Chapter 2328 Gathering

Chapter 170: Gathering

To be honest, Feng Yiping didn't know that this second wave of craze actually started from European banks.

The child got into trouble, the child's father was fine, but the old Wang next door couldn't stand it. What do you think of this?

He didn't expect that the initiator, Wall Street, which was at the center of the storm, could hold it back.

But obviously, after the German Industrial Bank took the lead and the central bank of a well-established power like Germany intervened for the first time, some companies on Wall Street finally found a scapegoat and finally let go of the breath they had been holding.

On August 6, the tenth largest mortgage institution in the United States, American Housing Mortgage Investment Corporation, officially filed for bankruptcy protection in court, becoming another large mortgage institution in the United States to file for bankruptcy after New Century Financial Corporation.

However, compared with New Century Financial Corporation, American Housing Mortgage Investment Corporation can be said to have failed more thoroughly.

New Century Financial's core business and assets, as well as company acquisitions, are not so lucky. Before declaring bankruptcy, it had already tried every possible way, but its experience was somewhat similar to that of Chief Yang. It wanted to package the company and sell it at a bargain price, but no one took it over.

Before they announced their bankruptcy, their stock price successfully hit a new low of 50 cents.

Along with the announcement, there was also an email from the company's CEO Mike Strauss to all employees. The core content of the email can be summarized by the variety show "Apprentice" that started airing in 2004, Ivanka's father's catchphrase, "You\are\fired!"

However, Strauss's courage this time was obviously greater. He fired 7,000 employees in the company with one email.

Bear Stearns, worthy of being the fifth largest investment bank in the United States, still had to be more resilient. They held back until August 8 before announcing the bankruptcy of its two funds.

At the same time as the announcement, Bear Stearns CFO Molinaro said in front of all reporters, "This is the most tragic credit market environment since the Great Depression of 1933."

But on that day, his words were regarded by many people on Wall Street as a rant under pressure and emotional out-of-control. The traders surrounded by beautiful women in the bar laughed after a few drinks, "How can the current credit environment be so bad?"

The next day, on August 9, across the ocean in Europe, after Germany, another member of old Europe, France, also had a similar situation. France's largest bank, BNP Paribas, announced the freezing of three of its funds.

The reason is also because of the huge losses suffered from investing in US subprime bonds.

On the day the news came out, the London Interbank Offered Rate soared, and the European interbank market collapsed.

European stock markets plummeted!

After that, it was the turn of Asian banks to join in the fun.

On August 13, Mizuho Group, the parent company of Mizuho Bank, Japan's second largest bank, announced that the losses related to US subprime loans were about 600 million yen.

But this is just the tip of the iceberg. According to estimates by UBS Securities Japan, the nine major banks in Japan hold more than 1 trillion yen in US subprime mortgage-backed securities.

When Feng Yiping saw this news, he couldn't help but sneer. Perhaps this is the self-cultivation of a lackey?

Another little brother of the United States in Asia, South Korea, is naturally not immune. According to statistics, five Korean banks, including Woori Bank, hold nearly 600 million US dollars in US subprime mortgage-backed securities.

However, the two countries are somewhat similar in their roots. No matter how many MMPs they have to say to the American boss, Wall Street and the rating agencies on Wall Street, they are very hard-mouthed. "The majority of the collateralized debt certificates we invest in have the highest credit rating. The impact of the subprime crisis on us is very limited!"

Otherwise? Ask the American father for compensation? - What daydreaming!

Then, one of the world's largest banks and financial institutions, the first financial group in the United States that integrates commercial banking, investment banking, insurance, mutual funds, securities trading and many other financial services, Citigroup, whose name reminds us of a tonic and therefore makes us feel somewhat familiar, also followed suit.

Well, in July, we calculated that the related losses caused by subprime loans were about 700 million US dollars.

Because it did not affect us much, and because we did not want to make our peers nervous, we did not say it at the time.

They still had some confidence when they said this, after all, their profit in 2006 alone exceeded 20 billion US dollars.

When Feng Yiping saw the news, he only thought of another thing, American ginseng, it is a good thing, but it also has disadvantages. For example, American ginseng lozenges, which were very popular in China for a while, if you eat a few more, it is easy to have gas.

It will be embarrassing in public places such as elevators.

I hope Citigroup will not be like American ginseng.

…………

On August 18, Saturday, at a brunch restaurant on Sand Hill Road, Feng Yiping had just met Page and Brin at the door, and Jobs' car had just arrived.

"Hi," he greeted the three people at the door from a distance.

He looked obviously thinner, but at least he was in good spirits.

As soon as the four of them walked in, the sound of the executives from the venture capital company nearby, the entrepreneurs from nearby companies, and some teachers and students from Stanford, whether they were talking or eating, dropped by several beats.

For many people here, it’s hard to meet even one of the four of them in a Silicon Valley restaurant, let alone all four at once?

If Jobs was not here, someone might still come up to talk to them, but now that Jobs is here, no one would want to get in front of them and get into trouble.

Only the boss was a little overjoyed. He thought secretly, "Boom, boom, maybe tomorrow, my store will become famous," but he was a little entangled at the same time.

Jobs was notoriously picky, even among his restaurants in Silicon Valley.

Let’s just say that Buck’s in front of us can definitely be called the most legendary restaurant in Silicon Valley, bar none.

From Netscape, Yahoo, Paypal to Google... they all received venture capital investment there and then became legends.

So that restaurant has also become a legend in Silicon Valley. Big bosses will visit it, entrepreneurs will dream about it, and tourists will go there to worship...

Only Jobs made it clear that he would never patronize it.

Because the owner of that restaurant was an architect, and Jobs was very dissatisfied with the decoration style of Buck’s and thought it was quite bad.

The boss felt that the decoration of his restaurant could not meet Jobs's requirements.

But maybe today was his lucky day. He could see that Jobs was quite disdainful of the decoration in the store, but until he ordered his meal, which was still mainly fruit, he did not make any sarcasm to his face.

With the remaining three, he was a little confused about who to greet first. Brin spoke first, "I want omelettes, bread, and coffee."

"Blueberry muffin, orange juice," was what Peppa ordered.

Feng Yiping looked at the tired faces of both of them, "Did you work late again last night? Or is it until now?"

Brin rubbed his eyes, "I just got off work just now..."

But Feng Yiping was just polite, he was also hungry, "Steak, fried eggs, French fries, orange juice, thank you,"

"Eat so much?" Even Steve Jobs said.

"Brunch," Feng Yiping said with a smile.

Although he didn't work overtime last night, he was very hard last night.

"Wait a minute, mine is the same as his," Brin seemed to be suddenly aroused by Feng Yiping.

"Then let's get three of the same," Page also said.

"Okay," the boss said happily.

This is great. The three of them actually ordered the same meal. Then this set meal will definitely be the most popular one in his restaurant in the future.

Especially, there are high value-added dishes like steak, which is great!

The meals ordered by the four people were quickly served. Although it was their first time to have brunch outside because of the situation that made them more and more happy recently, during the meal, they seemed to have a tacit understanding. No one talked about this.

However, that joy made everyone feel very relaxed at the table, so that those who were quietly paying attention to their table were a little confused. What on earth could make the four of them so happy at the same time?

But they never found the answer.

Because the four people didn't seem to say anything nutritious before leaving the restaurant. Could it be that these four big guys got together on the weekend just to have a meal like those housewives who only do shopping and beauty salons? brunch?