Back to 1995

Chapter 518
"This seems like a good choice!"

Paulson tapped the table lightly, "The board of directors of Goldman Sachs will review your proposal, but..."

Saying this means that Paulson has agreed to Song Yang’s proposal. It’s not shabby to cut leeks. If there are more PayPals, there are not many families, and if there are fewer families, there are not many families. Not to mention that PayPal also brought a lot of fresh leeks.

Paulson feels that Song Yang's plan for PayPal is somewhat feasible. PayPal uses tens of millions of users around the world to help Goldman Sachs and other institutions sell funds, insurance, and government bonds. Among them, PayPal can earn some formalities Fees, but Goldman Sachs is the most profitable.

Wall Street institutions like fresh leeks that have not been severely beaten. These leeks are inexperienced, and coupled with the names of "fixed investment funds" and "wealth freedom", they are enough to fool a large number of leeks and enter the market one after another. up.

Moreover, PayPal represents an online fund sales channel, which is not regulated by federal laws. This allows institutions such as Goldman Sachs to take advantage of loopholes. It’s too much, even if you only sell about 10% of junk bonds through PayPal, earning billions of dollars a year, there is no pressure at all, and it will not attract attention at all. I have a bad vision, no level of investment, etc., and I can't compare with the old leeks who stormed Wall Street in anger.

As for the online credit and mortgage business, they are indeed vying for business with Goldman Sachs and other institutions, and will take away the credit card users of these giant banks, but the American banks, including Goldman Sachs, have long fallen into a shortage of credit card users in recent years , let PayPal snatch part of it, and it won't hurt the bones, and maybe Goldman Sachs can make a lot of money in it.

Looking at Song Yang, Paulson said, "In order to cooperate smoothly, Goldman Sachs must become a partner of PayPal to supervise and control PayPal's business. Sorry, Song, this is not because of distrust of PayPal, but in accordance with federal laws. , Goldman Sachs must be like this!"

Aaron Swartz groaned in his heart when Paulson, who did not change his face, said the words of robbing and robbing.

Letting Goldman Sachs "supervise" PayPal's business made Aaron Swartz feel uncomfortable. Paulson put Goldman Sachs in the "boss" position of PayPal. What worried Aaron Swartz was , Goldman Sachs will not affect PayPal.

It is not impossible for doves to occupy the magpie's nest. It has happened many times in the history of America. Goldman Sachs is too strong. Once Goldman Sachs is allowed to enter the PayPal board of directors, who knows, will Goldman Sachs come to steal it in the future? Home, claim PayPal for yourself.

But Paulson is very firm. He needs to let Goldman Sachs "look" at PayPal to be at ease. If there is a problem, Goldman Sachs can withdraw at any time. Otherwise, if PayPal plays too much, Goldman Sachs will also be implicated.

Song Yang doesn't care. PayPal cuts off the banking industry in America, and the leeks of ordinary users in America. Without Goldman Sachs and other Wall Street institutions to cover the bottom line, maybe Song Yang is still a little worried.

Moreover, PayPal has already given away a lot of equity, giving 10% of the equity of Comerica Bank, Kerimiya and other directors of Comerica, and Chris Jain, also received 7% of PayPal's equity.

Song Yang also promised that when PayPal goes public, he will give Enron's Kenneth Jeff Skilling a part of the equity, and now there are not many Goldman Sachs.

However, if Paulson came to the door himself, then Song Yang would have to cut him, otherwise it would be unfair to the Comerica Bank and the Enron Group. Song Yang's most important thing is to treat everyone equally!
"PayPal is willing to transfer 10% of Goldman Sachs' equity, but for the benefit of other PayPal investors, according to PayPal's current valuation, Goldman Sachs needs to invest one billion dollars in PayPal!"

Pellet Greene stared at Song Yang dumbfounded, wondering if there was something wrong with his ears, Song Yang became so ruthless that even Goldman Sachs was cut off.

As for PayPal, a broken company, it’s only been three months since it went online. If it weren’t for the Comerica Bank and Enron, how could PayPal’s valuation be blown to tens of billions of dollars? !
Just such a thing, Goldman Sachs hires a research and development team, not to mention three to five months, it will definitely be developed in half a year, just like this, Song Yang dares to ask Goldman Sachs for a billion dollars in exchange for 10% of the equity?
For a while, Pellet Greene was a little skeptical. He didn't know whether it was PayPal that was gone, or Goldman Sachs couldn't lift a knife, and after decades of cutting leeks, it was actually harvested in reverse.

