The youngest son of the chaebol family, Hu Mou Xianmin

Chapter 688 The subprime mortgage crisis breaks out, a meeting!
The most interesting thing is that many Korean dramas are also interspersed with many cosmetics brands (cosmetics under LG Household & Health Care), beverages, and food. With the popularity of Korean dramas in the hot summer country, they became an instant hit.The same cosmetics and drinks sold in Tesco Department Store have been sought after and snapped up by many drama fans.

……

This series of combination punches made domestic film and television drama production companies say: These colleagues from Bangzi Country are so cool!Just make a drama, just hire a bunch of handsome guys and beautiful girls, and you can seamlessly intersperse so many products in the drama. This is so sexy~!

Many well-informed entertainment companies quickly discovered the fishy nature of this~!One of the giants sponsoring these Korean dramas is the now-prominent Miracle Group in Yanxia Kingdom.

With the backing of such a wealthy financial backer, coupled with CJ Entertainment’s strong editing and shooting capabilities for Korean dramas, this is simply a crushing victory in all directions~!A series of combination punches left them unable to fight back, making them so bald~!

They can't accept these high-quality idol love TV series, they can't accept them at all~!It is estimated that only those "veterans" who are good at idol dramas can compete with the guys from Bangzi Country in this field.

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In order to save the current domestic decline, the Federal Reserve lowered interest rates and purchased more toxic bank debt. From April to June 2008, the Fed purchased US$4 trillion in non-performing assets and lent US$6 billion through loans.

But the situation did not improve significantly. In July 2008, federal regulators chose to close Indime Bank (the second largest lending bank in the United States) because of a large number of bad debts. Indime Bank was placed under federal supervision on July 7. The institution was closed, and a large number of angry depositors gathered at Indymet's withdrawal window, hoping to get their savings back.

On July 7, Congress passed the Housing and Economic Recovery Act.It authorizes the Treasury Department to guarantee up to $30 billion in loans held by Fannie Mae and Freddie Mac.

It created a new regulatory agency for Fannie Mae and Freddie Mac called the Federal Housing Finance Agency.It also allows for $3000 billion in Federal Housing Administration loan guarantees, $150 billion in housing tax credits, and $39 billion in housing grants.

Paulson and Bernanke, then Treasury secretaries, engaged in weekend negotiations with the nation's top bankers to save the investment bank Lehman Brothers.

Potential buyers Barclays and Bank of America were only interested if the government protected them for some of Lehman's $600 billion in uncertain mortgage assets.When Paulson refused, they withdrew from the administration-led negotiations.

自1850年成立至今拥有158年历史的雷曼兄弟，最终于2008年9月15日宣布破产！而雷曼兄弟的破产最终彻底引爆了市场的恐慌情绪，漂亮国纳斯达克指数和道琼斯指数应声暴跌！
……

At night, Miracle Group's remote video conference room is brightly lit.

Chen Daojun, wushixian, Rachel, Su Canping, many senior executives of Miracle Group, as well as partners such as Chen Dongji, Chen Ruijun, Chen Huarong, Ma Jiachang and Song Cailin are gathering together.

The two monitors in front showed senior executives from Goldman Sachs Group and Xiangjiang Starlight Investment Company respectively.

Seeing that the time was almost up, Wu Shixian, who was in charge of presiding over the meeting, took the lead and said, "The purpose of convening this meeting today must be clear to everyone. The subprime mortgage crisis we predicted before has broken out, and the situation is quite bad..."

Hearing what Wu Shixian said, a trace of luck flashed across everyone's faces.Fortunately, Chen Daojun warned him early, which allowed them to escape calmly. Otherwise, the investments of so many of them would have been tied up in high positions!

..."Currently, the Nasdaq Index and the Dow Jones Index have fallen by a cumulative 19%, and it is expected that they will continue to fall in the future!"

"Our Goldman Sachs Group has acquired gold worth a total of 2000 billion US dollars. The current price of gold has increased by 35% compared with the original purchase price. The current international gold price is still rising..."

“In terms of short selling of listed companies, according to BOSS’s previous short selling targets, we have already taken shares of more than ten companies including Mellon Bank, Lehman Brothers, Citibank, Deutsche Bank, AIG (American Asia Property Insurance), Bear Stearns etc. , a total of more than 900 billion US dollars..."

"Currently, Lehman Brothers has declared bankruptcy. Based on the price we paid when we originally shorted the loan, we have already made US$135 billion!"

……

Hearing Goldman Sachs Group report its "brilliant achievements" one by one, everyone had bright smiles on their faces!As expected, I gained a stable amount of money from investing with Chen Daojun~!
People are complaining so much under this financial crisis that their pants are about to fall off due to losses, but they are still able to make a lot of money in the face of adversity, which makes them so happy!
……

"By the way, according to the news from Leyan, many banks that had previously provided us with loans could no longer withstand the pressure and came to us, hoping that we would repay the loans in advance..." When George said this, his face changed. His smile was hard to conceal, and Paul and Eric on the side were covering their mouths and snickering.

"Pfft...! Hahaha! These guys will also have this day!" Chen Daojun burst out laughing. This wave was so comfortable!

When the others heard George's story, the smiles on their faces became even brighter~!The bank's capital chain is tight, and it comes to big customers to ask for early repayment of loans. This kind of thing actually happens in the beautiful country. If it is revealed, these guys will be embarrassed~!
……

In order to mortgage the stocks in his hands to obtain loans as soon as possible, he specifically told Leyan that if those financial institutions hesitated or refused to agree, then increase the interest on the loans~!

These greedy guys want to make more profits, but they don't know that what I'm thinking about is the principal they borrowed!
……

"...Chen, those banks require us to repay the loan in advance, do we need to pay attention to it?" After the joke, George asked.

"Although the bank requires us to repay the loan in advance, they have breached the contract. But when to repay it and how to repay it, let Leyan think about it!"

Chen Daojun said meaningfully, "If these big banks really go bankrupt, I'm afraid we will also be affected. I would rather see them half-dead!"

"We can take out a small part of the funds used for short selling and 'loan' them to these banks to keep them running!"

When Chen Daojun said this, everyone was stunned. This operation was so good!Take the money borrowed from the bank and then lend it back to the bank? !This horse riding is so sexy!

(End of this chapter)