When Alan. By the time Schwartz dragged his exhausted body back to his office, he was so tired that he had only the strength to breathe. At this time, his heart was full of infinite regret, how he had accepted James in the first place. Kane's request to sit in the position of CEO of Bear Stearns?

During the day, he appeared on CNBC and explained to the market in a live broadcast that Bear Stearns is currently liquid and does not have the so-called crisis of the zài market. At the same time, he also hinted that the rumours that are currently circulating in the market are only in tandem with the action of shorting Bear Stearns stock, and that the bears have been attacking Bear Stearns stock frantically in the last week, and these rumors are just one of their tricks.

On CNBC's live show, Alan . Schwartz even put aside the harsh words that he would hold these rumormongers legally accountable and make them pay the corresponding price for their actions.

Perhaps it was influenced by Allen. In short, shortly after Schwartz's speech, Bear Stearns, which has been languishing recently, rose by 5.78% and reached a high of $30.

This is not a shot in the arm, because Bear Stearns' stock was previously suppressed below $30 due to bad news, coupled with the downgrade of Bear Stearns' rating by the rating agency, which eventually caused Bear Stearns' stock price to plummet. And the more the stock price falls, the more it will damage investors' confidence and the more difficult it will be to raise money.

After a little relief, Alan. Schwartz sat up straight from the sofa chair and reached for the phone to try to convince the investors to re-entrust Bear Stearns with their hands, but his arm froze. Then he shook his head with a wry smile and put the microphone back down.

Prior to that, calls about the withdrawal from Bear Stearns were on his landline, and at one point Allen was left to the defence. Schwartz tried his best to convince him, but the effect was not obvious. Since the last board meeting, more than $40 billion has been drained from Bear Stearns' account. In other words, Bear Stearns has only about $20 billion at its disposal.

From hundreds of billions of dollars half a month ago to $20 billion today, in just two weeks, Bear Stearns has lost more than eighty percent of its liquid cash, which is extremely staggering.

Most of the remaining funds today come from hedge funds. Allan. It's not that Schwartz hasn't received calls from hedge funds to withdraw funds, in fact, dozens of hedge funds have withdrawn funds from them, and the hedge funds that are now on their client list are the big names: the Quantum Fund, the Castle Fund, the Paulson Fund......

Of course, these funds are not without requests to redeem funds. But in the inclusion of Allen. It was only after the joint lobbying of Schwartz and several Bear Stearns directors that the funds gave up on the idea of redeeming their funds.

Allan. Schwartz sees these funds as very important, even as the largest source of new capital for Bear Stearns, because these hedge funds come from the most prestigious funds in the market, and their managers are either from the best managers in the market or the superstars who have risen like comets in the last two years. And as long as their funds are still in their own accounts, Allen. Schwartz is proud to say that even the Quantum Fund and the Paulson Fund are using our research. Use the leverage we offer!

Just Allen. What Schwartz never imagined was that Bear Stearns was in the current situation today. Behind it is precisely these hedge funds that he is proud to fight for are "contributing" behind the scenes. A few minutes later, these people tore off the mask of hypocrisy and put the last straw on Bear Stearns's already weak body, directly knocking down the giant.

And now Alan. Schwartz didn't know anything about it, and his mind was so absorbed in the memories of what he had done that day that he didn't have time to think about. Think carefully about every word you say on TV. He wondered if there were any mistakes or omissions in his statement or something that might have caused misunderstanding. After watching the TV footage several times over and over again, Alan . . Schwartz finally nodded in satisfaction, confirming that his performance was normal, and even a little abnormal in some places, which made him very satisfied.

It's just that his pride didn't last long. The damn phone rang and made him frown. He picked up the microphone a little unhappily and asked angrily, "This is Alan. Schwartz, Bear Stearns, who are you? ”

Generally speaking, all official calls will be screened by the secretary outside the door before being connected to his room, which can make him much less harassed. But this time it was his personal phone number that rang, a number that only people with extremely close relationships could call in directly, and as Bear Stearns' leader, his personal phone number would naturally not be revealed to too many people. But at this time Allen. Schwartz didn't notice this detail, and his tone was a little reckless as soon as he opened his mouth, just when he realized that his attitude was a little inappropriate and was about to apologize, he heard the other party say something brainless:

"I'm sorry, Alan."

"What?" Allan. Schwartz was a little confused, and after subconsciously asking a rhetorical question, he was stunned to find that the other party had hung up the phone, leaving only the sound of beep.

Holding the microphone and thinking about it, Schwartz still couldn't be sure who the other party was, because the other party said too little, and the "sorry" was even more inexplicable. Allan. Schwartz shook his head helplessly and put the microphone down, deciding not to call back to the other party for the time being, but to wait for half an hour before calling back to see if the other party would calm down by then.

As soon as his microphone was reset, the ringtone of another phone rang immediately, and a panicked voice rang after it was connected, "It's a big deal, Allen, just a minute ago, the Paulson Fund withdrew all the funds in their account, which is as much as $4.5 billion." ”

The person who spoke was Eddie, the head of the trading department. Marcus. Since the wave of massive withdrawals, his main job has been to monitor cash account movements and convince clients who are trying to withdraw their funds. In the event of a large amount of divestment, he must notify Allen in a timely manner. Schwartz and the Board.

