Back to 1995

Chapter 1348
"Federal Capitol Hill once again rejected the $7000 billion bailout bill proposed by the Little Cowboys. Although the commander-in-chief, Paulson and others have announced that they will launch new proposals again, Wall Street and industries affected by subprime mortgages have fallen into pessimism. In terms of emotions, Nasdaq and major stock markets around the world continue to fall into depression and panic today!"

"Federal finance boss Paulson, in an interview with the media today, declared that if $7000 billion can be approved on Capitol Hill, it will only be used to rescue banks, real estate and other industries affected by subprime mortgages, and will not be used to save General Motors, Ford, Chrysler, Walmart and other auto, retail and other industry companies!"

"General Electric has had its worst performance in ten years due to its subprime mortgage business. Due to losses and debt problems, General Electric is facing a huge debt crisis. It needs at least $400 billion in cash to tide over the difficulties. General Electric fell by more than 12% in the intraday market value. $240 billion evaporated..."

When the wind started to blow, more than one person was affected. Almost all industries in America were severely impacted, especially the automobile industry. The army was wiped out.

Even if GM and other major auto brands complain and sell miserably one after another, threatening not to save them, they are ignoring their 25 employees in America, and will destroy the entire auto industry chain, including suppliers, dealers, and car rentals. More than 400 million practitioners are put to death!

But no matter how miserable they are, Little Cowboy, Paulson and others don't care about them. It's very simple. It's not just their industry that needs to be saved now. If they save their auto companies, companies such as General Electric and Wal-Mart must Don't save them, if you save them all, where did the beautiful knife come from? To put it bluntly, at this time, the little cowboy is already caring about his head and ignoring his back, how can he save them all.

It’s not just the three major auto brands that are complaining to the Cowboys. General Electric is already in dire straits. The employees of one company, General Electric alone, exceed the combined employees of the three major auto brands in America. Even with General Electric, The little cowboy didn't even think about saving them, let alone them? !

"Paulson still didn't agree, provide assistance to General Electric!"

In just a few months, the situation has turned upside down. General Electric is in chaos at the moment. The scene that happened in General Electric many years ago has been staged again.

General Electric's financial department borrows money and lends money from banks, Wall Street institutions, foundations, overseas consortiums, etc., and then uses its own brand and users to lend money to make money.

General Electric's financial department is no worse than those on Wall Street. It has opened lending businesses in 60 countries around the world. At its peak, the entire financial department of General Electric managed more than 3700 billion U.S. dollars. The U.S. dollars earned each year Knives can account for as much as half of General Electric's annual profits.

Immelt didn't play this first. General Electric started playing it as early as Welch's time. However, in Welch's years, America has been calm and nothing happened. During Immelt's period, it was like having mold, and moths appeared every few years.

Unlike the strategizing a few months ago, Immelt now has bloodshot eyes and an unshaven beard, without the gentle image of the past.

Hearing that Cowboy and Paulson were unwilling to lend GE a knife, Immelt couldn't help but slammed it on the table. The loud sound made all the GE executives shudder. They never I've seen Immelt so angry before.

"How long can General Electric get funding?!"

Immelt asked in a hoarse voice to several senior executives in finance, finance and other industries in front of him.

"At most half a month, the key is that after half a month, there is a debt of 54 billion U.S. dollars due, and General Electric must pay the debt and interest. If it defaults, then... I am afraid that General Electric will no longer be able to borrow U.S. dollars from other institutions. , This year Alipay will have a total debt of more than 400 billion US dollars!"

The chief financial officer of General Electric said to Immelt that the key now is that the US dollars that General Electric lent out cannot be recovered, and the creditors who lent General Electric the US dollars are urging GE to pay back the money.

After half a month, the debt of more than 50 billion dollars may become the key to the survival of General Electric. After repaying this debt, the reputation is maintained, there is no thunderstorm, and there is still time to find a way to borrow money, although more than 400 billion US dollars Dao's debt is also a big mountain, but it's better than finishing the game in half a month!

During this period of time, Immelt, who has been dealing with GE's troubles all night long, is exhausted, but he can't afford to take the blame for GE's bankruptcy. He, who was once ranked as the best professional manager in America, will also be crucified on the pillar of shame.

"What about the banks in America, overseas banks, consortiums, can they provide General Electric with dollars?!"

