When Henry Rumsfeld worked out a low-cost purchase plan for MGM in just eight hours, Roland, who was about to rest, decided to rush back to New York from Washington, D.C., overnight.

The reason, in fact, is very simple.

Isn't the reason why these guys were able to work out a solution in a short period of time is to move forward with the negotiations between them and Goldman Sachs more efficiently? As an intermediary between the parties, Roland's speed means the efficiency of negotiations.

In this way, while they show sincerity, Roland, who has already got what he wants in return, cannot deliberately delay, because he understands that his response is the cornerstone of the next cooperation.

Since it was already the middle of the night, he did not summon the crew members who had already rested, but chose to travel nearly 250 miles at a speed of 80 miles, leaving at 1 a.m. and arriving at about 5 a.m.

Seeing that the time was still early, he quietly sneaked back to the Beekman Hotel where his wife stayed, dealt with it in the guest room for two hours, and then got up to wash, and after finding that his wife did not wake up, he decisively enjoyed breakfast by himself, and then picked up the brown paper bag containing the resolution of the small bush, and wanted to go to the next door of the hotel to find Goldman Sachs.

It's just that before leaving, he also recruited an assistant to ask him about his wife's examination results yesterday, and he was relieved when he learned that Kate really went to the hospital for an examination yesterday and all physiological indicators tended to be normal.

But the corresponding doubts also appeared-

"Did the doctor say why she's been lethargic lately?"

"Uh......" followed his assistant during Roland's filming and hesitated slightly.

When I looked at him, my eyes were a little evasive," the doctor said...... It could be cold. ”

"It's cold?" This answer made Roland very confused, "Isn't the temperature in New York about the same as in London?"

If she likes the temperature in London, how can she reject the temperature in New York? ”

However, just as Roland threw out his thoughts, the assistant continued: "It's good to sleep when it's cold." ”

The result of "......" made Roland's eyelids jump twice.

He always felt that something was wrong, but he couldn't say it, so he could only nod and say, "It's okay, I'll go first." ”

Looking at the back of the fast departure, the little assistant standing at the door of the guest room suddenly put down her hanging heart, and when she wanted to get into the room and guard her wife, the question that suddenly popped up in her mind made her wake up suddenly, and then took a step and chased in the direction of Roland's departure, "Roland~Wait~ There is another thing~"

Hearing the call, Roland stopped and turned his head, looked at the guy who was catching up, and asked, "What else is going on?" ”

"Do you want to tell Madame that you actually came back?" The assistant asked a difficult question.

"Whatever, whatever." Roland shrugged his shoulders, thinking that it was all a problem.

But in the next second, he changed his mind, "Forget it, don't take the initiative to tell her about this."

If she finds something unusual and asks you, then you will admit that I am back, and if she does not find anything abnormal, then you can pretend that you don't know anything, after all, I don't know how busy my side will be, and whether I will go to Washington or not. ”

Yes.

After seeing the efficiency of the small bushes in the shale oil matter, Roland is not sure how quickly Goldman Sachs, who also wants to push for the deal, will respond, but regardless of how much time Goldman Sachs needs to spend asking for the position of US Treasury secretary, and the accompanying negotiations related to Roland, it must be ready.

At that time, Roland believed that he would never have time to take care of his wife.

When Roland arrived at Goldman Sachs and met with Henry Paulson, the same waiting request as he had expected appeared.

While taking the brown paper bag containing the terms of negotiation, Henry Paulson asked Roland to wait for him in his office for ten minutes, and he needed to communicate the terms offered by Washington to his partners at the headquarters before dealing with Roland what they had negotiated over the past twenty-four hours.

Although neither Bush nor Goldman Sachs shared with Roland the process of their internal discussions on the shale oil deal with the US Treasury Secretary, Roland, who had read all the unsealed documents, actually knew what the core dispute between the two sides was.

Goldman Sachs' demand, that is indeed the position of the US Treasury Secretary.

But the position of finance minister is not actually a symbol of power, and it may also be the president's mouthpiece.

Therefore, before the deal is concluded, Goldman Sachs must make its own claims on the power of the role.

In the first version of the plan that Henry Paulson asked Roland to pass on to the little bush, Goldman Sachs, which had the idea of leaning towards the government and the opposition, directly stated in his heart that the first thing they did after the Treasury Secretary came to power was to abolish the weak dollar policy, re-promote the strong dollar, and return the United States to the era of financial governance.

