Reboot 2003

Chapter 208 116: Voting (two in one)

Gu Wenjie suddenly thought of the conversation he had just a moment ago - you can't make money with defective products, you can't make money with hesitant acquisitions, and certainly you can't make money with scholars who are out of touch with reality.

This may be a matter of course, and the person involved may even have no intention of making money from this at all... But what should people do if they don't make money?In today's society, money is credit and legal principles, and money is the withdrawal of social value. If an activity cannot make money, maybe it should not exist in the first place, and if the pursuit of profit is the goal, it may be more efficient. s Choice……

During the meeting that day, Gu Wenjie and Ji Xianglin talked for a long time. After the two parties signed a contract, Ji Xianglin went back and resigned.

The property market is booming.

That night, Lippman called to test Gu Wenjie, and Paulson was also testing his tone...Lippman didn't care much about the decline. After all, banks mainly charge commissions from both ends, no matter who makes the money. , The impact on them is not great, but Lippmann bought a lot of high-quality CDS with the capital he managed, and he is somewhat worried about the current market prospects.

Paulson said that he was preparing to reduce his holdings - the anchor point of the bubble is still house prices after all. If house prices really don't fall, then the future of CDS may indeed be uncertain. Paulson is unpredictable about the government's bailout policy. , I want to try to get some information from my colleagues.

"Don't tell them the truth, you could say we're watching too."

Before leaving, Ji Xianglin explained his strategies for dealing with his peers. He seemed to adapt to his role quite quickly - for a short seller, this may be a very common operation. After all, everyone likes growth, and no one likes decline. People all over the world All like this.

Therefore, when shorts appear in the market, they will become the target of hunting. Not only will the bulls squeeze shorts, but there will also be strange operations among the shorts to kill their predecessors before entering the market, or to induce people to go short and then go long.

The media deal with the Democratic Party some time ago seems to have played a role in this regard. Maybe other short sellers are still hesitant, or because this deal affects the ultimate anchor of housing prices, it has caused a credit market that should have very clear risks. It has become confusing again, but Ji Xianglin is still certain that housing prices will fall, and now is the best time to buy the market at the bottom.

Under the guidance of this idea, a few days later, the Edward Fund completed the property division. The two original partners handed over their CDS resources and withdrew. An overseas public welfare capital called "Red Water Fund" hedged with this company. The fund has injected capital...

This is a public welfare fund registered in Luxembourg. It has not been certified by any international organization. It has more than 80 investors, all of whom are wealthy businessmen from the mainland. They just add their names and do not invest, but the shares are not disclosed to the public. , it looks like there are really so many people participating in this fund.

Where did he find so many people?
Gu Wenjie seemed to have such suspicions, but he quickly ignored them.

Soon, Edward Fund began to look for CDOs in the market, and bought CDS with a scale of 11 million US dollars before the end of November. It was directly exchanged into some simple investment documents, and turned into more than two dozen thin CDS booklets on his desk.

And this is just the beginning——

"Oh, my God, I heard that you have finally started buying CDS? The market is booming now, and this is a great time to buy the bottom! Tell me what you want to buy, and we can find [-] billion in capital to be your opponent. !”

Goldman Sachs's friends were still enthusiastic and wanted to snatch the [-] million directly from Edwards Fund. Ji Xianglin was not there that day, so Gu Wenjie thought about it for most of the night and selected some MBS that seemed to have serious credit problems. He wanted to ask Goldman Sachs to help. He ordered a CDO for him to short.

But after hearing this, Ji Xianglin came to Los Angeles overnight to stop him——

At that time, Ji Xianglin asked him: "Jim, if you mortgage your own house and you want to use it to make a lot of money, so you endure high interest rates, when do you think you will default?"

"Maybe... when I have no money? Or when it has fallen so hard that I can't see the possibility of appreciation."

"Yes, both factors are important, but everyone knows that the poor will spend every penny. As spectators, many people will bet on the poor's default, so its odds will be lower."

"So you think we should primarily be picking deals from rich people?"

"Yes, but not all rich people can do it. You just said that only rich people whose decline exceeds the tolerance limit will default. So first of all - maybe he has higher expectations for profits, maybe he has higher expectations for the decline. There’s less tolerance.”

"But how should we judge?" Gu Wenjie hesitated, "The credit information provided by the bank can let us know the credit status of an MBS policyholder, but how do we know how high his investment expectations are?"

