"That's great……"
"I feel it's okay." Song Ya recalled, "You don't actually need to pass a message through me..."
"We want to talk to him after he calms down." Michelle said.
"Ugh!"
I didn’t come to the White House for this. There were other important things, "You have to take care of me, Michelle. The First Bank of New Jersey needs more financial support."
In April 2007, New Century Financial Corporation filed for bankruptcy protection. In July, Bear Stearns Bank broke out a huge loss. In August, the Residential Mortgage Investment Corporation filed for bankruptcy protection. In September, Lehman Brothers followed suit. The financial tsunami It was completely detonated, and then giants such as Freddie Mac, Fannie Mae, and AIG Insurance all panic.
House prices in the United States have collapsed, and countless ordinary people with mortgages are unable to repay their loans. In some places, houses cannot be sold for one meter, and there is sorrow.
Halle and Milla, who followed the trend of real estate speculators, both suffered miserable losses, and their ex-wife also lost a lot, but the ex-wife has always been relatively stable in financial management.
The super financial crisis quickly spread to the world, and its own banks and investment banks are not immune.
Over the years, many of its industries have been financed by the First Bank of New Jersey and investment banks. There are a large number of health assets of their own. If they are not rescued, it will cause a chain reaction.
"Last year, Treasury Secretary Purcell already asked Chase to inject capital into your bank." Axelrod said: "I heard that China Financial Capital also invested money in it?"
Chase is the only bank that did not harm the fundamentals of the financial tsunami.
"Yes, Purcell is good, but at that time the Georges only wanted to keep the two core investment banks, Morgan Stanley and Goldman Sachs. It was not enough, far from enough."
Those in power at the time such as the Georges and Purcell all printed money, but Bear Stearns and Lehman Brothers disappeared forever. There were only two major investment banks left on Wall Street. Song Ya couldn't help but be thankful that Paulson was not in power at the time. The Treasury Department, Morgan Stanley is now in a much better position than Goldman Sachs, and Purcell is of course the priority to save his own people.
Paulson was really clever to run decisively at the beginning of 2007.
"Fuck it!"
The traversers had been mixed for more than ten years and finally needed the country's rescue. Song Ya exploded in the oval office.
"Your investment bank generally uses a leverage ratio of more than 20 times in the real estate financial derivatives market, which can even be as high as 70 times as high as the terminal."
Axelrod knows his business well. "Last year your bank and investment bank gave you and your executives a lot of dividends and commissions against the financial crisis, right?"
"..."
Song Ya was so choked that he could not find a rebuttal. It was so dangerous at the time. Of course, it would be a little bit to be recovered. "Wall Street does this! It's not me... If the house price rises, it is actually not that serious. After deleveraging, it will not be capitalized. Insolvency. And those disasters were caused by Anders, you can arrest him and go to prison!"
"Anders?" Michelle's husband didn't know Anders.
"Anders Eisner, Eisner's youngest son."
Song Ya can't wait to cut Anders alive, although he thought he was a rare financial genius at the time, "Uh, forget it, just angrily, I promised Eisner to take care of him."
"What do you say!?" He found that the other three people in the room were silent, and forced to ask.
"Last year, you should know how much risk I took to support you."
He played the emotional card again. Last year, in the critical period when the Arkansas dynasty refused to admit defeat, they used a lot of tricks to deal with themselves.
"I know, rest assured, we will save, APLUS."
After Michelle’s husband consulted his wife and Axelrod, he agreed.
That's pretty much the same. Song Ya took the reassurance pill, and his face was a little awkward, "Anyway, it was a lot of water..." He muttered softly.
"You should pay more attention to your business APLUS. According to your ability, it shouldn't be difficult to prevent it in advance, isn't it?" Michelle softly suggested.
"I didn't have so much energy, and the real estate bond market was so hot at the time..."
Song Ya was also a little helpless, "You know I've always been bad at avoiding stock market crashes, and I eat a lot every time, just like that when the Internet bubble burst."
After the age of 30, his main energy has changed from based on Tianqi Investment to managing his business empire, fighting with the boards of directors, senior managers and other professional managers and shareholders of various companies, using personnel adjustments instead of directly intervening in business to achieve this. Purpose, this kind of transformation also requires a lot of time to learn, and it is inevitable that trial and error can be avoided.
"Oh yes, and APLUS, you have to pay back the money you earned from the Madoff Fund."
Michelle and his wife began to joking with Song Ya. Axelrod took advantage of the atmosphere of the Oval Office to relax, and got the eyes of Michelle's husband to turn the topic back to the subject.
"What does it matter to me! I am also a victim!"
The Madoff Fund was also unable to withstand the financial tsunami. According to the survey, Madoff played a classic Ponzi financial scam. In fact, he has been absorbing new funds to meet the high yields expected by old investors. There are many victims from major multinational banks. And various trusts and special funds.
The old man Madoff even asked his son to report him, trying to select his family from the largest Ponzi scheme in history.
This kind of development made Song Ya stunned, but anyway, by accident and coincidence, he made money by taking **** luck and ran away ahead of time. "No!" The one who ate it and vomited it? How can it be!
He picked up his hand and scorned his neck.
"APLUS..."
Axelrod sat next to him and said solemnly: “It’s not about asking you to pay back all, at least to pay back the profits in the retrospective period. It's hard to hide it for you."
That's hundreds of millions. "Picoul earns more than me. Why does he force me to pay back if he doesn't vomit first!?"
Song Ya drags others, and his guide Picauer has been exploded for so many years that he has made billions in Madoff. The money has been hidden through various trusts and charitable funds.
"He will pay it back, there are ways." Axelrod persuaded: "APLUS, your personal reputation has dropped drastically after the financial crisis and the Madoff scam. According to the investigation, the people have now put you and those on Wall Street The vampire is equated, and given your relationship with us, this is also a detriment to the image of the leader."
Song Ya shook his head, and he recalled the scene when he was in New York.
At that time, he and Amelio and other senior bank executives had a lunch on Wall Street. People in costumes were holding wine glasses and smiling at the protesters downstairs. After the financial tsunami, the American people in the country when the gap between the rich and the poor is getting wider and wider The hatred on Wall Street became even greater. He saw in the crowd a cardboard with his own head drawn and a large cross drawn on it...
"Why are you here too?"
He also saw Cassidy's blond hair, she seemed to protest against the organizers, holding a megaphone to deliver a speech in front of the crowd.
"I joined the tea party movement."
He called Cassidy.
"That's not Sara Palin's..."
The emerging Tea Party movement started from the grassroots. They opposed high taxes, high expenditures and health insurance reforms, and demanded reductions in the size of the government. Alaska Governor Sarah Palin was one of the leaders.