Chapter 1631: 1631
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"We must admit that in the years before the financial crisis, the U.S. financial system was" leveraged "too much, and the U.S. 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 also needs to rebuild people's confidence in financial institutions. "
。。。 To rebuild the confidence of investors, taxpayers and the government, my institutions and our entire financial industry have a long way to go. "
Andy Smith, dressed in a suit and tie, read two pages of prepared speeches calmly. Around him, dozens of reporters with cameras, two or three layers inside and outside, flashlights clattered on his face.
Behind him, many audience representatives and media reporters from all over the United States and the world listened attentively to Andy Smith's speech, hoping to understand the views and ideas of the legendary young man.
“。。。 In the future, it is expected to face greater difficulties in all areas, from credit cards to housing loans, but at the same time, it will open the door to the industry reform that the banking industry has been avoiding for a long time. Maybe a worse time has not come
Andy is like a charismatic public speaker, calmly facing the members of Parliament who are covetous at the hearing and the reporters who are close to his face.
To be honest, this trip to Washington, including Andy, is "well prepared.". Before that, the think tank even brought a team of experts and consultants to conduct "quick training" for Andy's hearing, such as how to adjust the pace of the dialogue, how to deal with the sudden interruption of the questioner, etc.
“。。。 I have finished my presentation, and members are welcome to ask questions. "
With Andy's words falling, the other eight financial giants have already finished their statements. When Andy finishes, the real battle will begin.
"Are any of you willing to apologize for what happened to the financial industry?" The chairman of the hearing, with his glasses hanging on his nose, looked down slightly and looked at the nine financial giants on the long table in the middle area seriously.
"We did make a mistake. There are some things we could have done better." Dai Meng, CEO of Mg chase, said "repentance" after a while.
As for the others, they also equivocated a few unimportant excuses. Only Mike Jinheng, CEO of Mg Stanley, who gave up the year-end dividend for two consecutive years due to the company's poor performance, was the only one who offered to apologize to the public. He apologized for what happened in the financial industry, especially stood up and bowed to the company's shareholders and the American people, saying he loved his job and was willing to pay nothing.
But it seems that the congressmen don't pay for their apologies for being late. The donkey congressman Kapp from Boston scoffed, "there are serious consequences. You are making a gesture of goodwill. You came here by bike today and said to us: sorry, we won't do that again. But the American people no longer trust you. There are people like this in our community, who say the same after robbing your bank. "
“。。。 No way. Robbing a bank is a felony! At the beginning of the financial crisis, I warned through various channels. However, at this moment, should I ask myself all the anger? " Andy looked at the angry congressman Kapp and growled at them. He said quietly that he was disrespectful to the people who could only talk Pao.
Andy's sudden opening made the senator's anger slightly stagnate, his face red, and the whole hearing scene became silent. Only the shutter sound of the camera sounded, and the audience in front of the TV also looked at each other. Yes, where did they go at the beginning of the financial crisis? Well, they're all laughing at Andy Smith's sensationalism...
At this time, the hearing scene became extremely awkward. For Andy Smith, members of the house of Representatives watched him with vigilant eyes. Phil, the vice chairman of the committee, took a deep look at Andy Smith, who would shut up and be quiet after finishing his speech. He ignored Andy's rhetorical questions directly and focused on Goldman Sachs.
"I'm surprised that none of you have been charged! You Goldman Sachs created and then emptied some subprime mortgage-backed securities, which is like selling a car with a brake failure, and then buying insurance for the buyer. Shouldn't you be responsible for the subprime crisis? "
"Senator, we can't accept this accusation because until now there is still demand for this product. The financial crisis is not a product or a financial institution can cause. The crisis sweeping the global capital market is a series of hurricanes
Phil, vice chairman of the committee, retorted, "these disasters are man-made."
Another MP looked at the nine financial giants at the long table and said, "maybe everyone thinks you should at least apologize."
At the hearing, there were angry words from members, which made several other giants except Andy's face expressionless and helpless to apologize for the situation in the financial industry.