"My idea is based on region and year - housing prices are trending differently across the United States today. Some states have rebounded strongly recently, and some states have not even stopped rising. I think people in these states have higher expectations for profitability, and generally speaking Say, if someone buys a house within this year, their sunk costs will be lower and their psychological expectations will be higher. I think these people should be the group most likely to default..."

"Okay, are you saying that the rich MBS people who live in relatively stable housing prices and bought a house within this year are just as likely to default as the poor?"

"Yes."

Gu Wenjie also nodded to show that he understood, but Ji Xianglin said to him: "In addition, the repayment potential of these people has not been underestimated by more people, and the packaged CDO can be easily sold. , when house prices start to fall in the future, no one will question whether our transactions are legal and legal."

Gu Wenjie shrugged. Compared with the profit of the transaction, his two partners seemed to be worried about this matter from the beginning.

After Santiago also agreed to the idea, Ji Xianglin selected 1 million MBS that day, and Goldman Sachs happily undertook the transaction.

A few days later, in early December, after careful consideration, Gu Wenjie selected a group of mezzanine CDOs that were intertwined through mutual packaging. The S&P score reached U.S. Treasury grade, but the actual credit quality was quite worrying. The transaction parties still It's Goldman Sachs.

After completing the transaction at the Goldman Sachs headquarters in Los Angeles, the very elegant old man from Goldman Sachs happily invited Gu Wenjie to a dinner party. Gu Wenjie made an excuse to decline. After that, the girl named Lin saw him out. , offering to drive him home.

Gu Wenjie wanted to refuse, but at this moment, his newly replaced Galaxy phone rang.

"Mr. Gu, are you in Los Angeles again?"

"what happened?"

"Please come back quickly, something happened to the company!"

The incident happened suddenly. It seemed that a few small shareholders at the Kuaikan headquarters in Lin'an suddenly started to make trouble.

Gu Wenjie was a little puzzled after hearing this, and the gentle and considerate Ms. Lin suggested to him: "Mr. Gu, do you want to go back to China? One of our Goldman Sachs managers happens to be going to Lin'an on business, and you can take his private jet."

It was quite a coincidence, but Gu Wenjie had never been on a private jet before, so the other party quickly called, and a bald manager from Goldman Sachs drove to pick him up to the airport. As soon as he got on the plane door, he called the captain to take off. In the shock, the big bald head showed him the cabin structure of the plane.

"How about it, are you envious? I heard that your company is about to go public. By next year, you can also have such an airplane."

Gu Wenjie asked curiously, "How much does such a plane cost?"

The bald man smiled and said: "How about 2000 million? It's not expensive."

Gu Wenjie almost nodded. He had been dealing with big numbers recently. US$2000 million seemed really not expensive. The bald man laughed and chatted with him cheerfully, and asked: "I heard that you are buying those real estate CDSs recently, those This guy is awesome, I heard that if they are made, then it won’t be a problem for you to buy ten of these planes..."

Gu Wenjie was a little disgusted: "Since it's so profitable, why don't you buy it yourself?"

But the bald man laughed loudly: "How do you know we didn't buy it?"

The private plane crossed the Pacific and landed directly in Lin'an. It was very fast, but Gu Wenjie didn't know where the plane landed. No one picked him up after he got off the plane, and it started raining outside.

In the misty rain, Gu Wenjie took a local taxi in Lin'an. After returning to China after such a long time, the Mandarin-speaking taxi driver was actually kind; and he didn't have time to go home. The company I didn’t return to.

The company has not been idle recently because it has a lot of troubles as an agent for online games. In addition, it is preparing to go public and has entered a quiet period. In fact, it has a lot of things to do.

Fortunately, several of his close friends were reliable. Gu Wenjie got out of the car and saw someone waiting with an umbrella at the entrance of the industrial park. Director Liu from the marketing department and Sister He from the customer service department hurriedly greeted him when he came back.

"Mr. Gu, you've come."

"Those outside directors insisted on making trouble at the door of the company, so we couldn't do anything today..."

"Didn't I ask you to report the crime?"

"Lawyer Bai from San Diego has already reported the case, but those people just don't care..."

Gu Wenjie strode back to the company. He had already heard about the matter. There was a small shareholder who was making trouble. He insisted on holding a shareholders' meeting, which felt quite unreasonable.

