[282]Pandemonium, Wall Street 3
The Goldman Sachs Group, Inc., an American investment bank and the largest company in the global financial market, started as a bill trading company founded by German Jew Marcus Goldman and dominated the financial market in the 21st century.
A total of more than 30,000 executives and employees in 50 offices in 23 countries make money regardless of borders and types of currency.
Also, during the time of Presidents Bill Clinton and George W. Bush, people from here served as Treasury Secretary, so much so that there was even a saying that it was the U.S. Treasury Secretary Military Academy, and they lifted all kinds of regulations and gave wings to Goldman Sachs.
They manipulated the financial ledgers to allow Greece to join the European Union, and as a result, they are considered the main culprits in Greece’s bankruptcy and the subsequent European financial crisis.
However, because this company made enormous profits in the process, it symbolizes the evils of neoliberalism and financial capital.
Finally, on Friday morning, D-day, as I stood in front of Goldman Sachs’ headquarters, the future of this company came to mind.
Even if close to 10 million American citizens lose their jobs and close to 6 million people lose their homes due to America’s financial collapse, they collect hundreds of billions of won in dividends, collect bonuses, and pop champagne.
The company that is collapsing will be rebuilt with the people’s tax money anyway, and will once again waste money by creating derivative products that are no different from fraud.
I thought about spitting on him once, but decided against it.
It suddenly occurred to me that I, too, was just like these people, just in a different way, saving money.
“let’s go.”
The TFT team leader who followed me swallowed dry saliva and followed me. The billion-dollar contract made him nervous.
“You crazy bastards… .”
As soon as I entered the lobby, Korean curse words suddenly came out.
The lobby of Goldman Sachs was filled with more expensive items than luxury furniture stores in Nonhyeon-dong.
Marble on the floor and walls was acceptable, but who would have thought of making the information desk out of marble?
The chairs prepared for those waiting in the lobby for a short period of time are also luxury items, each costing more than 1 million won. Dozens of such chairs are lined up like a subway station.
This was my first time experiencing this kind of money. Just as swear words were about to come out of my mouth again, the team leader who came with me raised his hand and greeted someone.
When we followed him into the conference room, three people were already waiting for us. One executive, two managers. Their eyes flashed and their tongues flicked out to swallow my money.
* * *
“If you really want to do it, I won’t stop you, but for moral reasons, I have something to tell you.”
The man who looked the youngest but had already risen to an executive position said with a smile.
“Please speak.”
“We already have a similar swap. I signed a contract two years ago… .”
He must be one of those people with great insight that Rachel mentioned.
“The difference is that if you signed a contract two years ago, you pay a premium every month. At first, the premium was low, but as the price of mortgage-backed securities rose, the premium went up. Now I’m paying an insurance premium of around 9%. “We are seeing huge losses.”
“So you want our terms to be on a monthly basis, not a yearly basis?”
“no. Just to let you know. “If you believe the rumor that mortgage loans are a lump of bad money, you will suffer huge losses.”
“Did you know that variable interest rates will be applied to home mortgage loans starting this year? “The delinquency rate is already increasing, but do you think there is no insolvency?”
I wanted to see what they thought.
I wonder if they truly believe it is safe, or if they are trying to hide their mistakes.
“Mr. Jin, securities are not loans. AAA rating is the default, with some non-performing loans mixed in as well. That’s why it’s a good product. Because AAA grade fully compensates for the loss of B grade. “You wouldn’t throw away a perfect steak just because it had a strand of tough tendon, right?”
“Right now, housing prices have risen so much that they are going through a bit of a correction. “There is no crash.”
One manager also quietly opened his mouth.
“I understand what Goldman Sachs is thinking. But it’s not enough to make us withdraw our thoughts. Oh, of course, thank you for the information.”
The young executive shrugged his shoulders and clapped his palms together.
“Then, shall we take a closer look at Miracle’s thoughts in detail?”
The three of us opened the summary we had prepared and read it in an instant.
“The product analysis is excellent. “It’s a miracle after all.”
“If we can amicably agree on two things, there will be no problem with the contract.”
After seeing their satisfied faces, I slowly opened my mouth.
“I will accept it even if the insurance premium is paid monthly. Also, there is already a precedent of signing premium terms, so we will follow that approach.”
The team leader who came with me looked at me with a worried expression.
If it is a premium, when the value of the security rises, the premium to be paid rises sharply. Insurance premiums can quickly skyrocket to levels that may become unaffordable.
I nodded my head slightly towards him. It was a signal to reassure, but the worry did not disappear from his face.
“I feel like I’m calming down because you’re telling me what we need to say. haha.”
Before the young executive’s laughter ended, he stated another condition.
“Similarly, since there is precedent, the insurance rate is set at 4.8%.”
He stopped laughing and showed his disapproval.
“Oh my, the same conditions as two years ago? “That might be a bit difficult, right?”
“Why is it difficult? If the value of home guarantee securities has fallen, the risk has increased, so insurance premiums should also rise, but isn’t the value of the securities steadily rising compared to two years ago? Doesn’t this mean that the risk has been reduced? Even if the conditions are the same, there seems to be no problem… ?”
The three people, who were licking their tongues, asked for understanding and then exchanged whispers among themselves.
After a while, he cleared his throat and spoke.
“What do you think the swap amount will be?”
“It sounds like you are willing to accept my conditions depending on the amount?”
“That’s right. “If it exceeds $100 million, we will sign the contract at 4.8%.”
done!
