America's No. 1 financial conglomerate

Chapter 606 Strong Negotiation

In the VIP meeting room next to the banquet hall, the walnut wood paneling walls gleamed with a warm yet solemn luster, and the giant crystal chandelier illuminated the space like a gilded palace.

The air was filled with the rich, lingering aroma of Cuban cigars, and the scent wafted out as Ernst pushed open the carved wooden door.

Everywhere you look, there are countless figures, with a dozen Wall Street elites each occupying a spot on either side of the long conference table.

Each person's attire was exquisitely refined, with hand-stitched suits paired with long-staple cotton shirts and silk ties, and cufflinks inlaid with diamonds or sapphires, showcasing the sophistication and prestige of Wall Street's top circle.

But beneath this outward glamour, nothing can conceal the gloom between their brows and the anxiety deep in their eyes.

"I apologize, everyone, for keeping you all waiting." Ernst's voice was calm and gentle, but a smile that made the elites present uncomfortable seemed to carry an inexplicable sarcasm.

He didn't hesitate at all despite their intimidating gazes. He walked straight to the high-backed leather chair that had been specially reserved next to the head of the conference table and sat down with ease.

"Enough with the small talk, name your price, Ernst." John Reed's voice broke the silence in the room, his tone as stiff as cold steel, devoid of any pleasantries. The usual affable demeanor of a Wall Street gentleman had vanished without a trace.

His cheeks were slightly flushed with suppressed anger, and his eyes were sharp as knives. Perhaps he was still furious about how Ernst had slapped him in the face in front of dozens of media reporters when he entered the room more than an hour earlier.

It goes without saying that Ernst's contemptuous attitude and his slightly obsequious flattery must have been captured by countless cameras.

Before tonight, this scene will be on the online front pages of all major American newspapers, and tomorrow it will be the talk of the town on Wall Street. Ernst, hearing this, maintained his smile, but his tone held a hint of surprise: "An offer? What offer?"

"Don't play dumb, you know what we're talking about." An angry voice followed, belonging to Julian Robertson, the founder of Tiger Fund.

He leaned forward slightly, his eyes bloodshot, almost spitting fire, as if there was a deep hatred between them.

"We've discussed it, how about five hundred dollars?" Julian Robertson took a deep breath, trying to calm his anger, and said, word by word, "This closing price is more than enough to show our sincerity."

The word "sincerity" in his words carried particular weight, as if he had made a huge concession.

"Ha." Ernst suddenly chuckled, his laughter filled with undisguised mockery, as if he had heard the most absurd joke in the world.

Immediately, his expression changed drastically, his eyes turned icy cold, and a mocking smile curled at the corner of his lips as he scoffed, "You want to discuss it? What right do you have to discuss it?"

His forceful actions were like a thunderclap from a clear sky, instantly igniting the emotions of everyone present.

A middle-aged man next to Julian Robertson suddenly straightened up, his eyes filled with dissatisfaction and anger. He sneered and said, "You should know that locking up shares may constitute market manipulation. We can file a complaint with the U.S. Securities and Exchange Commission. You might not be able to benefit from that."

Ernst's gaze slowly shifted to the other person, his eyes showing no fear, but rather a hint of contempt. "Who are you?"

Then, showing absolutely no mercy, it was as if she had slapped him in the face in public: "Do you even have the right to speak here?"

"You..." The middle-aged man trembled with anger at Ernst's arrogant attitude, pointing at Ernst with his finger, his chest heaving violently, unable to utter a word for a moment. Just then, a familiar voice came from the other end of the conference table, easing the tense atmosphere: "Ernst, you should have at least a gentlemanly attitude towards Mr. Louis Moore Bacon."

Sandy Will looked at him with a smile; the two had just met two days ago.

Among the room full of people with gloomy faces and burning anger, he was the most relaxed, with even a faint smile on his lips, as if he were just watching the show without getting involved.

His presence here was entirely at the request of the Citigroup board, given that the two had recently had a friendly encounter.

"Oh." Ernst nodded as if suddenly realizing something, then turned his gaze back to Louis Moore Bacon, a formulaic smile appearing on his face, though his tone still carried a hint of amusement. "So you're Louis Moore Bacon, the founder of Moore Capital Management. My apologies."

Moore Capital is one of the top hedge funds in the industry.

Founded in 1989, it became one of the top five hedge funds on Wall Street in less than ten years.

With assets under management exceeding $50 billion, it is in no way inferior to the Quantum Fund and Tiger Fund.

Together with Tudor Investments and Caxton, they are known as the five major hedge funds.

"Starting with $2.5, and now managing such a huge fortune, it's truly admirable," Ernst said with a hint of admiration.

The people in the room had strange expressions; they all felt that his words were respectful, but not very respectful.

The development of the Moore Foundation is nothing short of legendary. But it depends on who you compare it to.

When Ernst said those words, it always felt somewhat derogatory or even sarcastic.

"Is locking up shares potentially market manipulation? Are you going to file a complaint with the SEC?" Ernst shrugged, a nonchalant smile on his face. "Go ahead."

He turned and pointed towards the conference room door, saying casually, "The door is over there. Mr. Louis Moore Bacon knows how to get to the SEC door, right? Or should I have my driver take you there?"

Then he said seriously, as if reciting a vow, "Don't worry, it's completely free."

As soon as Ernst uttered the words "free," many people in the conference room subconsciously lowered their heads, their shoulders trembling slightly as they suppressed their laughter.

Because Louis Moore Bacon was an absolute miser, which was common knowledge throughout Wall Street.