Not only that, but Goldman Sachs needs a small bush to give them the lead in making domestic and foreign economic policies independently.

To put it simply, Goldman Sachs wants to do it, and when it speaks, the whole of America listens!

If it is to put it bluntly, it is Goldman Sachs, which forcibly promotes financial governance and wants to be the king of the United States!

And this demand is obviously impossible for the small bush government to accept.

As the second ancestor who has real power and the power behind him can make him and Goldman Sachs tough, it is absolutely impossible for him to bow his head and admit his father, so when Roland brought them this demand from Goldman Sachs, things entered the stage of asking for a sky-high price and paying back the money.

After their deliberations, the little bush asked Henry Rumsfeld to hand over to Roland in a brown paper bag, which was written on their terms, and according to Roland's brief reading when he came back last night, he already knew that the little bush government agreed with Goldman Sachs to abolish the weak dollar policy and re-promote the idea of a strong dollar after taking office, and in terms of domestic and foreign economic policies, they were also willing to give Goldman Sachs no less than the decision-making power of the secretary of state and the secretary of defense, and agreed that Goldman Sachs should enter the presidential decision-making circle, Participate in the deliberations on matters other than the economy and in the formulation of final resolutions.

At first glance, this rhetoric is regency!

Because the US Secretary of State and the US Secretary of Defense are in control of real power!

Colin Powell of the former, that is directly holding laundry detergent at the UN Security Council to ask the UN to send troops to Iraq!

The latter, Henry Rumsfeld's Global Hawk program, has directly changed the global system of modern warfare!

And letting Goldman Sachs enter the presidential decision-making circle and participate in the discussion of other things other than the economy looks more like inviting Goldman Sachs to extend their tentacles to other fields!

But actually......

These are limitations.

Give Goldman Sachs no less than the decision-making power of the US Secretary of State and the US Secretary of Defense?

In the end, it was not even higher than the president.

The reason why US Secretary of State Colin Powell and US Secretary of Defense Henry Rumsfeld give the outside world a feeling of bull beep is because they are the people of the little bush from his father, and in the case of the integration of interests, they can of course replace the will of the small bush with their own will, because the core hidden in it is actually the will of the small bush.

But what about Goldman Sachs?

It's just a guy who makes a pure deal with the little bush.

So, as long as they accept the proposal of the little bush and agree to have no less decision-making power than the US Secretary of State and the US Secretary of Defense, they will never be able to substitute their own will for the will of the president.

On top of that, getting into the presidential circle and being involved in matters other than the economy is a trap in itself.

Because at the same time, when the Treasury controlled by Goldman Sachs makes a series of policies, it will also enter the presidential decision-making circle accordingly, and everyone will discuss it together, to put it bluntly, this is a condition of equal interests, when we agree that you are pointing fingers in our industry, then your industry will also be intervened by us.

If not, let's flip the table together!

And this condition is obviously not in line with Goldman Sachs' ambitions, so ......

How does Goldman Sachs make changes to these terms?

That Roland didn't know either.

Of course, the dispute between Goldman Sachs and the little bush has nothing to do with Roland, even if the two sides quarrel no matter how happy they are, it will be at most a few more times for him to run, and now, the only thing related to him is actually what Goldman Sachs needs.

And when Henry Paulson entered the conference room with a brown paper bag, and ten minutes later, when he came out to receive Roland, the guy who was waiting patiently in his office also heard Goldman Sachs' bottom line.

"According to the consensus we have reached, we believe that it is not much of a problem to let William be the consultant of "House of Cards", not only that, but everything that happens in the show will not be censored by the members of the Donkey Party in the Federal Communications Commission, that is, Warcraft Film and Television will become the only company in the history of American film and television that produces programs that are uncensored and unmanaged."

The decision given as soon as he came up made Roland extremely happy.

But Henry Paulson's rhetoric, Roland disagreed.

"Warcraft Film and Television has never wanted to break through the bottom line of the law, let alone become the only company in the history of American film and television that produces works that are uncensored and unmanaged.