Even if it were 5% or 6%, I would have accepted it. There are few places like Goldman Sachs that handle large sums at once.
“Wow, all remaining problems are solved in one go.”
The three people looked puzzled when they saw me smiling brightly.
“Since it’s $1 billion, isn’t the entire amount and insurance rate summarized at once?”
Their facial expressions were truly worth seeing.
I was surprised by the huge amount, and I was also happy that a large amount of public money, $48 million, or 4.8% of $1 billion, was rolling in.
And, just a little bit, he seemed weak, shaking from a bad bet while holding an ace of four cards on a poker board.
“Can I interpret the fact that you didn’t say anything positively?”
“Oh, excuse me. Of course, you can interpret it positively. No, do we have to ask? haha.”
The team leader who came with me was constantly sending and receiving text messages. We are currently checking the status of employees visiting other financial companies in real time.
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I wrote numbers on the blank space of the thick contract.
4.8% and $1 billion.
The moment we finished signing the contract, we both smiled broadly.
How common is a contract in which both parties are satisfied like this?
They pushed their chairs aside, stood up, and shook hands with each other. Strength naturally enters your hands.
At this time, the team leader who came with me whispered in my ear.
“Contracts were signed for all 26 locations, including London.”
A young executive at Goldman Sachs said as he saw my smile becoming even brighter.
“It looks like some good news has arrived.”
“yes. “The news is that we have signed a very good contract.”
“Oh, congratulations. “Can you give me some insight into what it is about?”
“You will soon find out. It’s hard to hide something like this anyway. “There’s no wall hiding secrets on Wall Street, right?”
There are two things that quickly spread word of mouth. Either someone hit the jackpot, or they hit the jackpot.
“You better keep your ears wide open. “Isn’t Miracle reputed to be a successful investment?”
He doesn’t realize how contradictory his words are.
Now that the contract has been signed, there is no turning back. I gave him a little hint.
“We, Miracle, are famous for successful investments. “Then, isn’t this contract signed here today also a successful contract?”
I shook the thick contract lightly.
Our success means their failure. A successful contract that satisfies both parties is… Very rare.
Only then did the smiles disappear from their faces.
Humans are reluctant to think about bad things. So the possibility is also reduced.
They may be feeling their worst nightmare, a possibility that they have minimized and treated as something that would never happen: a collapse of the U.S. housing market, creeping out.
“Well, time will tell who this deal will be successful for. then… .”
I left the frozen people behind and left the conference room.
The sunny New York sky is even more beautiful today.
“Shall we go for lunch? How about a delicious hot dog and hot coffee?”
I walked to the food truck around the corner with the team leader, who still looked anxious.
* * *
That afternoon, all Miracle employees were given a large bonus and sent off work early.
I wanted to share a little of my joy, and I know that the best way to do that is with unexpected money and free time to spend it.
I wanted to celebrate alone, so I went to the bar I went to with Rachel.
While I was sipping beer and laughing heartily, I could hear whispering coming from all over the bar.
“Miracle has been acting crazy all day… “Did you hear that?”
“of course. “Is there anyone who doesn’t know that news?”
“How much did you spray?”
“I don’t know the exact amount, but I guess it was all thanks to Miracle, right? “I heard that our Deutsche Bank alone is worth $12 million.”
“Damn, the executives must have gotten bonuses again.”
“Wouldn’t you be anxious? If Miracle’s crazy deed is successful, he’ll have to pay $240 million. “All departments signed that contract.”
“Have you seen something crazy succeed? I have to pay a huge amount of insurance money in the future… . “It looks like Miracle is going to close its doors as well.”
But they couldn’t laugh at my crazy behavior.
If you think about just one place, it is true that Miracle did something crazy. However, everyone guesses that the money poured into Wall Street is enormous. Just make a few phone calls and you’ll find out that it’s billions of dollars, and once the crazy goes beyond that level, everyone starts to think seriously.
Because of this, there were worried whispers throughout the bar, but no laughter.
“Did you know they did the same thing in London?”
“London? The City?”
“okay. I heard that a $600 million credit default swap contract was signed with the Bank of England. “Couldn’t it have been a real tens of billions of dollars swap?”
“If only, really. “What happens if Miracle’s bet is correct?”
“What happens? “Wall Street is all f*cked up.”
It’s Friday evening. Two days from now until Monday.
Those who quickly read the warning light will be busy working, holding emergency meetings, and those who still think I’m crazy will be excited because they caught something big.
“Hey, Son.”
A middle-aged bartender with gray hair said as he placed a beer bottle in front of me.
“Didn’t you and Rachel talk about $70 billion and all here last time?”
“It was like that. Do you know Rachel?”
“of course. She’s a regular here. “My routine is to drink a couple of my favorite cocktails and then leave work.”
“okay.”
“I also know that Rachel is Miracle’s boss. So, does Miracle’s crazy behavior that is being talked about here and there have anything to do with that $70 billion?”
The bartender couldn’t hide his curiosity and asked with sparkling eyes.
I wanted to have a drink in peace, but my excitement was ruined.
I took out a hundred dollar bill from my wallet and put it up.
“Did you ever buy a house with a loan?”
“no. “I have no debt.”
“That’s a good thing. “Then sell this bar before it’s too late.”
“what?”
The bartender was so shocked that he didn’t even think about taking the hundred dollar bill.
“If you run a liquor business on Wall Street, which is full of only unemployed people, you will fail.”
I smiled slightly at the bartender with a blank expression and left the streets of New York at night.
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