If Wall Street were to hold a ranking of the stingiest people, he would definitely be elected by a landslide, leading by a huge margin.

There are many rumors circulating on Wall Street about his stinginess.

The most well-known and classic example is when his secretary's car broke down and he couldn't get home on time, Louis Moore Bacon offered to give her a ride.

The secretary was grateful at the time, but to her utter surprise, the next day when she arrived at work, she received a bill delivered by someone from Louis Moore Bacon.

The bill detailed the extra mileage driven to take her, along with the corresponding fuel costs, vehicle wear and tear, and other expenses. This incident became a topic of conversation on Wall Street, further solidifying Louis Moore Bacon's image as a miserly individual.

To Ernst's surprise, the person involved seemed to have no reaction and did not feel humiliated, as if it were a matter of course.

Ernst, somewhat bored, glanced at him dismissively, then slowly surveyed the Wall Street elites present. "You should all be well aware that our locked-up shareholders have voluntarily signed lock-up commitments, and all operational procedures fully comply with the SEC's regulations; there are no violations whatsoever."

"But you guys," he paused deliberately, "selling without margin and naked short selling—these operations involve serious violations."

Ernst picked up the coffee on the table, took a small sip, put the cup down, and continued, "My time is running out, and so is yours."

His tone was calm, yet carried a sense of oppression, as if he were announcing an impending final judgment.

"You're delusional." Henry Paulson, who had been silent all along, finally spoke. This was the first thing Ernst said after entering the conference room.

The trigger for this short-selling battle against YueDong Games was not the dispute over telecommunications licenses in mainland China.

So why did Ernst set up this mainland telecommunications network?

It's a war for mobile payments.

To put it more dramatically, it's a struggle for future dominance in internet finance.

Giving up on bills now is tantamount to admitting Goldman Sachs' failure in its online payments strategy. While this doesn't necessarily represent the failure of internet finance as a whole, it's a bad look both in terms of appearance and substance.

Even within Goldman Sachs, there are people who question Henry Paulson, which could even affect his position within the firm.

"Is that so?" Ernst glanced at Henry Paulson expressionlessly.

That's why they say capitalist interests come first; the two of them were able to collaborate on financing Leap Games for the sake of profit.

Now, due to conflicting interests, they've become somewhat like enemies.

"If the mainland telecommunications license is not issued this year and commercial operation cannot be achieved on schedule, I can compensate Lehman Brothers with a large amount of liquidated damages in accordance with the contract."

Ernst then gave a wicked grin. "But I guarantee that the money I'm paying will make Goldman Sachs feel like they're in heaven and hell."

"Once the SEC intervenes in the investigation, those market makers you're working with at Goldman Sachs will be forced to liquidate their positions. If I keep holding onto my shares, how high do you think YueDong Games' stock price will rise?"

"Will Goldman Sachs be able to come up with enough funds to cover the liquidation fees at that time?"

"Will those market makers who are usually suppressed and marginalized by you take this opportunity to kick you while you're down?"

Henry Paulson's Adam's apple bobbed involuntarily, and his expression grew even more serious.

He understood that Ernst's words were true. Goldman Sachs had been domineering on Wall Street for so many years, and it had made many enemies. At this time, someone would definitely try to kick it while it was down. Once the SEC forced a liquidation, those market makers would not care about so-called industry relations. They would only raise prices at all costs and buy enough shares to complete the liquidation operation. At that time, the stock price of Leap Games would inevitably be driven up wildly.

Not only these people, but also their peers who don't need stocks at all will definitely drive up the stock price.

If the stock price soars, the liquidation funds required by Goldman Sachs will be an astronomical figure, which could very likely plunge Goldman Sachs into a serious cash flow crisis.

But that wasn't all. Ernst then looked at the others and said, "Between us, it's just a matter of financial transactions."

"I wanted you to liquidate your positions, but Goldman Sachs disagreed, and there was nothing I could do."

Paulson's eyes narrowed. He knew that Ernst was stirring things up, getting other Wall Street institutions to put pressure on Goldman Sachs.

"Do you really want to break ties with Wall Street?" Henry Paulson's tone carried a hint of warning. "There are no permanent winners in this world. Today you've pushed us to the brink, but you may very well face difficulties in the future."

"You need to know that your company will need to raise funds in the capital market in the future, and it will also need the support of Wall Street."

His implication was clear: if Ernst insisted on pushing things to the extreme, his company would face severe difficulties on Wall Street and would receive no financial support.

"That's right." Ernst nodded, a knowing smile appearing on his face, clearly understanding the implication in Henry Paulson's words.

"But Goldman Sachs doesn't represent the entire Wall Street," he retorted directly, showing no mercy whatsoever.

He leaned back in his chair and said confidently, "Do you think my company will still lack funds after today?" This is why he thanked Buffett; he was invited today and was giving Buffett face.

Buffett reciprocated his kindness by introducing him to a group of top Wall Street financial institutions, which led to this negotiation.

This is giving him leverage to counter Goldman Sachs' financial threats.

Regardless of what Ernst discussed with those institutions, even if it was about which Hollywood actress was better in bed, it was still a deterrent to Goldman Sachs and the other institutions present.

Therefore, Ernst acted unusually assertively at this moment.

He stood up abruptly from his chair, straightened his suit jacket, and looked firmly at the Wall Street elites present. "If you want to continue this discussion, at least show me your sincerity."

He knew that today's negotiations were unlikely to yield any results, and he didn't want to stay any longer.