Chapter 140： The End of Bear Stearns
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Hearing Miranda's words, Chen William felt that she was also a wonderful person, so he couldn't help asking her:
"Aren't you afraid I'll misunderstand something when you talk to me like this?"
"Misunderstanding? What kind of misunderstanding? Do you think I have a crush on you, but it's not a misunderstanding?"
Feeling the heat in Milanda's eyes when she said this, William Chen didn't think that even a supermodel couldn't hold his own charm? It's really annoying.
"I feel a little stuffy in this room. Would you like to go out for a walk, together?"
Miranda took the initiative to invite, and at this time, William Chen would naturally not refuse.
The two were walking in the nearby garden, and they could vaguely hear the voices in the room, as well as people who came in and out of the door occasionally.
"William."
?
Chen William couldn't help turning his head to look at her when he heard Milanda suddenly say his name in a soft voice.
At this time, it was almost the end of November, and the temperature in New York had dropped significantly. Both of them wore jackets on purpose.
At this time, Miranda's face was half-covered by the shadow of the trees under the moonlight, which made her look a little more mysterious.
"Actually, I saw you a long time ago, William, and we talked, maybe you've forgotten."
When Chen William heard her say this, he couldn't find the hundreds of millions related to it from his predecessor's memory. He couldn't help but worry. Could it be that she was entangled with his predecessor in the past?
But I heard her continue:
"It was three years ago, not long after I came to the United States, when I was attending a Hollywood party with my friends, and I saw you for the first time. At that time, you were already a big star. At that time, I was just an ugly duckling. In the crowd, I look at you silently, you are so handsome, like a prince in a fairy tale, your whole person is glowing."
The two stood under the tree like this, and Chen William silently listened to her memories:
"At that time, when I was talking to others, I could feel that those big stars, on the surface, had an approachable smile, but in fact they were either impatient or had other thoughts. Only when you greeted you, your smile Sincerely from the heart, William, I remember that scene to this day, when I finally got some fame and wanted to meet you, you had left Hollywood."
Miranda sighed softly, her eyes were shining, she looked at William Chen and said:
"Do you believe in fate? William, being able to see you today, I believe, this should be the arrangement of fate, and I don't want to wait any longer."
If someone else said these words, Chen William would subconsciously regard it as a deliberate compliment to himself, but now looking at the woman with light in his eyes, he somewhat believes that these words are true, if this can be acted , then this kind of acting should go to Hollywood to film, and it will definitely win the actress.
Seeing that when he finished speaking, Chen William just remained silent and did not respond as she expected. Miranda asked with a bit of disappointment on her face:
"What? William, did I frighten you?"
"No, it's just, you may have heard about me, Miranda, I admit that I'm a bit of a scumbag, but those situations...you should understand, but I don't want to hurt you for someone who is emotionally involved. ."
Chen William considered the language and said to Miranda.
"I understand, William, but feelings are hard to control, aren't they? But I'm already mentally prepared, even if it's just a good memory, I just want that person to be you."
Now that Mi Landa has already said so, Chen William will naturally not hesitate any longer. He opened his arms, took Mi Landa into his arms, and kissed her lips.
Miranda felt the temperature in William Chen's arms, closed her eyes, and began to meet his kiss, gradually immersed in the tenderness of the two.
At this time, the temperature outside did not affect the gradually warming love between the two. After they ended a kiss that seemed to have been going on for a century, Milanda said in William Chen's ear:
"Let's go, William, wherever you want."
Looking at the waves in her eyes, Chen William knew that she was already in love, so he no longer hesitated, took her hand, and left here.
When they got into William Chen's Rolls-Royce and the car started, William Chen turned the partition black, and couldn't wait to kiss Miranda again. She saw that the back was shielded from the cab, so she was no longer reserved. , the two suddenly hugged again...
...
On November 22, two funds of Bear Stearns, the fifth largest investment bank in the United States, reported losses due to their involvement in the subprime mortgage bond market.
This news brought Chen William back to the company from the gentle village of Milanda. When he was about to leave, Miranda asked reluctantly, "When are we going to meet next time, William."
"As long as you have time, anytime, dear."