"Good money needs to be used on the blade. I want to know where the money of government aid goes? "Paul, a member of the donkey party from Pennsylvania, began to have a problem and asked in person. In fact, these people are still dissatisfied with the generous salaries and dividends paid by financial institutions, and Congress wants to ensure that aid funds are not abused. "Are these funds being used for re lending?" asked Paul, looking down at the long table with a serious face and a cold voice? How do we know how much more aid is needed? Who needs it?... Who can guarantee that the money will not be wasted? "The CEOs of Citigroup, Bank of America, Wells Fargo, Goldman Sachs and Mg Stanley all said they had lent as much as they could. The CEO of Mg chase said the company lent $150 billion in the fourth quarter of 2008.
When people's eyes fell on Andy's face before he spoke, Andy said calmly, "we, Yingtai bank, have been lending, and our loans have increased since receiving the aid funds. In the last quarter alone, we made $10 billion in new loans, including $3 billion in new loan commitments and $7 billion in residential mortgages, three times the amount the Ministry of finance has made to Yingtai bank. "
"You all said that you have lent out the money, but so far, the operation of the financial industry has not improved significantly, and the credit market is still sluggish. Many people still don't have access to loans to buy cars, houses or pay for school fees, and banks don't seem to lend money. If you can't use the money effectively, you might as well give it back to the government. " Asked Paul, the donkey MP, with angry hostility, staring at the nine giants.
"I can say responsibly that Yingtai bank uses these funds to increase lending rather than pay executives, lobby the government or pay dividends to shareholders. As for returning the money to the government before leaving, I'm sorry. According to the loan agreement, we need to pay interest. If we pay back the money now, is it a government default? Will the government compensate for the losses caused by the recovery of the lent funds? " Andy's mouth curled up, and he asked Paul with a sneer.
"I want to know where the money went? If you come up with proof, please find a way to return the money before you leave Washington! " Congressman Paul also looked at Andy without any weakness and asked.
"OK, Mr. senator." Andy smiled and ignored other financial giants with big changes in face. He didn't turn his head back. He raised his hand and made a loud finger. He sat behind him and immediately put a pile of documents on the ground. Andy smiled and faced the crowd and camera lens and raised the documents in his hand. "Here are the details of the 3 billion dollar loan, each of which can be verified. Of course, it's all high-quality loans, after all, secondary loans The loan is too risky. Please check with the senators
When the hearing staff handed out the documents to the members with slightly ugly faces, Andy's handsome face had a warm smile for the first time. He put his hands on the table, played with a signing pen, and smiled: "since no one is responsible for the compensation for the loss, then, why should I pay back the money borrowed by myself now?"
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"We must admit that in the years before the financial crisis, the U.S. financial system was" leveraged "too much, and the U.S. 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 also needs to rebuild people's confidence in financial institutions. "
。。。 To rebuild the confidence of investors, taxpayers and the government, my institutions and our entire financial industry have a long way to go. "
Andy Smith, dressed in a suit and tie, read two pages of prepared speeches calmly. Around him, dozens of reporters with cameras, two or three layers inside and outside, flashlights clattered on his face.
Behind him, many audience representatives and media reporters from all over the United States and the world listened attentively to Andy Smith's speech, hoping to understand the views and ideas of the legendary young man.
“。。。 In the future, it is expected to face greater difficulties in all areas, from credit cards to housing loans, but at the same time, it will open the door to the industry reform that the banking industry has been avoiding for a long time. Maybe a worse time has not come
Andy is like a charismatic public speaker, calmly facing the members of Parliament who are covetous at the hearing and the reporters who are close to his face.
To be honest, this trip to Washington, including Andy, is "well prepared.". Before that, the think tank even brought a team of experts and consultants to conduct "quick training" for Andy's hearing, such as how to adjust the pace of the dialogue, how to deal with the sudden interruption of the questioner, etc.
