sinovels Chapter 552 Don’T Come Over~
Chapter 552 Don’T Come Over~
September 15, 2008, is a historic day for the famous Wall Street.
early morning.
It's not yet time to go to work, and a large number of employees can't wait to pour into the Lehman Building.
Among them, some were in suits as usual, while others were uncharacteristically dressed in casual clothes when they came to the company.
but.
One thing is the same, they all have two more things in their hands - empty backpacks and suitcases.
They looked solemn and did not speak much. They entered their respective offices one after another and packed up their personal belongings.
It looks like this scene is like a collective move.
When they walked out of the company door with their boxes, the metal sign nailed to the black wall was still shining - LEHMAN-BROTHERS.
Some people even signed portraits of Lehman Chairman Richard Fuld before leaving.
The sidewalk outside the company was already crowded with reporters.
As soon as they saw people packing up from Lehman, they swarmed towards them.
Some employees could no longer suppress their disappointment and anger and began to angrily denounce reporters.
Indeed, it is difficult for everyone to accept reality.
One employee said: "This is the saddest thing in my life."
However.
Faced with a debt of 613 billion yuan and a company that collapsed overnight, more than 20,000 employees had no choice but to leave.
In the face of the severe subprime mortgage crisis, and with no results after struggling to find a buyer, the company's board of directors had to make the decision to file for bankruptcy protection.
Lehman Brothers, the fourth largest investment bank with a long history of 158 years and the leader in the North American mortgage bond industry for 40 consecutive years, officially announced that it has filed for bankruptcy protection.
Immediately, more than 20,000 employees began to retreat.
Many people are facing unemployment and looking for another job.
The fate of Lehman Brothers was completely different from that of Merrill Lynch.
On the day Lehman Brothers declared bankruptcy, Bank of America issued a statement announcing that it would acquire Merrill Lynch, the third largest investment bank in North America, for a total price of 44 billion meters.
Merrill Lynch, the third largest investment bank in North America and the world's largest securities broker, has now become another victim of the global credit crisis.
Among the "Wall Street giants" who have fallen one after another, Merrill Lynch's experience is unique.
In terms of crisis, it came earliest, and Merrill Lynch gained valuable time to clear its debt burden.
According to Bloomberg, the boards of directors of the two companies approved the merger agreement on the evening of the 14th.
According to the agreement, Bank of America will acquire Merrill Lynch in a share exchange at a price of 29 gold per share. The acquisition price is 70% higher than Merrill Lynch's closing price last Friday, but it is only 30% of the peak price of Merrill Lynch's stock price.
Lehman and Merrill Lynch are a good explanation of what "same roots but different fates" means
North American time, September 15th, 9:30 am.
U.S. stocks opened as scheduled.
Because of the bankruptcy of Lehman, the U.S. stock market fell first.
Countless investors ran away without even having time to pick up their pants.
The entire North American stock market was in a bloody mess.
Countless investors were wailing, and countless investors lined up on the rooftop.
Although as early as a few days ago, there was news in the market that Lehman may go bankrupt.
However, investors believe that the North American government will never let this behemoth collapse easily.
after all.
Since the outbreak of the subprime mortgage crisis, the North American government has taken action many times to save many companies whose value is not as good as that of Lehman Brothers.
This time.
In everyone's opinion, the North American government will never sit idly by.
Because once Lehman Brothers goes bankrupt, the impact will be really huge.
No.
Starting on September 12, Treasury Secretary Paulson, Federal Reserve Head Ben Bernanke, and a group of Wall Street tycoons conducted three days of negotiations at the headquarters of the Federal Bank of New York.
everybody knows.
This negotiation must be about how to save Lehman Brothers.
It should not be a problem for all the big guys on Wall Street to pull Lehman Brothers out of the quagmire.
Many speculators even shouted on the Internet that the subprime mortgage crisis was about to end, the stock market had reached its bottom, and a strong rebound was about to come.
But the result...
It greatly exceeded everyone's expectations.
Wall Street bosses did not lend a helping hand to Lehman Brothers.
Even the North American government, which has saved many companies that were inferior to Lehman Brothers, this time rarely chose to stand aside and watch Lehman Brothers go bankrupt.
all of a sudden.
The panic in people's hearts expanded exponentially.
The damn subprime mortgage crisis is about to end!
The hell the stock market has hit bottom!
A damn strong rebound is about to come!
At this moment.
Only then did everyone realize that there is a basement under the eighteenth level of hell!
This is no longer cutting the root of the thigh, this is cutting the heel!
The Dow Jones Index is leaking!
The Nasdaq Index is leaking!
The trick of S&P 500 is to leak it like a shot!
The entire North American stock market is green.
This day has undoubtedly become a veritable Black Monday on Wall Street!
On that day, the Dow Jones Industrial Index plummeted more than 500 points, a drop of more than 4.4%.
The European stock market, Asia-Pacific stock market, Australian stock market, African stock market... are also trembling.
In addition to investors in the North American stock market, other global investors are shouting at this moment - don't come here~
The European subsidiary of Lehman Brothers announced on the 15th that it had entered bankruptcy administration, with Tsang Hua Cooper as the administrator.
The Asian market was also rapidly affected by Lehman, including the mainland of Longnao, Xiangjiang, and Baodao.
On September 16, Lehman Asia announced that Lehman Brothers Securities Asia and Lehman Brothers Securities Futures Asia had ceased operations, including cessation of trading on the Heung Kong Securities Exchange and the Heung Kong Futures Exchange.
The Hong Kong Securities Regulatory Commission immediately restricted Lehman’s transactions in four companies in Hong Kong to protect the interests of investors.
Chongqing time, September 16, Tuesday.
The first working day after the Mid-Autumn Festival.
Because Lehman Brothers on the other side of the ocean went bankrupt, Big A opened the market at 9:30 in the morning, and it started to leak like crazy and couldn't stop it.
no way.
Big A is like this, it follows the decline but not the rise.
Domestic investors were so frightened by the bankruptcy of Lehman Brothers that they fled without even wearing pants.
If yesterday was not the Mid-Autumn Festival holiday, the big A stock market would have staged this kind of stampede escape yesterday (good luck).
Leading the decline were bank stocks.
For example, Longguo Bank's A-share shares fell 9.17% on Tuesday to close at 3.17 yuan, setting a recent low; while H-shares were equally dismal, falling as much as 8.43% and closing at 3.04 yuan.
The reason why Longguo Bank fell so sharply was that Longguo Bank was included in the list of the top 30 unsecured creditor banks announced by Lehman Brothers, with a loan amount of up to 50 million yuan to Lehman.
According to the bankruptcy liquidation procedure, bankruptcy liquidation will begin to pay off debts after the liquidation of wages and labor subsidies, but secured creditors will also be considered first, and then unsecured creditors will have their turn.
News from Lehman Brothers shows that since these loans are unsecured, that is to say, there is no collateral, the proportion of these unsecured loans that can be recovered is very low, and only a small proportion of repayments can be obtained through Lehman Brothers' fixed asset auctions.
obviously.
The possibility of the loan amount of 50 million meters from Longguo Bank becoming a bad debt is as high as 99.99%. .