New York, Times Square.

On the pedestrian street, people were coming and going. Zeng Li was wrapped in a thick down jacket, holding Lu Fei's arm, walking through the shopping mall shops.

The bodyguards in front and behind him are always vigilant.

"It's noon, let's find a restaurant to eat."

Zeng Li looked sideways with a bright smile on her face.

Lu Fei nodded and said nothing. His attention was deeply attracted by the subtitles on the LED scrolling screen at the entrance of the investment bank——

“Fox Business News: Mortgage delinquencies hit new high of 1.1 million.”

"The interest rate of P2P online loans reached a new low, only 46%, and the transaction volume in 2006 hit a new high."

"..."

Wang Ben followed closely and saw Lu Fei suddenly handed over the shopping bag and then took out the vibrating mobile phone.

The caller ID read: John Paulson.

"Hey, John, I'm calling at this time. Do you have good news or bad news?" Lu Fei smiled playfully.

"The good news is that the mortgage default rate continues to rise, from 5% to 6%, which is one step closer to the 8% point where subprime mortgages completely collapsed." There was no joy in John Paulson's tone.

"Where's the bad news?" Lu Fei suppressed his smile.

"The bad news is that no one jumped off the building. Damn it. Subprime bonds are obviously plummeting, but the CDOs packaged with junk bonds are becoming more and more valuable!"

John Paulson is gradually losing his composure.

Lu Fei was unusually calm, "Have they lowered the ratings of CDOs or mortgage bonds?"

"No, they are all the same, they are all 3A level!"

John Paulson said angrily: "Moody's, S&P, and Fitch have all fallen, and they are all collaborating with them. Lu, we must find a way to expose the rating agencies' involvement in fraud and let the media expose this scandal.

Completely exposed!”

"No, no, John, have you contacted the media?"

Lu Fei walked into a Chinese restaurant and sat down alone.

"I looked for it. I looked for a friend who was an editor at the Wall Street Journal, but he actually told me that he would not bet his career on this fake news."

John Paulson stressed: "Haha, fake news."

Lu Fei pointed at the menu and ordered, "It's normal for him to refuse."

"It's not normal, it's so abnormal. I even showed him the conversation recordings investigated by the rating agency, but he still thinks it's fake news." John Paulson said dissatisfied: "Lu, I need your help, you

There must be media resources for this, right?”

"Calm down, John, calm down."

Lu Fei hurriedly reassured: "You might as well think about it, just like no rating agency dares to rate Wall Street bonds below A grade, naturally no media will dare to report it and offend the entire Wall Street."

"What do you mean, the media has followed the capitalist trend?" John Paulson immediately understood.

"uh-huh."

Lu Fei smacked his lips. The entire subprime mortgage industry bundled Freddie Mac and Fannie Mae, the five major investment banks, private securities, the three major rating agencies, various credit companies, hedge funds, private equity funds, pension funds, etc. into one

group.

Naturally, I tried every possible means to cover the lid.

Now they are dealing with such a behemoth.

"Those bastards, bastards!"

John Paulson was pacing back and forth, and out of the corner of his eye he saw the ABX market, Lehman and Merlin frantically buying stocks before the market closed, taking another 3.9 million in collateral.

In one morning alone, the ABX index rose 2 points.

For CBS alone, the floating losses on the fund's books reached $50 million, not counting losses from bearish positions on the index.

It is clear that house prices have begun to fall and default rates have begun to rise, but John Paulson has not made a penny and is still paying compensation.

What kind of bullshit is this!

"Don't be anxious, stay calm, I will take action when it's time to take action." Lu Fei knocked on the table disapprovingly.

Wall Street thinks it controls the position of public opinion, but little does it know that times have changed, and YouTube, Facebook, Twitter and other new forces have emerged, obviously greatly underestimating the influence of new media.

"But the worst thing now is that the risk assessors from Bear Stearns came to my fund, and the leader was James Caan." John Paulson couldn't help but support him, "They are trying to persuade, no, to persuade other investments in the fund.

They put pressure on me to sell at least half of the CDS we have."

(PS: In reality, hedge funds hold CDS with a paper value of US$25 billion.)

"Kane's idea is quite beautiful. It could be worth US$20 billion, which would completely unbalance the long and short parties of the entire ABX and even the subordinated bonds. Those who are long can make a lot of money."

Lu Fei smiled coldly.

"Yes, not only do they want our insurance premiums, they also want to take away everything we have." John Paulson turned back and looked through the glass window at the people in suits and ties indoors.

"John, if you hold on firmly, there will be a turn for the better."

Lu Fei said seriously: "Do you dare to continue to take orders?"

"Of course, I've been carrying it for more than a year, I might as well do it for another year or two." John Paulson gritted his teeth. Carrying orders is a kind of mental torture, not to mention resisting pressure at a disadvantage.

Lu Fei smiled and said: "Great, then I hope you can calmly turn around to the conference room and politely say to Kane's helper, 'No, fuck you, get out'!"

"Snapped."

John Paulson's confidence greatly increased, he put down the receiver heavily, and then walked back to the conference room. He saw James Caan and others talking and laughing. He seemed to have a chance to win, but he felt unhappy for a moment.

"John, how do you think about my suggestion?"

James Caan takes a sip of coffee.

"What if I do what you said and the fund loses money?" John Paulson took out a tissue and spit out the gum.

"Haha, I have already thought about this problem for you."

James Caan said sadly: "While Lu Fei trusts you without warning, you can sell all the CDS in your fund to Lu Fei, and give all the losses and risks to the Trisolaris Fund. Since he is short on subprime mortgages,

, just leave him alone..."

"You want me to betray Lu?"

John Paulson smiled coldly in anger.

"John, do you want to die with Lu? It's too late for you to get out now. Even if Lu wins the bet in the end, your fund can still charge handling fees. Isn't it great!"

James Caan shrugged.

"Shut up, Kane!"

John Paulson's eyes were filled with murderous intent, "I just want to say, No, Fakeyu!"

"John, you know who you're talking to!"

James Caan slammed the table and stood up.

In 2006 alone, he brought a profit of US$2.1 billion to Bear Stearns, a record high. Just like Richard Fuld's position at Bearsman, he also has a word for Bear Stearns.

Death, power is overwhelming.

At this time, do you dare to contradict the sponsor’s father?

"I've already talked to the fund's largest investor, Lu, and he said, 'Asshole, Kane!'" John Paulson swore, almost raising his middle finger in a fierce provocation.

Seeing him determined to follow Lu Fei all the way to the end, James Caan snorted coldly: "For some insurance compensation, you are pinning your hopes on the collapse of the housing market and even the entire subprime mortgage market. You are simply crazy. You will not stop

You know the consequences, the fund has suffered huge losses, can you bear it?"

"Don't worry, Lu Neng and I can handle it."

There is perseverance in John Paulson's eyes.

"I didn't talk about Lu. He has so many assets. He is the second richest man in China. I'm talking about you. How can you take the lead?"

"I can handle it."

"You can't stand it."

"It's worth it."

John Paulson spoke firmly.

"You can't stand it!"

James Caan slapped the table and yelled again.

Bear Stearns' risk assessor threatened: "John, don't forget, the fund has exceeded the stop loss range. We have the power to disqualify you as the fund manager. Even if you are in trouble, we can't do it for you. You have to be tough."

Don’t forget this.”

"I didn't ask!"

John Paulson didn't want to say more, so he opened the door of the conference room and made it clear without a doubt: Get out of here!
To be continued...