Hearing his promise, Miranda had a sweet smile on her face, and after kissing him, she adjusted his tie.
In an interview the next day, a spokesperson for Bear Stearns acknowledged rumors that the two funds had lost money, but did not specify how much. It is said that the two funds, at their peak, once exceeded 20 billion US dollars.
On the same day, the share price of Bear Stearns fell from the previous high of $170 to below $135, a drop of more than 20%.
Within a few days, under the pressure of investors, Bear Stearns finally issued an announcement, claiming that after verification, the two funds, which fell into losses because of their involvement in the subprime mortgage bond market, are expected to lose 100% of their losses. billions of dollars or more.
For a time, the company was surrounded by angry investors, who were clamoring for an investigation into the losses this time around, and they didn't even rule out taking Bear Stearns to court.
Amid this contagion of panic, Bear Stearns' stock fell below $100 on the day.
Finally, with the intervention of the American Securities Regulatory Commission, Bear Stearns admitted that the losses of the two funds were more serious than expected.
Warren Spector, the company's co-president and co-chief operating officer for the business, resigned that day.
Bear Stearns issued a statement on the same day, saying that the company hopes to restore investor confidence through the adjustment of senior personnel. The company's other co-president, Alan Schwart, will become the company's sole president.
As soon as the news was disclosed, all investors immediately took Bear Stearns to court, arguing that the company had misled investors in subprime mortgage investment.
Affected by this, Bear Stearns' stock plunged 50% that day, falling directly below $50. And because of this company's drag, the financial stocks were in a slump that day, and investors from various investment banks began to ask them about the losses of funds that were also involved in the subprime mortgage securities market.
So the first nomino domino fell, causing a chain reaction. In the following time, various investment banks, including Merrill Lynch, Morgan Stanley, Deutsche Bank, Citibank, Lehman Brothers... issued announcements one after another, all of which involved Funds in the subprime mortgage-bond market were all left in the red.
The market's attention began to focus on the bond market of subprime mortgages. The 3a-level cdo bond index plummeted. Within a week, it fell from more than 60 to below 30, a drop of more than 50%; and 3b-level cdo bonds, it was almost become waste paper.
A week later, Bear Stearns, whose losses continued to grow due to its deep involvement in subprime mortgage bonds, announced that then-CEO James Cain had resigned and was succeeded by the company's president, Alan Schwartz.
At this time, the share price of Bear Stearns has fallen from the previous high of $170 to below $30, with a cumulative decline of more than 82%.
At the same time, the stocks of Merrill Lynch, Citigroup, and Lehman Brothers, the other three investment banks that William Chen shorted with US$1.6 billion from Goldman Sachs, all suffered a cumulative decline of more than 50% during this period, of which Lehman Brothers suffered the largest decline. , has exceeded 75%.
The most terrifying thing is that Bear Stearns, in addition to its proprietary bond business , is a senior securities dealer and also undertakes the business of a settlement bank.
After the credit crisis, many customers doubted Bear Stearns' asset status and withdrew their capital from Bear Stearns one after another, and the company's operating funds were insufficient.
There are rumors on Wall Street that some large investment banks and hedge funds are beginning to refuse to accept securities transactions related to Bear Stearns. In the days that followed, the credit crisis sparked a run and financing difficulties, and Bear Stearns' $17 billion in cash was quickly drained.
Faced with this critical situation, Bear Stearns had to turn to the federal government of the United States for help, and their CEO sent a distress letter, claiming that if no support was available, Bear Stearns would face bankruptcy.
Since Bear Stearns manages a large amount of client assets and provides guarantee and clearing services for a large number of small and medium-sized market traders, if Bear Stearns goes out of business due to the drying up of liquidity, the American bond market will be severely impacted, and a large number of small and medium-sized traders will be affected. will not function properly because it cannot be liquidated. If investors' funds are frozen because they cannot be liquidated, the market will not be able to trade normally.
After receiving Bear Stearns' plea for help, US Treasury Secretary Paulson took it seriously and discussed Bear Stearns' situation urgently with Federal Reserve Chairman Ben Bernanke and New York Federal Reserve Bank President Geithner.
