No. 219 I'm not short of money

Wei Dongsheng expressed his gratitude to Jin Zongxian: "Thank you for your support. ”

Jin Zongxian smiled and said some promises that seemed to be official and non-official words: "The cabinet should be an advanced force representing the interests of the people, not a decadent force that hinders the development of advanced productive forces." Since Zhiyu, Zhixing, Rose, etc., are beneficial to the country, we should support and help it within our ability. ”

Speaking of this, Jin Zongxian suddenly lowered the pattern, and the topic focused on Wei Dongsheng: "Do you have any feelings, you stayed in Yanjing for more than a month, and finally heard a piece of good news?" ”

Wei Dongsheng smiled and said: "The successful conclusion of the Yanjing Olympics is also good news. ”

The changes caused by the financial turmoil are not limited to Lehman Brothers, nor are they limited to Wall Street. Although Jin Zongxian is not one of the elders of the Nine Cabinets, and his ranking in the State Council is not high, he has full authority to take charge of the financial field, and he only needs to report to the first assistant of the cabinet and the first vice premier within the scope of his business. Many of the complicated situations caused by the financial turmoil need to be resolved by Jin Zongxian, who is now a hundred times busier than Wei Dongsheng. After talking with Wei Dongsheng in the small courtyard of Beihai for more than 40 minutes, Jin Zongxian left in a hurry under the reminder of the secretary.

Jin Zongxian never mentioned the previous disguised house arrest.

It's not that Jin Zongxian doesn't know about it, but it's an attitude not to mention it. Jin Zongxian jokingly said that his agreement to the Rose Fund, CIC and CITIC to take a stake in Lehman Brothers was Wei Dongsheng's "final piece of good news", that is, he was euphemistically saying that his arrival was the good news that Wei Dongsheng wanted. Jin Zongxian used his arrival, with his support, and a clear attitude to appease Wei Dongsheng, "Everything is over."

Wei Dongsheng understood what Jin Zongxian meant.

Wei Dongsheng believes in how much power to do how much, and he is not ready to hold on to this matter for the time being, and he has to ask someone for an explanation. There is a famous saying in the three generations that a person's destiny must of course rely on self-struggle, but it is also necessary to consider the historical itinerary. Since Jin Zongxian said that everything is over, then everything is over, even if there is no past, pretend that it has passed.

Wei Dongsheng's bet is on the future.

Wei Dongsheng is still very young, and time is his greatest advantage.

He became the richest man in China in three years, and dared to go to Wall Street to dance with knives and guns in six years, and what about another six years?

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In the following time, Jin Zongxian expressed his support from above, and Gong Qiuqiu activated the existing connections vertically and horizontally, and finally finalized the acquisition contract at 3 a.m. on September 15, 2008, New York time. Lehman Brothers' management and key employees have been suffering from anxiety for two days, and everyone is exhausted, and some management even ignore US laws to get a large number of illegal drugs to refresh themselves. Despite such exhaustion, when Gong Qiuqiu officially announced the agreement on behalf of the Rose Fund, CIC and CITIC, all the staff cheered happily.

However, it's not over yet.

Lehman Brothers' predicament resembles a bank run, with the more money Lehman Brothers is short of, the more eager customers are to withdraw their funds. The Federal Reserve's special loans, the financing of the Rose Fund, the China Investment Corporation, the CITIC Fund, and the short contracts held by the Rose Fund can only be rescued but not eradicated. If you want to defuse the crisis, the real solution is to rebuild the confidence of our customers in Lehman Brothers. In view of the fact that the Lehman Brothers management has been spurned for their desperate efforts to whitewash the peace from the beginning of the year to the present, Fuld sincerely invited Wei Dongsheng and Gong Qiuqiu to refresh the image of Lehman Brothers fans on behalf of the Rose Fund.

Faith and honesty are two different things.

Lehman Brothers' accounting department quickly worked overtime to keep the accounts done, making the acquisition look even more perfect. For example, Wei Dongsheng actually sold a bunch of short-selling contracts that were difficult to fulfill in full to Lehman Brothers at a 7% discount. But in the hands of Lehman Brothers, everything was a different look.

Lehman Brothers split the acquisition funds of 20 billion yuan, surplus high-interest loans with discounts of 2 to 7%, fixed short-selling contracts, and floating short-selling contracts respectively through cumbersome transfer procedures: Rose Fund, together with CIC and CITIC, acquired 40% of Lehman Brothers' shares for 20 billion US dollars; By the end of 2008, the Rose Fund will also provide Lehman Brothers with guaranteed borrowings of $10 billion to $15 billion at an annual interest rate of 11 per cent; The Rose Fund transferred all of its short contracts to Lehman Brothers on a preferential basis, and Lehman Brothers could make a profit of $30 billion by going long on this transaction in the future. In this way, Fuld shamelessly disguised a cheating acquisition as super good news that could bring $65 billion to Lehman Brothers.

That's what Fuld thinks, and that's what he does.

At the high-end client meeting held in the early morning of the next day, Fuld vowed to reassure the customers present: "Lehman Brothers has good assets, otherwise Rose Fund, CIC and CITIC will not still value Lehman Brothers at $50 billion when Lehman Brothers' stock price plummets to 3.85 yuan per share." Lehman Brothers' finances are very healthy, Lehman Brothers' assets are very good, and the previous stock price collapse is all due to disorderly shorting, and a large number of short sellers are selling stocks that do not exist in the market. Short selling is a normal investment behavior, but naked short selling is full of malice. The Securities and Exchange Commission should immediately and decisively take measures to control or even prohibit naked short selling in the market. ”

In order to win the trust of Lehman Brothers' customers, Fuld praised the strength of Rose Fund, CIC and CITIC:

"CITIC is ......"

