Chapter 134： Walk with the Jackal
By the time William Chen returned to New York, it was already November 5th.
Mainly, after leaving China, he did not return to New York immediately, but made another trip to Japan by the way. After all, there is another Sasaki Nozomi there, and you can't favor one over another. Since you have come here, why do you have to take two days to accompany her.
Now William Chen found that in his future bank, there are two more objects that can be bound. Chen Zihan, who did not appear last time, has become an object that can be bound without knowing it. The other one is Zhang Yuqi .
As for the international chapter with whom he is friends, and Zhang Jingchu, did not appear in it.
Chen William doesn't have too many ideas about these, but this change of Chen Zihan seems to have reference value for him to study many mechanisms of future banks.
In addition, these people appear in the list that can be bound, and their only function may be to test the loyalty of the other party to their feelings.
After returning to New York, William Chen first returned to the company, and had a face-to-face understanding of the economic situation during this period with John Paulson. To sum up in one sentence, the situation was very good.
Whether it is the 3A-level subprime mortgage bond index or the 3B-level subprime mortgage bond index, they are all in steady decline, and now they have dropped from 100 to around 70. Chen William feels that it is far from a straight drop. Time is running out. After a two-year delay, the crisis will be even bigger and more damaging.
"One more thing is that the big investment banks are finally aware of the risks in the subprime mortgage CDO bonds and the CDS bond market. Many companies have contacted us, hoping to reach an agreement with us to close short CDO bonds early. And then there's the desire to buy back those CDS bonds that we bought earlier."
"Do you realize it's not good now? What companies are there?"
"A lot, Goldman Sachs, Morgan Stanley, Merrill Lynch, Deutsche Bank, Bear Stearns... that's all I can remember anyway."
"It's too early to ignore them. Besides, we are not the counterparty for shorting CDO bonds. What are they worried about?"
John Paulson said with a smile: "Although the counterparties of our short CDO bonds are their customers, not their companies, but have you forgotten? In order to get rid of their CDO bonds before, those institutions But even with coaxing and deceiving, just relying on the trust of those customers in them, the burden is thrown out."
"At that time, it was to save their lives, and they had no choice. But now that they are relieved, they need to think about the future. Really those CDO bonds have become waste paper, and these institutions may face a large-scale class action lawsuit against them. They cheated their customers."
When William Chen heard John Paulson's words, he shrugged and said with a smile, "What does that have to do with us, their own sin, isn't it?"
"It's true, I'm afraid those CEOs are having a headache."
"They should have no more headaches. Isn't all this caused by their greed?"
"However, I guess that some of them are obviously more anxious, such as Merrill Lynch and Bear Stearns, I am afraid it is not ruled out that they used their own funds to bet against us."
John Paulson's words reminded William Chen, he thought about it, and ordered: "Pay attention to their movements, and if the situation is not good, close their short positions first. I am afraid that the loss will be too large and will lead to direct bankruptcy. ."
"These two are one of the top five investment banks, so they shouldn't go bankrupt for this little money."
John Paulson said in disbelief.
"Who knows if they have any other tricks besides that?"
Although Chen William knew that during the subprime mortgage crisis in his previous life, only Lehman Brothers went bankrupt in the five major investment banks, but this time it was even more serious. Who could guarantee that the other companies would be able to get out of the way? Anyway, it’s always good to be careful.
Thinking of this, William Chen asked, "How many CDO shorts do we have at Goldman Sachs?"
John Paulson thought about it and said: "The total assets involved in shorting CDOs at Goldman Sachs are around $1 billion, and the target amount of CDS is more than $2 billion in total."
"In other words, in the end, Goldman Sachs' actual loss with us should be around $1 billion, right?"
"Yes, it's their customers who suffer from CDO short orders. If they don't use their own funds to secretly trade against us, it's just CDS's guarantee payment, which is more than one billion US dollars."
"Oh, that's not much, for Goldman Sachs. Well, get me an appointment with the CEO of Goldman Sachs sometime, and I'll talk to him about it."
It would be wrong to say that all the big five investment banks suffered heavy losses during the subprime mortgage crisis. After all, Goldman Sachs, the most cunning among them, was the first to change camps when the situation was not good. Therefore, in the final statistics, Goldman Sachs not only closed the losses, but also made a profit of more than 4 billion US dollars in the subprime mortgage crisis due to timely shorting. .
Their CEO, Lloyd Blankfein, received a red envelope worth more than $100 million, making him one of the most one-time awards for a company executive in Wall Street history.
In the layout of John Paulson's short-selling this time, in order to make profits, he carefully selected different short-selling quotas for various institutions. Among their opponents, including Goldman Sachs, Morgan Stanley, Merrill Lynch, Deutsche Banks, Bear Stearns, American International Group, UBS, Lehman Brothers... This long list includes almost all the capital giants currently involved in the bond field of subprime mortgages.
