Reinventing the Millennium.

Chapter 771 Shouting and shouting (two in one)

The New York Fed chief's displeasure was fleeting.

Because of the light of the dinner and the angle of the location, only a few people around saw Geithner's expression, and among these few people, only Susan from the Northern Trust immediately understood the reason for Geithner's mood changes.

Mr. Fang revealed the names of fund clients when he called before, and this was one of them.

Susan didn't know the amount and method of Geithner's investment, and she didn't intend to delve into it. She only knew that there was such a thing and that he also came to the platform tonight.

But, yes, Fuld is a nasty big mouth, but he really runs the behemoth of Lehman Brothers.

As one of the five largest investment banks in the United States, Lehman certainly has both market presence and a series of resources.

In fact, Susan never expected that this "gorilla" would appear on this occasion tonight. Fuld joined Lehman as early as 1969 and has been in charge of the company for 12 years. noodle.

It is the opinion of the outside world that Fuld is conceited, self-willed, and has many enemies. In fact, the stock price of Lehman Brothers rose 17 times under the leadership of the gorilla.

Last month, "Business Weekly" also greatly appreciated the head of Lehman Brothers, saying that "Fuld has reshaped the corporate culture of Lehman Brothers and greatly diversified the company's business, which is worth learning from his peers on Wall Street." .

With such praise, Lehman Brothers was on its way to becoming the largest trader on the London Stock Exchange.

However, it is true that Lehman is at its peak, and it has a serious feud with Goldman Sachs.

In 1999, Goldman Sachs encountered a crisis due to the bursting of the Internet bubble. Lehman took advantage of the situation to short Goldman Sachs and sniped everywhere at the gold masters who extended a helping hand to Goldman Sachs. Both sides were red-eyed.

As a result, although Lehman moved up one place in the ranking of investment banks, Goldman Sachs quickly recovered under Paulson's wrist.

And then... this year, Paulson becomes the 74th Treasury steward.

When the news came out, many people, including Susan, were waiting to see a good show.

Susan didn't think Paulson would forget about that bloody conflict in just a few years.

And tonight, although the relationship between Summers and Goldman Sachs and Paulson is only average, another big brother Rubin is different. He was born in Goldman Sachs before he became the 70th financial steward.

Rubin has worked at Goldman Sachs for a full 26 years, and the "Goldman Sachs" label has long been indelible on him, and he himself has no idea of ​​cleaning up the label at all.

There is such a person as the chief consultant of NYE, "Gorilla" Fuld should avoid it.

Or is there an unusual relationship between Fuld and Summers?

Susan had a lot of thoughts in a flash, and felt that according to Fuld's self-willed personality, it might be the reason for "If you invite me, I will come" and "Why don't I dare to come?"

Fuld's comparison between MIGA Fund and Lehman Brothers did not stop because of Geithner's arrival. The former even nodded to the latter, and then continued to talk.

Susan watched this scene and knew that Fuld had absolutely no idea that Geithner was also one of MIGA's clients.

She held back her smile, thinking about getting the right person to come forward to curb the wave of gorilla analysis and poaching.

But it’s really hard to find a suitable one. The gorilla is one of the most powerful people on Wall Street. Even Geithner listened with a smile on his face. Equal, but it would be good if he didn't keep looking down on the MIGA fund, let alone speak out in support.

Susan's gaze turned, and she saw Kong Yu, the Oriental president of MIGA Fund in the distance.

This identity is not right, but at least it is a personal choice. You can't let Mr. Fang who is chatting with Rubin, Summers and others come to quarrel, right?

She moved her steps, pretending to change a glass of red wine, and beckoned to the Orientals who had been vigilant about the chances of the audience.

Kong Yu saw the signal from the top circle of Wall Street, his eyes lit up, and he walked over quickly.

However, when he approached, Northern Trust, a big client, had already stood back in the circle without any expression.

Kong Yu didn't lose his composure, his heart became cold during countless late-night toss and turns when Boss Fang made big bets against the market situation, and now he just accepted Boss Fang's order to solicit clients.

The president of the MIGA Fund silently found a small vacancy, and quickly understood Ms. Susan's intentions. Northern Trust hadn't come in yet, so perhaps he was looking at his own performance to clarify the future of the MIGA Fund?
"Hahaha."

Kong Yu first took out his mobile phone and quickly sent a text message to Mr. Fang, and then started with a laugh without fear.

Others are afraid of the head of Lehman Brothers, but I don't care!