"CIC is ......"

"Before July 2006, Wall Street didn't know who Gong Qiuqiu was; In July 2006, Wall Street ridiculed Gong Qiuqiu as a stupid woman who came to Huaguo to send money, and the farther away from the Rose Fund, the better; At the end of 2006, the subprime mortgage crisis was beginning to emerge, and the Rose Fund quickly emerged in the cold winter on Wall Street. As a fund manager, Ms. Gong Qiuqiu's revenue in 2007 was as high as $4.4 billion, beating John Paulson, who was also short, to the top of the list of the most profitable fund managers in 2007. To this day, Gong Qiuqiu's name is known to everyone, and it is said that no fund dares to bet against her. ”

……

"As we all know, in addition to the Rose Fund, Ms. Gong Qiuqiu is also the executive director of Spring and Autumn Search, and holds a 4.7% stake in Spring Search. Based on the closing price on September 12, the market value of Spring and Autumn Search is 27.47 billion US dollars, and Gong Qiuqiu's 4.7% stake is equal to about 1.2 billion US dollars. ”

"At the beginning of 2007, Wall Street was already talking about the Rose Fund and the Spring and Autumn Search relationship."

"What is the relationship between Spring and Autumn Search and the Rose Fund? Today, I am here to uncover the mystery and make it clear to you: Mr. Wei Dongsheng and Ms. Gong Qiuqiu are not only at the helm of the Spring and Autumn Search, but also at the helm of the Rose Fund. Spring and Autumn Search is the achievement of Mr. Wei Dongsheng and Ms. Gong Qiuqiu in the field of Internet, and Rose Fund is the achievement of Mr. Wei Dongsheng and Ms. Gong Qiuqiu in the field of finance. ”

"Gong Qiuqiu has been on Wall Street for two or three years, and everyone is already very familiar with it, and I don't want to say much."

"Let me briefly introduce Mr. Wei Dongsheng."

"Mr. Wei Dongsheng is a legend in the Internet industry."

In 2002, Wei Dongsheng founded the Spring and Autumn Network, and the following year launched the online game "Spring and Autumn of the Ten Kingdoms", which shocked China. The familiar "World of Warcraft" has an annual revenue of 1.886 billion yuan in the Chinese market in 2007, while the annual revenue of "Spring and Autumn of the Ten Kingdoms" in 2007 is as high as 4.664 billion yuan, almost 2.5 times that of "World of Warcraft". In fact, the masterpiece "World of Warcraft" in the Chinese market is also operated by Spring and Autumn Network. With only four works, Spring and Autumn Network has topped the No. 1 online game operator in China. ”

"In 2005, Spring and Autumn Network went public on NASDAQ; In 2006, Spring & Autumn Search went public on NASDAQ. Spring and Autumn Search is the star enterprise of the year in 2007, so I don't need to be verbose. At the beginning of the year, Forbes released the world's richest list, and Wei Dongsheng ranked 55th with $13.59 billion. It took Wei Dongsheng only 6 years for a poor student from a mountain village to reach the 55th place in the world's richest list. ”

"It's not an accident."

"If you are lucky enough to meet Mr. Wei Dongsheng face-to-face, you will understand that his success is inevitable."

"Shorting the mortgage market and shorting financial stocks is an inevitable success, and investing in Lehman Brothers will also be an inevitable success."

Fuld praised Wei Dongsheng warmly, and then invited Wei Dongsheng to communicate with Lehman Brothers' high-end investor clients via video link.

Worshipping success and aspiring to be a successful person is the voice of all independent investors; Worshipping profits and hoping to obtain stable income is the pursuit of all banks, funds and other solid customers. Wei Dongsheng rose from scratch to No. 55 on the Forbes Global Rich List, and the Rose Fund made a name for himself on Wall Street against various financial giants who gambled on it, all of which are past examples that investors admire very much. They may be taboo about Wei Dongsheng's nationality, or they may be taboo about Wei Dongsheng's philosophy, but they will not be taboo about Wei Dongsheng and the earning power of the Rose Fund.

Therefore, although it was only a relatively insincere video exchange, a group of investors also warmly applauded to welcome Wei Dongsheng.

Wei Dongsheng connected the video, waved to the investors present, and said with a smile: "Dick praised me." ”

Lehman Brothers at the helm of Fulder, whose full name is Richard Fuld (Richard_Fuld), nicknamed Dick, is often referred to as Dick Fuld (Dick_Fuld). Although Wei Dongsheng did not have much friendship with Fulder, at this moment, in order to express his optimism about the future of Lehman Brothers to investors, he also called Fuld's nickname Dick affectionately.

Wei Dongsheng then talked eloquently: "The Rose Fund has recently become famous, some people praise our insight, and some people insult us for shorting. However, I would like to explain here that I am not going short for the sake of being short, nor am I going short for the sake of being short. During the Yenching Olympics, I had a private conversation with Treasury Secretary Paulson and told this story......

Wei Dongsheng recited in English and interspersed with explanations of "Bian Que Meets Cai Huangong", once again emphasizing that he is not short for the sake of shorting: "Maybe everyone thinks I am hypocritical, but this is my heart. I'm a doctor, a doctor who treats a market economy, not a speculator who shorts for profit. ”

"In fact, I'm not short of money."