I'm afraid Immelt himself would never have imagined that the once dignified company with the largest market value in the world would be forced into a corner by debts of more than US$50 billion. Not to mention other people don't believe it, Immelt himself doesn't believe it. , but it really happened.

The executives in front of Immelt all lowered their heads. Now Wall Street and banks in America are in a state of panic. They are afraid that they will hear the news of a giant going bankrupt tomorrow, and how dare they borrow money again. Not even General Electric!
"Perhaps you can find Director Welch," the chief financial officer of General Electric said at this time, and said under Immelt's puzzled eyes, "Director Welch is still serving as a consultant for the North American Global Investment Fund." !"

"Before the subprime mortgage crisis, Bruno Song had at least transferred out equity worth hundreds of billions of dollars. If Director Welch could persuade Bruno Song to rescue General Electric for a dollar, maybe it would make General Electric Get through this difficult time!"

To put it bluntly now, no one can trust anyone. General Electric said that it will not go bankrupt. Those banks and Wall Street institutions can't believe it at all, but if someone can provide General Electric with tens of billions of dollars in cash and Provide a guarantee for it, and the rest of the institutions are probably willing to give General Electric a hand.

Hearing that he was going to ask Song Yang for help, Immelt's face immediately turned red, and a huge sense of humiliation suddenly emerged in his heart. When General Electric was in trouble a few years ago, it was Song Yang who "made a righteous move" to help General Electric through the crisis. difficulties.

But that was not a good memory for Immelt. At that time, General Electric returned a huge amount of ICQ shares to Song Yang for nothing. Several companies including NBC Television and General Electric Appliances also gave away the security business of General Electric, the predecessor of Blackwater Security.

That wave almost completely increased Song Yang's worth several times. As for Immelt, he became the one who made the "clown" approach in the media. Now he wants to ask Song Yang for help. What a price to pay, and how will the media evaluate his operation in the future?

Anger, unwillingness, humiliation, and helplessness all echoed in Immelt's heart, making him feel mixed.

"President Immelt, if we need to ask Bruno Song for help, we need to act as soon as possible, otherwise..."

The executive, holding the latest tablet computer produced by Alcatel Group, handed it to Immelt. Alcatel Group's tablet computer has not only been released for the general public, but also for American universities, major corporate groups, and the medical industry. And so on have launched customized tablets, these tablets are mainly used for work, coupled with customized office documents, so that Alcatel Group's tablet computers are deeply loved by people in education, medical, office and other industries, and General Electric Group is also not exempt.

Immelt took the computer and saw the news on the tablet, "Comerica Bank, the largest bank in Texas, is in deep subprime debt troubles," said Chris Jahn, vice president of Comerica Bank. Bank of Comelica will not go bankrupt. According to sources, Bank of Comelica may seek cooperation with PayPal’s banking platform. It is not ruled out that PayPal Bank will acquire Banco Comelica. 4%, making it the best performing stock in Bank of America today!"

Now the American banking industry itself is in trouble, and many banks have already experienced run-offs. Not to mention whether they can tide over the difficulties, it is good news that they can sell themselves.

For Comerica Bank, the biggest backer is its close relationship with Song Yang. Seeing that the situation is not good, Comerica directly announced that it would sell itself to its former little brother PayPal. As soon as the news came out, the stock price of Comerica Bank immediately rose. up mode.

Immelt watched the news, even though he was unwilling, he knew that he needed to make a decision. If he didn’t act, all the money in Song Yang’s hands would be spent, let alone Song Yang saving General Electric. , then nothing can be eaten hot!

"Contact Director Welch!"

Immelt turned around, closed his eyes, and didn't want to lose his composure in front of his subordinates. At this moment, Immelt's mentality actually collapsed. He didn't expect that he would still invite Welch out of the mountain after going around. To save General Electric, this is a huge blow to his mentality!
Chris Jain, who has become the vice president of Comelica Bank, was very relaxed when he flew from Texas to San Jose. For others, this trip was thankless, but for him Say, no pressure at all.

And just as Chris Jain expected, for his arrival, Song Yang gave him a very high courtesy. When he got off the plane, he was taken to the San Jose Manor. When Jain passed by, he saw the gate of the manor and gathered There are a large number of people who want to meet Song Yang, many of whom are from big companies and the Commonwealth Bank, who have received rumors that they want Song Yang to give them a hand...

(End of this chapter)