses had two major problems: first, they had falsely reported profits before; second, they had now concealed huge losses.

Therefore, the two rooms actually have a huge funding gap. The report and using rigorous data have come to the figure of the two rooms' funding gap: 75 billion US dollars!

This is a staggering figure, especially when we contact the data disclosed in their authoritative financial documents at the end of 2007, that is, when the net capital of the two of them is more than 80 billion U.S. dollars, it is even more shocking. The trembling figures.

Since then, the two rooms have entered the sight of the public and many short-selling institutions...

It can be said that Lehman contributed a lot to the two rooms falling to where they are today.

Frankly speaking, the report released by Lehman at that time also had the purpose of using the two rooms to divert attention, because after Bear Stearns was acquired by Xiaomo at a low price, Lehman, which has many mortgage assets, became the focus of everyone's attention.

But if things like this are foreseen today, Fuld swears that he will send the staff who wrote that report to Africa to expand the market.

The federal government has taken over the two houses. This has too many meanings. One of them is that the US government has publicly acknowledged the credit problems of the mortgage market and has reached a critically ill state.

So, what can be better for Lehman, who still has a lot of mortgage assets that cannot be dealt with?

What’s more deadly is that the specific plan announced by Paulson has only one meaning. The shareholders, that is, equity investors, almost lost everything. You see, they only paid $1 billion to acquire Fannie. 80% of U.S. shares are still preferred shares, which naturally means that the original shareholders' shares have been greatly diluted.

A direct consequence of this is that, of course, starting from today, not only will no investors buy the stocks of financial companies, but investors who hold the stocks of financial companies will desperately sell their own stocks.

Because, who knows whether the next financial company will end in the same way as the two rooms?

That is, financial companies, especially companies that are heavily influenced by subprime mortgages like Lehman Brothers, their stocks may also become worthless waste paper.

Why are you still buying and keeping it?

The impact of this press conference on Lehman is more than that. Fuld knows that it will directly affect Lehman's other big plans.

Regardless of the time difference at this time, he directly told the secretary, "Connect me to Min's phone, hurry!"

What Fuld calls Min is the president of Korea Development Bank, Min Yusheng.

Min Yusheng, who only became president of the Korea Development Bank in June of this year, was once Fuld's subordinate.

At first, he was the deputy representative of Lehman Brothers in Seoul. Later, he was poached by Motorsports and became the chief representative of Motorsports in Seoul. Then, he was dug back by Fuld and served as their representative in Seoul. chief representative.

Although soon after, Min Yusheng did not resist the temptation and went to become the president of Korea Development Bank, but he still has feelings for his old company, or in other words, he also hopes that after serving as the president of this state-owned bank, he can make some contributions The remarkable achievements come.

And the marriage with a world-class well-known investment bank is naturally a very proof of his achievement.

Therefore, at the beginning of his tenure, he started equity investment negotiations with Lehman Brothers, and everything went smoothly. The Korean Banking Group he took the lead in the establishment of the Korean Banking Group intends to invest at least US$5 billion in Lehman.

However, because of the issue of stock prices, the two sides have been in a stalemate.

At this time, Fuld decided that as long as Min Yusheng made an offer, he would agree.

At such times, it is of great significance for a strategic investor such as a group of banks in a country to invest in Lehman.

First, their investment will help Lehman reduce leverage while increasing liquidity.

Secondly, their investment undoubtedly shows that they believe that Lehman has investment value, which is actually equivalent to saying that Lehman's problem is not as serious as some people have exaggerated it.

Fuld believes that this will have a great effect on stabilizing Lehman's stock price, and it will likely drive Lehman's stock price to rebound.

Because such an investment will certainly attract a lot of people to follow suit.

Fuld waited nervously for the secretary's response. He kept looking at his watch, and every time the minute hand went around, his mood became lower.

Ten minutes later, he waited for the news that he didn't want to hear. Whether it was an office phone or a personal phone, the former subordinate who Fuld regarded as the savior, did not answer.

The situation is quite clear.

Fuld knew that when such news broke out in the United States, no matter where in the world it was, people like Min Yusheng would definitely pay full attention to it.

Yes, for example, Feng Yiping was awakened by Li Ruiyuan in his sleep at this time, "Feng, as you expected, the two rooms have been taken over!"

"Well, go ahead as planned,"

Li Ruiyuan suddenly felt the gap between himself and his boss. Look, how calm the boss is.

"What's the matter?" Malika woke up after sleeping shortly.

"It's nothing," Feng Yiping said.

But Malika quickly felt that things were not that simple, because she intuitively felt some changes in Feng Yiping.

And because of the two days' experience, she understood the reason for his change, and he made money again.

She took the initiative to cater to...

…………

More people were not as calm as Feng Yiping. After the news spread to Asia, the market was suddenly excited.

According to Lockhart, although the US government's capital injection is preferred stock, the solvency level is behind the debt, which immediately gave bond investors, including many Chinese banks, a sigh of relief. This actually means As a result, the credit rating of the bonds in their hands has been upgraded to the level of US Treasury bonds, and the principal will not be lost.

Soon afterwards, the Asian markets opened one after another, and they expressed their affirmation with the rise in the US government's takeover of the two houses.

Li Ruiyuan still feels a little regretful about this, but it is a pity that he could not invest in Asian stock index futures at the same time, otherwise, he would definitely make a lot of profits today.

But soon he didn't need to regret ~www.wuxiaspot.com~ because, after the US stock market opened on the morning of the 8th, unsurprisingly, the share price of the two houses was called a straight decline.

At this time, everyone in the joint fund has entered a state of war. When he saw the stock price drop to around $1, he waved, "Buy!"

Suddenly, everyone moved, and everyone felt that even the keyboard tapping sound was so sweet.

It was not the sound of the keyboard, it was the sound of dollars flowing in.

When they borrowed last year, the share prices of the two houses were still above US$70, and their proceeds from the sale at that time were US$1.1 billion.

In this way, their profit from shorting the two rooms is at least $1 billion!

In the office, John was already pouring wine to celebrate with Li Ruiyuan, "Li, congratulations!"

"John, don't get excited, you also know that today's things are just the beginning," Li Ruiyuan smiled.