Reboot 2003

Chapter 218 126: New York (two in one)

Of course everyone knows what he is talking about. In the second half of last year, Mr. Chen and others flirted with Democratic Party congressmen. Everyone thought he was going to quit. What was he talking about at that time?

Oh, yes, it’s called a credit problem. Isn’t it the same problem as subprime mortgages?Although no one mentioned it after that incident, but now Goldman Sachs has gone back and said that subprime mortgage insurance spillover is unethical, isn't that just 'why did you do it earlier?'

But now that I say this, it seems a bit unpleasant.

Becks retorted on the spot that he "talked about one thing and practiced another", and Chen Aotian retorted, "It's better than you guys."

And Bex could still say a few official words just now, but now that the quarrel has reached this point, it is already a bit unseemly.

Fortunately, he finally had some sense, and Bex didn't start a fight with him on Weibo... Weibo has a private messaging function, so they started arguing in private again.

"What do you want? We give you loans, provide management support for your company, and sell you your damn cell phone! What do you need to withdraw that short selling report?"

The answer was of course no, and he asked again: "Do you really think those ridiculous bills of yours can make you money? Last year you advised those politicians and let them launch a bailout policy. You are asking for your own death!"

Because his words were not congenial, he couldn't help but feel annoyed: "You will be finished sooner or later. You have flaws everywhere now. I know you. You are actually the Gu Wenjie. Am I right? You want revenge, but you don't. If you dare to go against Yahoo, you can only hide behind your screen and pretend to be a ridiculous hacker!"

"But you secretly transferred the assets that originally belonged to the investors of the previous company to another company. You entrepreneurs in that backward country have no basic ethics of 'honest service'. I will expose your deception and let you Disgraced!"

"Also, your damn mobile phone cannot be used at all. You use it to deceive consumers. I will expose it all. You will regret your series of actions!"

The words were not speculative, and Bex dropped some harsh words. Chen Qin didn't mind his bluff and responded with "we'll see." The two parties stopped communicating, and Chen Qin sent a screenshot of his chat to the company's internal group. , everyone was very happy to see it, and they all felt that people like Goldman Sachs were also tough-talking now...

But there is no other way for now, it seems we can only wait and see.

Goldman Sachs is probably still very confident, or they can only be 'confident' - the way back has been blocked, and no matter what, they are not dead yet, even if the subprime mortgage market is very dangerous, and now they The losses are serious; but the subprime mortgage market still may not be completely destroyed directly. The anchor of everything is still housing prices. Maybe housing prices will not fall much?Maybe the government will intervene?
Thinking of this, Chen Qin, who was sitting behind the screen, couldn't help laughing.

If it were really possible, the Bush administration could just hand out houses to people, so there would be no need to come out to bail out the market now.

And next...is this foolproof?
Chen Qin looked at the ceiling, thinking about all this tiredly. Now, the last piece of the puzzle has been completed.

Speaking of which, the media is really a good thing.

Although I haven’t touched the most dangerous social acquaintances, I haven’t touched any copyrighted content.

But it can still have access to some of the underlying resources for social operations—this resource is called the right to disclosure.

According to the 'information opacity principle', in market economic activities, the information between the two parties to the transaction is unequal, which will have a substantial impact on the status of both parties and will also make the weaker party naturally seek information disclosure.

However, it is impossible for a powerful party to take the initiative to disclose, so this kind of behavior usually generates a kind of public power, that is, the right to disclose. The disclosure behavior of the regulator is its obligation, but the media’s right to disclose is its power. Once the media Implementing the right of disclosure is equivalent to taking the authority of the regulator into one's own pocket, and this is why Meilijian's public power is particularly wary of the media industry.

As for this time, of course it won't help to say, 'Why did you go there earlier?' But before you buy or sell CDS, you should explain all the issues that need to be disclosed to him in advance. At least in today's gray area, regulators have to deal with it. When he takes action, he also has to weigh whether it's okay or not.

And next...

Right, one more thing.

Chen Qin sat down from the chair, and Gu Wenjie just happened to come to see him. There was still a small matter to solve.

"Old Chen, did Bex talk about me?"

"Here, look at the screenshot."

Chen Qin sent him a screenshot of the chat history. Gu Wenjie sent him a laughing expression after reading it, but Chen Qin asked him again: "Have you decided? Do you want to go public?"

"Because Yahoo made preparations in advance, the listing was not affected. However, they are still making trouble recently. This is thanks to your lawyer who spoke for me."

Gu Wenjie's energy also improved, but Chen Qin suggested: "The situation is so critical now, Yahoo impeachment, you should follow them first, actually I think it's not a bad idea."

"What's going on? I know what you mean, resign as CEO?"

"No, what I mean is that since you haven't been in the company recently, you can let them handle the company's affairs. They also want to go public. It would be better if you leave the matter to Manager Liu or hire another manager. The rift between the two sides is getting bigger and bigger."