"What?" Allan. Schwartz was shocked when he heard this, and quickly asked, "Add." Didn't you persuade? God, what the hell is going on? ”

"Of course I persuaded them, but the Paulson Fund directly refused, and did not listen to any explanations or assurances from me." Eddie. Marcus couldn't say anything at this time, but he still had to explain patiently, "And their people said that they had already greeted you." ”

"Say hello?" Allan. Schwartz was stunned for a moment, and the next moment he immediately realized that the headless phone call just now was John. Paulson called. And the other party just said a word and hung up the phone, which is also a greeting? For a time, Alan. Schwartz's hands and feet were cold, and he didn't know what to do.

After five minutes of sluggishness, Alan. Schwartz had just woken up from his trance, and he wanted to call John at this time. What the hell was going on with Paulson, but after thinking about it carefully. He gave up on it again because he knew it well. Even if the other party is willing to sue him for the real reason, he is afraid that he will not be able to obtain the right to use the funds in a short period of time.

Unfortunately, the dismal news soon came one after another, and several well-known funds such as Tiger Global Fund, Commodity Fund, and Castle Fund also called to withdraw their funds. In Eddie. Marcus was in an anxious voice, and Alan. Schwartz knew that cash was currently flowing out of Bear Stearns' account, with only $5.3 billion left so far. Of this, $5 billion is in the accounts of the Quantum Fund, and $300 million is Bear Stearns' own liquid cash.

Hedge funds turned away so much money at once and hit Allen. Schwartz was caught off guard, and in addition to his frustration, a question also rose in his heart, why they were so focused on withdrawing funds at this time. Is there some misunderstanding in this?

His doubts didn't last long, and Soros's call came to his phone, "Hey, Allen, my man, are you okay now?" ”

"I'm okay, what about you?"

Alan who was almost numb to hearing the bad news. Schwartz didn't have time to greet at this time, so he just replied mechanically, and then immediately jumped up as if he was burned by fire, and asked in a trembling voice, "George, are you also here to transfer the funds in the account?" ”

If Soros had transferred the funds at this time, the Bear Stearns cash account would have been almost emptied and could now be declared bankrupt.

At the time of the question, Allen. Schwartz kept praying to God, hoping that this was not the purpose.

It's just a pity that Soros not only came to withdraw all the cash (portfolio), but also told him an extremely cruel truth, "Yes, Allen, I'm very sorry. I don't want my funds to be frozen by the Liquidation, so I'm going to withdraw my money from Bear Stearns immediately, as I'm responsible for my investors. In addition, I have noticed your speech today, and it is your speech today that has strengthened my confidence that there is indeed a big problem within Bear Stearns! ”

"What? What the? "Alan. Schwartz shook his head, at this moment he thought he was hallucinating, but after Soros repeated what he said, he realized that he had heard correctly, "George, I'm not lying, there is indeed no problem with liquidity tension within Bear Stearns. ”

"That was a few hours ago!" Soros smiled, did not deny it, and said something that shocked Schwartz, "It's just different now, I think you shouldn't have much cash to support tomorrow or the day after tomorrow, right?" And even if there is, what about the next week or month? ”

"Throw in the towel, Alan!" In the end, Soros said meaningfully.

Allen at this time. Schwartz was so confused that he didn't have time to think about what Soros said, and the other party's words about withdrawing funds had already made him confused. You must know that Bear Stearns' sales and trading department occupies most of their business, and now without the support of cash, they can't provide leverage as usual, they can't settle accounts, and they can't even maintain their own business. As soon as such news leaked out, Bear Stearns' stock would immediately become worthless, and the entire company would have to be declared bankrupt.

At the thought of bankruptcy, Allen. Schwartz's brain buzzed and exploded, and he never imagined that only a few hours had passed, and Bear Stearns was on the verge of bankruptcy. However, at this time, he took a few deep breaths and gradually regained his composure, the worst-case scenario had been considered, and there was nothing to be afraid of. And once reason returned to his brain, he realized what Soros had just said.

"George, how do you know so much?" Allan. Schwartz asked in confusion, but he quickly understood what was going on, "It turns out that you are operating behind the scenes, and even the short selling in the stock market is also your hands, right?" ”

"Let's think about what to do, there is no point in knowing this now!" Soros neither denied nor affirmed, just faintly put down such a sentence and hung up the phone, leaving Schwartz alone trembling.

I've thought about it for a long time, Alan. Schwartz's head was big, but he still couldn't think of a good solution, and finally he gritted his teeth and called Bernanke, and now only the Fed chairman can save Bear Stearns. (To be continued......)

PS: Thank you book friends for not voting for my monthly pass last night! Thanks to the person who said he wasn't crazy for the tip of this book! I'm sorry I got the title wrong yesterday in a hurry, so I wrote today's text in advance, and I apologize here......