Hearing Miranda's words, Chen William felt that she was also a wonderful person, so he couldn't help asking her:
"Aren't you afraid I'll misunderstand something when you talk to me like this?"
"Misunderstanding? What kind of misunderstanding? Do you think I have a crush on you, but it's not a misunderstanding?"
Feeling the heat in Milanda's eyes when she said this, William Chen didn't think that even a supermodel couldn't hold his own charm? It's really annoying.
"I feel a little stuffy in this room. Would you like to go out for a walk, together?"
Miranda took the initiative to invite, and at this time, William Chen would naturally not refuse.
The two were walking in the nearby garden, and they could vaguely hear the voices in the room, as well as people who came in and out of the door occasionally.
"William."
?
Chen William couldn't help turning his head to look at her when he heard Milanda suddenly say his name in a soft voice.
At this time, it was almost the end of November, and the temperature in New York had dropped significantly. Both of them wore jackets on purpose.
At this time, Miranda's face was half-covered by the shadow of the trees under the moonlight, which made her look a little more mysterious.
"Actually, I saw you a long time ago, William, and we talked, maybe you've forgotten."
When Chen William heard her say this, he couldn't find the hundreds of millions related to it from his predecessor's memory. He couldn't help but worry. Could it be that she was entangled with his predecessor in the past?
But I heard her continue:
"It was three years ago, not long after I came to the United States, when I was attending a Hollywood party with my friends, and I saw you for the first time. At that time, you were already a big star. At that time, I was just an ugly duckling. In the crowd, I look at you silently, you are so handsome, like a prince in a fairy tale, your whole person is glowing."
The two stood under the tree like this, and Chen William silently listened to her memories:
"At that time, when I was talking to others, I could feel that those big stars, on the surface, had an approachable smile, but in fact they were either impatient or had other thoughts. Only when you greeted you, your smile Sincerely from the heart, William, I remember that scene to this day, when I finally got some fame and wanted to meet you, you had left Hollywood."
Miranda sighed softly, her eyes were shining, she looked at William Chen and said:
"Do you believe in fate? William, being able to see you today, I believe, this should be the arrangement of fate, and I don't want to wait any longer."
If someone else said these words, Chen William would subconsciously regard it as a deliberate compliment to himself, but now looking at the woman with light in his eyes, he somewhat believes that these words are true, if this can be acted , then this kind of acting should go to Hollywood to film, and it will definitely win the actress.
Seeing that when he finished speaking, Chen William just remained silent and did not respond as she expected. Miranda asked with a bit of disappointment on her face:
"What? William, did I frighten you?"
"No, it's just, you may have heard about me, Miranda, I admit that I'm a bit of a scumbag, but those situations...you should understand, but I don't want to hurt you for someone who is emotionally involved. ."
Chen William considered the language and said to Miranda.
"I understand, William, but feelings are hard to control, aren't they? But I'm already mentally prepared, even if it's just a good memory, I just want that person to be you."
Now that Mi Landa has already said so, Chen William will naturally not hesitate any longer. He opened his arms, took Mi Landa into his arms, and kissed her lips.
Miranda felt the temperature in William Chen's arms, closed her eyes, and began to meet his kiss, gradually immersed in the tenderness of the two.
At this time, the temperature outside did not affect the gradually warming love between the two. After they ended a kiss that seemed to have been going on for a century, Milanda said in William Chen's ear:
"Let's go, William, wherever you want."
Looking at the waves in her eyes, Chen William knew that she was already in love, so he no longer hesitated, took her hand, and left here.
When they got into William Chen's Rolls-Royce and the car started, William Chen turned the partition black, and couldn't wait to kiss Miranda again. She saw that the back was shielded from the cab, so she was no longer reserved. , the two suddenly hugged again...
...
On November 22, two funds of Bear Stearns, the fifth largest investment bank in the United States, reported losses due to their involvement in the subprime mortgage bond market.
This news brought Chen William back to the company from the gentle village of Milanda. When he was about to leave, Miranda asked reluctantly, "When are we going to meet next time, William."
"As long as you have time, anytime, dear."
