In fact, as soon as Contini made the big announcement, someone called the White House, and then informed Hoover, and then before he could come to his senses, a bunch of industrial capitalists called Mellon or Hoover - ordinary people are not qualified to call the president directly, and it is the top leaders of the listed companies who call in person.

They also did not dare to call Contini, because the attitude of the other party was obvious - it was completely because of the oppression of the financial world, so they could only ask Hoover to mediate.

As a result, after Hoover called the Federal Reserve, the other party actually said that it was impossible for the Fed to give up the recovery of the 600 million loans, or it could only let other commercial banks continue to lend - this made Hoover feel very unhappy, but he had no way to blame the other party, because the other party's meaning was also obvious, and now the United Group is going to break the contract to ensure liquidity, shouldn't the Federal Reserve maintain the security of the financial system? Don't get the cause and effect wrong about this matter - it is because the Union Bank's excessive lending to foreign countries has caused a shortage of funds and risk accumulation, and it cannot be said that it is caused by the Fed's withdrawal of funds......

Then Hoover found Mellon again, and the other party was deeply concerned about this, but also pointed out one point: if the Fed is unwilling to continue to provide funds to lend, other banks are even more impossible, because after such a trouble, the loans of other companies will be at risk and need a buffer, and finally suggested that the president and Contini communicate alone, anyway, he Mellon can't speak in front of the president - Contini in addition to giving Hoover face, other American bureaucrats really don't give too much face. It stands to reason that his diplomatic envoy should be the focus of Secretary of State Stimson, but Contini has not said a few words to Stimson at all.

So there was Hoover's angry move to call Contini, he wanted to ease it again, at least not to break all the contracts - he Hoover came forward to communicate, postpone part of the payment, he believes that it can still be done, after all, these orders are very important to the United States, whether it is taxes or jobs are the content of his high concern, but the stock market should not be responsible for him. It's a pity that Aquilani cooperated in a scene, and Contini refused to communicate with Hoover, in fact, he couldn't communicate, he ambushed 5.5 billion empty orders, waiting for the opening harvest on September 23, how could he agree to Hoover?

As soon as Contini left, Francisco was besieged by many reporters, and reporters who were accustomed to Contini's aggressiveness suddenly found that Francisco, who was hiding needles in the cotton, was not easy to deal with. When asked why the United Group took such a lose-lose approach, he spread his hands and said: "We don't want to, yesterday we argued all night, and today we are still arguing, and finally I persuaded the president that the image and signboard of the Union Bank group must be preserved, so that the group is complete, as for industrialization, 10 years to rebuild the Italian industrial system, can be delayed a little longer, anyway, we have enough equipment, according to inertia can achieve 2-3 years of double-digit growth - in other words, We have 2-3 years left. Buying a lesson with $500 million is very profound, I think it is very profound - it makes us realize that American finance is the kind of institution that sends umbrellas on sunny days and collects umbrellas on rainy days......"

"Just now the president said that he suspected that there was a black hand behind the scenes, what do you think ......?"

"This is his suspicion, I don't know if there is really one, but I remind you of the fact that the Federal Reserve took the lead in suppressing one commercial bank, and then other banks followed, without systematic organization and coordination, do you think it is possible to be so neat?"

"This will cause the stock market to plummet! More Richardson's tragedy will be repeated......"

Francisco nodded: "We have repeatedly reminded everyone of the risks of the stock market and asked everyone to unload excessive leverage, and we don't want to do this kind of thing...... As for the rest, it is entirely the realm of public affairs in the social field, and the United Group itself is struggling, so how can it cope with other affairs and interfere too much with others? - We are not a charity after all. ”

The reporters had a lot of questions, but they couldn't get much valuable content out of Francisco's mouth, anyway, the other party turned it upside down in three sentences:

The first sentence: We don't want to break the contract, but there are clauses in the contract, and the loss of the United Group is the 500 million;

The second sentence: The root cause of the breach of the contract lies in the Federal Reserve and the financial community, and we must maintain the status of the United Bank and protect the interests of depositors and loan customers;

Sentence 3: What's next? Sorry, take it one step at a time. Stock market? The United Group is not responsible for managing the U.S. stock market, that is not our responsibility, and we have repeatedly warned of the downside risks, where does the risk come from? You know that......