“。。。 I have finished my presentation, and members are welcome to ask questions. "
With Andy's words falling, the other eight financial giants have already finished their statements. When Andy finishes, the real battle will begin.
"Are any of you willing to apologize for what happened to the financial industry?" The chairman of the hearing, with his glasses hanging on his nose, looked down slightly and looked at the nine financial giants on the long table in the middle area seriously.
"We did make a mistake. There are some things we could have done better." Dai Meng, CEO of Mg chase, said "repentance" after a while.
As for the others, they also equivocated a few unimportant excuses. Only Mike Jinheng, CEO of Mg Stanley, who gave up the year-end dividend for two consecutive years due to the company's poor performance, was the only one who offered to apologize to the public. He apologized for what happened in the financial industry, especially stood up and bowed to the company's shareholders and the American people, saying he loved his job and was willing to pay nothing.
But it seems that the congressmen don't pay for their apologies for being late. The donkey congressman Kapp from Boston scoffed, "there are serious consequences. You are making a gesture of goodwill. You came here by bike today and said to us: sorry, we won't do that again. But the American people no longer trust you. There are people like this in our community, who say the same after robbing your bank. "
“。。。 No way. Robbing a bank is a felony! At the beginning of the financial crisis, I warned through various channels. However, at this moment, should I ask myself all the anger? " Andy looked at the angry congressman Kapp and growled at them. He said quietly that he was disrespectful to the people who could only talk Pao.
Andy's sudden opening made the senator's anger slightly stagnate, his face red, and the whole hearing scene became silent. Only the shutter sound of the camera sounded, and the audience in front of the TV also looked at each other. Yes, where did they go at the beginning of the financial crisis? Well, they're all laughing at Andy Smith's sensationalism...
At this time, the hearing scene became extremely awkward. For Andy Smith, members of the house of Representatives watched him with vigilant eyes. Phil, the vice chairman of the committee, took a deep look at Andy Smith, who would shut up and be quiet after finishing his speech. He ignored Andy's rhetorical questions directly and focused on Goldman Sachs.
"I'm surprised that none of you have been charged! You Goldman Sachs created and then emptied some subprime mortgage-backed securities, which is like selling a car with a brake failure, and then buying insurance for the buyer. Shouldn't you be responsible for the subprime crisis? "
"Senator, we can't accept this accusation because until now there is still demand for this product. The financial crisis is not a product or a financial institution can cause. The crisis sweeping the global capital market is a series of hurricanes
Phil, vice chairman of the committee, retorted, "these disasters are man-made."
Another MP looked at the nine financial giants at the long table and said, "maybe everyone thinks you should at least apologize."
At the hearing, there were angry words from members, which made several other giants except Andy's face expressionless and helpless to apologize for the situation in the financial industry.
"Good money needs to be used on the blade. I want to know where the money of government aid goes? "Paul, a member of the donkey party from Pennsylvania, began to have a problem and asked in person. In fact, these people are still dissatisfied with the generous salaries and dividends paid by financial institutions, and Congress wants to ensure that aid funds are not abused. "Are these funds being used for re lending?" asked Paul, looking down at the long table with a serious face and a cold voice? How do we know how much more aid is needed? Who needs it?... Who can guarantee that the money will not be wasted? "The CEOs of Citigroup, Bank of America, Wells Fargo, Goldman Sachs and Mg Stanley all said they had lent as much as they could. The CEO of Mg chase said the company lent $150 billion in the fourth quarter of 2008.
When people's eyes fell on Andy's face before he spoke, Andy said calmly, "we, Yingtai bank, have been lending, and our loans have increased since receiving the aid funds. In the last quarter alone, we made $10 billion in new loans, including $3 billion in new loan commitments and $7 billion in residential mortgages, three times the amount the Ministry of finance has made to Yingtai bank. "
"You all said that you have lent out the money, but so far, the operation of the financial industry has not improved significantly, and the credit market is still sluggish. Many people still don't have access to loans to buy cars, houses or pay for school fees, and banks don't seem to lend money. If you can't use the money effectively, you might as well give it back to the government. " Asked Paul, the donkey MP, with angry hostility, staring at the nine giants.
