The richest man starts with a blind box

Chapter 1157 Big Short

Dr. Cooper's expression was very strange at this time, it was a kind of expression that was half smile, half cry, half cry, and the people who saw it wanted to kneel on the ground and kowtow for mercy.

Just now, Dr. Cooper called his friend in the trading center to clarify that the reason why the assets of more than 4000 billion yuan are locked is because these assets are actually in a state of being lent out at this moment, or they are being given to the market by short sellers. Bought it.

Although he had already guessed that this might be the result, but after confirming it himself, he still felt shivering all over.Why are these people so courageous, they dare to do such a thing without telling him!

Although it is said that mortgaging one's own shares and securities to short sellers in exchange for lucrative monthly interest is a common practice in the entire investment industry, and it is also a legal thing, and it is what Goldman Sachs does every day.

However, Dr. Cooper issued a strict order as early as the beginning of this year that the assets related to subprime loans must not be handed over to short sellers, otherwise there will be a situation like today, when Dr. Cooper is about to sell these assets and run away , but found that the assets had been frozen and could not be traded at all.

The so-called short trading has been explained many times before, that is, some investors think that a certain stock should plummet in the future, so they borrow the corresponding shares from some financial institutions by means of mortgage of funds, and then sell these shares All are sold to the market and exchanged for cash.

And when the market really starts to fall and the stock price falls, then as long as the loan contract expires, use less funds to buy back one of these shares and return it to the institution, so the transaction will be over, and investors can Earn some of the difference.

And because borrowing needs to pay high interest, the institution can earn a lot of interest for nothing without doing anything, which is also very cost-effective.

Obviously, these assets in the hands of Goldman Sachs have been lent out to play short positions. That is to say, these securities and stocks are actually not in the hands of Goldman Sachs at all, but have been lent away by others. Of course, Goldman Sachs cannot operate these assets.

So the question is, since these securities and stocks have been borrowed, why are they still in Goldman Sachs' own account?
This involves another investment method that is only available in the United States, called naked short selling.

Naked short selling, as the name suggests, sounds like a very violent way.

The so-called naked short selling means that there is no need to actually lend the stock. As long as you register with the stock exchange, you can sell it directly in the market without stocks or securities, and you only need to sell them before the agreed time limit. , Use money to buy back all the corresponding stocks, thus completing a naked short sale transaction.

How about it?Does it sound very violent and unbelievable? To be able to sell wildly in the market without stocks is no longer a chicken-and-egg operation, but an air-to-egg operation. Of course, this kind of operation is legal in the United States. .

Of course, it is impossible for the securities regulatory authorities in the United States to not implement any minimum guarantee measures. If a company wants to engage in naked short selling, there is still a step to be done, which is to find corresponding stocks and securities as guarantees. , to be able to play like this.

For example, if you want to take out [-] shares of a certain stock out of thin air and sell it short, you need to find a way to get [-] shares of the corresponding stock as a guarantee, so that if something goes wrong, there are still [-] shares here. a guarantee.

Doing this seems like unnecessary... In fact, it is indeed unnecessary, because even if the other party fails to invest and loses all their money, they will not be able to get out [-] shares.But as a guarantor, you only need to pay a small liquidated damages to get out of the situation safely.

On the contrary, as a reward for taking out shares to help others guarantee, the guarantor can get more transaction fees, which are generally about two to three times the liquidated damages. Therefore, guaranteeing this kind of naked short selling is a guaranteed profit. There is no loss at all.

You may find it strange to see this, since this guarantee will not deduct stocks, why is there such a guarantee?Isn't this taking off your pants and farting?

Well, it actually means taking off your pants and farting, mainly because when Wall Street came up with the innovative financial tool of naked short selling, it was opposed by many stockholders and even the entire United States.

So at that time, Wall Street came up with such a way to take off their pants and fart, pretending that someone would provide a guarantee to guarantee the bottom line, which would not harm the interests of ordinary shareholders.

But in private, through various complicated rules, the guarantee has become just pants that need to pay a little liquidated damages, and it is nothing more than a means of deceiving ordinary investors. It is just a fig leaf.

Of course, this kind of guarantee is not completely free. In addition to paying a little liquidated damages, even when naked short selling, these stocks and securities will be frozen in the account and cannot be traded, which is what Goldman Sachs is currently facing. status.

In other words, someone else is playing naked short selling, shorting these subprime mortgage-related stocks, and then using these stocks and securities of Goldman Sachs as collateral, thus locking up these assets of Goldman Sachs, unable to move at all .

"Sir, the situation has been investigated!" A few hours later, the secretary tremblingly returned to Dr. Cooper's side and whispered.

"Who did it?" Dr. Cooper's voice was as cold as the South Pole.

