Manufacturing Empire in the Valley

Chapter 2303 The Desperation of Citibank

When Niu Xiaoqiang said this, his tone became very sincere: "I signed a lot of contracts with you just now, and these contracts are the most powerful to me, and I have made a lot of money. As an ally of everyone, I feel that I I can’t just focus on making money for myself without considering the interests of your allies, after some thinking, I finally decided to develop a brand new oil exploration technology, hoping to elevate your business to a higher level.”

If someone else said that, Rockefeller and others would probably take it as a joke and sneer at it.But Niu Xiaoqiang is different. Everyone here knows that Niu Xiaoqiang is a genius among geniuses, and Niu Xiaoqiang may not be unable to do things that others cannot.

Soon, Rockefeller said with a smile on his face: "Mr. Niu, I believe in your strength. Tell me, how much money is needed for this research and development project? No matter how much, our Rockefeller family will cover it all."

Several other oil business owners also spoke up, expressing their willingness to pay for Niu Xiaoqiang's research.

Niu Xiaoqiang replied with a smile: "Otherwise, I will invest money in the research first. If the research and development fails, all the losses will be my own. If the research and development succeeds, I will sell this technology at a very favorable price." Resell it to everyone, what do you think?"

Rockefeller and others looked at each other, and then Rockefeller said again: "You are at a disadvantage in this way, I have a new proposal, as long as this technology is successfully developed, we will jointly contribute money, with ten times the research and development funds. The price to buy this technology from you, what do you think?"

If this technology is really successfully developed, Rockefeller and others are willing to pay, let alone ten times the price, even if it is a hundred times the price.

Because this technology is so against the sky, if anyone has this technology, finding oil fields is as easy as finding jewelry in their own drawers. At that time, will they still worry about not being able to make money?
In order to leave a good impression on these allies and continue to maintain a good partnership in the future, Niu Xiaoqiang immediately reduced the purchase price by half, and only agreed to sell the technology at five times the cost of research and development.

Seeing his resolute attitude, Rockefeller and others nod their heads in agreement.In order to make up for Niu Xiaoqiang, these people said that all future oil extraction machines in their oil fields will be supplied by Niu Xiaoqiang alone.

So far, Niu Xiaoqiang has really established a relatively close relationship with these powerful allies. It can be said that both parties get what they need, and no one is at a disadvantage.

Finally, in a cheerful and peaceful atmosphere, the party came to an end.

Then everyone left separately, going their own way according to the established plan.

In early November, the Wall Street Journal suddenly published a piece of news about Citibank. According to the report, Citibank encountered the biggest crisis since the bank was established.

At present, Citibank's reserve funds have bottomed out, but many loans have not been recovered on time. If this situation continues, Citibank will inevitably have a financial crisis, and may eventually face the danger of breaking the capital chain.

At noon on the day this report was published, someone ran to Citibank to withdraw money.At the beginning, there were not many people withdrawing money, but as time passed, the panic among Citibank depositors gradually increased.

In the morning of the next day, several other well-known newspapers also published news that was unfavorable to Citibank. The panic among depositors broke out completely. Everyone asked for leave to withdraw money from Citibank. Before the afternoon, the withdrawal incident was over. Evolved into a run on the trend.

The shareholders of Citibank were in complete disarray, and everyone injected capital into the bank in an attempt to save the situation.

But it's a pity that this kind of capital injection is of no help at all, because on the morning of the third day, not only ordinary depositors came to run, but many black card members also ran to the bank's outlets to withdraw their funds. Deposits are transferred to other bank accounts.

The starting price of the personal assets of a black card member is [-] million US dollars. It is no exaggeration to say that a black card member can cover dozens or hundreds of ordinary depositors.When the black card members also joined the ranks of the run, Heman and other major shareholders had a premonition that things were going badly.

On the one hand, they sent the bank's top management to appease the black card members, and on the other hand, led by Herman, they organized the bank's major shareholders to seek financial support from the Federal Reserve.

Sadly, neither of these plans worked out.First of all, those bank executives who were sent to appease the black card members. After hearing the news, he immediately joined the running team, and the situation has become out of hand.

On the other hand, a team composed of major shareholders such as Herman also got rejected by the Fed.The chairman of the Federal Reserve very clearly rejected the support request made by Herman and others. The reason he gave was as follows: "Citibank's illegal operations are the biggest reason for your bank's crisis. If we don't punish you, it will be very difficult. Not bad, you actually have the face to come here for support?"

No matter how good words and promises Herman and others made, the Fed chairman never let go.

In the end, Herman had no choice but to find other banks to borrow funds.

Some banks are willing to borrow money, but the conditions they put forward are very excessive. Their caliber is surprisingly consistent. They all require Herman to use the shares of Citibank as chips in exchange for funds, and the amount of shares they proposed is very exaggerated, which is quite outrageous. Adding insult to injury.

Heman and the others were furious. At this time, they suddenly received a very hidden news. It is said that the crisis of Citibank was deliberately set up by some people.When Herman and others inquired about the identities of these people, they were all dumbfounded.

After some urgent discussions, Herman finally decided to ask the Morgan consortium for help.

The promoters of this incident had differences with the financial faction represented by the Morgan family. Herman and others felt that asking the Morgan family for help was the only way out.At this point, only the Morgan family can stabilize the situation.

But what made Heman and others feel desperate was that the Morgan consortium expressed powerlessness to their request.

The reason why the Morgan Consortium refused to provide help was because Rockefeller and others had met with people from the Morgan Consortium in advance, and the two sides had a very fierce confrontation.

The financial industry has always been the exclusive domain of the Morgan consortium, and they will never allow an extremely powerful consortium like Rockefeller to step into their field.

(End of this chapter)