The Christmas of 1999 was called "Black Christmas". Obviously, it was not only a group of people in the United States who did not have a good Christmas Eve, there were also many people in Europe who only thought it was a nightmare.
Watch Country, Zurich Group Headquarters.
Eva and Sif both looked at each other with subtle expressions, obviously not expecting that the other party also bought insurance here.
The president of Zurich looked at the long string of zeros on the two contracts and felt that he had difficulty breathing.
"So, we should compensate you..."
Eva: "Three 8.1 billion euros."
Seaver: "Twenty-three and eight billion euros."
After hearing this number, the president rolled his eyes and fainted. There was a sudden chaos in the entire office, but Sifu and Eva turned their faces directly to the financial director and several vice presidents without any fluctuation.
"It seems that our Mr. President may be in poor health, but it doesn't matter. Who among the remaining people can continue to fulfill the stipulations in the contract?"
Several people looked at each other in fear, and finally someone spoke up.
"We'll settle it within an hour!"
"Very good, thank you for your cooperation."
. . .
Now that the situation is completely out of control, a group of people from the American Black Palace have been watching on the sidelines as a crowd, in order to be able to appear as heroes afterwards.
Because they know that a group of people on Wall Street will definitely turn to them for help after suffering heavy losses. In this way, they can overwhelm Wall Street in one fell swoop and everyone can reap certain benefits.
But now the crisis has exploded ahead of schedule. They find that it seems to be different from the economic crisis they remembered. There are really too many variables in this economic crisis, which are beyond their control.
"Everyone refused to invest in Lehman Brothers. The Niu people, the Gauls, and the Hans people all refused. And the Japanese want a complete Lehman Brothers to use this to penetrate their influence into Wall Street. We can't I agreed, so what should I do now?!”
The group of people in the Black Palace also scratched their heads when faced with Benjamin's question.
All their previous speeches were to cover up the retreat of the predators, and used their statements to boost investors' confidence in the market. But now Madoff suddenly ran away, leaving behind a huge thunderbolt that exploded and took subprime mortgages with him. The market exploded.
Morgan Stanley, Goldman Sachs, and some investment banks that didn't have many bombs in their hands used their cover to get rid of the bombs and successfully recovered the large sums of funds they had released, and even made some profits.
But others are not so lucky. Those conglomerates who have great fortunes can just complain about it. For them, the losses are only a drop in the bucket. The key is the other three majors on Wall Street, Merrill Lynch, Bear Stearns and Lehman brother.
Since the five major investment banks and many well-known financial institutions such as Blue Star have suffered huge losses, it has directly affected some institutions that do business with them. Now nearly a hundred institutions have declared bankruptcy, and the Federal Reserve has quickly raised interest rates.
And many banks have accumulated large sums of bad debts that cannot be repaid even if interest rates are raised. Americans have found that it is not as easy as before to find banks for loans.
This set off a series of chain reactions. Many companies, large, medium and small, lost bank loans and had to declare bankruptcy due to the break in their direct capital chain. This also caused a large number of leeks to start selling their stocks, while major consortiums were going crazy. Buy the dip.
The entire United States is in mourning.
To put it simply, a large number of banks collapsed, which then led to corporate bankruptcies, market depression, and a sharp increase in the unemployed population. There were groups of people taking to the rooftops everywhere in the United States.
Benjamin and several big bosses in the Black Palace cannot accept this at all, because it is directly related to whether their group can continue to stay in the Black Palace during next year's election, and they still have a year to clean up this mess.
So Benjamin convened some important people from all parties in the United States for a closed-door meeting to discuss how to solve the big trap created by a group of Wall Street people.
Not only the people in the Black Palace, but also many financial groups glared at the Wall Street people, especially the Morgan Financial Group and the Goldman Sachs Financial Group.
We agreed to have a good time collecting rent together, but why the hell is it exploding more than a year in advance? !
Benjamin was also very unhappy with this group of people.
In fact, whether this crisis can be overcome quickly depends on how much blood these people at the top of the United States are willing to spend to subsidize.
Everyone in the United States may have no money, but it is impossible for this group of consortiums to have no money. Don’t you see that everyone is happily buying the bottom?
But now it is directly related to whether he can be re-elected. If the U.S. economy is still in this terrible state by this time next year, he will probably be like Palmer and get out after only sitting for four years. Now we must quickly clean up this mess.
The closed-door meeting lasted for almost six hours, and no one knew what Benjamin discussed with the major consortiums.
But the unhappy expression on his face probably meant that the conversation was not going well.
Less than three days later, Bear Stearns announced that it was unable to recover due to too many bad debt problems and had to be acquired by Morgan Stanley.
This time, not only all the melon-eating people, but also many consortiums in the United States exploded.
You don’t have any moral ethics!
At this time, everyone finally realized that Morgan seemed to have successfully escaped, and the losses were not as big as they imagined. Moreover, the acquisition of Bear Stearns was a large amount of funds provided by the Federal Reserve Bank of America.
A bunch of little question marks popped up on everyone's forehead. Do you think the Federal Reserve Bank of America is your own bank?
At this time, Lehman Brothers finally couldn't hold on any longer. Benjamin had to quickly convene a group of people on Wall Street to continue discussing how to rescue Lehman Brothers. At this time, it didn't matter if these people acted hooligans again, as long as they could save Lehman Brothers.
The five major investment banks on Wall Street are so important that any bankruptcy will trigger a series of chain reactions, making the situation in the United States even worse.
However, when the three major investment banks, Morgan, Merrill Lynch, and Goldman Sachs, all stated that they were creditors of Lehman Brothers, everyone in the Black Palace was stunned. George, the president of Lehman Brothers, was in a trance as if he could not react, and the three major investment banks said they were creditors of Lehman Brothers. The big investment banks also looked puzzled. Apparently they didn't expect that others would also attack Lehman Brothers.
"So, you are all my creditors?!"
Solomon said awkwardly: "Well, I only know that Goldman Sachs has signed a lot of CDS contracts with you. I really didn't know that you also signed with them."
I'm going to fuck you!
Didn’t we agree that our five major investment banks would share the joys and sorrows together? !
Are you no longer pretending? !
First Bear Stearns, then Lehman? !
The reason why George could be so calm and had such a shaky attitude before was entirely because he placed all his hopes on the people in the Black Palace, because he knew that they would definitely save Lehman.
And what is the situation now?
The other three "good brothers" have unknowingly become his big creditors, and are they always ready to swap debt for equity? !
Damn it, I’m having a hard time, no one can have a good time! ! !
So, on the last day of 1999, George, the president of Lehman Brothers, filed for bankruptcy with a look of despair.
On January 1, 2000, the corpse of Lehman Brothers was devoured by the three major investment banks and some commercial banks. This time, they did not bother the Federal Reserve Bank because Benjamin had already become angry about it. I'm going to fight them tooth and nail.
Since then, the Big Five on Wall Street have become the Big Three.
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