American Fortune Life

“We must admit that in the years leading up to the financial crisis, the United States financial system was too" leveraged ”and that United States financial institutions did not manage the resulting risks well...

In the future, we will do everything possible to increase lending to consumers... At the same time, it requires rebuilding confidence in financial institutions. ”

To rebuild investor, taxpayer and government confidence in us, my institution and our entire financial industry have a long way to go. ”

Andy Smith, dressed in a suit with a tie, looked faint and read two pages of prepared statements, and around him, dozens of reporters with cameras, two or three floors outside, the flash slammed on his face.

Behind him, many audience representatives and media reporters from all over the United States and around the world gathered to listen to Andy Smith and to learn about the legendary young man's views and thoughts.

“ Further difficulties are expected in all areas in the future, from credit cards to home loans, but at the same time open the door to industry reforms that the banking sector has long avoided. Perhaps worse times have not yet come... ”

Like an extraordinarily charming public speaker, Andy looked at the councillors in front of the hearing and the reporters who were almost in front of him.

To be honest, this trip to Washington, including Andy, was “ready.” Previously, the think tank even brought a team of expert advisors to “train" Andy for hearings on how to adjust the rhythm of the response, if the questioned person suddenly interrupted how to respond, and so on.

“ I have finished my presentation and welcome the questions of the legislators. ”

With Andy's sentence down, the other eight financial giants have already finished their statements, and by the time Andy's done, the real fight is about to begin.

“Would any of you like to apologize for what happened to the financial industry today?” The chairman of the hearing looked seriously at the nine financial giants on the long table in the middle region, with glasses hanging on his nose and his head slightly lowered.

“We did something wrong, something we could have done better.” Diamond, CEO of MG Chase, silenced for a moment to say ‘confession’.

As for the others, who were also ambiguous, the only one who proactively apologized to the public was MG Stanley CEO McJinnong, who gave up the year-end dividend for two consecutive years because of the company's poor performance. He apologized for the situation in the financial sector and, in particular, stood up and apologized to the shareholders of the company and the American public, saying that he loved the work he was doing and was willing to do nothing about it.

But it seemed that the senators didn't pay for the late apologies, and Kapp, a donkey party congressman from Boston, said sarcastically, "There are serious consequences, and in a gesture of goodwill, you came here today on your bikes and said to us," I'm sorry, we won't do that again. But the American people no longer trust you. We have people in our community who say the same thing after robbing the banks you run. ”

“ No way. Robbing a bank is a felony! At the beginning of the financial crisis, I warned through multiple channels, but at this moment, should all anger ask itself? ”Andy, a serious, angry MP Karp, growled at them and said to them," Andy owes a little respect to someone who only speaks PAO.

Andy's sudden opening brought the senator's anger to a halt, his face rose red, and the whole hearing scene became silent, only the camera shutter sounded, and the audience in front of the TV looked alike. Yeah, where did they go at the beginning of the financial crisis? Well, they're laughing at Andy Smith's astounding...

The hearing turned out to be extremely embarrassing. For Andy Smith, a congressman stared vigilantly at him, and Commission Vice-Chairman Phil shut up and quieted down after a deep glance at him, ignoring Andy's question and targeting Goldman Sachs.

“I'm surprised none of you have been prosecuted! Isn't Goldman Sachs responsible for the outbreak of the subprime mortgage crisis when you create and then empty certain subprime mortgage-backed securities like selling a brake failing car and buying insurance against buyers? ”

“Senator, this accusation is unacceptable because there is still a demand for this product to this day. The financial crisis is not a product or a financial institution that can trigger, and the crisis sweeping the global capital markets is the shock of a series of hurricanes... ”

Phil, Vice-President of the Commission, turned his lips against each other, "and all these disasters were man-made. ”

Another MP looked at the nine financial giants sitting at the long table and said: "Perhaps everyone thinks you should at least apologize. ”

Speaking out of anger at the hearing, several other giants besides Andy were helpless in expressing their apologies for what was happening in the financial sector.

“Good money goes to the blade, I want to know where the government-assisted money goes.“ Paul, a donkey party congressman from Pennsylvania, began to wreak havoc and asked face-to-face. To be honest, they were still dissatisfied with the high salaries and dividends paid by financial institutions, and Congress wished to ensure that aid funds were not misused. Congressman Paul stared seriously at the long table below, sitting at nine people coldly continuing to ask: "Are these funds being used to refinance loans? How do we know how much more aid is needed? Who needs it? Who can promise not to ruin the money? ”

Citigroup, Bank of America, Rich Country Bank, Goldman Sachs, and MG Stanley CEOs all said they had lent as much money as they could. According to MG Chase CEO, the company lent $150 billion in the fourth quarter of 2008.

"We at Intake Bank have been lending and our loans have grown since we received aid funding," Andy said in a rhetorical statement when the eyes of others reached Andy's face, who had not yet spoken. Last quarter alone, we disbursed $10 billion in new loans, including $3 billion in new loan commitments and $7 billion in mortgages on housing, three times the amount granted by the Treasury to Intake Bank. ”

“You have all said that you have lent money, but so far the financial sector has not improved significantly and the credit market is still sluggish. Many people still do not have access to loans to buy cars, houses or pay school fees, and the bank does not appear to have lent the funds. If you can't use these funds effectively, why don't you just give them back to the government?” Donkey Congressman Paul stared dead at the nine giants and questioned with anger.

“I can say very responsibly that Incotec used these funds to increase lending rather than paying executive salaries, lobbying the government or paying dividends to shareholders. As for returning it to the government before leaving, I'm sorry, but under the loan agreement, we are required to pay interest, if now repayment is a government default? Will the Government compensate for losses arising from the recovery of funds already lent?” Andy curled his mouth and asked Councilman Paul with a smile in his face.

“I want to know where the money went. If you can prove it, find a way to return it before you leave Washington!” Congressman Paul looked at Andy equally weakly, questioning him.

“OK, Senator.” Andy smiled, ignoring the other financial giants who had changed a lot, and he didn't go back. He raised his hand and shouted a finger, sitting behind him immediately on a file. Andy smiled at the crowd and the camera lens and lifted the file in his hand, "Here are the details of the $3 billion loan, each of which can be verified, of course, all of which are high-quality loans. After all, subprime lending is too risky, please check with the senators. ”

When the hearing staff handed out the documents to the slightly ugly senators, Andy had a smile on his handsome face for the first time, his hands on the table, playing with a signature pen, and laughing: “If no one is responsible for compensating for the loss, then why should I pay back the money I borrowed on my own? ”