President's Office, Block Capital Group Building, Manhattan, New York, USA

"Young people, they all say that a gentleman does not stand under a dangerous wall, but I don't like to be led by the nose, the IPO price of Saturn Motors is too high, I am very worried that the IPO price of $3 per share will not be recognized by investors, and Merrill Lynch will have to spend more than 2 billion yuan to underwrite the 900 million new shares of Saturn Motors, at this time, you are borrowing shares of General Motors and Ford Motors, as a long-term shareholder of these two companies, I must know your next step......

Erich Bullock is a master of industrial capital investment, and the automobile manufacturing industry itself is the core industry and soul pillar of the American manufacturing industry, in addition to the military aerospace computer and petroleum industries, it can be said that the United States blue chips are the first to promote the automobile manufacturing industry, which is also the country with the highest family car share in the world, and has experienced three generations of hard work and hard work, so Bullock must figure out what Merrill Lynch Securities is in the Saturn listing plan. Will General Motors and Ford Motor make the stock prices of these two listed companies even worse after borrowing and lending them? !

"Mr. Bullock, as the manager of the G3 fund, we reject any risk of insider trading, to be honest, Merrill Lynch is optimistic about the future of Saturn Motors, so it is difficult for the board of directors of General Motors to refuse the conditions on the exclusive underwriting right and reserve price underwriting, which is in line with Merrill Lynch's status and identity in the industry, the roadshow of Saturn Motors' IPO officially started this week, but as you said, the price of $3 per share is indeed high, so Merrill Lynch must be prepared to take precautions and underwrite the floor priceBut our view of the auto sector and Saturn remains unchanged, and as for the trading plan of the G3 fund, no one really knows...... I don't even know it myself! ”

Jiang Yelin's words made Bullock cry and laugh, of course he knew that in order to avoid the risk of insider trading, every word said by the young fund manager in front of him was a high-sounding statement that could be used as evidence in court to face the investigation and inquiry that the SEC might launch in the future, he was not surprised that Merrill Lynch Securities was ready to underwrite the IPO failure at the bottom price, but the fund manager himself didn't know what the G3 fund's trading plan was, isn't this Nima fooling people? !

"Mr. Bullock, your Bloor Capital Group is one of the top ten shareholders of General Motors, you yourself are also a member of the board of directors, you have read the prospectus and roadshow rehearsal of Saturn Motors' listing, since Merrill Lynch Securities has given a floor price of $3 per share underwriting, it is ready to deal with the future situation, of course, we welcome Bullock Group to actively subscribe for new shares of Saturn Motors, according to the future profit growth rate of Saturn Motors given by Merrill Lynch, Last year, it was $0.11 per share, this year it will double to $0.22, and next year it will double to $0.44......

Jiang Yelin's words can only be pointed, in fact, what he said is still the public arguments of Merrill Lynch analysts in the Wall Street Journal and the New York Times, of course, as an underwriter boasting about how bright the prospects of the listed companies they underwrite, it is not surprising at all, as for whether the profit growth of Saturn cars can double every year, there are indeed not many people who are confident, the automobile manufacturing industry is a fully competitive industry, although the prospects of Saturn cars are optimistic, but to break through the front and back of Japanese cars and German cars, At the same time, it has to be better than Ford and Chrysler, and even beat other brands under General Motors, no one will believe it just by bragging!

"Well, young man, although the Bullock Group is optimistic about the recovery of the automobile manufacturing industry, the Saturn Motors' IPO price is obviously overdrawn for the next two years, and I am cautious about the Saturn Motors' annual doubling of the performance growth, however, in order to hedge the risk of GM stock price fluctuations, the 18 million shares of GM shares held by the Bullock Group can be borrowed to you for 11 months, and the rate can also be 9%, but the securities lending fee must be paid in a lump sum after the agreement is signed! As for Ford's 13 million shares, the same rate is the same, and it must be paid in one lump sum instead of waiting for the maturity to return the shares and pay the securities lending fees! ”

The president of Block Group is obviously a veteran negotiator, and the price for agreeing to the rate is to pay all the securities borrowing and lending fees at once after the agreement is signed, even if Merrill Lynch pays almost 10% more at the annualized rate of the 10-year U.S. Treasury bond, and the actual rate is as high as 9.9% for 11 months...... However, Jiang Yelin came prepared this time, got up and readily agreed to the other party's request, "Mr. Bullock, then it is a word, I hope the cooperation is pleasant, are you really not considering subscribing to the new shares of Saturn Motors?" ”

"Hahaha, if the Saturn car is worth the money, the Bullock Group can buy the bottom and enter when the Saturn car is listed below the issue price, young man, I believe that many institutions and investment funds have the same idea as me, after all, your $3 bid reserve price is really outrageously high!"