Kong Yu is not even afraid of gasoline, but he is afraid of messing up Mr. Fang's business tonight!
A dozen shell SPVs have been registered in the Cayman Islands and Jersey through different channels!
The credit default swap CDS of major insurance companies has been tracing the combination of RMBS and CDO layer by layer!
Who is afraid of who?

The laughter of the Orientals really interrupted Fuld's pointing.

Fuld only knew one oriental person at today's charity dinner, Fang Zhuo. Seeing such impolite laughter, Fuld was immediately displeased and said, "What are you laughing at?"

"I'm Kong Yu, the president of MIGA Fund." Kong Yu first introduced himself to a group of big bosses, and then immediately moved out an existence that can be equal to Lehman Brothers, "I heard Mr. Fuld talk about the business of MIGA Fund, and I couldn't help but wonder Funny about your outdated news, we are not just underwriting, we are now working with Goldman Sachs on the issuance of CDO securities!"

The MIGA Fund is indeed engaged in this, but that was before, and it is just a pretext to talk about it now.

From the perspective of financial products, it is still not as good as the CDO of Lehman Brothers, but MIGA Fund can barely be regarded as a first-tier or second-tier player.

When Fuld heard "Goldman Sachs", he didn't expect to be refuted by the rightful owner of the fund. He didn't get angry, but said contemptuously: "You guys issued it with Goldman Sachs? You spent a lot of money to get Goldman Sachs to put its name on it?"

This really hit the nail on the head.

Not all CDO securities can find buyers very well, and it is easier to sell and make a profit with the name of Goldman Sachs as a signboard.

Goldman Sachs has a market price of US$1000 million to US$1500 million, which allows it to be stamped and certified.

Don't think it's too expensive, it doesn't matter, there are no connections, and even if you want to spend this money, you can't spend it.

Everyone present was an expert, and when they heard what Fuld said, they all smiled knowingly.

Kong Yu said calmly: "MIGA Fund and Goldman Sachs have always had a very deep cooperative relationship. Last year, Mr. Paulson and our boss invested in two well-known banks in Huaxia."

He pretended to ponder: "Oh, yes, Deutsche Bank and Bank of Washington are also cooperating together. Now, we all maintain a happy consensus in the securities market. Of course, the size of the MIGA fund is not comparable to that of Lehman, but it is beneficial to customers. Confidence first class on Wall Street."

Kong Yu raised his voice slightly, and asked a question: "Lehman sells CDO securities to customers. Even if the profit is high, is it still more profitable than us letting customers' funds participate in the securitization process?"

Fuld laughed: "Let clients' funds participate in securitization? It can only be said that your clients are indeed very courageous."

Kong Yu also laughed: "There are risks, but there are naturally satisfactory profits. MIGA Fund has proved our ability to balance the two in the past. If Mr. Fuld thinks that the securities market selected by MIGA Fund has made our clients have the guts to If that’s the case, I’m afraid we have to worry about Lehman even more.”

He shrugged: "After all, Lehman is far bigger than our fund."

Fuld looked at the strange oriental man, not to mention being angry for a small person, but he was also a little angry.

The people around watched this scene, and they were a little surprised by the orderly maintenance of his own fund by the Oriental. Many people were respectful to the gorilla.

Susan, who brought Kong Yu here, admired the lack of humility and humility of the president of the MIGA Fund.

Fuld took a sip of the wine in his glass, stretched out his hand and waved to Benjamin, the vice president of Lehman not far away, and then said with a disdainful smile: "Do you think I don't know what kind of junk securities MIGA Fund is doing? You and Lehman talks about scale and risk?"

Benjamin, the vice president who is familiar with the business and competitors in the market, walked quickly.

At this moment, Fang Zhuo walked over unhurriedly, and asked with a smile, "What? Can't you talk to Lehman?"

He put his hand on the shoulder of Benjamin who had just stood still, and made him turn around with a little force. The latter maintained unconscious respect for wealth, and gave up his position without resistance.

Fang Zhuo nodded at the crowd, continued to look at Fuld, and said, "Lehman won't let me talk anymore?"

Fuld didn't bother to accuse himself of being interrupted by the little guy from the MIGA Fund, and directly talked about the topic just now, and said lightly: "Of course not, I was just talking about the risk of junk securities that MIGA Fund engages in."

It is true that Benjamin is not used to provide data support.

The CDO securities that MIGA Fund cooperated with Bank of Washington learned from the latter. Bank of Washington likes to package some junk subprime debt, which is the power of example.