"It's Korobbi, the head of the company's operations department, and Jeanswest, the head of the technology department, and..." The secretary broke out more than 20 names in one breath, almost involving nearly 1/3 of the top management of Goldman Sachs Group manage.

"Korobbi?" Hearing this name, Dr. Cooper's whole body suddenly faltered.

Because this Korobbi was his personal secretary before, after completing his trip to Europe, he made great achievements, and was arranged to be the head of Goldman Sachs' operations department, fully controlling the entire asset operation of Goldman Sachs.

Because Korobbi has been by his side for more than 10 years, he is also one of Dr. Cooper's confidantes, with strong abilities and loyalty to himself, so Dr. Cooper let him go In charge of such an important core department, I didn't expect him to be the one who took the lead in cheating himself this time.

"How exactly did he do it?" asked Dr. Cooper.

"Yes, about 25 days ago, an organization approached Korobbi and asked for a guarantee from Goldman Sachs to conduct a naked short sale transaction. Because the monthly interest offered by the other party was as high as 2.4%, Korobbi thought it would be beneficial Ketu couldn’t refuse, so I agreed to guarantee it.”

"At the same time, I signed a guarantee cooperation agreement with the other party on behalf of the company, because this is a naked short sale guarantee agreement, and all the guarantee funds are the responsibility of the other party. There is no transfer of funds within the company, but someone needs to sign on behalf of the company. That's all, so if Kobe can completely avoid the monitoring of the financial department, he will sign a cooperation guarantee agreement with the other party on behalf of the company."

"But he knows that the only trouble is that once the guarantee cooperation agreement is signed, the software will show that these assets are locked and frozen. At the same time, you have issued strict orders within the company that this is not allowed, so he Together with the person in charge of the technical department and others, they used the method of tampering with the company's software data in private to make it impossible for the company's software to show that these assets are in a locked state."

"This is the whole process!" The secretary quickly explained the situation.

"It's that simple?" Dr. Cooper's expression became even more ugly after hearing this, "Are you telling me that this guy just signed on behalf of the company, and then tampered with the data of the software to hide it from everyone in the company? "

"No, it's to hide the whole thing from everyone in the company, but all the high-level executives who may find out the problem collude together, and then suppress all the subordinates, so that the whole thing can be hidden!" The secretary said.

"Just say it directly, he can hide it from me directly with this method!" The expression on Dr. Cooper's face was extremely bad, and his feelings were the one that was hidden from the beginning to the end.

"It's really difficult for you to investigate the matter so clearly in such a short time!" Dr. Cooper suddenly glanced at the new secretary, wondering if the secretary was also lying to himself. How could he have such a complicated matter? Maybe it can be investigated in just a few hours?
"Sir, I didn't investigate the matter, but Mr. Kirby confessed it himself. Mr. Kirby stayed in this office and did not leave. As soon as I arrived, he confessed everything. He is outside now, you Do you want to let him in?" the secretary asked.

"He comes in, you go out!" Dr. Cooper gritted his teeth and said, the secretary nodded quickly, and then the former secretary Korobbi walked in, and there were only these two people left in the entire office.

"Koroby, I didn't expect that your method can hide me to death, you are amazing! The company has built a total of more than ten layers of information security network, and I am afraid that there will be a guy like you who will deceive you , In the end, you actually hid it from me, you are really amazing." Seeing Korobbi, Dr. Cooper praised him like this.

"It's nothing!" Korobbi shook his head. "First of all, the entire guarantee agreement does not contact many departments. As long as we reach an agreement with the heads of these departments, we can conceal it."

"Secondly, although the company has more than a dozen layers of security architecture, it seems that no one can hide anything, because there are too many people involved, and anyone has the right to block the transmission of information. If one or two people block it, a lot of information can be blocked."

"Actually, there were hundreds of emails reporting me at the grassroots level, but they were all stopped by a few people."

"As your secretary for more than 10 years, these problems in the company's structure, then my secretary is really useless! After all, I received all the information that fell into your hands. Of course, I know where the information came from. Come, how to block this information!"

"..." Dr. Cooper's expression was a little pale. He didn't expect that these rules and regulations and restrictions that he designed seemed to trap him instead.

"Then what about my CEO's report mailbox? Is this the mailbox that can be reported directly to me? It was also blocked by you?" Dr. Cooper couldn't help asking.

"Not really. After all, according to your system, I don't have the right to open this mailbox. You are the only person in the world who has the right to open your mailbox!" Kerobi said.

"Then aren't you afraid that someone will complain here?"

"I'm really not afraid of this!" Korobbi suddenly laughed, "I have been with you for more than 10 years, and I have never seen you open this mailbox even once. I know you, you don't take ordinary employees seriously at all, You even regard this kind of reporting behavior by ordinary employees as traitors and stabbing elements, what should I be afraid of?"

"..." Dr. Cooper didn't want to speak.

(End of this chapter)