When I got back to the company floor and got out of the elevator, I saw that man making a loud noise with a group of people at the front desk of the company. Two police officers stood beside him helplessly. When the leader saw Gu Wenjie, he pointed at him and came up to him - —

"I knew that you, Gu Wenjie, were not a thing. You are the fucking CEO. How many times have you come to the company in half a year? Are you incompetent? The company's financing was taken away by you and you don't know where to hide it. You are fucking breaking the law, you know No?" Gu Wenjie's subordinates and Santiago's lawyer hurriedly separated him, but the man was still cursing, yelling at another small shareholder who rushed out beside him.

The policeman next to him came and asked him, are you Kuaikan's Mr. Gu?Gu Wenjie had a headache: "That's okay. Since you are going to hold a shareholders' meeting, it will be held tonight. Brother Liu, get ready to leave the conference room."

"President Gu..."

"I still want to go home and see my daughter, so hurry up."

The company's top executives didn't know what to do. Since Gu Wenjie seemed indifferent, they immediately summoned other shareholders.

That night, the general meeting of shareholders started hastily.

Before the meeting, Gu Wenjie and Zhou Hongyi from Yahoo talked for a long time in the corridor. When they finally came in, the small shareholder was already suffocating and immediately said the same words again -

"Gu Wenjie, you are the CEO of Kuaikan. You go out every day to make extra money. You don't go back to the company once every half a year. You use the company's resources to make a fortune for yourself. Don't you think so? Kuaikan Media is not your own backyard. Since If you don’t protect the rights and interests of our small shareholders, then we have to protect our own rights! As Kuaikan shareholders, the four of us jointly demand that the company fires Gu Wenjie!"

Manager Liu jumped up and retorted: "The company's overseas acquisition was a plan made last year. Why didn't you tell me at the time? Mr. Gu is busy every day with the acquisition of the South Korean company. If you are not happy now, why did you go there earlier? Already?"

"Who the hell doesn't know that the acquisition has failed? It has been reported in the news eighteen times, okay? Gu Wenjie is still wandering overseas with the company's one billion yuan. Have you found all the wives in Los Angeles? "

"Qiulong, why are you talking!"

"Don't talk about it." Gu Wenjie stopped the company executives who were about to explode, "I understand the concerns of the board of directors, but because of the contract with Yahoo, I have to withdraw funds overseas, and I don't have much time to take care of the domestic situation. For work, we can only work hard on the company's management team first."

Manager Liu and Sister He were very moved: "Mr. Gu!"

The secretary of the board of directors proposed: "In this case, I declare this impeachment invalid."

"You guys..."

Seeing that the minority shareholder was about to explode again, Manager Lin from the creative department turned around to call security, but Gu Wenjie said: "If he wants to try, let him try. If you want to impeach the CEO, let's have a vote."

"This……"

The others looked at each other in confusion. The small shareholder was overjoyed and shouted with three other small shareholders next to him: "We support impeachment!"

However, Gu Wenjie sat expressionlessly in the position of chairman and CEO, looking around the entire conference room.

He looked at Moyou's Qiao Yongping. Moyou is still in Lin'an. After the share restructuring, Moyou and Kuaikan have certain cross-shareholdings. Qiao Yongping himself also owns some original shares. Now he is also a shareholder of Kuaikan, but he No hand raised.

Looking at the other side, the big players on the other side are Yahoo and Alibaba. Today, Yahoo’s Zhou Hongyi came to participate in person. The Yahoo he represents has not had a good relationship with Gu Wenjie recently, and is the culprit of the failure of this acquisition. However, he himself is watching. Guan Xin had no intention of raising his hand at all. The person in charge of Ali next to him also looked at the noisy small shareholders curiously, as if watching a monkey...

The secretary of the board of directors adjusted his glasses: "Okay, according to the company's voting charter, impeachment of the CEO requires 66% of the vote, but this time the impeachment party only has 6% of the vote. I declare this impeachment invalid."

At this time, Santiago's lawyer questioned: "Some people simply treat the shareholders' meeting as a toilet. If the CEO can be impeached so easily, then I will impeach him too. The shareholders headed by Chu Long have repeatedly deliberately destroyed the company's property and interfered with the company's daily operations." , I propose that they be completely expelled from the shareholders’ meeting, and that the company compulsorily repurchase their equity in accordance with the articles of association. Can we vote now?”

