The outbreak of the financial crisis was not sudden. It was caused by the accumulation of a series of adverse economic consequences. These phenomena are all traceable. After Li Jie’s last reminder, Bai Hongwen paid special attention to the real estate market in the United States.
I know, I was shocked when I checked it.
As early as February 2007, CFC, the largest subprime mortgage company in the United States, began to reduce its external loans due to funding problems. However, it only lasted a month before CFC declared bankruptcy. CFC's bankruptcy brought a series of impacts.
The most intuitive one is that the U.S. stock market began to fall sharply, with the Nasdaq, Dow Jones, and S&P index all falling by more than 2% the next day. The three major U.S. stock indexes can be said to be a barometer of world economic development to a certain extent.
Of course, a temporary decline meant nothing, but in April 2007, New Century Financial Corporation, the second largest subprime mortgage loan company in the United States, could no longer survive. Even though it made frantic self-rescue efforts and laid off half of its employees,
But it ended up going bankrupt.
In August of the same year, Kane, the president of Bear Stearns, the fifth largest investment bank in the United States, announced his resignation. The direct reason for Kane's resignation was the company's performance. Due to the impact of the subprime mortgage market crisis, two large-scale financial institutions owned by Bear Stearns
Fund collapse.
Cairn is not the first head of a large U.S. and European investment bank to step down due to the subprime debt crisis. Previously, Citigroup, Merrill Lynch and UBS all replaced their company CEOs after announcing huge losses related to subprime loans. Cairn is currently
It's fourth.
Shortly thereafter, American Home Mortgage Investments filed for bankruptcy protection, and the next day another company operating alternative A-rated loans (loans lent to income earners with minor credit problems, loans between prime loans and subprime loans) Impark
The mortgage holding company announced it would stop making alternative A-rated loans and begin laying off employees.
In the past few months, more than 30 subprime lending institutions have experienced problems one after another. This should not scare Bai Hongwen, who continues to pay attention to the subprime market.
As the subprime debt crisis further spread, the European Central Bank had to intervene. Central banks in various regions of the world injected more than 300 billion US dollars in just two days to save the American market. The Federal Reserve even injected 38 billion US dollars into banks three times a day.
However, these seemed to be of little use to the panic market. Then the three major central banks of the United States, Japan and Europe simultaneously injected US$72 billion to rescue the market.
Although subordinates have repeatedly emphasized that no central bank around the world will allow the subprime crisis to break out, because once it breaks out, it will definitely be a financial tsunami sweeping the world. In view of the world status of the United States, no country will ignore it.
It is better to seek help from others than from yourself. Bai Hongwen was able to build a huge family business from scratch. He is by no means a blindly optimistic person. From August 2007 to the present, more and more financial institutions have been involved in this crisis. Although the central banks of various countries have
While trying his best to save the market, Bai Hongwen prepared for the worst.
In just two months, the Bai Group cut off most of its overseas projects and retracted its tentacles back to China. All overseas-related businesses began to shrink, and in some businesses, they even paid compensation for breach of contract.
.
The losses caused by this behavior of cutting off the tail to survive are not insignificant. Many subordinates cannot understand Bai Hongwen's actions. Employees are privately discussing whether the chairman is old and people become timid as they get older. The recent actions of the group
It all proves that the chairman is afraid.
Fortunately, the Bai Group was founded by Bai Hongwen. Although his subordinates had some complaints, they were all suppressed by Bai Hongwen.
With the development of the situation, the time came to 2008. The chaos in the world financial market all showed that a financial crisis affecting the whole world was brewing. The wind direction in the group changed. More and more people said that Bai Hongwen was old and confused.
few.
Bai Hongwen didn't care much about the comments below. He was very lucky now. If it hadn't been for that conversation with his adopted son, he might have missed the opportunity to save the Bai Group. The people under him were really too optimistic.
Such a serious matter was not even mentioned. During this period, no one within the Bai Group noticed that some senior executives had quietly changed people.
Things are getting worse and worse. Because of the last reminder, Bai Hongwen's attitude towards Li Jie has also quietly changed. Shi Mu may not have noticed this, but Bai Le'an has.
The most intuitive manifestation is that when Li Jie went back to celebrate the New Year last New Year's Day, Bai Le'an secretly ran against Li Jie as usual. This scene happened to be discovered by Bai Hongwen. Bai Hongwen didn't say anything on the spot, but called Bai Le'an to the study afterwards to talk.
A few sentences.
Bai Hongwen just said a few words, not a lesson, but in Bai Le'an's mind, this unusual move was like a bolt from the blue. His father would never ask about such a thing before.
These are no longer just a few words. It means that Bai Hongwen is gradually accepting Li Jie. Bai Le'an panicked. The words said by his mother's relatives came to mind again. In fact, he didn't take it seriously at first.
The thing is, he always takes note of his father's attitude towards Li Jie.
However, after the last incident, Bai Le'an woke up. What he originally thought no one could take away, suddenly a competitor appeared, and no one could accept it for a while, not to mention he was still a child.
Bai Le'an took the initiative to take the little fat Qiu Yun out this time. Bai Le'an would not do this in the past, but now Bai Le'an has changed. He wants to provide some help to his father outside of the business field and let his father see him.
effort.
This is Bai Le'an's purpose. Who would have thought that today he would meet his cheap brother who was working part-time. Li Jie's behavior is something Bai Le'an, who was born with a silver spoon in his mouth, cannot understand.
Such an 'embarrassing' thing was like a slap on Bai Le'an's face. Coupled with the previous worries, it was like adding fuel to the fire. 'New grudges' were added to 'old grudges', and the fire in his heart was aroused.
Bai Le'an's face turned red and his eyes burst into flames. Seeing that Li Jie ignored him, he became even more furious.
"Shi Tiandong! You'd better explain to me clearly! Not only what happened this time, but also the things you did secretly behind your back!"
Li Jie sighed secretly in his heart. After all, he was a child. He was young and energetic, and he exploded after being provoked by others. The words of the little fat man obviously had bad intentions. At this time, he was hiding and watching the show with a smile, and was overwhelmed by anger.
Of course Bai Le'an, who is smart, couldn't find it.
Although Bai Le'an didn't treat Li Jie well, he still respected Shi Mu, and the relationship between the two was also very good. For Shi Mu's sake, Li Jie didn't bother to argue with the little brat in front of him about some things, so he decided to do it.
He waved his hands and said.
"If anything happens, let's talk about it when we get back!"
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