Chapter 1631 Why Do I Have to Pay Back the Money I Borrowed by Myself Now!

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"We have to admit that in the years leading up to the financial crisis, the U.S. financial system was too 'leveraged' and that U.S. financial institutions did not manage the resulting risks well...

In the future, we will do everything possible to increase lending to consumers. . . At the same time, this also requires rebuilding people's confidence in financial institutions. "

. . . My institution and our entire financial industry have a long way to go to rebuild the confidence of investors, taxpayers and the government in us. "

Andy Smith, dressed in a suit and tie, looked indifferent, calmly reading two pages of prepared statements, surrounded by dozens of reporters with video cameras, two or three floors inside and outside, with flashing lights It hit him in the face with a click.

Behind him, many audience representatives and media reporters from all over the United States and the world listened intently to Andy Smith's statement, hoping to understand the views and thoughts of this legendary young man.

"... expect greater difficulties ahead for everything from credit cards to home loans, but at the same time leave the door open for industry reforms that banks have long shied away from. Perhaps worse times are yet to come... "

Andy, like a charismatic public speaker, calmly faced the eye-catching members of the hearing and the reporters who were almost close to his face.

To be honest, this trip to Washington, including Andy, is also "prepared." Previously, the think tank even brought in a team of expert consultants to give Andy a "crash training" in the hearing, such as how to adjust the rhythm of the conversation, how to respond if the questioner suddenly interrupts, and so on.

"... I have finished my presentation and welcome questions from Members of Parliament."

Following Andy's words, the other eight financial giants had already finished their presentations, and when Andy finished, the real confrontation would begin.

"Are any of you willing to apologize for the current financial industry?" The chairman of the hearing asked with glasses on his nose, lowered his head slightly, and looked at the nine financial giants on the long table in the middle area with a serious expression.

"We did make mistakes, and there are some things we could have done better." Dimon, CEO of MG Chase, pondered for a moment before "confessing" helplessly.

As for the others, they also made ambiguous and irrelevant prevarications. Only MG Stanley CEO Mak Jinheng, who gave up year-end dividends for two consecutive years due to the company’s poor performance, was the only one who took the initiative to apologize to the public. He expressed his apology for the situation in the financial industry, stood up and bowed to apologize to the company's shareholders and the American people, and said that he loves his current job very much.

Willing to take nothing.

But it seems that the congressmen did not buy the belated apology. The donkey party Congressman Karp from Boston said sarcastically, "There have been serious consequences, and as a gesture of goodwill, you came here today on bicycles and said to us: I'm sorry. , we won't do that again. But the American people don't trust you anymore. We have people like that in our community who say the same after they robbed your bank."

"...That's definitely not possible. Robbing a bank is a felony! At the beginning of the financial crisis, I warned through various channels, but at this moment, with all the anger, shouldn't you ask yourself?" Andy looked at the incomparably serious The angry Congressman Karp growled at them and said indifferently, Andy didn't show any respect to this kind of person who can only talk about pao.

Andy's sudden opening made the congressman's anger stagnate slightly, his face flushed, and the entire hearing scene became silent, only the shutter sound of the camera, and the audience in front of the TV looked at each other, yes, after the financial crisis Where did they go in the first place? Well, all are laughing at Andy Smith's sensationalism. . .

At this time, the hearing scene became extremely awkward. As for Andy Smith, all the members of the House of Representatives watched him with vigilance. The vice chairman of the committee, Phil, looked at him with meaningful eyes and then shut up and kept quiet. Andy Smith, who came down, directly ignored Andy's rhetorical question and aimed at Goldman Sachs.

"I'm surprised none of you have been sued yet! You Goldman Sachs creating and then shorting some subprime mortgage-backed securities is like selling a car with failed brakes and buying insurance against the buyer, don't you guys Shouldn’t they be responsible for the outbreak of the subprime mortgage crisis?”

"Senator, we cannot accept this kind of accusation, because until now this product is still in demand. The financial crisis is not caused by a certain product or a certain financial institution. The crisis that swept the global capital market is the impact of a series of hurricanes. . . ”

Phil, vice-chairman of the committee, retorted, "And these disasters are man-made."

Another congressman looked at the nine financial giants sitting at the long table and said, "Perhaps everyone thinks that you should at least apologize."

The angry words of the congressmen were heard at the hearing, which made several other tycoons except Andy express their guilt for the situation in the financial industry with a helpless expressionless face.

"Good money should be used wisely. I want to know where the money from the government aid goes?" Paul, a Congressman from the Donkey Party in Pennsylvania, began to attack and asked face to face. In fact, to put it bluntly, these people are still dissatisfied with the generous salaries and bonuses paid out by financial institutions, and Congress also wants to ensure that aid funds are not misused. Councilor Paul stared at the nine people sitting at the long table below with a serious face and continued to ask in a cold voice: "Have these funds been used for re-lending? How do we know how much aid funds are needed? Who needs it?... who can guarantee it?" Won't you waste the money?"

The CEOs of Citigroup, Bank of America, Wells Fargo, Goldman Sachs and MG Stanley have all said they have lent out as much money as possible. MG Chase CEO said the company lent $150 billion in the fourth quarter of 2008.

When everyone's eyes fell on Andy who hadn't spoken yet, Andy said calmly: "We at Yingtai Bank have been lending, and our loans have increased after receiving aid funds. Only in the last quarter, we Just issued $10 billion in new loans, including $3 billion in new loan commitments, and $7 billion in residential mortgages, which is three times the amount that the Treasury Department issued to Yingtai Bank.”

“You all say that you have already loaned out your money, but so far, the financial industry has not improved significantly, and the credit market is still depressed. Many people still cannot get loans to buy cars, houses or pay school fees. The funds are loaned out. If you can’t use the funds effectively, you might as well just return them to the government.” Paul, a member of the Donkey Party, stared at the nine giants and asked angrily.

"I can say responsibly that Yingtai Bank used these funds to increase lending, not to pay executive salaries, government lobbying or dividends to shareholders. As for returning the government before leaving, sorry, according to the loan agreement, We need to pay interest, if we repay the money now, is it considered a government breach of contract? Will the government compensate for the losses caused by the recovery of the loaned funds?" Andy asked, looking at Congressman Paul with a sneer. .

"I want to know where the money went? If you show proof, please find a way to get the money back before you leave Washington!" Congressman Paul also looked at Andy without showing any weakness, and asked.

"Okay, Mr. Senator." Andy smiled slightly, ignoring the other financial giants whose faces changed drastically, and without looking back, he raised his hand and snapped his fingers, and the subordinates sitting behind him immediately put a stack of documents on the ground, Andy smiled Facing the crowd and the camera lens, he raised the document in his hand, "Here are the details of 3 billion US dollars of loans, each of which can be verified. Of course, they are all high-quality loans. After all, subprime loans are too risky." , please senators to see..."

When the hearing staff handed out the documents to the slightly ugly members of parliament, Andy put on a warm smile for the first time on his handsome face, put his hands on the table, and played with a signature pen while He laughed and said, "Since no one is responsible for compensating for the loss, why should I pay back the money I borrowed on my own?"

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