The subprime mortgage crisis broke out. In America, two large investment banks collapsed, and then many small and medium-sized institutions collapsed.
As the saying goes, if a fire breaks out at the city gate, the fish in the pond will be affected!
As one of the top three investment banks on Wall Street, Pacific Rim Group also has problems and cannot stand out from the crowd. Jennifer announced for the first time that due to the severe subprime mortgage crisis, it is actively seeking external financing to tide over the crisis and is under pressure from mortgage debt. In 2008, losses are expected to reach more than 600 billion U.S. dollars, and asset impairment is temporarily incalculable.
Pacific Rim Group is a responsible group. The mortgage bonds it has issued are very large. In five years, the mortgage bonds issued have reached the trillion level, literally trillions of dollars. Every year, it produces a huge amount of 2000 billion. Debt is like a Ponzi scheme.
Because Pacific Rim Group is not a listed company and has no responsibility to disclose its operating conditions to the outside world, no one has been informed of the trillions of dollars in mortgage debt for external financing.
Other organizations felt that Pacific Rim Group's mortgage debt business was only at the level of hundreds of billions, but they did not expect that the other party was so bold that it reached the trillions level. Between 2006 and 2008, the mortgage debt funds raised were not used at all. Instead, it was deposited in other banks, such as EFG, Taiping Hang Lung Bank, Damao and some banks in mainland China, and became these banks' own funds.
Now, Pacific Rim-related institutions are forming a crisis committee to prepare a package to deal with the mortgage debt they issued themselves.
This processing committee has more than 400 members and has formed more than 20 teams. They set out to various countries to negotiate with those countries that purchased mortgage bonds and their domestic financial institutions.
They went there with a mission, to buy back the mortgage bonds they sold at breakneck prices in order to erase the evidence.
"We know you are in a hurry, but don't be anxious yet. The current matter is how to solve the problem." A leader of the crisis management team discussed how to solve the problem with the national sovereign fund of a country that purchased their mortgage bonds. this problem.
The other party's eyes were on fire, and he suppressed his anger and said, "Do you have a solution?"
Hearing the suppressed angry look and tone of the other party, the team leader was also very nervous. He was now on their territory. Although there were more than 20 people in their group and ten bodyguards, he was still very nervous.
"We now have a plan, which you may not be able to accept, but you'd better accept it. We have decided to buy back these bonds at a [-]% discount of the face price; a large number of lenders behind these bonds have gone bankrupt, and it is basically impossible to recover their investment. It’s possible.”
After hearing this, the representative of the other party immediately stood up angrily, and then stared at the members of the crisis management and resolution committee from the opposite side with eyes as wide as bells.
Then he sat down slumped and said, "This price is too low."
"Although it is cruel to accept the reality, you'd better accept the reality. It's not that we want to default on the debt, it's the reality. We are currently raising funds, and we are counting which organizations are willing to accept this buyback plan..."
The creditor asked, “What happens if you don’t accept it?”
The group leader was a little afraid that he might be beaten to death if he spoke out, so he said, "That will lead to nothing."
Everyone knew that America wanted to default on the debt. It was clear that he did not want to pay interest and wanted to get back his debt at a [-]% discount.
He continued: "Our institutions will enter bankruptcy proceedings, and you won't even be able to find the debtor by then, that's it." He spread his hands and made a helpless expression.
These people once again recognized America's shamelessness.
What else can I do? I can only sign a memorandum of understanding between the two parties and a letter of termination offering a [-]% discount on the repurchase.
There are also tough ones. There is a negotiation team of more than 20 people and a bodyguard team of ten people. They were surrounded by the other party's employees and surrounded in the office building. Fortunately, there was a bodyguard team of ten people behind them. After resisting, the police and the consul from America finally arrived. Only a few bodyguards were injured and the others were fine.
"You don't accept the reality, but you can't use violence against us like this. Violence can't solve the problem. Since you don't accept it, you can only compensate other people. Goodbye, sir."