Hearing this, Fang Zhuo said in surprise: "Are there still garbage in securities? Isn't there only two kinds?"

He looked around the potential clients, and said with a smile: "One is bonds that can help clients make money, and the other is bonds that cannot help clients make money. MIGA Fund operates the former."

Fuld was taken aback for a moment, the words made some sense.

There must be junk bonds in bonds, but if you can sell junk bonds, you will turn risks into greater profits.

He looked at the oriental tycoon in front of him, without any verbal refutation, he just said lightly: "It seems that Lehman Brothers needs to formulate standards, and it is necessary to teach customers in the market how to identify junk securities."

These words made the faces of the onlookers change slightly.

Funds like MIGA are destined not to be able to compare with Lehman and Goldman Sachs, and the number of securities in their hands will not be too many. If Lehman widely advertises the quality of securities and conducts sales raids, it may really cause trouble.

However, Fuld, the gorilla, is someone who can do such a thing. He has never been soft-hearted, and when he stabbed Goldman Sachs, he rushed to kill him.

Such a situation, such a few words of swords and swords, is likely to cause a huge loss of actual benefits. Isn't the price of the big brother's emotional battle a bit high?
Susan from Northern Trust couldn't help frowning, regretting calling Kong Yu over, the excitement was too escalated.

Phipps from Bessemer Securities looked at the rich man in the East with great interest, hoping to hear his response.

However, before Fang Zhuo could open his mouth, President Geithnergai, who was silently sipping red wine, said leisurely: "Don't engage in such a family's standard, otherwise, if you establish one today, it will establish another tomorrow, and the stability of the stock market will What about sex?"

Fuld looked at the little Geithner in surprise, and said to himself, "The stability of the market is to prevent users from suffering losses due to junk securities."

At this time, another voice sounded from the side: "Is the topic of drinking and chatting so serious now?"

Summers, the host of the charity dinner, arrives.

Fang Zhuo said lightly: "Lehman wants to set the standard for the quality of securities. It sounds like Fuld has some misunderstandings about our MIGA fund."

Summers took everyone's looks into his eyes, smiled, and said in surprise: "The different risks and returns of the same RMBS (home loan mortgage securities) in our market can't satisfy you guys?"

Even for the same bond, different people can choose its different grades, so as to obtain different returns and bear different risks.

Fuld was still about to speak, but he heard Summers continue to say: "It seems that the first thing we set up in New York Economics is to discuss the US bond market. If we can really improve the market mechanism, I must go to the insurance company. Ersen, let him give support as soon as possible."

When the head of Lehman heard Paulson's name, he frowned and choked his words.

Fang Zhuo praised Mr. Sa in his heart for playing the role of master, and in a blink of an eye, he saw Lu Bin who had chatted with him walking over.

He made room for the big man.

Rubin was not polite. After standing still, Fuld, who saw Lehman for the first time, said something that Fang Zhuo didn't expect: "Although I don't know what you are talking about, but seeing the gorilla Fuld, I I knew he couldn't do anything good."

The nickname "Gorilla" is mostly a derogatory term for competitors in the industry. Lehman's internal staff and friends are generally praised as "Donkey Kong".

When Lehman shorted Goldman Sachs, Rubin had already left Goldman Sachs to enter the political world, and Fuld actually did not have a direct confrontation with him.

But although Rubin's tone was a bit joking, the attitude of this character has been quite obvious.

First Geithner, then Summers, and then Rubin, Paulson's name was mentioned in the middle.

No matter how conceited and tough Fuld was, he still felt something was wrong.

He reached for the wine glass that he had put down, and showed an indescribable smile: "Just kidding, you are screaming and killing."

Fuld's tongue stirred the red wine in his mouth, after all, he still had some strength in his heart. He felt that the last sentence was a bit weak, and he said again: "Look at you, Lehman is not afraid of shouting and killing, today is purely here Looking at the New York Times, I admire Summers' knowledge of economics."

Fang Zhuo smiled and said: "Yes, me too. Mr. Summers and Mr. Rubin have unparalleled charm, which makes me fall in love with them."

He mentioned Rubin who was not mentioned by Fuld. Although Mr. Sa did have a family background and was better at economic theory, Rubin was standing beside him.

Susan from the Northern Trust saw enough of the commotion, and finally smoothed things over and raised her glass: "A toast to the establishment of the New York Institute."

Cheers!

Cheers to the New York Economic Times, which is still in its infancy and will eventually be squeezed into a ball by the financial crisis!

(End of this chapter)