Manhattan, New York, USA, Goldman Sachs Headquarters, Investment Department

"Boss, there are 20 minutes left before the closing, I think I can simply smash out the remaining 100 million shares of Saturn Motors in my hand, Merrill Lynch cannot sit back and watch the stock price of Saturn Motors fall below the issue price, and then we will take the chips back at a low level......" Senna, deputy manager of Goldman Sachs' investment department, gritted his teeth and gave his boss an idea to draw salary, Mai Gao Jackson glanced at his deputy with a flushed face, gritted his teeth and shouted angrily, "Are you crazy or what's wrong?" We have bought 210 million shares of Saturn Automobile, 110 million out of securities lending, the price of short selling by the securities borrower is more than 5 US dollars, and our own holding cost has reached 4.950 US dollars. ”

"Yes, there is life in the last battle, head, I analyzed the trading methods of Merrill Lynch Securities yesterday and today, it is obvious that the other party reduces its holdings of no more than 100 million shares per day, and now we have 200 million shares in our hands, and the other party has 700 million shares, if the stock price falls and the market value is damaged, it is Merrill Lynch Securities that is anxious, and the other party will definitely pull the stock price up!" Senna blinked, trying to hide his uneasiness, the strategy of drawing wages from the bottom of the kettle is not so easy to play, and by one accident, he has become a scapegoat for the huge losses of the investment department's proprietary market.

"Boss, as long as we can buy back the chips at a price lower than the sell-off, then the short sale is successful no matter what price it is, the current stock price is $3.975, and we smash out the 100 million chips, maybe the stock price will be smashed to $1 per share?! When the time comes, the backhand sweeps Merrill Lynch Securities! Senna said this with a sore back molar.

"What do you mean, let's make a posture of surrendering our guns, and take advantage of Merrill Lynch's misjudgment to fish in troubled waters to make up for the losses?" Maigo-Jackson understood what Senna meant, and quickly calculated it in his mind, looking at the constantly beating stock price on the terminal screen, he finally made up his mind, and instructed the beautiful assistant on the side, "Inform the floor trader that Goldman Sachs will liquidate and sell the Saturn auto stock in the account at a price of no less than $2!" Move fast! ”

The female assistant of Goldman Sachs was shocked when she heard this, and she couldn't help but ask for the sake of safety, "Boss, the issue price of Saturn Motors is $3 per share, and our holding cost is $4.95 per share, if we smash the market now, I'm afraid the loss will be very strict......."

"What nonsense, I say throw is throw! Notify the floor trader to place an order now! After selling, buy 100 million shares of Saturn cars at no more than $3 per share! Mygo-Jackson yelled at his assistant in a frustrated manner!

The share price of Saturn Auto has formed a high diving posture under the huge sell-off of Goldman Sachs, and the stock price has plummeted. From 3.975 all the way to the $3 position, and fell below the issue price of $3 without support, falling to $2.750 in one breath, and then 2.500, the stock price has fallen to $2.250 when all the 100 million chips in the Goldman Sachs account are emptied, and the trading volume is sharply enlarged, but when the traders of Goldman Sachs sold all the shares of Saturn Motors and began to buy them, the traders of Merrill Lynch Securities pulled the stock price back above $3 with a straight line of 10 million buys, and the people in the Goldman Sachs investment department were all dumbfounded!

Very simple The lack of liquidity in the market can lead to a buying order of 10 million shares of Saturn Motors to pull the stock price of Saturn Motors from the crash price of $2.25 to above $3, while the backhand buying of Goldman Sachs traders chased all the way but could not chase the chips, the average transaction price of 100 million shares of Saturn Motors sold by Goldman Sachs was $2.750, and now if you want to buy it back at the issue price of $3, you will have to lose $0.25 per share, the problem is that there are not enough chips above $3 to be thrown!

"Boss, the traders from the Goldman Sachs sales department just now have closed their positions three minutes ago with 110 million shares...... Their average short selling price is $5.250 and their average closing price is $2.750...... This time, we seem to have asked someone to shear the sheep and shear 250 million US dollars...... "The female assistant of Goldman Sachs was frightened to report the first transaction return and the information fed back by the sales department, which is still dominated by manual trading by traders in the exchange hall for 93 years, which is quite a high transaction return speed.

"Bastard! Bastard! Why not report?! Why don't Goldman Sachs traders match transactions by themselves and report them as soon as possible! Goldman Sachs Investment Vice President Mai Gao Jackson was about to have a heart attack when he heard this, and when he turned back to find Senna, the deputy manager of the investment department, he disappeared, and shouted that an assistant came over for a long time and said timidly, "Manager Senna asked me to hand over your resignation letter to the boss...... He's quitting! ”

"Bastard! Traitor! Scum! Call the police! No, no, notify the floor traders, and smash all the 110 million Saturn Auto shares returned back by the customer's securities lending! I'd like to see if Merrill Lynch can sit back and watch the remaining 700 million Saturn Auto shares in the account worthless! "The vice president of Goldman Sachs Investment broke the jar and gave the final order!

