In just a few days, a lot of things have happened, and it can be said that nothing has happened. Gregory's focus on Barclays worked well, and they made the same commitment. Fortunately, Mubadala Investment Company was pulled into the chariot, although they are minority shareholders, they play no worse role than Galaxy Capital.

Not bad money is synonymous with Galaxy Capital and Mubadala, coupled with Zhou Shi's commitment, except for the change of ownership, there is almost no change in the Lehman branches in Europe and Asia, and several big executives who have already communicated with each other have welcomed the entry of Gregory and Galaxy Capital. Nomura Securities, who heard the news, rushed over, but was unable to have an in-depth conversation with Forde and the others. Barclays Capital was ruthlessly tied together by Gregory, either succeeding or failing together. On July 20, five days after Lehman declared bankruptcy, the three parties reached an agreement for Barclays Bank to acquire Lehman's core business in North America for $250 million, and Gregory's Tianhe Capital to acquire Lehman Brothers' business in the Asia-Pacific region (including Japan, Hong Kong and Australia) for $250 million, as well as Lehman Brothers' investment banking and equity economics businesses in Europe and the Middle East, Russia, including the fixed income division. These transactions did not buy Lehman's trading assets and debts.

The Asia-Pacific deal covers 3,000 employees, including approximately 1,300 in Tokyo, 800 in Hong Kong and 250 in Singapore. Tokyo is mainly the trading department, and Hong Kong is mainly the M&A, equity and bond underwriting department. The Middle East and Europe region also employs 2,500 people. It is far more than the previous scale of Galaxy Capital.

The news came out and it was earth-shattering. Barclays is just that, Gregory is just Lehman's outcast, how can he buy Lehman? You know, reaching an agreement with Lehman is not the end, it still needs to be approved by the court. But it soon became clear that Gregory had the backing of Galaxy Capital and Mubadala Investment. Now it's fun, Galaxy Capital has been shorting profits, and finally buying companies that went bankrupt in the crisis.

For the collapse of Lehman, the market is full of panic, and many people criticize the Federal Reserve and the Treasury. Nomura Securities, which was unwilling to fail, also took the opportunity to morally slander Galaxy Capital, the main reason is: to short and earn ill-gotten gains.

Lu He and Grigory had to come forward separately to explain and clarify.

"All of our shorts are based on our previous data analysis, which has been explained in many previous interviews, and I will not explain them one by one. Now, after the crisis intensified in September, out of responsibility for the market, we are not shorting again, but gradually closing our positions, because we know that only a healthy market is the basis for our long-term survival. And in order to take on more responsibility, we promise that we will no longer have any shorting until the subprime mortgage crisis is over. In an interview with the Wall Street Journal, Lu He made a solemn promise, which was unanimously praised, including Ao Guanhai.

"I know Lehman, we made big mistakes, but we can't deny the excellence of our people. In the past few months, I have been reflecting, I know what went wrong, I know how to correct these mistakes, our acquisition of Lehman's business in Asia and Europe is based on the idea of solving problems, I don't want Lehman's group of excellent employees to lose their current job opportunities, and start ......from scratch," Grigory said sincerely, and his choked voice touched a group of people.

My friend Twitter also gave a multi-angle and all-round interpretation of Gregory's acquisition of Lehman's business in the Eurasian region, which finally made the public's doubts about Galaxy Capital and Grigory gradually decrease. Lu He became chairman of the new company, Gregory became CEO, and the vast majority of the rest were Lehman employees.

The U.S. federal bankruptcy court also approved the three-party deal. It was also intended to be involved in Barclays' $1.5 billion acquisition of Lehman's New York headquarters and two data centers in New Jersey. It's a pity that as soon as it was delayed by public opinion, Galaxy Capital missed the best opportunity.

Barclays' specific acquisition of Lehman Brothers' business units will include trading research, commodities, foreign exchange, M&A advisory and institutional brokerage. And in the previous life, Barclays announced the reality in its 2008 financial statements: in this acquisition of Lehman North America, Barclays actually received a huge gain of 2.26 billion pounds (3.72 billion US dollars). Zhou Shi could only look at it with envy, the gap in strength gave him no chance to meddle in such a huge benefit. Even if they were only buying parts of their business in Europe and Asia, they faced more complex challenges.

However, the financial crisis will not end there, on the same day that Barclays and others announced the acquisition of some of Lehman's assets, the government officially submitted a bill to the US Congress to save the financial system, and the Treasury Department will be authorized to purchase up to $700 billion in non-performing home mortgage assets. In other words, those defaulting properties could be taken over by the US Treasury, and then investment banks like Lehman could get out of the current crisis, especially Lehman. Most of their losses were due to leveraged purchases, and if these measures had been announced and implemented a few days earlier, Lehman's fortunes could have been very different. But if Lehman doesn't go bankrupt, these measures may be difficult to come about. In the end, Lehman is still a victim, and the U.S. government assures the public that they will not favor Wall Street, they are thinking about the big picture, well, for the sake of the big picture, and the government of the world is a virtue.

"We should first digest and absorb the current strength, integrate Lehman's overseas resources as soon as possible, and maintain customer relationships. Speaking at the first working meeting after the acquisition, Lu He said that although many of Galaxy Capital has been transferred to the new Tianhe Holding Company, his influence is still very weak compared to Gregory.

"I don't think so, our aim is to develop a global investment bank, not a large regional company. While Barclays is not on hold, we can significantly absorb the resources of Lehman's past and establish our base on Wall Street. "Gregory

"We're starting from scratch on Wall Street, and it's too risky to start expanding now that the crisis hasn't been resolved. ”

"Everything is risky, and now that the situation is complex and large companies are too busy to take care of themselves, it is the best time for us to grow and grow. ”

"It's not that we don't develop, but we have to stabilize the interior before we develop. ”

"Okay, needless to say, I know everyone's thoughts," Zhou Shi interrupted their argument, "There are several projects here that Lehman is in charge of, the acquisition of the Golden State Warriors, IDCC, and Micron Technology in the United States, the acquisition of ARM and Liverpool Football Club in Europe, the acquisition of Licensed Semiconductors in Singapore, and the acquisition of ATL in China, the parent company of ATL is ...... in Japan."

In fact, sometimes, the problem is very simple!

(End of chapter)