Chapter 2536: Let Me Be Clear

The weather in Washington on the 13th was still sunny.

On the way back to the Treasury Department from the National Press Club, the air pressure in Paulson's car was a little low.

Part of the reason was because of the effect of the speech he had just given in the club.

Let's put it this way, not to mention in the cabinet, even among all the well-known politicians in Washington, Paulson's speech level is very average.

His voice is a little hoarse and sharp. When he gets impatient, he will stutter a little. Because he doesn't have any outstanding eloquence, his response when answering reporters' questions is generally not very brilliant.

Moreover, from the fact that he doesn't care much about the speech, the assistants can see that his attitude towards today's speech is quite perfunctory.

So, everyone didn't have any expectations for the effect of this speech.

They didn't care about such things.

Because Paulson's image in the minds of Washingtonians is still a tough executive, not a smooth politician.

All the outstanding achievements he has made in the past have been made in a down-to-earth manner, not just by talking.

At a time when everyone is uneasy, such a practical person who is not good at public speaking but has first-class ability to solve and deal with problems is more likely to gain the trust and support of the people.

But even so, it does not mean that you can make a mistake in front of so many reporters, and it is such an unforgivable mistake.

In the speech just now, the minister suddenly said "I want to be responsible to taxpayers" instead of "I don't want to be responsible to taxpayers."

How good would it be if you said "I don't want to be responsible to Wall Street"?

Although he tried his best to explain, I believe that the reporters present would not let go of such a bombshell.

Paulson has been looking down at the documents, as if he had made such a serious slip of the tongue just now.

Because he never planned to become a politician from now on, so if he made a mistake, he made a mistake.

He has more urgent things to worry about now.

Last night, he and Geithner had screened many possible buyers of Bear Stearns, including Deutsche Bank, and finally they reached a consensus on this issue.

They also discussed some challenges that would be encountered during the implementation process. In summary, there are two points. One is the valuation of Bear Stearns; the other is to get the New York Fed Board to agree to their loan agreement.

But the most critical issue at the moment is to choose a time to implement this plan.

Because they don't know how much cash Bear Stearns still has, and when Bear Stearns has not reached an irreversible point, they obviously can't intervene directly.

Otherwise, it would be like forcing Bear Stearns to sell the company.

So, the problem goes back to the two difficulties in the implementation process.

He was looking at the documents and thinking, and a cell phone rang in the car.

A few seconds later, the damn cell phone continued to make noises. Paulson looked up and saw that the assistants had put their phones back in their pockets. One of them pointed to his pocket.

Paulson touched it, "Sorry,"

He took out his BlackBerry, saw the incoming call on the screen, and quickly answered it, "Feng,"

"Hank, the slip of the tongue just now will be a bit troublesome," Feng Yiping said.

Paulson didn't even ask Feng Yiping how he knew the news so quickly. "We have enough troubles now, so we don't care about one more."

"Then I think when the relevant plan is released, someone will definitely attack this point, saying that you didn't think about being responsible to taxpayers from the beginning," Feng Yiping continued.

Paulson naturally thought of this.

That is, when he proposed the unprecedented rescue plan, someone would definitely make a fuss about his slip of the tongue today, saying that he only wanted to be responsible to Wall Street, not taxpayers.

"Feng, no matter what, I will definitely be attacked in various ways at that time. I just need to ensure that my plan can be passed,"

Feng Yiping heard the confidence in his words.

He also believed that Paulson would definitely get his plan passed, because an outstanding CEO like him must be a master at solving problems.

Feng Yiping estimated that Paulson would not be unprepared in this regard, and he probably had already done the work of some key figures on Capitol Hill.

From the perspective of a qualified CEO, this is nothing surprising. When we open a small store, don't we all know that we need to build relationships with industrial and commercial taxation in advance?

"As for the taxpayers, I think they will understand why I do this in the future,"

However, although he said it casually, Feng Yiping could hear his helplessness.

Because they all knew that the plan would be a very controversial one, and Paulson, as the main initiator and implementer, would be at the center of the controversy.

Or to put it bluntly, he would be criticized.

Because for most Americans, rescuing Wall Street is irresponsible to taxpayers.

But in fact, such a plan that appears to be irresponsible to taxpayers is actually responsible to taxpayers...

"I admire your dedication," Feng Yiping said.

Paulson didn't care much about Feng Yiping's joking affirmation, "Feng, I happen to have a question..."

"Hank, I also happen to have a question, can I speak first?" Feng Yiping interrupted him.

He used the expensive satellite phone on the plane to call, not mainly to answer Paulson's questions.

"Oh well, after all, it was you who called," Paulson said.

"It's like this, we all know that Bear Stearns will only have one or two days left," Feng Yiping said.

"Feng, although Bear Stearns is in a difficult situation, their liquidity..."

"Come on, Hank, if you are still so optimistic at this time, you are deceiving yourself," Feng Yiping said, "either today or tomorrow, anyway, I think their problems will definitely come out within this week, right?"

Today is Thursday, tomorrow is Friday, Paulson actually expected this in his heart.

"That's why I'm here to tell you first," Feng Yiping said. "I'll be frank. As you know, our fund signed a credit default swap agreement with Bear Stearns for a total of $530 million last year."

"At the beginning of this month, we paid them premiums. So, no matter who you sell Bear Stearns to, I demand that the income of our fund must be guaranteed."

"You know, my fund also includes the two founders of Google and Steve Jobs. If there is a problem, I can't explain it to them."

"But I know the principles of Wall Street. I don't want to have a pile of garbage when it's our turn, or just leave us aside."

Although he had asked Goldman Sachs's Lloyd and Morgan Stanley's Xia Jinheng to inform him in time, he also knew that those two guys were definitely not reliable in such matters.

Paulson is still reliable.

"So, then, I may have to take some actions..."

"Wait a minute, Feng," Paulson interrupted him, "According to your agreement with Bear Stearns, how much should they pay you?"

"More than 2.743 billion, wait a minute, I'll send you the numbers,"

"Okay," Paulson gestured to his assistant and took the pen, "I'll write it down first,"

He was actually very envious in his heart. He invested 530 million and earned nearly 2.75 billion. Even after deducting the expenses, there was at least a 5-fold return. This business!

"In this way, Feng, I will give your opinions to the key parties, so can you not take those planned actions?"

He understood that since Feng Yiping had told him in advance, the actions he planned to take would definitely not be too peaceful.

"Hank, I can believe your promise," Feng Yiping leaned back in his chair easily, which was exactly what he wanted.

"Think about your partners, can I still perfunctorily deal with you?" Paulson said.

Let’s not talk about Feng Yiping or the two people from Google. Just for Jobs, he would not let the two situations Feng Yiping mentioned happen.

Could they not understand Jobs’ fighting power?

“Okay, I will convey your attitude to them. Thank you, Hank,”

Feng Yiping laughed secretly. If it weren’t for the three partners, would I do this?

“Don’t thank me. I have to thank you. Thank you for not taking action,” Paulson said unhappily.

Think about the background of the four people in their fund. If they are really annoyed, how can there be any good results?

“Oh, you’re welcome,” Feng Yiping said with a smile.

Paulson suddenly felt blocked, because this “you’re welcome” is not an idiom, it is really not welcome.

But what can we do?

“Goodbye,” he hung up the phone. It’s okay if I don’t talk to you anymore.

But then I remembered that I hadn’t asked the question I wanted to ask yet?