Several minority shareholders cursed: "Who the hell doesn't know that Santiago and Gu Wenjie wear a pair of pants, work together to embezzle the company's assets, and play a fucking double act on the board of directors..."

But I made an exception just now and gave them the beginning. Now Santiago has the right to make proposals. Naturally, there is no reason not to make proposals. The voting will begin soon. Santiago raised his hand in agreement, and Gu Wenjie raised his hand without hesitation; Qiao Yongping looked at Santiago. He raised his hand directly when he proposed. Ali saw that Zhou Hongyi raised his hand, so he raised his hand too.

"Gu Wenjie, you will regret it! We have already called the police..."

Several small shareholders were dragged out by security guards.The conference room fell silent. Others seemed to be waiting for someone to say something. Gu Wenjie remained expressionless: "Thank you for your hard work, everyone. If nothing else, let's stop here."

This is really a boss who talks little.The executives all nodded, but Manager Liu seemed to have something to say: "Mr. Gu, those few just now... just do it this way?"

"That's it. Anyway, it's mandatory to purchase at a premium according to the charter, so they shouldn't have any objections."

Gu Wenjie said in an understatement, and the San Diego lawyer next to him laughed - forced buyback is not a big problem for shareholders of listed companies, but if you look at the media, it has not yet been listed, and the stock price for buyback is usually several times the original investment price. , or a certain premium from the latest valuation. Considering that the company is about to go public, it would be a huge loss to be forced to recycle it now, but who wants them to seek death?
However, Manager Liu was a little anxious and said something in Gu Wenjie's ear. Others thought the matter was going to be over, but at this moment, the Santiago lawyer's cell phone rang.

"What? The public account on Weibo has been frozen?"

The other board members were present, and they looked at each other when they heard the news: "Brother Bai, what's wrong?"

"Nothing." Gu Wenjie said on his behalf, "Those who just appealed to the court, saying that I was also the president of Kuaikan and Weibo, but was secretly transferring company assets, and applied to the court to temporarily freeze our corporate accounts."

After hearing this, the people from Ali and Yahoo shook their heads: "Why...how can that person named Qiu be such a person? It's enough to be so messy like that!..."

"We have no choice but to do this for now. The company has abundant cash flow, so let them fight the lawsuit. I want to see what they are capable of." Gu Wenjie said, but looked at the lawyer in Santiago next to him, "Lawyer Bai, Where is Weibo?"

"Weibo is doing fine. Now the money Weibo spends is in the international account." Lawyer Bai shook his head, "But this matter is really a headache."

"Isn't that a coincidence? Anyway, the people have been driven out. If we had known they were people like this, we should have driven these people out long ago."

The person in charge of Alibaba spoke casually, but Lawyer Bai said: "That account is a public account that cooperates with other departments of Galaxy Software. Although Weibo has not been affected at all, but..."

Gu Wenjie was surprised: "Which department is it?"

"It seems to be the mobile phone department." Attorney Bai said.

"This."

Recently, Galaxy mobile phones are selling well overseas, and domestic media have also reported repeatedly. Of course, there are those who praise Galaxy software for making money, but there are also those who say that domestic products are making a name for themselves in the high-end market.

If this matter affects the galaxy mobile phone, the impact may be quite large.

Everyone else frowned, Gu Wenjie also shook his head.

But maybe it was nothing to do with him, so he still said casually: "Then we can only seize the time to file a lawsuit. If the galaxy needs help, just say it."

Then he picked up his coat and said, "It's getting late, everyone should go home early."

With that said, the others followed him and ended the meeting. However, a group of people arrived at the door. It was raining heavily outside the window. Manager Liu quickly went upstairs to get an umbrella.

Waiting at the door, the bald man from Goldman Sachs also arrived.

He seemed to have something to come to Lin'an, but he didn't expect to come here.

"Has your matter been resolved, Gu?" the bald man asked enthusiastically, "I told you that we should share a car together."

Gu Wenjie introduced his identity to the people around him, and the others quickly shook hands: "You are the one who launched the press conference for Guazi..."

"Manager Bei is Goldman Sachs' ace manager."

The bald man didn't pay attention to anyone else. He just looked at Gu Wenjie meaningfully and asked him with a smile: "Gu, I heard that you guys seem to be in trouble?"

(End of this chapter)