Five minutes before the market closed, Goldman Sachs' floor traders sold 110 million Saturn Auto shares that had just been withdrawn regardless of the cost, and the stock price plummeted from above $3. It fell to $1.250 in one breath, and the average transaction price was $1.750, and what is surprising is that the last 110 million shares of Saturn Auto shares smashed out by the exclusive floor traders of the Goldman Sachs Investment Department, were all accepted by the buyers of the floor traders of their own business department again, this strange phenomenon made the entire trading hall stunned, and most people thought that Goldman Sachs had their left and right hands to suppress the stock price of Saturn Auto, and the obvious goal was Merrill Lynch Securities, which held a belly of IPO Saturn Auto new shares!

"Boss, the three private equity funds registered in Cayman Island who opened accounts in our business department took back all the chips we threw out, and in just half an hour, the Saturn Auto stock in their account was still 110 million shares, which made an extra $1 per share...... Add up to at least $110,000,000 in net profit! Goldman Sachs's female assistant's voice sounded trembling, and Mai Gao-Jackson's face turned pale, and his fingers trembled, and he didn't know what kind of evil he had fallen into, so that Goldman Sachs had lost to such a point.

On the second trading day of Saturn Automobile's listing, the trading volume was as high as 480 million shares throughout the day, and Goldman Sachs Investment Department failed to sell short on Saturn Automobile, with a huge loss of up to 540 million US dollars in a single day, and less than half an hour after the market closed, Goldman Sachs Investment Vice President Mai Gao Jackson was dismissed from all positions within Goldman Sachs by the board of directors, and reserved the right to prosecute dereliction of duty, abuse of power and internal trading to guide the company and shareholders to suffer huge losses!

The most hateful thing is that a buy order of 10 million shares before the end of the market closed at an average transaction price of $2.250 pulled the stock price of Saturn Motors back above $4 in one fell swoop! This is the last comment of Mai Gao Jackson that made Goldman Sachs lose his wife and lose his army, showing his eyes empty-handed!

Merrill Lynch Headquarters, GPC President's Office

"Boss, in fact, I and the G3 fund are innocent, today's violent shock of Saturn Motors, is the result of the bet between Goldman Sachs' proprietary market and the large customers who opened accounts with Goldman Sachs, Chambers's IPO account only sold 100 million shares of 60 million new shares today, Goldman Sachs's proprietary market is almost completely bought, of course, the cost of the other party is a bit high, even if the cost of 65 million shares yesterday is only a little more than $4, After today's flattening, the average purchase cost of the other party is about 4.95 US dollars, and a total of 15000000 shares were bought before and after, of course, plus yesterday's 65 million shares exceeded 200 million, but who knew that they bought high and sold low at their own expense?! ”

Jiang Yelin smiled to hide the joy on his face, in the case of scarce chips in the market, today his G3 fund ate 120 million shares of Saturn Auto stocks at an average price of less than 3 US dollars, as for the 110 million Saturn Auto stocks that Goldman Sachs finally smashed out, the three private equity funds that opened accounts in the Goldman Sachs business department all laughed. Inside and out, Chambers Fett's 280 million shares of Saturn Auto stock, which he reduced at an average price of $4.95, went around in Goldman Sachs' account and returned to the G3 fund and three private equity accounts, with less than 50 million shares held by retail investors in the market.

In fact, after the Saturn Automobile became a gold-absorbing monster in the hands of Merrill Lynch Securities, in just 20 days, the Manhattan Center Sales Department was responsible for the 900 million shares of the IPO account of the Saturn Automobile New Share Issuance. With an average price of $3.21, all of them were successfully cashed out in the secondary market, of course, the most thrilling thing was the battle between Merrill Lynch and Goldman Sachs around the Saturn auto stock price three days before the listing, Goldman Sachs fired his investment vice president Mai Gao Jackson's squid after a huge loss of $540 million in a single day, which also announced that Goldman Sachs, the second oldest investment bank and brokerage, was willing to gamble and lose in the battle to challenge the boss Merrill Lynch.

By the end of February, The net value of the G3 fund has reached 3.8295 US dollars per share, and the fund share has reached 600 million shares, and the shares of the two sub-funds of G31 and G32 have each reached 250 million shares, with a net value of 1.825 US dollars and 1.800 US dollars respectively, the G3 series fund holds 500 million shares of Saturn Auto shares, and the remaining 400 million Saturn Auto shares belong to almost 1,000 investment fund trusts and small and medium-sized institutions, while the share price of Saturn Auto is quite stable and remains above 4.25 US dollars, with a maximum of 6 US dollars, and the lowest has not fallen below the issue price as on the second day of listing.

At the beginning of the first week of March, The net assets of the G3 fund are 2.297 billion, of which 300 million shares of Saturn Automobile with a market value of 1.275 billion are held, and the remaining 1.022 billion are cash, while the G31 and G32 funds each hold 100 million shares of Saturn Automobile stocks, and the G3 series of funds have changed from an aggressive intraday trading fund to a blue-chip investment fund that holds Saturn Automobile in the medium and long term, while Jiang Yelin continues to serve as the general manager of the venture capital department of Merrill Lynch Securities, he ushered in a new mission and served as the executive director of Saturn Automobile as a representative sent by the second largest shareholder.