And each institution, on average, is only the highest payment of 1 billion to 3 billion US dollars, which is completely within their affordable range, so in the end, even if some individual institutions unexpectedly go bankrupt, they can ensure most of their profits. successfully paid.
Among them, if you want to find an ally, then Goldman Sachs, which suffered the least damage in this crisis, is the best partner.
This is also the reason why William Chen wants to talk to the other party.
Now it can be said that William Chen is facing a pack of jackals on Wall Street, and the way to deal with them, either you are strong enough to become a lion, so that the jackals dare not fight against it; or you give them some fat and let them for your use.
Chen William is strengthening his strength, and now, it is time to take out the fat and walk with the jackal.
...
"Happy birthday, Uncle Tom."
William Chen ate with Tom at noon, because today was an important day for him - Uncle Tom's birthday.
Since William Chen's predecessor parents passed away, every year on Tom's birthday, William Chen will have a meal with him. This has become a habit. After all, for him, Tom may be the most trusted and close people.
On Tom's birthday this year, William Chen gave him two year-round tickets to the best seats at Madison Square Garden, the home arena of the New York Knicks.
He knew that Tom was a die-hard fan of the New York Knicks and would go to the home court whenever he was free, so he deliberately paid a high price for a package of these two best seats, which added up to more than $1 million.
Of course, Madison Square Garden also has VIP boxes, with prices ranging from hundreds of thousands to $1.5 million throughout the year, where you can watch the game while drinking and eating food, but William Chen knows that Uncle Tom prefers to be close The stadium is watching the ball, so these two seats, just behind the home players, have an excellent viewing angle.
"It's too precious, William."
It can be seen that Uncle Tom was very happy to receive this gift. William Chen said to him:
"I heard that you started dating recently Uncle Tom, I am very happy to see this scene, so I specially prepared two seats for you, I hope she can accompany you to watch the ball in the future."
"We're just trying to get in touch, and we don't know what the final result will be."
Tom shook his head and said with a smile.
However, Chen William can see from his expression that he is still in a good state, and he has a sense of happiness that he has never had before.
"Anyway, this is a good start, isn't it? When can we introduce you to us? I believe it must be a very good woman to capture the heart of my Uncle Tom."
"It's too early, William, if the relationship is stable, I will let you know."
Seeing Uncle Tom's rare shy expression, William Chen also knew that it was enough, and believed that if the two could get together, he would see each other sooner or later.
Now that he can see that the closest Uncle Tom can find his happiness, William Chen also feels very relieved.
Mainly, after leaving China, he did not return to New York immediately, but made another trip to Japan by the way. After all, there is another Sasaki Nozomi there, and you can't favor one over another. Since you have come here, why do you have to take two days to accompany her.
Now William Chen found that in his future bank, there are two more objects that can be bound. Chen Zihan, who did not appear last time, has become an object that can be bound without knowing it. The other one is Zhang Yuqi .
As for the international chapter with whom he is friends, and Zhang Jingchu, did not appear in it.
Chen William doesn't have too many ideas about these, but this change of Chen Zihan seems to have reference value for him to study many mechanisms of future banks.
In addition, these people appear in the list that can be bound, and their only function may be to test the loyalty of the other party to their feelings.
After returning to New York, William Chen first returned to the company, and had a face-to-face understanding of the economic situation during this period with John Paulson. To sum up in one sentence, the situation was very good.
Whether it is the 3A-level subprime mortgage bond index or the 3B-level subprime mortgage bond index, they are all in steady decline, and now they have dropped from 100 to around 70. Chen William feels that it is far from a straight drop. Time is running out. After a two-year delay, the crisis will be even bigger and more damaging.
"One more thing is that the big investment banks are finally aware of the risks in the subprime mortgage CDO bonds and the CDS bond market. Many companies have contacted us, hoping to reach an agreement with us to close short CDO bonds early. And then there's the desire to buy back those CDS bonds that we bought earlier."
"Do you realize it's not good now? What companies are there?"
"A lot, Goldman Sachs, Morgan Stanley, Merrill Lynch, Deutsche Bank, Bear Stearns... that's all I can remember anyway."
"It's too early to ignore them. Besides, we are not the counterparty for shorting CDO bonds. What are they worried about?"
John Paulson said with a smile: "Although the counterparties of our short CDO bonds are their customers, not their companies, but have you forgotten? In order to get rid of their CDO bonds before, those institutions But even with coaxing and deceiving, just relying on the trust of those customers in them, the burden is thrown out."
"At that time, it was to save their lives, and they had no choice. But now that they are relieved, they need to think about the future. Really those CDO bonds have become waste paper, and these institutions may face a large-scale class action lawsuit against them. They cheated their customers."
When William Chen heard John Paulson's words, he shrugged and said with a smile, "What does that have to do with us, their own sin, isn't it?"
"It's true, I'm afraid those CEOs are having a headache."