The whole press conference lasted until 9:30 o'clock, and the United Group announced that the press conference would be suspended on Monday and that it would consider holding it again on Tuesday, and the president would continue to meet with everyone if his mood stabilized - I wish you all a good Sunday night!

Damn it! How good night is this! Everyone's heart is heavy, chewing on what Francisco just said, tomorrow the stock market will inevitably fall sharply, I don't know how much it will fall to close, according to the analysis of several financial reporters, there are at least three factors of decline:

First, the breach of the contract of the United Group has caused obvious losses to other related companies, which has a significant downward impetus for the broader market;

Second, the United Group would rather give up 500 million than desperately maintain liquidity, which shows how severe the liquidity is? Conversely, a decline in the stock of the joint system will have a shock to the stock market;

Third, the loss of the $4.4 billion order is like a bad omen for the next US economy, which will cause the stock market to lose all internal momentum.

Monday, September 23rd!

Countless people waited with bated breath for the stock market to open, and many people were surprised to get the newspaper early in the morning and see the news that happened last night, and they took time off to go to the exchanges and brokerages - these are high-level customers, they are frightened by Richardson's experience, talking about Richardson, but they are not talking about themselves, they want to pray that their positions can withstand the torture.

Of course, there are also optimists who believe that in addition to the joint stock will fall sharply, the stocks of other companies will not fall too much, after all, there is always room for these equipment to turn around - it is a big deal to sell it at a 9% discount.

As for why he chose Sunday instead of Friday or Saturday, he wanted to maximize the power of the market and influence emotional judgment, while also preventing his opponent's decision-making from effectively targeting counterattacks.

In fact, he did, and that night, the CEOs of more than 20 companies called, and Contini ignored any of the calls, all of which were dealt with by Aquilani, and in order to create momentum, Enzo dropped a total of 4 large boxes of glasses next to him, creating a glass slag that could roll on the floor - worth $10!

On September 23, the autumn wind, the sun returned from the Tropic of Cancer, and the day when it once again hit the equator, the U.S. stock market also returned from madness and began to return to rationality.

The bomb planted by Contini exploded! A detonator made with $500 million detonated the entire stock market, and the Wall Street crash began

The stock market opened 10% lower, gapped, opened at 338 points in response, and then poured out like a tidal wave:

2 minutes later, 320 points were lost;

After 5 minutes, 310 points were lost;

Fifteen minutes later, the Dow Jones fell below 300 points......

In the first 5 minutes of opening, 650,000 shares of U.S. Steel were ready to be sold for $184 each, but there was no buyer, and the record was $304!

The Westin stock fell by $2 per minute, and the stock of the International Telephone and Telegraph Company fell by $22 in 10 minutes, and by a quarter past 10 o'clock, the company's market value had been reduced by $2 billion.

The shares of Curtis and Wright, which were once called mega bull stocks, were directly discounted by 5%, but no one took over; United stocks are also the hardest hit area, Union Bank fell to $4, and the original conversion price was $7, those who converted shares directly lost more than half, United Pharmaceutical fell even more, this original price-earnings ratio of 157 times of high-tech growth stocks, now the price-earnings ratio is less than 80 times - stock critics believe that it is reasonable to fall by half again.

At 10:28, the Dow Jones index fell below 290 points, countless people looked at the number like a free fall and were dumbfounded, and a few bold traders put up a $1 list to try to buy some stocks - the result actually let him receive the order, the Mississippi Coal Company's stock price was originally more than $60 at its peak, and now it is nearly $40, but because he couldn't find a counterparty, the trader put up the market price - $1 is also the market price, so the deal was made! Such appalling examples were not uncommon in this morning's operation, and although he copied the bargain for $1, it was impossible to sell it for another $30 or so, and the lucky winner ended up selling for $24 because someone was starting to sweep the list.