"I can say responsibly that Yingtai bank uses these funds to increase lending rather than pay executives, lobby the government or pay dividends to shareholders. As for returning the money to the government before leaving, I'm sorry. According to the loan agreement, we need to pay interest. If we pay back the money now, is it a government default? Will the government compensate for the losses caused by the recovery of the lent funds? " Andy's mouth curled up, and he asked Paul with a sneer.
"I want to know where the money went? If you come up with proof, please find a way to return the money before you leave Washington! " Congressman Paul also looked at Andy without any weakness and asked.
"OK, Mr. senator." Andy smiled and ignored other financial giants with big changes in face. He didn't turn his head back. He raised his hand and made a loud finger. He sat behind him and immediately put a pile of documents on the ground. Andy smiled and faced the crowd and camera lens and raised the documents in his hand. "Here are the details of the 3 billion dollar loan, each of which can be verified. Of course, it's all high-quality loans, after all, secondary loans The loan is too risky. Please check with the senators
When the hearing staff handed out the documents to the members with slightly ugly faces, Andy's handsome face had a warm smile for the first time. He put his hands on the table, played with a signing pen, and smiled: "since no one is responsible for the compensation for the loss, then, why should I pay back the money borrowed by myself now?"
"We must admit that in the years before the financial crisis, the U.S. financial system was" leveraged "too much, and the U.S. 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 also needs to rebuild people's confidence in financial institutions. " To rebuild the confidence of investors, taxpayers and the government, my institutions and our entire financial industry have a long way to go. " Andy Smith, dressed in a suit and tie, read two pages of prepared speeches calmly. Around him, dozens of reporters with cameras, two or three layers inside and outside, flashlights clattered on his face. Behind him, many audience representatives and media reporters from all over the United States and the world listened attentively to Andy Smith's speech, hoping to understand the views and ideas of the legendary young man. In the future, it is expected to face greater difficulties in all areas, from credit cards to housing loans, but at the same time, it will open the door to the industry reform that the banking industry has been avoiding for a long time. Maybe a worse time has not come Andy is like a charismatic public speaker, calmly facing the members of Parliament who are covetous at the hearing and the reporters who are close to his face. To be honest, this trip to Washington, including Andy, is "well prepared.". Before that, the think tank even brought a team of experts and consultants to conduct "quick training" for Andy's hearing, such as how to adjust the pace of the dialogue, how to deal with the sudden interruption of the questioner, etc. I have finished my presentation, and members are welcome to ask questions. " With Andy's words falling, the other eight financial giants have already finished their statements. When Andy finishes, the real battle will begin. "Are any of you willing to apologize for what happened to the financial industry?" The chairman of the hearing, with his glasses hanging on his nose, looked down slightly and looked at the nine financial giants on the long table in the middle area seriously. "We did make a mistake. There are some things we could have done better." Dai Meng, CEO of Mg chase, said "repentance" after a while. As for the others, they also equivocated a few unimportant excuses. Only Mike Jinheng, CEO of Mg Stanley, who gave up the year-end dividend for two consecutive years due to the company's poor performance, was the only one who offered to apologize to the public. He apologized for what happened in the financial industry, especially stood up and bowed to the company's shareholders and the American people, saying he loved his job and was willing to pay nothing. But it seems that the congressmen don't pay for their apologies for being late. The donkey congressman Kapp from Boston scoffed, "there are serious consequences. You are making a gesture of goodwill. You came here by bike today and said to us: sorry, we won't do that again. But the American people no longer trust you. There are people like this in our community, who say the same after robbing your bank. " No way. Robbing a bank is a felony! At the beginning of the financial crisis, I warned through various channels. However, at this moment, should I ask myself all the anger? " Andy looked at the angry congressman Kapp and growled at them. He said quietly that he was disrespectful to the people who could