Because from the very beginning, we invited the most stringent reviewers to join the project team. ”

"Hey, hey, hey~"

This kind of shameless words provoked Henry Paulson to shake his head again and again, and while laughing, he didn't dwell on such trivial things, but went straight to the point, saying: "The problem about the TV series, or the problem about the development of Warcraft film and television, we have helped you solve it, and next, it is actually to discuss around the main body of Warcraft film and television."

Since you think that Warcraft Film and Television is worth 30 billion, then we who don't think it's worth it, we are ready to cooperate with you in another way, Goldman Sachs will set up a new company in Hollywood to provide funds for film and television companies, and we hope that Warcraft Film and Television can contract all the projects in the next five years to this company. ”

This kind of rhetoric made Roland a little confused.

"What do you mean? Are you going to send me money? ”

"That's right! It's just giving money! ”

Henry Paulson said bluntly: "The current production fees of your Warcraft Film and Television are all obtained through public funds, and the reason why we entered Hollywood is that you need this way of raising funds."

Now you are pledging Berkshire Hathaway's shares to the bank to get cash, and then using this money as a starting plate to let the bank plan a film and television fund for you, and then, you take the money raised through the film and television fund to make a movie, and when you make a profit, you will repay the principal and interest, and if you lose, everyone will lose money together.

But in fact, you are only doing the least profitable part, and what really makes money is actually mortgage-backed bonds. ”

"Mortgage-backed bonds?"

As soon as he heard this term, Roland was a little confused, "What do you mean?" ”

"What do you mean? It's easy! Roland's reaction, as Henry Paulson had expected, was what he now described, which was a purely financial product, "Mortgage-backed bonds, which appeared in the sixties of the last century, are a type of securitization commodity issued mainly by housing banks and thrifts using their mortgages.

However, after years of development, in addition to real estate certificates, a series of documents that can prove the ownership of assets, such as title deeds, inventory stacks, and shares, have become the service targets of mortgage-backed bonds.

In other words, when you pledge Berkshire Hathaway's shares to the bank to get cash, the bank can package the pledged loan contract into a mortgage-backed bond and sell it to the customer in the form of a wealth management product.

For example, if you pledge 1 billion shares and lend 700 million in cash, at this time, the bank can issue close to 700 million mortgage-backed bonds, with a fixed term, repayment of principal and interest at maturity, plus a high-quality stock like Berkshire Hathaway as collateral, low risk and high yield elements, it will attract countless customers to buy the product.

In other words, while you get 700 million in cash, the bank also has a way to get the same amount of cash.

The difference between the interest you pay to the bank and the interest that the bank pays to the customer is what the bank is sure to earn, and the point is, they can take the new money and continue to lend.

Of course, this is not the point, the point is that when you continue to take 700 million in cash to create a 7 billion film and television public fund, the bank responsible for underwriting can also continue to earn custody fees, not only that, at this time, we can actually do a procedure, that is, after the film is established, estimate the box office of the film, calculate the corresponding profit ratio, and then, take back the power of the box office in your hand, continue to mortgage to the bank, and borrow from the bank.

For example, "The Lord of the Rings" invested 100 million yuan, and the box office was 1 billion, and after removing the sharing and commission, it was expected to return 300 million.

At this time, we can pledge the project contract and lend 1.5 billion yuan directly from the bank.

The bank can then package your loan contract into collateral-backed bonds and sell them to customers.

Since the project "The Lord of the Rings" is really good, in the eyes of the public, this is actually a low-risk and high-return project, and it is the wisest decision to rush to buy it like crazy.

And after these three rounds, how much money can the bank make in total?

When you pledge a billion shares of Berkshire Hathaway, you get 700 million in cash, and the bank gets 700 million in cash.

Suppose you give you nine and give your customer four, then you can take at least five.

Here, that's the net income of 35 million.

When the public fund was raised at a rate of 10 percent, 700 million yuan became 700 million yuan.

Even if the management fee is charged at 10 points, how much can you earn here?

And the project corresponding to 7 billion yuan, according to the ideal state of three times, is able to return 21 billion.

Half of the loan, that's 10.5 billion.

If the loan to you is nine, and the sale to the customer is five, then even if the bank can only receive four, it can make nearly 500 million.

Of course, these things are all small heads.

The real big deal is that the bank takes the loan contract that lends to you, continues to find customers for financing, and then continues to lend.

