World Financial Center, Manhattan, New York, USA, Merrill Lynch Headquarters, GPC President's Office

"Saturn Motors' net assets are only $1 per share, and the issue stock price of $3 is already a myth, and now on the first day of listing short-term capital speculation, the stock price looks good, but it may fall back or even fall below the issue price at any time, in this case, the Saturn Motors shares in the IPO account of the Merrill Lynch Securities Center Business Department must be sold as much as possible, Merrill Lynch Securities does not intend to be a long-term shareholder of Saturn Motors, and cannot let the 900 million Saturn shares underwritten in the account be held in our hands for so long!" Gordon Gecco, as the fifth-largest figure on Merrill Lynch's power list, clearly has his own plans.

"Boss, Saturn Motors is the first day of listing today, if Merrill Lynch Securities is reluctant to sell, then other investors who follow the trend will boldly invest funds to chase the rise and fall, if we sell regardless of the cost, it is tantamount to suing investors that our Merrill Lynch Securities is not as optimistic about the future of Saturn Motors as advertised, at least that the stock price of more than $3 lacks the support of performance and future expectations...... I ask you to carefully consider your decision to continue cashing out your Saturn car! ”

Jiang Yelin knows that in the underwriting of the Saturn Automobile listing and the continuous large-scale securities lending from the hands of General Motors shareholders, it has had a negative pressure and impact on the cash flow of Merrill Lynch GPC, and the underwriting price of 3 US dollars includes 7% of the brokerage underwriting commission, so as long as you can cash out smoothly above 3 US dollars, you can make more and less money, so at least the senior management of Merrill Lynch Securities is satisfied enough, and now you are still holding nearly 800 million new shares of Saturn Motors. And once the stock price falls below $3, it will bring losses to Merrill Lynch, so he understands the feelings of Gordon Gaecco and Chambers Fett, but still hopes to convince his boss.

"Boss, I think the stock price of more than $3 is a bit unreliable at least in the first quarter of this year, the premise of Saturn Automobile's performance improvement is to increase production capacity and strengthen promotion to occupy more market share, before any speculation is a lack of factual basis for the air and mirage, and Merrill Lynch underwrote the original intention of Saturn Automobile's listing is to earn underwriting commissions, not to use such a huge amount of funds to speculate in stocks, because Merrill Lynch itself is an investment bank and the largest brokerage, If we take care of ourselves and raise the stock price, even if it is smooth, there is no guarantee that the SEC will not find a bone in the egg in the future! ”

Chambers Fit's words are quite pertinent, the general manager of the central sales department is now equivalent to the custodian of the 900 million new shares of Saturn Auto in the IPO special account, Merrill Lynch's requirement is to do its best to cash out the funds at a price of more than $3 in the underwriting cost, and there is no hard and fast rule on the selling price, and now Jiang Yelin and the G3 Fund are trying to let Chambers Fit control the pace of selling and cashing out, which makes Chambers Fit a little restless, and always feels that he will sleep tonight, tomorrow the opening price of the Saturn car may have fallen below $3!

"Chambers is right, the future of Saturn Motors is still unknown, I can't put billions of dollars on Saturn Motors stock, according to today's trading volume, is it feasible to sell 100 million new shares every day? Due to the low stock price of Saturn Automobile, 100 million is only the trading volume of 10 million shares of the other three major automobile listed companies, so that all the short sales within two weeks, as long as it is above the issue price of 3 US dollars! "Gordon Gaeco is a decisive boss, and when he says that, it's almost impossible to change his mind.

Jiang Yelin was silent for a moment, raised his head and said, "Boss, if you are in such a hurry to cash out, the stock price is likely to fall below the issue price within two weeks...... The more chips Goldman Sachs eats, the stronger their ability to control the board, and I always think it's a shame that we will give up the initiative like this......"

"It's okay, I've thought about it, as long as the average cash-out price exceeds the issue price of $3, the average transaction price of the 80 million shares sold by Chambers today is not $3.775 per share, then at least 8,000 shares can have a flexible discount of $0.775, how to throw the central sales department and Chambers to worry, you just concentrate on doing a good job in the G3 fund! One bite is not fat, risk control and maintaining cash flow are the ways to success, just like that, it must be all cashed out within two weeks! If you are optimistic about Saturn, you can buy it in the secondary market, and I believe Chambers will give you a mutually acceptable price......"

After being kicked out of Gordon Gecco's office, Jiang Yelin pulled Chambers Fit back to his office, the special venture capital department was still brightly lit at this time, in fact, this was the peak of Manhattan's traffic jam after work, plus the new department and new atmosphere, basically Jiang Yelin, who was the boss of the department, had not left the company after work, and the big guys were busy in their respective positions, as a stockbroker, to be honest, only when there was not enough time to make phone calls, there was really no time to be idle.

