Vol 6 Chapter 790: The key issue

Xiao Ohei who had finished a meeting just saw this scene, he smiled, and he was not surprised.

These guys, indulge in power and the funds wasted on them, but most of their time must be used to raise funds, because for these congressmen who have to be elected every two years, the first job must be to keep Work is to get re-elected, which is overwhelming.

For this reason, they may not even take the vote too seriously. Most of them will only let their subordinates give a briefing at the last moment before going to vote, telling them whether to vote for or against.

Or they will play some tricks, for example, for some controversial bills, vote for the motion, but vote against the amendment, so that they can be exquisite.

So, even if it is such a hearing, can you really expect them to go through the information for this?

What does the office do with so many people?

Therefore, it is really not surprising to ask such a question that exposes the lack of common sense.

What's more, they faced Feng Yiping this time.

In terms of investment, is Feng Yiping just good?

"I think I don't need to look forward to it, there will be no suspense," he said to his secretary Katie.

"What are you expecting, Mr. President?" the female secretary asked?

Xiao Ohei was taken aback, yeah, what am I expecting?

Expect him to have nothing to fight back at this hearing?

…………

At the hearing, Barney Frank took a deep look at Feng Yiping. Feng Yiping's additional rhetorical question naturally made him a little bit faceless.

This is something he didn't expect.

Although the hearing is not a court, the respect they receive on such occasions is much higher than that of judges in the court. The senior government officials who were called to testify before or the heads of well-known companies, even if they heard similar questions , And will never let him get off stage like this.

He also didn't want to think that he was asking Feng Yiping to spend an extra 600 million US dollars, so how can he expect Feng Yiping to continue to be happy?

"So, what do you mean is that in the past year, this $5 billion investment did not generate any income?" he asked angrily.

"There are still some, Mr. Feng Yiping," said Feng Yiping, "because the main purpose of receiving the funds is to preserve its safety, so the investment methods are very limited. Our choice is short-term US Treasury bonds, and Some municipal bonds,"

"In the beginning, the yield was okay, but later, we learned that as more people realized other investments and switched to buying treasury bonds, the relevant yield would inevitably drop. Finally, the return on this investment for one year , Which is 3.06%,"

"Om," There was another uncontrollable noise in the venue, and some professionals outside the venue had already respected Feng Yiping at this time.

In the environment like last year, only by purchasing treasury bonds and municipal bonds, a $5 billion investment can be made with an average return of 3.06%, which shows that Feng Yiping's investment level is high.

You should know that with the implementation of quantitative easing and a large number of investors investing in Treasury bonds, the price of Treasury bonds has risen. The yield of U.S. Treasury bonds has fallen sharply last year, and it was even close to zero, the same as deposit rates.

Buying national debt is safer than putting funds in banks that don’t know if they will fail.

Therefore, the 3.06% return is proud enough!

Hearing the discussion at the scene, including those of his colleagues, Barney Frank put the question back in time, "Do you think that a return of 3.06% is enough?"

He was a little grateful to those who were whispering at the scene, otherwise, as long as the question was asked, he would inevitably be laughed at again.

But just give up?

"So, you can't provide a higher return on this investment?"

How do you want me to take out the money, "Mr. Member, you know, I don't have the right to dispose of this fund now."

"That is, do you have the ability to increase the return on this investment?"

Everyone saw the helplessness on Feng Yiping's face again, "You know, we can't make such a guarantee,"

"Hahaha," laughter rang out at the scene again. How many times do you have to ask such an idiot question?

Barney Frank was also a little annoyed. Why did I ask this question again, "Sorry, I hope you can understand, because Madoff has caused such a huge loss, if the return on this investment can be higher, there will be more investment. Investors’ investment can be guaranteed,"

"I understand," Feng Yiping took a sip of water, "but I have no right to dispose of this investment at present,"

You can save the 5 billion U.S. dollars, and you have done your best. What do you think of me?

In this regard, Barney Frank has no way, because they also have no right to dispose of the $5 billion.

So, it seems that only the last question is raised, "Feng, as you said, you are so concerned about the asset safety of Madoff investors, and you soon know that his so-called investment is a scam. Then, in At that time, wouldn't there be a better choice to protect the investment of more people?"

"I think most people's first reaction in such a situation is to report to the regulatory authorities."

He stared at Feng Yiping with scorching eyes. I told you to always sing high-profile and praise you so well, so why don't you report it?

This time, many people felt that the chairman had finally asked the point.

When a crime is discovered, the best way is of course to report to the law enforcement agency. Even if the law enforcement agency takes measures, there will naturally be more preserved assets.

Therefore, this is also a question of drawing salary from the bottom of the tank. If Feng Yiping does not explain clearly, then obviously, what he said before is completely untenable.

In the work car, Ma Ling became nervous again.

But Barney Frank's face changed again at this time. Seeing Feng Yiping taking out two pieces of paper from the folder, he knew that this question would not work either.

"You are right, Mr. Chairman, so we did the same," Feng Yiping said. "This is the email we reported to the Securities and Exchange Commission and the record of the phone call."

"Not only did we report it, but we also used email and phone to report twice. Unfortunately, like other people's reports, our report did not help."

"Later we discovered that as early as the last century, someone had reported to the relevant departments," he spread his hands, "I don't know, what's wrong with this,"

The faces of the people on the stage are not pretty. In this matter, the SEC and FBI are obviously negligent, and even they are all guilty of oversight. In contrast, Feng Yiping’s deeds are worthwhile. He issued a medal.

Not only did he report it, he also took active and effective measures.

At this moment, the Securities and Exchange Commission was being scolded everywhere inside and outside the venue, and some big men with serious losses even rolled up their sleeves to scold them.

However, Ms. Shapiro, who has just taken up the post of SEC chairman, is not easy to say that she was responsible for her last term, so it has nothing to do with her, because before that, she was the CEO of the Financial Industry Regulatory Authority~www.wuxiaspot.com ~ She can only complain about Barney Frank, you stupid fellow, what else would you do besides getting yourself burned?

In the meeting room, there was only silence for a while, and a gloomy congressman began to ask again, "Feng, you said that you mobilized Madoff to invest in you in order to preserve the assets of those investors who were defrauded by Madoff. Is that so?"

He also took out a document, "In order to raise the funds invested in you, Madoff has developed a new group of investors,"

"That is, if there is no proposal like yours, he will not raise the 5 billion US dollars, then, how can we save it, because there is no need to save it,"

"So, Feng, do you think you have preserved the assets of some people's investors, or have you harmed the interests of more people who would not have been defrauded?"

This is another key issue that can overthrow Feng Yiping's statement and even make him admit his fault.

Barney Frank wanted to applaud immediately, but he immediately thought, such a sharp question should be left to me. Why didn't the guys in the office think of this?

"I didn't know Madoff's financial situation at the time, but according to my experience on Palm Island, from the last century to the beginning of this year, Madoff has been absorbing investment through local clubs."

"As far as I know, after investing $5 billion in me, this is still the case, so it shouldn't be because of my proposal that he would raise funds,"

"In addition, Mr. Congressman," he said softly, "Even because of my proposal, he raised an additional 5 billion US dollars. As we all know, the 5 billion US dollars are still there!"

So what is the extra loss?

"Hahaha," a pleasant laugh came from the venue...