Who? Traders of joint trusts.

When the stock market is falling, the only thing that is excited to revel is the United Trust, including Contini, Francisco, Livermore are waiting for news from the front. After the opening of the market, the numbers on the telex machine had not yet arrived, and the call had already come in: "President, the market has collapsed, and the stock market has fallen by 20% in one go!" ”

Good job!

Contini and Francisco flailed their fists in excitement – all the anger they received yesterday at the press conference was all back today. The United Trust, which holds nearly 5.5 billion positions, earned 2.5 billion in 48 minutes! Contini lost $500 million in yesterday's press conference and another $500 million in the market value of the United Group's shares today, but $2.5 billion in the all-important area of shorting!

Livermore is still issuing instructions: "Hit out the joint system and key blue-chip stocks, sell them with small orders, and hit the price straight down, the lower the better!" Let the leveraged order be fully liquidated! ”

At 10:46, the Dow Jones index fell below 280 points, many stocks are 7 discounts, 6 discounts in selling, those theme stocks even directly 3 discounts, not to mention 5 times leverage, 3 times leverage to buy if the point is not good, now they have joined the stage of reducing holdings, then all the list is the sell orders thrown out by securities companies when liquidating customer accounts, which in turn exacerbated the pressure on the market.

At 10:51, Livermore waved his hand and shouted, "First harvest!" ……”

Traders searched for joint stocks in the market at ultra-low prices of $1 and $2, and now no one is bidding, and many orders are market orders, and countless stocks have been bought with the means of $1.

"Second batch!" A few more traders joined the ranks of sweeping, this time they were to close part of the position, because the stock market has fallen by nearly a third of the index, there is a chance to harvest, the original United Group 1.5 billion debt-to-equity swap, now directly discounted the overall sell-off, and Livermore and others repurchased the price is less than 2 discounts.

At 11:26, the combine harvester continued to harvest at full power, and has steadily pocketed all the $500 million, not only all the joint bonds in the market have been cleaned up, but the United System shares sold two days ago, and even the 1.5 billion that was sold at the beginning of the debt-to-equity swap - less than 800 million after shrinkage, has also been acquired.

The Wall Street consortiums that were ready to take advantage of the situation to attack the joint stocks two days ago also joined the ranks of short-selling when they saw that the situation was not good, but at this time it was not easy to borrow stocks - everyone was in a hurry to sell, who would continue to borrow stocks? Richard Wayney, president of the New York Stock Exchange, bought the stock himself, hoping to turn the tide, but the building will collapse. He bought the stock at 10 a.m., received a margin call warning at 11:25 a.m., and he had no choice but to give it up. But it's not so easy to give up, you have to have a chance.

The liquidation list is piled up as high as a hill on the trader's seat, and even the liquidation has to wait for time - queue, if the lucky person touches the liquidation line in advance, then he can barely get a little back after the liquidation, such as Richardson finally liquidated an extra $32,000;

Near noon closing, the United Group harvested funds have reached 1.1 billion, and there are 800 million after using up 300 million to repurchase stocks and bonds, and the United Group's holding rate of its main companies has risen significantly, the least United Petroleum Algeria shares account for 47%, and the most United Medicine accounts for as high as 62%, which cannot be taken away at all, Contini smiled: "Leave 600 million to be returned to the Federal Reserve, and 200 million for depositors to withdraw, as you go, you will not be subject to the $1,000 limit, if it is not enough, Let Livermore harvest another wave in the afternoon. ”

Francisco nodded: As soon as the news was announced yesterday, there was a long queue for withdrawals at the bank today, but this time it was not the people who came to line up - most of the ordinary people's payments have basically been paid, and today they have to deal with institutional withdrawals, in order to get the maximum amount of money, the most exaggerated company dispatched 40 people in one breath, taking turns queuing up to withdraw money, and the cycle repeatedly, repeatedly...... Mediterranean hegemon