"Boss, if you listen to Mr. Gecco's cashing out 80 million shares every trading day, then the stock price is really unsupportable, maybe it will soon fall below $3, and then there will be a loss on the books......" Jiang Yelin tried to make Chambers Fett understand that as a short position in fact because of the need to cash out, the shares of Saturn Auto in the IPO account of the central sales department really can't be sold in a hurry......

"Django, to be honest, Mr. Geck's judgment is the same as mine, now the boss's bottom line is to sell all Saturn car stocks in two weeks, today I sold 80 million shares, tomorrow and the day after tomorrow I have to sell at least 100 million shares a day to cash out the shares in ten trading days, there is no room for bargaining, if you are really optimistic about the future of Saturn car stock price, fertilizer water does not flow into the field of outsiders, I can negotiate a transaction at a price of $3.30, and I will give you as much as you want, as long as Merrill Lynch matches the transaction internally, and there is no need for public trading on the trading floor of the New York Stock Exchange, and the impact on the stock price is ......"

Chambers's abacus is obviously very shrewd, the actual reduction of Saturn Motors' shares on the first day of listing is 80 million shares thrown by the central business department and 45 million shares sold by Jiang Yelin G3 based financial bonds, short-term speculation can make the trading volume to 200 million shares, about 800 million US dollars, indicating that the market to buy the bullish force is actually 125 million shares, if Chambers throws another 100 million shares the next day, the probability of the stock price rising is almost zero, It is unknown whether it can even hold the issue price of 3 US dollars, and of course the long-term fund will not sell lightly after buying, but looking at today's situation, the traders who bought the most seats are Goldman Sachs, who bought more than 65 million shares before and after, saying that Goldman Sachs will hold the shares of Saturn Motors for a long time, I am afraid that Jiang Yelin himself will not believe it.

"If the internal agreement is closed, I can only give you the price of 3.12 per share, and the income of 4 points should be able to give you the difference, otherwise, the stock price will fall below the issue price tomorrow, I am not joking......" Jiang Yelin frowned and thought for a long time, and finally decided to go it alone in the special venture capital department, at this time, of course, the brother settled the accounts, to be honest, the profit of 0.12 US dollars per share to Chambers was also 4 percentage points, and once the stock price fell, it was not 3 US dollars This position can be carried by 3 US dollars.

"It's too little, $3.12 per share is absolutely unacceptable, and the closing price of the Saturn car today is still $4.250, how much profit do you have to make at a discount? Even your own people don't take such money grabbing, right? Chambers shook his head like a rattle, but he also understood that it was almost unthinkable to cash out the remaining 820 million shares of Saturn Auto stock in the short term without Jiang Yelin and his G3 fund taking over without Jiang Yelin and his G3 fund......

"That's good, how can I say that you were also my boss, I can raise the closing price of the agreement to $3.15 per share, and complete the internal trading of the remaining 820 million shares in the IPO special account within ten trading days......" Jiang Yelin made a concession, of course, it was only one percentage point, but Chambers's appetite was obviously not satisfied by one percentage point, this guy shook his head and said,

"$3.18 per share, and I have to complete 100 million shares of internal trading every day, otherwise I can't explain to Mr. Geckor......" This means that Chamberstone Guò cashed out Saturn Auto shares can earn 6 percentage points per share for Merrill Lynch, almost catching up with the 7% commission of Saturn Auto IPO, in fact, no matter how much the G3 fund earns, the assets of the G3 fund belong to the investors who subscribe to the fund, even if there is a part of Merrill Lynch's proprietary fund subscription shares, But the majority is still institutional investors and individual investors other than Merrill Lynch, so no matter how much the G3 fund earns, it is making money for customers and investors, and Merrill Lynch only takes the fund management fees and commissions generated by transactions, of course, including the interest income from margin trading, but the majority is obviously not in Merrill Lynch, right?

Chambers and Geck's position is the first risk control, 2.7 billion minus their commission income will also have 2.5 billion real money set on Saturn Motors' stocks, the sooner it is recovered, the better, if the G3 Fund and the Special Venture Capital Department are confident that they are optimistic about the future of Saturn Motors, isn't it just right to use investors' money to take over?

"Good! That's it! I take over 100 million yuan internally every day, and the price is $3.18 per share, and the IPO special account of the central business department can no longer sell even one share of Saturn Auto shares without authorization! Jiang Yelin gritted his teeth and stared at Chambers.

"Deal! However, Django, I have to remind you that the G3 fund will not be open for subscription until three days later, and if it costs more than 300 million US dollars every day to take over the Saturn auto stock, I will do your best to implement the source of funds, and the financing leverage given by Merrill Lynch to the G3 series fund can only be 1:1, if you bet all the funds on the Saturn car, this weight is not light! Chambers kindly reminded the young wonder boy.

"I'll figure it out! As long as no one is holding me back! Jiang Yelin's tone regained confidence.