This kind of profit-making model is what we really want. ”

When Henry Paulson used oral calculations to show the Hollywood financial model in front of Roland, the term 'subprime mortgage crisis' suddenly popped up in Roland's mind!

Mortgage the stocks, make a film and television public fund, and then continue to mortgage the project?

Isn't this Nima the same set that Freddie Mac and Fannie played!

In the subprime mortgage crisis of '08, banks lent money to buyers at all levels, and then, they didn't want to wait for food with loan contracts, so they packaged the loan contracts in their hands into wealth management products and sold them to customers.

According to the normal law of economic development, this kind of financial product is impossible to thunder.

Because house prices are rising all the time, buyers are the ones who make profits.

But the problem is that one day, when house prices fall and interest rates rise, the buyers will quit.

Since the house can't be guaranteed and appreciated, what's the point of me holding it?

As a result, people would rather lose their houses to the bank than repay their loans.

Banks that can't recover their loans have to repay the investors' money.

As a result, the entire industry collapsed.

Although the stock pledge loan and film and television project repayment loan that Henry Paulson needs are not houses, and the repayment ability of Warcraft Film and Television is not comparable to the general public, but film and television creation is the world's largest gamble, and if you want to package this kind of thing as a mortgage-backed bond sale, isn't it playing the same game as real estate!

As long as one movie loses, the whole game is in vain!

And even if you create a fund plate for a movie to diversify risks, in the end, you are still gambling!

Goldman Sachs wants to play with this thing?

This, this, this......

This is simply unimaginable for Roland!

"Not? Is that what you're for? Roland frowned, "But this business is not as exaggerated as you say!" An investment of 7 billion, a return of 21 billion? Inexistent!

The annual box office of the movie is more than 10 billion, and according to this rate, it is an investment of 3 billion.

The fund disk of 3 billion corresponds to the principal of 300 million, and if you use these numbers to calculate your return......

Banks don't really make much money. ”

"Can't make much money? It's already okay, okay? ”

Henry Paulson gives a different view, "Do you know what it means to invest three billion?

If you want to make a collateral-backed bond, the leverage ratio is as simple as 30.

That's 90 billion.

How much interest income can a market of 90 billion bring?

According to the calculation of 5 percent, the bank makes more money every year than Disney and Time Warner......

And the reason why we want to vote for you is actually Berkshire Hathaway's stock pledge.

Now in the whole circle, you are the only one who can take out Berkshire Hathaway's invincible AAA stock pledge in the bond market, and you are the only one who can leverage ten times the box office in the box office market in a row.

What we want, in fact, is your credibility, because when such results are in front of investors, what is Standard & Poor's? What Moody's? What Fitch Ratings? The ratings of these rating agencies will become of no reference value!

Because they can't predict a financial crisis, and Berkshire Hathaway can fight it!

Because they can't predict the box office, but you seem to ...... More confident in your project than anyone else? ”

Boy! Roland called a good guy!

When Henry Paulson said this, Roland finally understood what these guys were looking for in themselves!

Is it earning power?

No!

It's the ability to repay the money!

How did the subprime mortgage crisis happen?

Isn't that why people don't want to repay the loan because they don't think the house is worth much?

And what about Roland?

Will he not repay the loan because he thinks Berkshire Hathaway's stock is not worth it?

No!

This alone can make his bonds invincible in the financial derivatives market!

Because all investors are aware of one fact -

That is, if the film and television project is lost, there is no need to worry about Warcraft Film and Television not paying back!

Because in the production time of one to two years, the money lost by film and television projects is not as much as that of Berkshire Hathaway!

In this case, the core risk point of the subprime mortgage crisis is gone.

For Goldman Sachs, that's really picking up money for nothing.

In addition, the performance of Warcraft Film and Television is also what they like.

When Disney, Time Warner, and Universal outsourced their projects to Warcraft Films, Warcraft Films' earning power no longer needed to be evaluated by a third-party agency, and it could be sold faster when they could get AAA with their eyes closed!

And when it is impossible for the borrower not to repay the money, and the profitability of the borrower is even endorsed by competitors in the same industry, the so-called gambling is still called gambling? Isn't this just printing money with a money printing machine on it?

But for Roland......

Well, he felt like he didn't have much to say.

If Goldman Sachs wants to turn the film and television industry into a real capital game, then he ......