After returning, the institution corresponding to the other party declared bankruptcy. Its assets were auctioned for only $[-] and it did not assume past debts.
After hearing the news, the other party cursed: Damn America liar.Then he could only declare bankruptcy.He already had some regrets, and now he regretted that he shouldn't have been so impulsive.
The results of the crisis team this time are still gratifying. Except for a few stubborn people, all the trillions of mortgage bonds have agreed to a [-]% discount repurchase plan.
They replaced the other party's subject matter, and there was no trace of their tampering in the accounts. They had already laid the groundwork when they were preparing the subject matter.
After the crisis management committee formed by Pacific Rim Group and dozens of institutions achieved results, they began to raise funds, sell a large number of their assets, and then repurchase the mortgage bonds they sold.
After the transaction is completed, the high-quality portion of these mortgage debts will be transferred to Silicon Valley Bank or EFG Bank in North America, or sold to Li Bu's related companies. As for those debts that cannot be repaid, the houses will be collected directly.
The scale of this financing is very large, but it is not known to outsiders. This financing reached US$2000 billion.
In addition to selling subprime assets among mortgage bonds to banks, those high-quality assets will temporarily receive interest.
Half of it was through overseas companies to purchase a large amount of debt. On this alone, US$700 billion was spent, and US$300 billion in financing was repaid to North American investors.
At this point, Pacific Rim Group and those dozens of institutions have completed the debt divestiture. At this time, they are really debt-free. No, there are still 300 billion US dollars in financing and tens of billions of losses. It will take a long time to recover. This crisis is eliminated.
This time, Li Bu and Jennifer performed a double act. It took nearly eight years and US$2000 billion to buy up trillions of US dollars in debt. This time, it was overstuffed and took some time to digest.
Taiping Hang Lung Bank, Swiss EFG Bank, and Silicon Valley Bank are not listed banks and have no obligation to disclose to the outside world. Once disclosed, their assets have increased by US$8000 billion. I am afraid some people will become jealous, right?
As the saying goes, if a fire breaks out at the city gate, the fish in the pond will be affected!
As one of the top three investment banks on Wall Street, Pacific Rim Group also has problems and cannot stand out from the crowd. Jennifer announced for the first time that due to the severe subprime mortgage crisis, it is actively seeking external financing to tide over the crisis and is under pressure from mortgage debt. In 2008, losses are expected to reach more than 600 billion U.S. dollars, and asset impairment is temporarily incalculable.
Pacific Rim Group is a responsible group. The mortgage bonds it has issued are very large. In five years, the mortgage bonds issued have reached the trillion level, literally trillions of dollars. Every year, it produces a huge amount of 2000 billion. Debt is like a Ponzi scheme.
Because Pacific Rim Group is not a listed company and has no responsibility to disclose its operating conditions to the outside world, no one has been informed of the trillions of dollars in mortgage debt for external financing.
Other organizations felt that Pacific Rim Group's mortgage debt business was only at the level of hundreds of billions, but they did not expect that the other party was so bold that it reached the trillions level. Between 2006 and 2008, the mortgage debt funds raised were not used at all. Instead, it was deposited in other banks, such as EFG, Taiping Hang Lung Bank, Damao and some banks in mainland China, and became these banks' own funds.
Now, Pacific Rim-related institutions are forming a crisis committee to prepare a package to deal with the mortgage debt they issued themselves.
This processing committee has more than 400 members and has formed more than 20 teams. They set out to various countries to negotiate with those countries that purchased mortgage bonds and their domestic financial institutions.
They went there with a mission, to buy back the mortgage bonds they sold at breakneck prices in order to erase the evidence.
"We know you are in a hurry, but don't be anxious yet. The current matter is how to solve the problem." A leader of the crisis management team discussed how to solve the problem with the national sovereign fund of a country that purchased their mortgage bonds. this problem.