"It's better not to worry about it for now. My wife has been helping to take care of business in the company recently, and although this opportunity is very good, but..."

"but what?"

"It's not that I don't want to let go, but look, since we brought it up single-handedly, when it's such an important time to go public, I have been paying attention to it. It's better to send the Buddha to the West."

"Has the date been decided?"

"February 2th," Gu Wenjie said.

"It seems to be coming soon..."

Chen Qin responded. Since Gu Wenjie had already made up his mind, he couldn't say anything else. Of course, it wasn't important. Even if Goldman Sachs misunderstood his identity, the most he could do was to lose his interest in the market. He couldn't wait to how about this.

After chatting for a while, there seemed to be nothing more to say. Chen Qin looked at the financial analysis and the ABX data changes in the past few days, but he just felt like he was staring at the K-line of his own stock in a daze. He is a cute little retail investor, but it doesn’t look interesting. The media like Meili Jian have heard some rumors recently, and they are saying that the government will rescue the market and the impact of the decline will not be that big. His short selling report, Many media outlets simply pretended it did not exist.

After reading it for a while, I will inevitably think of Goldman Sachs’ bald head just now, which is quite annoying when I think about it.

But then he opened the notebook on the table and picked up the ballpoint pen——

150.

000, 000, 000...

Wait, how many 0s are there?
Looking at such a long list of numbers, it felt as if everything else was unimportant. After just calculating for a while, Xu Lingling knocked on the door with a box and came in to show it to Chen Qin: "Aqin." , look, it’s Banya!”

Lao Xu bought toys from abroad.

Chen Qin was not interested and suddenly turned his chair and said to her: "Lingling, we are going to Meilijian."

Xu Lingling was stunned: "Why?"

"It's just a trip. Your father said it on New Year's Day. You said you didn't want to go, right?"

"Ah."

"You have to tell your dad this time that you want to go." Chen Qin persuaded her.

Xu Lingling looked a little confused: "Why should you go..."

"It's a small matter, just tell him you want to go. Don't worry about anything else. I'll buy you something delicious when it's over."

"But I don't want to go..." "Be obedient."

Chen Qin asked seriously and touched her little head, and the little girl agreed.

"Then it's agreed, we're just going to have a little fun, and you have to come along."

"Of course I want to come along."

"Okay, then do you want this? The Banya car model that dad bought from Melician, it looks like the one in the movie..."

Chen Qin glanced at the Cars toy box in her hand and turned his gaze to the screen.

"Your father brought it to you, just take it and play with it yourself!"

After the night passed, the minor disturbance that was not noticeable gradually subsided. Maybe the quarrel between him and Bex was important, but in short, no one paid attention to it. Only the short-selling report was still discussed by many people, creating chaos and turmoil. , countless eyes are focused on the real estate market of Meilijian.

As the Spring Festival approaches, A-shares and housing prices hit new highs, and the whole country is enveloped in a festive atmosphere.

But history is obviously different.

Because of the sudden year-end rise last year and the short-selling report against Goldman Sachs, these things still had some impact. The subprime mortgage problem obviously broke out much faster than in history. Just during the Spring Festival, the ABX index suddenly It plummeted and even exceeded the 50 mark at one point.

Although there is a good side, the market is now clearly aware of the problems that will happen next, but this is the case in the financial field - when a problem is discovered by everyone, then everyone can only watch it happen. .Today's market is like a pot of oil that is being heated suddenly. After missing the initial exit window, a life-and-death survival competition begins among the remaining people...

The subprime crisis began.

The subprime mortgage crisis itself was not a landmark event, and it clearly had several phases, and it is just the beginning.

But as February entered, everything began to fall apart, and the name finally began to appear in non-financial media reports.

Federal Reserve Chairman Bernanke called for official rescue, but he himself didn’t know how to rescue the market. There were rumors that New Century Financial Corporation was about to go bankrupt, and AIG, the largest insurance company in America, also seemed to be involved. Some keen companies began to lay off employees. As they prepare to spend the winter, the third world countries that are about to take the blame for this wave of crises are completely unaware. The financial elites on Wall Street are wearing decent clothes and sitting in high-end coffee shops, and their brows are somewhat frowning.

But...what does it matter?

Red Water Fund’s recent asset valuation has exceeded 60 billion.

This is an estimate of asset value based on the current average market situation. Of the asset pool currently in hand, 8% have already declared default, and 15% are queuing up to default.

These defaulted insurance policies will be directly converted into cash and handed over to the red water funds, and a large part of them will not exceed three months from purchase to complete default.Insurance companies and banks are pushing back and forth in every possible way. It seems that getting the money back will require some extra effort. Recently, Ji Xianglin has been running around with lawyers every day and has been very busy.

Of course, the power of counterattacks is still there, and in early February, they even looked very ferocious.

However, it has obviously got the wrong target - due to a series of internal disputes on the board of directors and some external interference forces, the original board of directors of Kuaikan has become a mess. Small shareholders are impeaching the CEO, and external investors are suing the financial institution. dispute.

