ISDA, International Swaps and Derivatives Association, is composed of more than 830 institutional members from 53 countries, including the world's financial institutions, government organizations, companies that use OTC derivatives to manage business risks, and major international law firms.

The market capitalization of the nuclear power under ISDA's management reaches $700 trillion, more than 10 times the total size of the global economy. However, due to the relatively low profile of the organization, non-Wall Street veterans are ignorant of it, and only members of ISDA are eligible to trade high-level financial derivatives instruments like CDS, and ordinary investors simply cannot find a barrier to entry, because the insurance companies and financial institutions that sell CDS are not open to the public at all.

This is why Ren Pingsheng wanted to find a cooperation with Goldman Sachs, if it were not for Goldman Sachs to solve the ISDA threshold problem for KLC, his short selling of subprime loans would not be able to be implemented, and his plan to completely short the United States would also be greatly discounted.

And whether Goldman Sachs is willing to help KLC depends entirely on the five big and three rough bison Cohen in front of him.

Sure enough, after hearing Ren Pingsheng's request, Cohen's huge long face immediately showed an unfathomable smile, and he retracted his body of more than 200 pounds back into the executive chair, raised his forehead and said:

"Goldman Sachs also has its own CDS business, so if I help you short at the same time, what would be the benefit to Goldman Sachs. ”

Cohen seemed to feel that he had grasped Ren Pingsheng's weakness, and his two huge bony hands were crossed in front of his chest, revealing the arrogance of a Wall Street giant:

"Tell me, why did Goldman Sachs help you short yourself?"

Ren Pingsheng quietly looked at the Wall Street bigwig in front of him, all this was not what he expected.

In the mercenary Wall Street, all transactions are based on profits, when you can make money for Wall Street, they will lift you to the sky, if you endanger his interests, Wall Street will mercilessly step you to the end and kick you out completely.

From the issue of ISDA's qualifications, Bison Cohen thought that he had found Ren Pingsheng's handle, and the reason why he bit this point was to squeeze more benefits from Ren Pingsheng, which was completely in line with the image of the legendary Jew.

However, Bison Cohen did not know that the young Asian man in front of him was not ordinary, and he could not only predict all the trends of American financial politics since the subprime mortgage crisis, but also know everything about what Goldman Sachs Group did in this crisis, and all this provided him with a solid foundation for this negotiation.

Facing the arrogant Cohen, Ren Pingsheng said unhurriedly:

"Quite simply, because Goldman Sachs is also secretly shorting CDS. ”

Ren Pingsheng's words were very simple and concise, but as soon as he said it, Cohen's face immediately changed, and his body, which was originally leaning back, immediately sat upright, put his hands on the table, and said solemnly:

"Mr. Ren, we are in the United States, everything you say must be held legally responsible, Goldman Sachs has always believed in professionalism and rigor, and will not do things that are guarded and stolen. ”

Although Cohen looked aggressive, Ren Pingsheng could already see through his eyes that he was bluffing, and he was well aware of Goldman Sachs' role in the subprime mortgage crisis.

From the information and memories of his previous life, we can see that Goldman Sachs showed ruthlessness, rationality, ruthlessness and even cruelty in the subprime mortgage crisis that swept the United States and the whole world, even on Wall Street, which believes in the supremacy of profit.

Goldman Sachs has been with the Paulson Fund since 2006, helping him to massively short the mortgage market in 2006 and 2007. At the time, in Goldman Sachs' view, Paulson's fund was a lucrative and safe deal. But Goldman Sachs soon discovered that Paulson was a smart move to short the mortgage market, and they decided to call.

Goldman Sachs immediately did the same, essentially copying Paulson's deal in its entirety. At a meeting in December 2006, Goldman Sachs Group CEO Frank Fan and President Cohen personally signed and approved the directive for large-scale shorting of the mortgage market.

So at this time, Ren Pingsheng had no fear, and he quickly threw out another dagger.

"Goldman Sachs is not only secretly selling CDS, but also continuing to sing long CDOs in the open market, while selling tens of billions of CDOs to competitors. ”

Listening to Ren Pingsheng's word by word disclosure, Cohen's face at this time was already ugly, because he knew that what Ren Pingsheng said was true.

Because as Ren Pingsheng said, Goldman Sachs is shorting the mortgage market at the same time, and there are tens of billions of securities related to it lying in the account. They won't be able to make a move in the short term. In other words, Goldman Sachs is also short mortgage-backed securities, which is equivalent to going long on such assets.

While this sounded like a hedge, Cohen and other executives at the time thought it was not a smart move, given that by 2007 short positions had already begun to pay off heavily. Executives led by Cohen decided to sell their holdings of mortgage-backed securities, but selling at a time when the market was thin would mean losing money.

In 2007, Cohen personally sent an email asking Goldman Sachs to begin a significant write-down of the value of its mortgage-backed securities holdings, insisting that no matter how much it was sold, even if it was at a loss, it must be sold outright, and that Goldman Sachs could not hold such securities.