Hearing his promise, Miranda had a sweet smile on her face, and after kissing him, she adjusted his tie.
In an interview the next day, a spokesperson for Bear Stearns acknowledged rumors that the two funds had lost money, but did not specify how much. It is said that the two funds, at their peak, once exceeded 20 billion US dollars.
On the same day, the share price of Bear Stearns fell from the previous high of $170 to below $135, a drop of more than 20%.
Within a few days, under the pressure of investors, Bear Stearns finally issued an announcement, claiming that after verification, the two funds, which fell into losses because of their involvement in the subprime mortgage bond market, are expected to lose 100% of their losses. billions of dollars or more.
For a time, the company was surrounded by angry investors, who were clamoring for an investigation into the losses this time around, and they didn't even rule out taking Bear Stearns to court.
Amid this contagion of panic, Bear Stearns' stock fell below $100 on the day.
Finally, with the intervention of the American Securities Regulatory Commission, Bear Stearns admitted that the losses of the two funds were more serious than expected.
Warren Spector, the company's co-president and co-chief operating officer for the business, resigned that day.
Bear Stearns issued a statement on the same day, saying that the company hopes to restore investor confidence through the adjustment of senior personnel. The company's other co-president, Alan Schwart, will become the company's sole president.
As soon as the news was disclosed, all investors immediately took Bear Stearns to court, arguing that the company had misled investors in subprime mortgage investment.
Affected by this, Bear Stearns' stock plunged 50% that day, falling directly below $50. And because of this company's drag, the financial stocks were in a slump that day, and investors from various investment banks began to ask them about the losses of funds that were also involved in the subprime mortgage securities market.
So the first nomino domino fell, causing a chain reaction. In the following time, various investment banks, including Merrill Lynch, Morgan Stanley, Deutsche Bank, Citibank, Lehman Brothers... issued announcements one after another, all of which involved Funds in the subprime mortgage-bond market were all left in the red.
The market's attention began to focus on the bond market of subprime mortgages. The 3a-level cdo bond index plummeted. Within a week, it fell from more than 60 to below 30, a drop of more than 50%; and 3b-level cdo bonds, it was almost become waste paper.
A week later, Bear Stearns, whose losses continued to grow due to its deep involvement in subprime mortgage bonds, announced that then-CEO James Cain had resigned and was succeeded by the company's president, Alan Schwartz.
At this time, the share price of Bear Stearns has fallen from the previous high of $170 to below $30, with a cumulative decline of more than 82%.
At the same time, the stocks of Merrill Lynch, Citigroup, and Lehman Brothers, the other three investment banks that William Chen shorted with US$1.6 billion from Goldman Sachs, all suffered a cumulative decline of more than 50% during this period, of which Lehman Brothers suffered the largest decline. , has exceeded 75%.
The most terrifying thing is that Bear Stearns, in addition to its proprietary bond business , is a senior securities dealer and also undertakes the business of a settlement bank.
After the credit crisis, many customers doubted Bear Stearns' asset status and withdrew their capital from Bear Stearns one after another, and the company's operating funds were insufficient.
There are rumors on Wall Street that some large investment banks and hedge funds are beginning to refuse to accept securities transactions related to Bear Stearns. In the days that followed, the credit crisis sparked a run and financing difficulties, and Bear Stearns' $17 billion in cash was quickly drained.
Faced with this critical situation, Bear Stearns had to turn to the federal government of the United States for help, and their CEO sent a distress letter, claiming that if no support was available, Bear Stearns would face bankruptcy.
Since Bear Stearns manages a large amount of client assets and provides guarantee and clearing services for a large number of small and medium-sized market traders, if Bear Stearns goes out of business due to the drying up of liquidity, the American bond market will be severely impacted, and a large number of small and medium-sized traders will be affected. will not function properly because it cannot be liquidated. If investors' funds are frozen because they cannot be liquidated, the market will not be able to trade normally.
After receiving Bear Stearns' plea for help, US Treasury Secretary Paulson took it seriously and discussed Bear Stearns' situation urgently with Federal Reserve Chairman Ben Bernanke and New York Federal Reserve Bank President Geithner.
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