By early February, a third-party regulatory agency claimed that Gu Wenjie, chairman of Kuaikan Media, had not disclosed enough information and that the review of listed industry competition was unreasonable and inconsistent with the Sarbanes-Oxley Act.

Some people also complained to the Melician Supervisory Authority about Edward Fund, claiming that its actual controller failed to register, had illegal transactions, etc.

But the ABX index still shows no signs of recovery.

Soros publicly claimed that he wanted to treat Ji Xianglin, the newly famous manager, to a meal, but a critic known for his harshness got to him first, and Ji Xianglin accepted the interview.

"Are you sure that the subprime mortgage market will collapse? Did you guess this crisis through the divination that Easterners are good at?"

"No, we believed from the beginning that the subprime market would collapse."

"Then why don't you disclose it to mainstream society? Do you know how much damage your actions have caused to the market?"

"We did do that, and we asked Democratic congressmen to speak for us, but the authorities would only invest more money to drive up housing prices, and the higher the housing prices, the worse the crisis. We quickly realized that we were doing a disservice."

"But you quickly went back and bought a lot of short bonds, and I think I have the right to suspect that this was all a show on your part..."

"You are overestimating us. In fact, my investors before talking to Mr. Joseph about that matter, they already held a large number of CDS from a bankrupt hedge fund, but they had no hope for the future of this investment product." I was skeptical, so I consulted the creator of CDO.”

"In other words, you have been in the short-selling camp from the beginning?"

"Yes, but after my persuasion, my investors helped me contact Joseph. We pointed out in many places the possible hidden dangers of credit problems in the current subprime mortgage market. Even if these may cause my investors to lose money, I We believe that as foreigners, they have fulfilled their moral obligations."

"But that's what it should be, isn't it? And you are the creator of CDO, why don't you say that this product is fundamentally problematic? Now you have raised some symbolic questions, but you turned around and went short It, I think many people will doubt your motivation for proposing this theory in the first place. They may think that maybe you created that formula just for today..."

"What I proposed was just a Gaussian connection function. No one forced banks to use this function to package junk assets, and I didn't tell anyone that this function would naturally make the credit of their products better, right? As a scholar, I don't I think there is something wrong with the theory I summarized, but someone has to be responsible for the credibility of these products.”

"So you bought a lot of CDS?"

"Yes, if verbal warnings don't work, then I will take measures, I will abide by all existing rules of the game, and in order to express my gratitude to investors for their support, I will let this product fall into the hands of the people I want, What do you think is wrong with this?"

"but……"

Critics racked their brains to find any excuses and tried to criticize the lethargic Chinese man in front of them, but the other man kept talking in a relaxed manner. He did not look like a billionaire manager trying to hide his wealth at all. On the contrary, It made him speechless on the TV screen in the hotel.

Just then, the alarm on his cell phone rang. Chen Qin jumped up from the bed and turned off the TV.

As March approached, before school started, I took a trip to New York with Lao Xu - the situation was a bit sudden. For example, Lao Xu was originally on vacation at home, and Xu Lingling said she didn't want to come, and she was supposed to go to the West Coast to play.

However, recently, Kuaikan went public, and Lao Xu suddenly received an invitation. Kuaikan Media asked him to attend the listing. It just so happened that his daughter said she wanted to come to Meilijian to play...

So I brought my two children here. This is a hotel sponsored by Kuaikan Media. In fact, the launch date is tomorrow. Now Lao Xu and Lao Chen are watching the excitement downstairs.

I'm still hungry now, because the distance is too far, and I didn't see the Statue of Liberty on the road. I've come here, but I've already arranged my itinerary for the next two days. It seems like I'm really here to play. Same.

But Chen Qin didn't come here to play... It was five o'clock in the afternoon, and there was still an hour before dinner.

The time has come.Chen Qin opened the door and took a look outside. This hotel is located in Manhattan, where land is at a premium. In order to save space, the narrow corridors are dotted with flower baskets and hangings. Because everyone is downstairs, the corridors are now empty and there are no waiters. , and there were no FBI agents who were looking for his details as expected.

Chen Qin returned to the room and turned over the gray clothes. There was a line of English letters on the plaid lining inside, which read 'hedge fund'. Hedge funds are indeed very popular nowadays. In Meilijian, it probably represents a fashion that is better than a blues singer who can pick up girls. crowd.

He took out a pair of sunglasses from his pocket and put it on his face. He saw a can of setting water next to the mirror. He opened it and sprayed it on his head twice. Then he put it back and saw that the primary school student in the mirror disappeared, and what appeared was a person who looked like A very hip-hop Asian or Latino boy.

I opened the door and walked out, but I met someone outside the door - "Ah."

The girl who had just returned outside the door was still wearing rustic elementary school clothes. He was startled: "Aqin, why are you dressed like this? You scared me."

(End of this chapter)