Chapter 2737 Weekend Massacre

Daniel Mader arrived at the Federal Housing Credit Administration with his team at 2:30 p.m.

This is the first time they have been so active in a similar meeting.

Perhaps because of a bad premonition or fear of the unknown, they hope that officials from the Home Loan Agency, the Treasury Department, and the Federal Reserve will see their positive attitude.

Although Ma De knew in his heart that this might not help, on the other hand, instead of sitting in the hotel guessing about various pessimistic fates, it would be better to face it in advance.

Whether the officials could detect their attitude, Mader didn't know, but he quickly learned the officials' attitude.

Seeing their group arriving, a staff member soon told them, "I'm sorry, everyone, the meeting is not ready yet,"

This staff member was actually a familiar acquaintance to them, but this time, he hurriedly left after saying these words, leaving the group of them hanging in the hall.

This was obviously not in line with etiquette, and naturally made Mad and the others feel annoyed.

On a normal day, let alone senior executives like them, or even just anyone from the company coming here to do business, at least there would be a place to drink coffee while waiting.

But now, they can no longer care about it, and in fact, they can't care about it.

By this point, no one had any unrealistic illusions about the outcome of their trip.

Because of this, they simply let go completely. These responsible companies are in charge of more than 2.5 trillion US dollars in loans (this amount is close to half of the 12 trillion US dollars in loans in the United States. Together, they and Freddie Mac are just right. (Nearly half) of the guys from the giant company were wandering around the lobby of the credit office talking and laughing with their hands or hips akimbo.

That's it, love whoever you want.

However, when he saw Federal Reserve Chairman Bernanke coming in from the front door, out of courtesy and luck, Mudd went over and said hello.

Unlike his predecessor who was always smiling, the chairman of the Federal Reserve was always a bit unsmiling, especially today. When he saw Mudd, he just nodded from a distance and walked directly upstairs.

Not to mention shaking hands, he didn't even say "hi".

Ma De even knew that today's meeting would be worse than he expected, but for some reason, at such a time, he was still in the mood to joke, "Do you think Mr. Chairman treats me as a human being?" The staff? Because it seems that every time I enter or leave the company, I will nod like that to the doorman."

The senior executives who were under great pressure laughed at this incident. Some people analyzed, "This is indeed very possible. You know, there are so many things that give Mr. Chairman a headache that he really didn't recognize it just now." You come,"

At this time, someone pointed to the door and said, "That one is the one wearing glasses in the middle. If we are wrong, he is a reporter from the Wall Street Journal. You said he will be waiting outside the door now. Is he what are you doing?"

What else can you do? He definitely got the news in advance, so he lurked at the door, and the source of the news was undoubtedly not them.

Everything clearly shows at this time that it is very likely that it will be the last time they set foot here in their current capacity.

…………

At a little after three o'clock, they were finally invited into the conference room.

Like the conference rooms of all departments they had visited except the White House, this conference room was very tall, with insufficient lighting. The decoration was quite solemn, and even the air in the conference room seemed to smell of bureaucracy.

Mader and the others were assigned to sit on one side of the oval desk and wait, like a row of prisoners waiting for the grand jury's verdict.

After about a few minutes, the door was opened, and the first person who came in was the tall Paulson. He walked to the opposite side and sat down without looking away.

Bernanke followed him quietly. His big beard and serious expression made him look bitter and resentful.

And he looked indifferent to people other than himself, as if he was still immersed in the problems that gave him headaches.

Jim Lockhart, the director of the Credit Bureau and the initiator of the meeting, this official with the same name as the superhero Red Torpedo in DC comics, looks more like a stern old accountant, or the ruthless CIA interrogator in the movie and TV series Suspect's agent.

Lockhart opened the folder in front of him and said, "Made, everyone," - this was the first time anyone had greeted the three people across from them.

It was also because of their attitude that when three senior officials like them came in, Mader and the others just sat on their chairs without even the slightest intention of bowing.

"This is our latest statistical report showing that Fannie Mae has unspecified losses on its assets that would prevent it from fulfilling its role in supporting the housing market,"

Bernanke, who had been quiet all this time, finally spoke up, "No matter which criteria you use and which angle you analyze it from, your funds are seriously insufficient."

Paulson, the most famous among the three, remained silent at this time. He put one hand on the table and kept scanning Mader and the others from beginning to end with sharp eyes.

"Our conclusion is," Lockhart glanced at the papers in front of him.

Mad knew that it was time to reveal the results, but strangely, he was not nervous at all at this time, and he also saw that Lockhart seemed reluctant to let him announce these things, "You, Fannie Mae, must agree to be taken over by the government,"

"The plan is as follows," Lockhart glanced at the document again.

Mad and the others felt that this was really a one-shot deal, can't you still remember it?

"The federal government will purchase $1 billion in preferred shares, which will account for 80% of the company's shares,"

Mad closed his eyes.

Sure enough, this is the result!

This means that Fannie Mae's shareholders will be swept out, and all the shares in their hands will become waste paper.

"Although we will not provide any cash immediately, if Fannie Mae needs it, we will immediately invest $100 billion,"

"In addition," Lockhart looked at Mad and said, "the current person in charge will be relieved of his position,"

Mad knew that this was mainly referring to him.

"At the same time, all golden parachutes (meaning huge severance pay) of all management team members will be invalidated,"

As soon as these words came out, Mad and the others suddenly became depressed, because this was a measure that was truly directly related to them.

Mad looked at the three people opposite him. They didn't have much hair, so their foreheads looked shiny. You guys are really ruthless!

Looking at Paulson's bald head, he thought, are you, the emperor of Wall Street, going to become the butcher of Wall Street?

"James, you know, I have to discuss it with the board of directors," he said.

"Okay," Paulson spoke for the first time, very tough, "but you must agree by the 7th at the latest,"

The next words were even more murderous, "Tell your board of directors that even if you object, the government will use all its power to do so,"

"In short, we will make sure to take over Fannie Mae before the market opens next week,"

Lockhart added, "Freddie Mac too,"

Mad immediately knew that it was useless for him to say anything more, because this was a massacre, a premeditated weekend massacre.

They hurriedly left the credit bureau and rushed to Sullivan and Cromwell Law Firm, which they had entrusted to handle related issues, where the board members would meet them.

On the way, Mad first reported the meeting to Steve Ashley, the chairman of the board, and finally said, "Steve, I suggest that all of our board members immediately mobilize all their relationships in Washington..."

"Mediate?" Steve Ashley said.

"We can't let them take our company away like this," Mad said.

Ashley was silent for a while, "Mad, do you think we, or we and Freddie Mac, can declare war on the federal government?"

Mad fell silent.

Accompanied by a faint sigh, the phone was hung up by someone unknown.

At this time, in the same room, Richard Theron, the president of Freddie Mac, and others heard similar words to Mad and others.

…………

For Li Ruiyuan, this meant that things were unexpectedly smooth. On the 7th, that is, the weekend, when he received John's happy call, he smiled and said, "I know, I'm watching it too,"

On TV, Paulson and James Lockhart announced at a press conference that the US government had taken over the troubled housing mortgage financing institutions Fannie Mae and Freddie Mac.

Everything was exactly as Feng expected.

Then, the next suspense is what their stock price will be after the market opens tomorrow.

Li Ruiyuan shook his head immediately, and it seemed that there was no suspense anymore.

ps: Please vote, please vote, on the last day of 2018, in the name of not less than two updates a day this year, I warmly beg for votes.