Rebirth of the Strongest Tycoon

The latest website: The crisis facing the Continental Illinois Bank is not only unwilling to see the US government, but even the Rockefeller Foundation and the Morgan Foundation are unwilling to see it.

So after the James McCormick event, other bigwigs are also behind the scenes.

At noon that day, the Office of the Comptroller of the Currency, the main US regulatory agency, held a press conference. Todd Conoville, the head of the agency, publicly stated that it had no reason to question the solvency of the Continental Bank of Illinois.

In the afternoon of the same day, Moody's, one of the world's three major rating agencies, once again issued a rating for the Continental Bank of Illinois, which is still AAA.

The two consecutive bombs have really helped foreign financial institutions stabilize some confidence.

But after the day, there were still as many as 16 banks that applied to withdraw their deposits, with a total of 1.06 billion US dollars.

When Harris Rothier saw this, of course he would not be reconciled.

He continued to manipulate the media behind the scenes to cover the Continental Bank of Illinois news, and was no longer limited to the financial media, but expanded to other news outlets.

In these news, it is also pointed out that some banks have deposits in the Bank of Continental Illinois, and there is a risk of loss.

He wants to use this method to force other banks to withdraw funds and avoid possible troubles for himself.

In addition to this, he used other means, and the result is that after going to work on May 24th, the Chicago Mercantile Exchange withdraws $50 million from his account at the Bank of Continental Illinois!

The Chicago Mercantile Exchange itself is an old-fashioned large-scale futures exchange, where domestic and foreign financial companies gather, and it has the influence of a weather vane.

And the Chicago Mercantile Exchange is a loyal and old customer of the Continental Illinois Bank. The cooperation between the two is very close, and the former should be the most aware of the latter's situation.

When it chose to raise $50 million, the news couldn't be hidden at all, and it instantly spread throughout the commodity exchange.

The heads of all financial institutions were tingling scalps, realizing the problem had gotten worse.

The one who responded the most was James McCormick!

When he got the news, the whole person jumped up from his seat,

As if the bottom of the butt was on fire.

In the face of the facts, the OCC's assurances and Moody's certifications also appear to be ineffective.

On the same day, the overseas customers of the Bank of Illinois in mainland China made massive withdrawals, and the application volume in one day was as high as 1.57 billion US dollars!

In addition to yesterday's, a total of 2.63 billion US dollars of funds have stopped rolling or been withdrawn in two days.

Continental Illinois Bank's liquidity is about to be emptied, leaving less than 50 million US dollars, and it is still pressing that the withdrawal application of 780 million US dollars has not been approved.

James McCormick didn't dare to approve it, because he couldn't get the money after he approved it. It was the best way to hold back the application at this time.

He immediately called Volcker, Chairman of the Federal Reserve, Isaac, Chairman of the Federal Deposit Insurance Corporation, and Conova, Director of the Financial Institutions Inspectorate. All three became nervous after receiving the news, and immediately called their subordinates to discuss countermeasures.

And James McCormick didn't give up on saving himself.

That night, the patriarchs of the four major families of the Chicago consortium gathered again.

"James, what's going on?"

As soon as he sat down, Kirsten Wood hurriedly asked.

James McCormick did not hide it, and informed the three of the situation. After speaking, he immediately said worriedly: "We must make a decision immediately!"

"Tomorrow is going to be even worse, with a good chance of over $2 billion in withdrawal requests or more!"

Valk Kron nodded solemnly: "Yes, we must give up."

"Continental Illinois Bank cannot fail. Our four banks have close business ties. If Continental Illinois Bank collapses, our other three banks will also be at the very core of the storm, and there will be the risk of being run on bankruptcy."

"The bank must not go wrong. Once there is a problem, all our companies will be unlucky!" When Simmons Armor said this, he looked sad.

The big four banks are the financial core of the Chicago consortium, linking all the companies in the consortium.

Each company is a customer of the four major banks, and the cash flow is not mentioned through the four major banks. There are also a large number of loan businesses in the four major banks, and the collateral is the company's equity.

If the big four banks go bankrupt or are taken over, it is equivalent to the entire Chicago consortium being taken over.

Unless the loan relationship between the company and the bank is terminated in advance.

But, it also has to be rich!

Now the four of them have taken money from other companies, and the total amount has reached 8.3 billion US dollars. Now the capital chain of each company is tight.

Even if all the 8.3 billion US dollars are paid back, it is not enough for major companies to repay their loans. It would be good to keep some of them.

"Let's not hesitate. Although James has applied for help from the Federal Reserve, Federal Insurance and the government, the efficiency will be slower."

"Even if they choose to help, the funding is not free and the amount is unknown."

"Give up the attack on the Canadian foreign exchange market. We have withdrawn completely, not only from the four major banks and other financial companies, but also from our own privately invested funds."

"At the current Canadian dollar exchange rate, we've actually made a lot of money that could be used to ease the crisis."

"Of course, we'd better surrender to the Rothier family and ask them to stop their attack on the Continental Illinois Bank."

Kirsten Wood sighed and suggested decisively.

"But they will seize the opportunity to press our price, and we will lose at least $200 million!"

Simmons Armour smacked his lips and shook his head, saying that he was not feeling well.

This is foreseeable. Clearance delivery, if it is delivered with several major Canadian banks and related financial institutions, will definitely be suppressed by the price.

And if it is traded with other new entrants, it may be better, but there will be big problems in terms of time and efficiency.

After all, there are too few powerful big hot money.

The four major banks and related financial institutions alone, plus the privately invested funds of the four of them, amounted to more than 20 billion US dollars.

"We have no choice. If we surrender to the Roshir family, evacuate in all directions, or even help to make a fool of ourselves, the Roshir family should be willing to give up and continue to attack us."

"After all, we have withdrawn, and there is no direct conflict of interest with them."

As soon as Kirsten Wood finished speaking, Simmons Armour said: "No, if the crisis in the Continental Illinois Bank expands, it can definitely contain the funds and strength of other big domestic banks, which indirectly weakens the backup force of the bears. , it is extremely beneficial to the bulls like them, and they will not necessarily let us go.”

"Forget it, let's try it. If they don't want to, then forget it." At this time, James McCormick finally expressed his attitude.

The others looked at each other and nodded in agreement.

"Let's get started tonight and negotiate first."