only talk Pao. Andy's sudden opening made the senator's anger slightly stagnate, his face red, and the whole hearing scene became silent. Only the shutter sound of the camera sounded, and the audience in front of the TV also looked at each other. Yes, where did they go at the beginning of the financial crisis? Well, they're all laughing at Andy Smith's sensationalism... At this time, the hearing scene became extremely awkward. For Andy Smith, members of the house of Representatives watched him with vigilant eyes. Phil, the vice chairman of the committee, took a deep look at Andy Smith, who would shut up and be quiet after finishing his speech. He ignored Andy's rhetorical questions directly and focused on Goldman Sachs. "I'm surprised that none of you have been charged! You Goldman Sachs created and then emptied some subprime mortgage-backed securities, which is like selling a car with a brake failure, and then buying insurance for the buyer. Shouldn't you be responsible for the subprime crisis? " "Senator, we can't accept this accusation because until now there is still demand for this product. The financial crisis is not a product or a financial institution can cause. The crisis sweeping the global capital market is a series of hurricanes Phil, vice chairman of the committee, retorted, "these disasters are man-made." Another MP looked at the nine financial giants at the long table and said, "maybe everyone thinks you should at least apologize." At the hearing, there were angry words from members, which made several other giants except Andy's face expressionless and helpless to apologize for the situation in the financial industry. "Good money needs to be used on the blade. I want to know where the money of government aid goes? "Paul, a member of the donkey party from Pennsylvania, began to have a problem and asked in person. In fact, these people are still dissatisfied with the generous salaries and dividends paid by financial institutions, and Congress wants to ensure that aid funds are not abused. "Are these funds being used for re lending?" asked Paul, looking down at the long table with a serious face and a cold voice? How do we know how much more aid is needed? Who needs it?... Who can guarantee that the money will not be wasted? "The CEOs of Citigroup, Bank of America, Wells Fargo, Goldman Sachs and Mg Stanley all said they had lent as much as they could. The CEO of Mg chase said the company lent $150 billion in the fourth quarter of 2008. When people's eyes fell on Andy's face before he spoke, Andy said calmly, "we, Yingtai bank, have been lending, and our loans have increased since receiving the aid funds. In the last quarter alone, we made $10 billion in new loans, including $3 billion in new loan commitments and $7 billion in residential mortgages, three times the amount the Ministry of finance has made to Yingtai bank. " "You all said that you have lent out the money, but so far, the operation of the financial industry has not improved significantly, and the credit market is still sluggish. Many people still don't have access to loans to buy cars, houses or pay for school fees, and banks don't seem to lend money. If you can't use the money effectively, you might as well give it back to the government. " Asked Paul, the donkey MP, with angry hostility, staring at the nine giants. "I can say responsibly that Yingtai bank uses these funds to increase lending rather than pay executives, lobby the government or pay dividends to shareholders. As for returning the money to the government before leaving, I'm sorry. According to the loan agreement, we need to pay interest. If we pay back the money now, is it a government default? Will the government compensate for the losses caused by the recovery of the lent funds? " Andy's mouth curled up, and he asked Paul with a sneer. "I want to know where the money went? If you come up with proof, please find a way to return the money before you leave Washington! " Congressman Paul also looked at Andy without any weakness and asked. "OK, Mr. senator." Andy smiled and ignored other financial giants with big changes in face. He didn't turn his head back. He raised his hand and made a loud finger. He sat behind him and immediately put a pile of documents on the ground. Andy smiled and faced the crowd and camera lens and raised the documents in his hand. "Here are the details of the 3 billion dollar loan, each of which can be verified. Of course, it's all high-quality loans, after all, secondary loans The loan is too risky. Please check with the senators When the hearing staff handed out the documents to the members with slightly ugly faces, Andy's handsome face had a warm smile for the first time. He put his hands on the table, played with a signing pen, and smiled: "since no one is responsible for the compensation for the loss, then, why should I pay back the money borrowed by myself now?"