So, Goldman Sachs is not only using CDS to make profits, but also taking advantage of the asymmetry of information between the two sides in the market to mislead investors and sell these toxic CDOs to their peers and ordinary investors.

In the midst of this crisis, Goldman Sachs not only survived the danger safely, but also made huge profits from it, and even used the crisis to further attack its former rivals. In another four months, many of their Wall Street peers will soon be penniless and will fall, and Goldman Sachs will stand tall at the top of Wall Street in a heyday.

This is Wall Street, and this is how Goldman Sachs makes money.

However, Goldman Sachs' actions are undoubtedly a deceptive betrayal to those investors who trust it, and no one has found any clues in the open market at this time, but Ren Pingsheng has mastered these despicable acts of Goldman Sachs.

In Cohen's eyes, Ren Pingsheng crossed his legs easily and comfortably:

"If I were to disclose these information to the media, the Wall Street media, which has always been hostile, would love this kind of story. Think about it, what will be the headline on the front page of the next issue of The New York Times, how about "Perfidious Goldman Sachs"? ”

Cohen was obviously shocked by Ren Pingsheng's description, and he frowned and said:

"Goldman Sachs has the best judicial team, our business practices are legally impeccable, and even if there are judicial proceedings, we can win. ”

In front of Cohen's solemn eyes, Ren Pingsheng stood up, walked to the huge floor-to-ceiling window of the office, gently lifted the heavy curtains, looked at the crowded crowd on Wall Street below, and said slowly:

"In six months, there will be a river of corpses and blood down there, more than half of Wall Street's investment banks will fail, tens of thousands of people will be kicked out of their current jobs, their houses will be taken away, their loans will be recovered, and they will be penniless in an instant. ”

Cohen's huge body walked over, and he said sarcastically:

"There's a Wall Street proverb: If everyone else doesn't fall, you're not successful enough. ”

Ren Pingsheng's gaze stayed on the Manhattan skyline in the distance, and he said slowly:

"The spread of the crisis will not only be limited to Wall Street, but will also be the whole of the United States, and there will be countless ordinary families going bankrupt, and more and more people will take to the streets, and this will definitely create huge political pressure to change the political direction of the whole United States. ”

Cohen stopped talking, and with his shrewdness and Jewish tradition, of course, this tendency could be discerned.

Ren Pingsheng continued:

"In this situation where everyone is at risk, do you think a handful of Wall Street investment banks have made a windfall in the crisis and used information asymmetry to mislead investors in the open market?"

Ren Pingsheng's questioning was undoubtedly aimed at Goldman Sachs, and Cohen showed a half-reluctant smile on his face, and he forcibly replied:

"Goldman Sachs has always had a good cooperative relationship with the U.S. government, and even if there are some punishments that have to be introduced, it will not hurt Goldman Sachs. ”

Ren Pingsheng smiled and said:

"There's a term called 'scapegoat,' have you ever heard of it?"

Cohen didn't answer, his eyes glued to Ren Pingsheng, waiting for his next step.

"Under the pressure of the public, under the encirclement of the judiciary, the board of directors of Goldman Sachs must make some personnel adjustments to relieve the pressure, and this person is the scapegoat. ”

Ren Pingsheng gently patted Cohen's high-quality suit, and said with pity:

"Think about it, who would the Goldman Sachs board of directors make the scapegoat, whether it would be Frank Van from a prestigious school and a good public image, or a descendant of immigrants from a suburb of Cleveland? ”

Although Ren Pingsheng's words were quite polite, he ruthlessly revealed an ending, if what Goldman Sachs did in this crisis is revealed, Cohen, as the president and main executive of Goldman Sachs, will undoubtedly be the first to be abandoned.

For Cohen, who has climbed from the bottom and struggled for decades to become the top of Wall Street investment banks, Ren Pingsheng's words undoubtedly grasped his life, and the results he expounded in his words are also consistent with the style of Goldman Sachs Group.

Wall Street has always been about profit, and Cohen knows very well that he has no chance of letting Goldman Sachs desperately defend it, so he can't refuse the deal in front of him.

Turning around, Cohen's long face was filled with the kindest and kindest smile, and he took the initiative to stretch out his hand and say:

"Mr. Ren, Goldman Sachs is honored to serve you. ”

Ren Pingsheng smiled and shook the big hand, and the two shook hands a few times in a friendly manner, as if everything in front of them had never happened.

And as far as they could see, a raging fire was brewing on Wall Street, a crisis that would sweep across Wall Street in four months, burning most of the glorious buildings to ashes, but only Goldman Sachs and Ren Pingsheng would survive the fire unharmed, and go away with the loot of the fire.

For those predators who are naturally tough, the crisis brings them not suffering and loss, but a godsend opportunity to gnaw on the fallen bodies of their peers.

The law of the jungle is the law of the jungle, and this is Wall Street.