Several executives who came with Paulson also had constipated expressions on their faces at this time. They all looked towards Paulson, and saw Paulson who was smiling just now. The sky was already cloudy, and Paulson was obviously wondering if Song Yang was just teasing him, and he was just fooling him just now.

Seeing Paulson's expression, Song Yang said unhurriedly, "If the deal is concluded, in addition to transferring 10% of the equity to Goldman Sachs, when PayPal goes public, it will also transfer to Paulson's director and Pellet Gerard. Manager Lini, the transfer is a 2% equity reward, how to distribute this equity reward is decided by President Paulson, as Goldman Sachs' support for PayPal!"

Aaron Swartz has never watched the face-changing Sichuan Opera, but in this conference room, he enjoyed the scene. Paulson and others who were dissatisfied just now, after hearing the 2% equity reward, immediately turned their faces started to smile, even the thoughtful old fox Paulson was no exception...

The world is as dark as crows, why is Enron willing to be taken advantage of and raise the price for PayPal? The wild boars raging on the Houston farm know that PayPal is not worth that price, but Enron still does it, desperately raising the valuation of PayPal, even if he loses money to his grandma Home, An Ran is willing to do it.

If things go wrong, there must be monsters. I don’t know if Enron is losing money or not, but the two speakers of Enron, Kenneth and Jeff Skilling, are counting on getting the equity of PayPal, so they don’t care whether Enron is losing money or not. It doesn't belong to them anymore, they are actually wage earners, and if they can get an extra dollar from Enron, it's all their extra money!
This issue is also the same for Goldman Sachs. No matter how powerful Paulson is, he is only a professional manager, and he is only a top group of people.

But even so, Paulson will leave Goldman Sachs one day, and Goldman Sachs is not his after all.

But now, Song Yang puts a multiple-choice question in front of Paulson to see if he chooses to become a selfless Wall Street professional manager, or use the power of Goldman Sachs president in his hand in exchange for 2% of PayPal's equity. He was stabbed and slaughtered severely.

The answer was obvious. Paulson said without hesitation, "Goldman Sachs is willing to invest $[-] billion in PayPal, but PayPal must meet Goldman Sachs' requirements!"

That's what he said, but in fact Paulson agreed to Song Yang's request. No matter how much money he made for Goldman Sachs, it would be better to put it in his own pocket.

2% of PayPal's equity, even if Paulson can only get 1% of it, according to the hyped valuation, Paulson will be able to cash out nearly [-] million dollars and leave, not to mention the possible valuation of PayPal Even higher!
The key point is that the $1 million worth of dollars that came out went directly to his own pocket. Even if Paulson’s salary is not low, he still has to think about his retirement life. Well, Paulson doesn't want to wait until his future, and needs to rely on writing "memoirs", exposing Wall Street secrets, etc., or appearing on TV as a clown to get some living expenses!
At this time, the atmosphere in the meeting room was already quite relaxed. Song Yang and Paulson reached an agreement, which marked that Goldman Sachs and PayPal were no longer rivals, and the two sides would be shoulder to shoulder and the masters of cutting leeks together... …

"Of course," Song Yang took a sip of the Goldman Sachs assistant, and re-served the coffee, which was different from the one Song Yang drank when he first entered the door. This cup obviously tasted much better. "Besides Goldman Sachs, PayPal We will also cooperate with other institutions in Wall Street, Europe, and Asia, including letting Edison of Deutsche Bank Investment Bank join PayPal's board of directors!"

Hearing the name Edison, Paulson immediately felt that the coffee in his hand was not fragrant.

If you want to talk about who Paulson hates the most on Wall Street right now, Edison is definitely the one who bears the brunt. Looking at the entire Wall Street, the only one who still challenges Paulson is Edison.

Edison really doesn't care about Paulson's face at all. Goldman Sachs and Deutsche Bank are also fighting openly and secretly. Goldman Sachs finds fault with Deutsche Bank on Wall Street. Shang Edison also has an extremely strong personality, and Paulson and Paulson are two people who hate each other.

But in front of Song Yang, Paulson couldn't say that he would drive Edison away. After today's contact, Paulson also understood that he really didn't have that much face with Song Yang.

Song Yang let Edison join the PayPal board of directors, more for business in Europe, without the cover of Deutsche Bank, a European banking giant, PayPal's business would not be able to develop at all!

(End of this chapter)