"They should have no more headaches. Isn't all this caused by their greed?"
"However, I guess that some of them are obviously more anxious, such as Merrill Lynch and Bear Stearns, I am afraid it is not ruled out that they used their own funds to bet against us."
John Paulson's words reminded William Chen, he thought about it, and ordered: "Pay attention to their movements, and if the situation is not good, close their short positions first. I am afraid that the loss will be too large and will lead to direct bankruptcy. ."
"These two are one of the top five investment banks, so they shouldn't go bankrupt for this little money."
John Paulson said in disbelief.
"Who knows if they have any other tricks besides that?"
Although Chen William knew that during the subprime mortgage crisis in his previous life, only Lehman Brothers went bankrupt in the five major investment banks, but this time it was even more serious. Who could guarantee that the other companies would be able to get out of the way? Anyway, it’s always good to be careful.
Thinking of this, William Chen asked, "How many CDO shorts do we have at Goldman Sachs?"
John Paulson thought about it and said: "The total assets involved in shorting CDOs at Goldman Sachs are around $1 billion, and the target amount of CDS is more than $2 billion in total."
"In other words, in the end, Goldman Sachs' actual loss with us should be around $1 billion, right?"
"Yes, it's their customers who suffer from CDO short orders. If they don't use their own funds to secretly trade against us, it's just CDS's guarantee payment, which is more than one billion US dollars."
"Oh, that's not much, for Goldman Sachs. Well, get me an appointment with the CEO of Goldman Sachs sometime, and I'll talk to him about it."
It would be wrong to say that all the big five investment banks suffered heavy losses during the subprime mortgage crisis. After all, Goldman Sachs, the most cunning among them, was the first to change camps when the situation was not good. Therefore, in the final statistics, Goldman Sachs not only closed the losses, but also made a profit of more than 4 billion US dollars in the subprime mortgage crisis due to timely shorting. .
Their CEO, Lloyd Blankfein, received a red envelope worth more than $100 million, making him one of the most one-time awards for a company executive in Wall Street history.
In the layout of John Paulson's short-selling this time, in order to make profits, he carefully selected different short-selling quotas for various institutions. Among their opponents, including Goldman Sachs, Morgan Stanley, Merrill Lynch, Deutsche Banks, Bear Stearns, American International Group, UBS, Lehman Brothers... This long list includes almost all the capital giants currently involved in the bond field of subprime mortgages.
And each institution, on average, is only the highest payment of 1 billion to 3 billion US dollars, which is completely within their affordable range, so in the end, even if some individual institutions unexpectedly go bankrupt, they can ensure most of their profits. successfully paid.
Among them, if you want to find an ally, then Goldman Sachs, which suffered the least damage in this crisis, is the best partner.
This is also the reason why William Chen wants to talk to the other party.
Now it can be said that William Chen is facing a pack of jackals on Wall Street, and the way to deal with them, either you are strong enough to become a lion, so that the jackals dare not fight against it; or you give them some fat and let them for your use.
Chen William is strengthening his strength, and now, it is time to take out the fat and walk with the jackal.
...
"Happy birthday, Uncle Tom."
William Chen ate with Tom at noon, because today was an important day for him - Uncle Tom's birthday.
Since William Chen's predecessor parents passed away, every year on Tom's birthday, William Chen will have a meal with him. This has become a habit. After all, for him, Tom may be the most trusted and close people.
On Tom's birthday this year, William Chen gave him two year-round tickets to the best seats at Madison Square Garden, the home arena of the New York Knicks.
He knew that Tom was a die-hard fan of the New York Knicks and would go to the home court whenever he was free, so he deliberately paid a high price for a package of these two best seats, which added up to more than $1 million.
Of course, Madison Square Garden also has VIP boxes, with prices ranging from hundreds of thousands to $1.5 million throughout the year, where you can watch the game while drinking and eating food, but William Chen knows that Uncle Tom prefers to be close The stadium is watching the ball, so these two seats, just behind the home players, have an excellent viewing angle.
"It's too precious, William."
It can be seen that Uncle Tom was very happy to receive this gift. William Chen said to him:
"I heard that you started dating recently Uncle Tom, I am very happy to see this scene, so I specially prepared two seats for you, I hope she can accompany you to watch the ball in the future."
"We're just trying to get in touch, and we don't know what the final result will be."
Tom shook his head and said with a smile.
However, Chen William can see from his expression that he is still in a good state, and he has a sense of happiness that he has never had before.
"Anyway, this is a good start, isn't it? When can we introduce you to us? I believe it must be a very good woman to capture the heart of my Uncle Tom."
"It's too early, William, if the relationship is stable, I will let you know."
Seeing Uncle Tom's rare shy expression, William Chen also knew that it was enough, and believed that if the two could get together, he would see each other sooner or later.
Now that he can see that the closest Uncle Tom can find his happiness, William Chen also feels very relieved.
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