The other party's eyes were on fire, and he suppressed his anger and said, "Do you have a solution?"
Hearing the suppressed angry look and tone of the other party, the team leader was also very nervous. He was now on their territory. Although there were more than 20 people in their group and ten bodyguards, he was still very nervous.
"We now have a plan, which you may not be able to accept, but you'd better accept it. We have decided to buy back these bonds at a [-]% discount of the face price; a large number of lenders behind these bonds have gone bankrupt, and it is basically impossible to recover their investment. It’s possible.”
After hearing this, the representative of the other party immediately stood up angrily, and then stared at the members of the crisis management and resolution committee from the opposite side with eyes as wide as bells.
Then he sat down slumped and said, "This price is too low."
"Although it is cruel to accept the reality, you'd better accept the reality. It's not that we want to default on the debt, it's the reality. We are currently raising funds, and we are counting which organizations are willing to accept this buyback plan..."
The creditor asked, “What happens if you don’t accept it?”
The group leader was a little afraid that he might be beaten to death if he spoke out, so he said, "That will lead to nothing."
Everyone knew that America wanted to default on the debt. It was clear that he did not want to pay interest and wanted to get back his debt at a [-]% discount.
He continued: "Our institutions will enter bankruptcy proceedings, and you won't even be able to find the debtor by then, that's it." He spread his hands and made a helpless expression.
These people once again recognized America's shamelessness.
What else can I do? I can only sign a memorandum of understanding between the two parties and a letter of termination offering a [-]% discount on the repurchase.
There are also tough ones. There is a negotiation team of more than 20 people and a bodyguard team of ten people. They were surrounded by the other party's employees and surrounded in the office building. Fortunately, there was a bodyguard team of ten people behind them. After resisting, the police and the consul from America finally arrived. Only a few bodyguards were injured and the others were fine.
"You don't accept the reality, but you can't use violence against us like this. Violence can't solve the problem. Since you don't accept it, you can only compensate other people. Goodbye, sir."
After returning, the institution corresponding to the other party declared bankruptcy. Its assets were auctioned for only $[-] and it did not assume past debts.
After hearing the news, the other party cursed: Damn America liar.Then he could only declare bankruptcy.He already had some regrets, and now he regretted that he shouldn't have been so impulsive.
The results of the crisis team this time are still gratifying. Except for a few stubborn people, all the trillions of mortgage bonds have agreed to a [-]% discount repurchase plan.
They replaced the other party's subject matter, and there was no trace of their tampering in the accounts. They had already laid the groundwork when they were preparing the subject matter.
After the crisis management committee formed by Pacific Rim Group and dozens of institutions achieved results, they began to raise funds, sell a large number of their assets, and then repurchase the mortgage bonds they sold.
After the transaction is completed, the high-quality portion of these mortgage debts will be transferred to Silicon Valley Bank or EFG Bank in North America, or sold to Li Bu's related companies. As for those debts that cannot be repaid, the houses will be collected directly.
The scale of this financing is very large, but it is not known to outsiders. This financing reached US$2000 billion.
In addition to selling subprime assets among mortgage bonds to banks, those high-quality assets will temporarily receive interest.
Half of it was through overseas companies to purchase a large amount of debt. On this alone, US$700 billion was spent, and US$300 billion in financing was repaid to North American investors.
At this point, Pacific Rim Group and those dozens of institutions have completed the debt divestiture. At this time, they are really debt-free. No, there are still 300 billion US dollars in financing and tens of billions of losses. It will take a long time to recover. This crisis is eliminated.
This time, Li Bu and Jennifer performed a double act. It took nearly eight years and US$2000 billion to buy up trillions of US dollars in debt. This time, it was overstuffed and took some time to digest.
Taiping Hang Lung Bank, Swiss EFG Bank, and Silicon Valley Bank are not listed banks and have no obligation to disclose to the outside world. Once disclosed, their assets have increased by US$8000 billion. I am afraid some people will become jealous, right?
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