Revisiting Future Path

215 Let's Acquire Lehman Brothers

The United States prohibits realizing short profits, and China cooperates with mild house arrest. The Rose Fund is quite embarrassed at the moment.

If you face pressure with a negative attitude, you may just accept your fate, and feel that this is the kind protection of the old folks, and passively wait for the arrangement of the goddess of luck.

Perhaps many people will choose this way, believing in the wisdom of the elders and serving the country for the people, believing that the elders agree that short-selling the United States is a patriotic heart, and that the Rose Foundation is courteous. However, Wei Dongsheng is an exception. Wei Dongsheng does not have such a pure mentality.

Wei Dongsheng will not hand over his fate to others, and will not pin all his hopes on the rulings of the elders.

Of course, a positive attitude cannot change the reality of a difficult future. After all, the pressure on the Rose Fund comes from the two countries ranked first and second in terms of comprehensive strength on the planet. Unless Wei Dongsheng has the power to rule the earth, he can only find an opportunity to break the game within the rules.

During his stay in Yanjing, Wei Dongsheng had a vague idea.

Wei Dongsheng ignored Gong Qiuqiu's goodwill report and whispered his own opinion: "Let's buy Lehman Brothers!"

Gong Qiuqiu was startled by Wei Dongsheng's jumping thinking: "What did you say?"

Wei Dongsheng repeated: "I said, let's buy Lehman Brothers."

Gong Qiuqiu's eyes widened.

For more than ten seconds, Gong Qiuqiu asked Wei Dongsheng in disbelief for the second time: "You mean, Rose Fund acquired Lehman Brothers?"

Wei Dongsheng nodded and confirmed: "Yes."

Gong Qiuqiu's expression changed drastically, from an unbelievable attitude to a dumbfounding: "How is this possible!"

Wei Dongsheng asked calmly, "Why is it impossible?"

Gong Qiuqiu: "Lehman Brothers is the famous'king of securities' on Wall Street, Goldman Sachs's strongest opponent."

Wei Dongsheng: "So what?"

Gong Qiuqiu could not answer.

The past glory cannot solve the immediate crisis.

As far as fund operations are concerned, Rose Fund is now in an invincible position, while Merrill Lynch and Lehman Brothers are in deep liquidity crisis. Especially for Lehman Brothers, public opinion is not only rumored that it will go to Bear Stearns, but there is also news that the head of Lehman Brothers has undergone major changes in personnel. The European and Asian business executives, the chief operating officer of Europe and the Middle East, and the head of the fixed income department will all step down. . At this moment, an upstart like the Rose Fund is fully qualified to mock the Lehman Brothers landing Phoenix as a chicken.

Of course, no matter how poor Lehman Brothers is, not everyone can buy it.

Gong Qiuqiu calmed down for a while, and after removing the emotional influence, rationally questioned Wei Dongsheng’s proposal: “The U.S. institutional capital is prioritized, and Wall Street is at the top of the capital food chain. Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, etc. are among the leaders. The Rose Fund then draws on the high-end US Client funds cannot erase our Chinese background. American capital will not allow Lehman Brothers to be Chinese, Wall Street will not allow Lehman Brothers to Americanize, and Lehman Brothers’ management is unwilling to become employees of Chinese Capital. "

Wei Dongsheng nodded to express his understanding.

The world has never been fair.

The so-called freedom is also exclusive to certain people and certain capitals.

Before the crisis in the US mortgage market broke out, investment banks such as Goldman Sachs and Bear Stearns joked that Rose Fund was a fool from China and signed a series of short contracts with Rose Fund with a smile. When the subprime mortgage crisis broke out, Rose Fund’s fool's contract turned into sweet pastry. This group of investment banks changed their faces and demanded discount repurchase. They secretly prohibited Gong Qiuqiu and other managers from leaving the country and prohibited the proceeds from Rose Fund from leaving the country. Gamblers lose money in the casino is a happy thing, if a gambler wins a large sum of money, he takes the money home with a high probability of encountering a black hand from the casino. Hedge funds are a group of gamblers, and Wall Street is a big casino. Unless there is power to curb the black hands from the casinos, the Rose Fund should not simply get back the winnings.

If you want to get back the money you won from gambling, you will encounter various setbacks, let alone the acquisition of Lehman Brothers?

However, Wei Dongsheng is not prepared to fully acquire Lehman Brothers.

Snake Tunxiang is not Wei Dongsheng's character, nor does it conform to Wei Dongsheng's interests.

How many things you have is the principle of Wei Dongsheng.

Wei Dongsheng added an explanation: "We do not pursue the power of Lehman Brothers, nor do we pursue full control of Lehman Brothers. We can set the goal to acquire 20% to 40% of Lehman Brothers. This is a financial investment. Rose Fund helps Lehman Brothers survived the liquidity crisis, and Lehman Brothers helped Rose Fund keep short profits."

Gong Qiuqiu nodded.

If the target is reduced to this point, the idea of ​​acquiring Lehman Brothers will still be executable.

The question is whether it's worth it.

Gong Qiuqiu recalled Lehman Brothers’ information: “Media reports say that the Korea Development Bank is preparing to invest US$6 billion to acquire a 25% stake in Lehman Brothers. Lehman Brothers is in a liquidity crisis and lacks cash. If the negotiations go well, it will definitely wait for 24 The financing agreement was settled within hours. However, the negotiations between the deadlock in August and September, the Korea Development Bank and Lehman Brothers acquisition negotiations have not been able to send positive news. Based on the existing information, it must be Lehman Brothers Fuer Tak firmly believes that Lehman Brothers has very good assets and has a strong attitude and refuses to buy at a low price."

