Since Lehman Brothers disclosed its third-quarter loss earnings report, Lehman's stock price has plummeted, short sellers have frantically suppressed Lehman's stock price, and the entire Wall Street has begun to understand the seriousness of Lehman's predicament, and investors are speculating about how long Lehman will survive?

Friday, September 12.

As he was having breakfast, he noticed a front-page article in the morning newspaper, The Washington Post, which mentioned that "the government is seeking a deal without public funding to save Lehman."

He said to Gao Renqiang on the side: "Lehman crisis, Washington must also be worried, once Lehman is completely bankrupt, then it will inevitably impact the entire Wall Street, and then affect the entire financial market order in the United States, today is the last trading day of the week, you see that the Washington Post has begun to release the government's public relations strategy!"

Gao Renqiang immediately said nervously: "Then are we going to close the position today? Today is the last trading day of the week, and the government has released the news now, and it is estimated that there will definitely be action over the weekend?"

"If Washington had taken a similar approach to bailing out Fannie Mae and Freddie Mac over the weekend, Lehman's stock price would have skyrocketed on Monday, and I suggest we close a branch position today!"

After Gao Renqiang finished speaking, the traders on the side also suggested that before trading in Hong Kong, they were just through the cold monitor, and they could not touch the real market sentiment at all, since they came to Wall Street, in just two days, they were infected by the emotions in the market, and now they are most fortunate that the black panther holds a short position.

Seeing that everyone suggested taking profits, Ding Le was no longer so aggressive, and this time he opened a short position to short Lehman, and the Black Panther has made amazing gains. So he put down the newspaper in his hand and said happily: "Since everyone says so, let's start sweeping and closing the position at the opening today!"

Seeing the big boss say this, everyone breathed a sigh of relief, everyone knew the benefits of the panther this time, and they even began to calculate in their hearts, according to the boss's previous promise, how much income they could get after this clearance.

At 9:15 a.m., in the pre-market trading window, Global CNBC News reporter Steve Lessman released the latest report on Lehman: "According to a person familiar with the Treasury Secretary, back in the summer, the Treasury Department, the Federal Reserve and the Securities and Exchange Commission had formed a team to deal with this possibility. The government is trying to solve the problem of Lehman, but there will be no involvement of government funds in the solution of this problem. ”

The market is still falling relentlessly after the opening of the market, and it seems that the PR strategy adopted by Washington has not been successful, and few Wall Street investors seem to pay attention to the Washington newspapers, because their main sources, the New York Times and the Wall Street Journal, the market needs absolute certainty.

After the opening of the market, Gao Renqiang led several traders to get busy, they first tentatively carried out some buying operations, and as a result, their pending orders were quickly filled.

Looking at the record of continuous transactions, Gao Renqiang said excitedly in his broken Hong Kong-style Mandarin: "BOSS, it seems that today is dominated by bears again, and the current market situation is very favorable to us!"

Ding Le smiled after listening to it, and buried his head in reading the news about Lehman on the Bloomberg terminal again.

At the close of trading on Friday, although the Dow fell only 12 points, Lehman fell another 13.5%, which was another sharp drop after Lehman's stock price plunged 45% on Tuesday, and Lehman's stock price has fallen to $3.65 per share.

After a day of high-intensity trading, the Black Panther Fund closed 75% of its short positions, and six months ago, the shares borrowed from the securities company for $35 can now be bought from the market for only $3 or 4 to be repaid to the securities company, and the Black Panther has earned nearly 10 times.

Gao Renqiang and the traders were busy with placing orders, while Ding Le and the researchers went through the recent news reports about Lehman in the market.

After reading the day's report, Ding Le decided that unless Lehman could find a big institution like Barclays to vouch for its deal, it would not be able to continue on Monday.

In fact, this guarantee was a key element of Bear Stearns' rescue a few months ago.

At the time, even after JP, backed by the Federal Reserve, announced that it would lend money to Bear Stearns on Friday, March 14, Bear Stearns did not stop falling apart.

It wasn't until JP agreed to buy Bear Stearns on Sunday and provide a guarantee for its trading debt before the deal closed that Bear Stearns avoided the fate of collapse. It was this guarantee that put an end to the continued escape of trading partners and customers and avoided Bear Stearns' bankruptcy.

Ding Le judged from the information he has gathered so far that after the "two rooms" incident, the U.S. government, Congress and both parties are tired of rescue operations. Even the next presidential contenders have objected, with O'Black and McCain, who are evenly matched in national polls, slamming the rescue in their campaigns.

Governments aside, the Fed itself does not have the authority to guarantee an investment bank's trading account and any associated liabilities.

And without a buyer strong enough to ensure solvency, the Fed's liquidity loans alone will not be enough to shore up Lehman's big picture during the shareholder vote.

Instead, Fed loans would fall into the spiral of a run on Lehman, which Bear Stearns suffered before being saved by JP.

In the 30~60 days leading up to the shareholder vote, Lehman's account assets will dry up, and as hedge funds and other major clients flee, a large amount of collateral will be siphoned off in the liquidation of the transaction, and the company's employees will be scattered.

At this point, Barclays' shareholders are likely to reject the deal. The Fed will find itself in an insolvent bank with tens of billions of dollars in deficit.

After combing through a large amount of information by analysts, Ding Le believes that Lehman's total assets are about $600 billion, and neither the scale nor the complexity of the internal relationship can be compared with Bear Stearns, and it is almost impossible to save Lehman under the current market extreme. The wheels of history are rolling forward without any deviations.

After completing the day's transaction summary, Ding Le waved his hand and said to everyone in the conference room: "No matter what kind of news Lehman will come out this weekend, it doesn't matter to us anymore, in order to thank everyone for their hard work in the past few months, I have a treat tonight, let's indulge in a carnival to celebrate!"

Ding Le's words were cheered and supported by everyone, and even whistled, and the joyful atmosphere in the conference room was completely opposite to the atmosphere of the coming end that was pervasive in the Wall Street exchange market.

Ding Le announced his decision to party in the evening, and Gao Renqiang got up and went to contact the hotel to arrange that they needed a small party tonight. Little did they know that there would be a banquet at the Four Seasons Hotel at 8 o'clock tonight to decide Lehman's life and death.