Second Friday in February......

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

"Chambers, the situation seems to be a little different from what we expected, this week's Saturn car roadshow response is enthusiastic, but there is no one who bids, is everyone waiting to see the jokes of Merrill Lynch?!" Gordon Geck's face was gloomy, in line with the attitude of employing people without suspicion and suspicion, he let Chambers Fett, the general manager of the central sales department, take charge of the list of Saturn Motors IPO, but today is Friday, and the final bidding deadline for Saturn's new stock recruitment is at 0 o'clock tonight.

"Boss, in order to avoid the risk of manipulating the stock price or facing insider trading charges, the information that the current central sales department can provide is consistent with the information provided by Merrill Lynch in the official public media, Merrill Lynch Securities gives a profit growth rate of 100%, 100% and 50% for the next three years of Saturn's listing, and a price-earnings ratio of 27 times, 20 times and 12 times, corresponding to the stock price ...... of 3.00, 4.44 and 5.28 in the next three years."

Chambers Fett carefully chose the words, to say that Gordon Gaeco is not alone, the entire Merrill Lynch is waiting to see the central sales department and Chambers jokes are not one or two, but in the industry, Goldman Sachs believes that the share price of Saturn Motors is only worth 2.00 to 2.25, and Morgan Stanley has given a stock price forecast of 1.75-2.00-2.25 for the next three years.

"Did I call you to listen to this nonsense? We absolutely can't afford to lose the single Saturn Auto IPO, and if no one bids at a price of more than $3 after 0:00 tonight, we Merrill Lynch will use $2.7 billion in real money to buy 900 million shares of Saturn Auto shares in this IPO, do you know what it means?! "As the president of GPC, Gordon Geck is in charge of $77 billion in customer assets, which is good, Saturn Motors' IPO will have to raise $2.7 billion in liquidity, which will put huge pressure on GPC in terms of financing costs and liquidity.

"Boss, behind closed doors, I think the current situation is already calculated by that kid, otherwise he would not have set the reserve price of the underwriting at $3, and it is clear that he wants to scare other investors back, and our Merrill Lynch will monopolize all the potential benefits of Saturn Auto IPO......" Chambers Fit can only use this reason of his own conjecture as a shield, in fact, Chambers Fit himself is a little out of control of the situation, and everyone is now following the baton of his special assistant, but no one really figured out how Jiang Yelin's package was arranged!

In the past four trading days, the G3 fund seems to have died down, and did not trade and arbitrage at high frequency in the day as it did for more than a month before, but short-sold all the way to suppress GM's stock price to around $47, and in less than a week, GM's stock price fell as much as 16%, Ford's stock price also fell from above $50 to around $45, and Chrysler's stock price fell to $42. The decline in the blue-chip auto sector as a whole sent the S&P 500 down 2.8 percent during the week...... There are many discussions in the market, all saying that Merrill Lynch is the initiator of the diving of the auto sector!

"Now that it's closed, call Django to my office, right away! Immediately! Gordon Gaeco gritted his teeth and lashed out at the secretary in the transponder on the desk, Chambers Fett sat in the chair across from his desk and fidgeted, Django and his G3 fund were obviously playing a bit big, big enough to shake the foundation of the central sales department, and the only consolation was that the net value of the G3 fund increased by 20% during the week, setting a new record for the growth of the net value of the fund in a single week......

"Boss, you're looking for me?" Jiang Yelin will go to Gordon Gecco's office with Chambers Fett for a morning meeting almost every morning, and then have an evening meeting at about 6 o'clock after the market closes.

"It's closed, what is the net value of your G3 fund now?!" Gordon Geko tried to soften his tone, the winner should not be blamed, but the net assets of the entire G3 fund are now less than 800 million, and the Saturn Automobile's IPO Merrill Lynch Securities is going to raise 2.7 billion, so it is clear which is more important!