In fact, I don't mind giving the cost of financing to Goldman Sachs as a benefit.

In the first place, the reason why he needed Warren Buffett's relationship to borrow money from Wells Fargo was because he was nameless.

Now......

It was the bank that wanted to rush to lend him money.

And if it is handed over to Goldman Sachs and let Goldman Sachs make the plate bigger, it will actually be a good thing for him.

After all, capital is profit-seeking.

If Roland can steadily bring a lot of benefits to Goldman Sachs, then let alone trouble Goldman Sachs in the future, if someone wants to join Goldman Sachs to deal with him, then Goldman Sachs will jump out and smack the other party's big mouth!

Because for Goldman Sachs, his position is irreplaceable!

Berkshire Hathaway stocks, as long as you have money, you can buy them.

But the project of the film and television company, no one, can guarantee a long popularity.

And when the two are combined......

Roland is unique.

"Okay, okay, for you."

Roland thought for a while, and finally agreed to Henry Paulson's proposal, "However, you can't eat a project like "The Lord of the Rings", because the financing agreement we signed with Wells Fargo is three, and "X-Men" and "Harry Potter" are the same, the first three can't give you ......"

This answer was also expected by Henry Paulson, "It's okay, you can give us the project "Pirates of the Caribbean" first, three parts, 300 million, you pledge us 500 million Berkshire Hathaway shares, we will make 15 billion plates first, and the rest, there will be a chance to talk slowly in the future......"

The clean and neat answer made Roland full of emotion.

To be honest, he really wants to do this kind of business.

Because if you take out a loan for a year, you will earn ten years in an ordinary industry!

But it's a pity that the financial license is not something that the rich can get.

And at the same time as he sighed, Henry Paulson also took advantage of the victory and said their thoughts on Blizzard Capital and Overwatch Ventures, since Roland was unwilling to sell shares, then they did not force it, but hoped that Roland would sign a listing underwriting agreement with them.

Underwriting is actually when a company goes public, looking for someone to help it sell its shares.

Since domestic enterprises do not worry about selling stocks at the time of IPO, the underwriting situation is not obvious.

But in the United States, this is very serious.

Most U.S. stocks are speculated by institutions, so when a company is listed, it needs to be recommended by underwriters and major funds, insurance, and investment banks that speculate in stocks, because institutions cannot casually look at a company's prospectus and place an order.

Therefore, finding the right underwriter and asking them to help recommend it is very helpful for the market value of a company.

But the problem is that when this situation appeared in Blizzard Capital and Overwatch, Roland didn't think that Goldman Sachs was here to help him sell stocks, but he thought that this guy was here to buy stocks.

Because if Blizzard Capital and Shouwang Venture Capital are really listed, then they will definitely not be sold.

Not to mention crazy grabbing, even if it is an auction like Google, there is no problem.

Then the underwriting in this case, isn't Goldman Sachs wanting to get a share, and then let his company buy it!

Can......

Well, Roland doesn't really care about this kind of thing.

Because he will not push these companies to go public for the time being, and if there is really a day when they are listed, then whoever buys them will actually be the same.

By the time Roland and Henry Paulson finished talking, it was already noon, and seeing that his wife hadn't called him, Roland accepted the other party's invitation and settled lunch in Goldman Sachs' cafeteria.

In the afternoon, their response to the proposed changes to the small bush was finally released, and after getting the response document, Roland flew to Washington, D.C., non-stop, to submit their request again.

To be honest, Roland thought that when Little Bush paid the price of helping him win MGM and Goldman Sachs asking for the financial derivatives he created, their negotiations would be very long.

As an intermediary between the parties, he feared that he would have to fly between Washington and New York for two weeks.

But what he didn't expect was that when he submitted the revised draft of Goldman Sachs to Henry Rumsfeld, the other party actually sent him a message that the deal had been completed within two hours.

Not only that, but a few minutes later, Henry Paulson also called to thank him for his hard work.

This situation made Roland a little confused, but since the matter was done, he chose to go home.

And when he was humming a song in a small tune, showing great satisfaction with the benefits obtained, and wanted to share his cow beep with his wife, he had just pushed open the door of the guest room, but he was confused by the sound from the living room-

"Children in infancy and toddler years have delicate and fragile skin and need special care......"