After Greenspaner said the second sentence, everyone in the room was shocked.
Although the 0.35 conversion rate was
very unimpressive, everyone understood
that this was the biggest compromise that
the Fed could make.
After all, this money was equivalent to the
Feds’ free use of the central bank to save
the market. Since it was free, then you
should take the largest amount you could.
Similarly, the bigwigs also understood
why the Feds and Washington would
abandon Layman.
Suppose the Federal Reserve’s rescue plan used only 300 billion US Dollars in total. T o get Layman out of this quagmire, they would have to spend 200 billion US Dollars on Layman’s debt alone, so of course, it would be Layman that got the chops.
Everyone looked at Dugg with more sympathy now.
They knew very well that, if everything went smoothly, Dugg’s Layman would probably have no portion of the 300 billion US Dollars..
Greenspaner saw through everyone yet he was still expressionless. After that, he meticulously announced the third piece of news.
“The third decision is also the most important one. From now on, the Federal Reserve will conduct a comprehensive review of all credit housing loans across the federal government and, in conjunction with the Securities Regulatory and taxation and finance departments, we will thoroughly clean up all illegal lending activities.”
As he said this, Greenspaner’s eyes swept over everyone in the room maliciously and he continued softly, “Everyone, don’t do any wishful thinking. All the above decisions have been approved by the highest authority so there is no room for rebuttal and bargaining.”
After closing the document and placing his palm on the top of it, Greenspaner said calmly, “These are the measures currently prepared by the Federal Reserve. I hope you can understand that the current bad situation is not caused by Jasper Laine, but by the economic system itself.
“Therefore, more of us should look for the reasons in ourselves. You all know better than anyone who the real culprit of the overheating economy and the disorderly rise in real estate values is.
“That is all. Dismissed.”
After he finished speaking, Greenspaner’s eyes fell on Benett and he said faintly, “M r. Benett, please stay. The others can leave.”
Despite having many doubts and feelings o f dissatisfaction, Greenspaner had already said this, hence no one dared to provoke the authority of the pope of the US Dollars on such an occasion. Eventually, they stood up quietly and left.
After everyone left, only Greenspaner and
Benett remained in the meeting room.
Benett, who was slightly chubby, seemed even more easy-going in front of the lean and serious Greenspaner. He smiled and said, “Do you have anything you want to say to me that you can’t say in front of them since you kept me here?”
Greenspaner nodded and said, “Mr. Benett, I know that the investment company and fund under your name has just dumped 2 billion US Dollars in assets i In the subprime market.”
Benett nodded and said, “Yes, and I was the one who gave the order. The chaos this time made me realize that the subprime market of the United States has serious problems and I need to be responsible with my investors.”
Greenspaner nodded and said, “Yes,
that’s why I understand your decision very well.”
“Then, can I go now?” Benett asked.
Greenspaner ignored Benett and continued asking, “Mr. Benett, I need you to give me some advice. Do you think that the situation in the subprime market is beyond salvation?”