"Fuld also negotiated with Korea Development Bank, British Barclays Bank, and Bank of America, hoping to increase the valuation of Lehman Brothers. If we want to acquire Lehman Brothers, we might have to ignore Lehman Brothers’ low stock price. Fuld intentionally made a price far higher than that of the Korea Development Bank."

Gong Qiuqiu helplessly spread his hands and concluded: "The value of the Rose Fund lies in a bunch of short contracts, not so much cash."

Wei Dongsheng also knew the flaws of the Rose Fund and turned his brains to find allies: "Didn't CIC want to buy Lehman Brothers before? Contact them, can you jointly acquire shares in Lehman Brothers?"

China Investment Corporation is a sovereign wealth fund of China established in September 2007 with a registered capital of US$200 billion that year. CIC invests in various forms of assets such as equity and fixed income on a global scale. CIC had previously tried to acquire a certain share of Lehman Brothers. However, Fuld's stubborn refusal to cut the meat resulted in the two parties falling apart.

Wall Street is currently coveting the huge amount of capital from CIC. CIC is definitely willing to invest in the more talkative Morgan Stanley and Merrill Lynch, which is closely related to Blackstone. At this moment, Morgan Stanley is also in a liquidity crisis. CIC is collaborating with Morgan Stanley. How can I care about the stubborn temper of Fuld.

Gong Qiuqiu didn't bother to pay attention to Fuld, the helm of Lehman Brothers.

However, Gong Qiuqiu was more willing to trust Wei Dongsheng.

Aware that Wei Dongsheng was not talking casually, Gong Qiuqiu immediately changed his attitude: "I will try."

On September 8, 2008, after an interim negotiation last night, Gong Qiuqiu expressed his intention to acquire the shares of Lehman Brothers in the name of the joint investment of China Investment, CITIC and Rose Fund. Lehman Brothers is now more and more hungry for cash, and it wants to use the names of CIC and CITIC to put pressure on buyers such as Korea Development Bank and Barclays Bank of the United Kingdom, so it is very active to quickly start acquisition negotiations with Rose Fund.

However, Gong Qiuqiu was shocked.

In the early morning of September 9, 2008, Gong Qiuqiu called urgently: "Let’s not participate in Lehman Brothers' troubles."

Wei Dongsheng: "The problem is serious?"

Gong Qiuqiu: "Very serious."

Of course Wei Dongsheng knew that Lehman Brothers had a very serious problem. Thirty years of memory told Wei Dongsheng that in this financial turmoil, Bear Stearns and Merrill Lynch were acquired, Goldman Sachs and Morgan Stanley lost the uniqueness of investment banking, and only Lehman Brothers went bankrupt and went bankrupt. However, the reason why Wei Dongsheng set Lehman Brothers as a target is precisely because it is about to go bankrupt.

The reason is simple. If Lehman Brothers has better finances, it will definitely not be Wei Dongsheng's turn to do things; Lehman Brothers is so bad that no one else wants it, it may become Wei Dongsheng's sword.

Wei Dongsheng pretended not to know the future trajectory, and patiently communicated with Gong Qiuqiu: "How serious is it?"

Gong Qiuqiu spoke extremely fast: "Financial data shows that Lehman Brothers has a net loss of 3.9 billion U.S. dollars in the second quarter; a third quarter net loss is estimated at 5.4 billion U.S. dollars; a fourth quarter net loss is estimated to exceed 10 billion U.S. dollars. That is to say. , Lehman Brothers has a high probability that the net loss for the whole year of 2008 will exceed US$20 billion. Lehman Brothers needs at least US$16 billion in cash to survive 2008. If there are no signs of improvement in 2009, it may be another US$20 billion. Deep pit, Lehman Brothers needs at least 30 or 40 billion US dollars in financing to hope to survive this round of financial crisis. We simply cannot fill such a deep pit."

"Lehman Brothers has no money now!"

"Loss savings are exhausted, high-quality customers have divested heavily, Lehman Brothers has lost all cash. Moreover, JPMorgan Chase has asked Lehman Brothers a few days ago to provide $5 billion in additional collateral for the Lehman customers held by JPMorgan Chase Loan positions provide protection. Lehman Brothers simply can't come up with $5 billion in additional collateral. JPMorgan Chase has pushed Lehman Brothers to the edge of the cliff."

Lehman Brothers is bad, everyone can see.

Wei Dongsheng also had no intention of defending.

At the same time, Wei Dongsheng was not sure that he would be able to revitalize the death of Lehman Brothers.

Therefore, Wei Dongsheng calmly comforted Gong Qiuqiu: "Let's drag it first, we don't necessarily have to buy Lehman Brothers."

What Gong Qiuqiu can see can surely be seen by other industry elites.

On September 9, 2008, the Korea Development Bank withdrew from the negotiations, and Lehman Brothers' heavyweight buyers were left with three major buyers: Barclays Bank, Bank of America, and Rose Fund. When news of the financing failure came out, Lehman Brothers’ stock price plummeted suddenly, quickly breaking through the $10 per share threshold.

If you like to re-take the road of the future, please collect it: (wuxiaspot.com) Re-take the road of the future. The literature is updated fastest.