American Fortune Life

"We must admit that in the years before the financial crisis, the" financial leverage "of the US financial system was too serious, and the resulting risks were not well managed by US financial institutions ...

In the future, we will do everything possible to increase consumer lending. . . At the same time, this also requires rebuilding confidence in financial institutions. "

. . . To rebuild investor, taxpayer and government confidence in us, my institution and our entire financial industry still have a long way to go. "

In a suit and tie, Andy Smith looked indifferent, calmly reading two pages of prepared submissions. Around him, dozens of reporters holding cameras, two or three layers inside and outside, flashing lights Kaka hit his face.

Behind him, many audience representatives and media reporters from across the United States and around the world listened attentively to Andy Smith's submissions, hoping to understand the views and ideas of this legendary young man.

"... It is expected that all areas from credit cards to home loans will face greater difficulties in the future, but at the same time open the door to industry reforms that the banking industry has been avoiding for a long time. Perhaps a worse period has not come yet ... "

Andy is like a charismatic public speaker, calmly facing the lawmakers and the reporters who are almost in front of him at the hearing.

To be honest, the trip to Washington, including Andy, was also "prepared." Previously, the think tank even brought a team of expert consultants to Andy for "quick training" in hearings, such as how to adjust the pace of answering, how to respond if the questionee suddenly interrupted, and so on.

"... I have finished my presentation, and welcome questions from Members."

With Andy's sentence falling down, the other eight financial giants have already made their statements. When Andy finishes, the real confrontation will begin.

"Are any of you willing to apologize for the current financial industry?" The chairman of the hearing had his glasses hanging on his nose, bowed his head slightly, and looked at the nine financial giants on the long table in the middle area with serious expressions.

"We did something wrong, and there are things we could have done better." Dimon, the CEO of mg Chase, groaned for a moment before he said helplessly.

As for the others, they were ambiguous and made a few irrelevant excuses. Only McKin Heng, the CEO of mg Stanley, who gave up year-end dividends for two consecutive years due to poor company performance, was the only one who took the initiative to apologize to the public. He apologized for the situation in the financial industry, stood up and bowed to apologize to the company's shareholders and the American public, and said that he loves his current job and is willing to pay nothing.

But it seems that members of parliament did not pay for the belated apology. Karpus, a donkey party member from Boston, sarcastically said, "It has had serious consequences, and you are doing your best gesture. You came here today on a bicycle and told us: I'm sorry We will not do that again. However, the American people will no longer trust you. There are people in our community who say the same after they robbed your bank. "

"... Surely not. Robbing a bank is a felony! At the beginning of the financial crisis, I warned me through various channels, but at this moment, shouldn't all the anger be asked?" Angry Capp snarled at them indifferently, and for this kind of person who can only let go of pao, Andy has no respect at all.

The sudden opening of Andy stunned the legislator's anger and turned red, and the entire hearing scene became silent. Only the shutter sound of the camera sounded. The audience in front of the TV also looked at each other. Yeah, the financial crisis Where did they go in the beginning? Well, they're all laughing at Andy Smith's sensational. . .

At this time, the hearing scene became extremely embarrassing. For Andy Smith, all the members of the House of Representatives watched him with vigilant eyes. Committee Vice Chairman Phil took a deep look and closed his mouth quietly after speaking. The Andy Smith came down and ignored Andy's questioning directly, and aimed at Goldman Sachs.

"I'm surprised that no one of you has been prosecuted! You Goldman Sachs first created and then shorted certain sub-optimal mortgage-backed securities. It's like selling a car with a broken brake and then buying insurance against the buyer. Shouldn't we be responsible for the outbreak of the subprime crisis? "

"Senator, this accusation is unacceptable because there is still demand for this product. The financial crisis is not a product or a financial institution. The crisis that has swept the global capital market is a series of hurricanes. ... "

"These disasters are man-made."

Another lawmaker looked at the nine financial giants sitting at the long table and said, "Perhaps everyone thinks you should at least apologize."

The hearing's angry words were uploaded, which made several other giants besides Andy express their helplessness and apologized for the situation in the financial industry.

"The good money will be used for the blade. I want to know where the government aid money goes?" Paul, a donkey party lawmaker from Pennsylvania, started to get angry and asked in person. To put it plainly, these people are still dissatisfied with the generous salary and dividends issued by financial institutions, and Congress also wants to ensure that aid funds are not abused. Member Paul stared grimly at the long table below. Nine people sat coldly and asked, "Are these funds used for refinancing? How do we know how much assistance funds are needed? Who needs it ... who can guarantee it? Do n’t spoil the money? ”

Citi, Bank of America, Wells Fargo, and Chase Ceo said the company lent $ 150 billion in the fourth quarter of 2008.

When everyone's eyes fell on Andy, who had not spoken yet, Andy calmly said, "We Yingtai Bank has been lending, and our loans have increased after receiving aid funds. Last quarter alone, we New loans of US $ 10 billion were issued, including US $ 3 billion of new loan commitments and US $ 7 billion of home mortgage loans, which is three times the loan issued by the Ministry of Finance to Yingtai Bank. "

"You all said that the money has been loaned out, but so far, the financial industry's operating conditions have not improved significantly, and the credit market is still sluggish. Many people still cannot obtain loans to buy cars, houses or pay tuition fees. Lend out the funds. If you ca n’t use the funds effectively, you might as well give it back to the government. ”Donkey MP Paul stared at the nine giants and asked with anger.

"I can responsibly say that Yingtai Bank used these funds to increase lending, instead of paying executive compensation, the government lobbyed or paid dividends to shareholders. As for the return to the government before leaving, sorry, according to the loan agreement, We need to pay interest. If the repayment is now a government default? Will the government pay compensation for the losses caused by the recovered funds? "Andy asked with a sneer and a look of sneer at Mr. Paul. .

"I want to know where the money went? If you come up with a certificate, please find a way to return the money before you leave Washington!" Member Paul also looked at Andy without questioning and questioned.

"Ok, Mr. Senator." Andy smiled slightly, ignored the other financial giants who had changed a lot, and didn't turn his head back. He raised his hand and snapped his fingers, and sat behind him with a stack of papers immediately, Andy smiled Facing the crowd and the camera lens, he raised the documents in Yang ’s hand. “Here are the details of the $ 3 billion loan. Each one can be verified. Of course, all of them are high-quality loans. After all, subprime loans are too risky. , Senators, please check ... "

When the hearing staff took the document and distributed it to lawmakers with a slightly ugly face, Andy put on a handsome smile on his handsome face for the first time, put his hands on the table, playing with a signature pen, while Laughing: "Since no one is responsible for compensating for the losses, why should I repay the money I borrowed on my own!"