In January after Christmas, Stanford University started its second school season, and Duqi entered a tense state of study again. In addition to studying, Duqi occasionally went to see the brothers Li Zeju and Li Zekai on weekends, but when the Spring Festival approached, they would go to Hong Kong.

Americans are just on the Spring Festival, so naturally there is no holiday. In order to celebrate the Spring Festival, Duqi took a leave and went back home. He hung red lanterns and pasted Spring Festival couplets.

This Spring Festival couplet was written by Duqi. How to write calligraphy in brush was learned from an old man in Chinatown, New York when he was a child. However, Duqi practiced less frequently, so the words he wrote were only barely attracted to the eye, which was far from the master or something.

The family sat together to make dumplings at night. Not to mention whether there was a Spring Festival Gala at this time, even if there was one, it would be impossible to receive a signal in the United States. Therefore, the three of them in the family, including Aunt Zhao and Li Qiang, who was planning to get married and move out recently, had five people in total. They made dumplings and chatted together.

Du Qi was responsible for rolling the dumpling skin. While working hard, Du Rulin said: "Our family is getting more and more prosperous this year, but it seems that the Su family has a problem. I heard that the bank where Xiao Su is located layoffs and Su Ze will be fired soon."

Li Yan was stunned when she heard this: "Feed? Xiao Su should be an executive of that bank."

"It's the deputy general manager." Du Rulin said: "The general manager is the chairman of the bank. He is usually the manager of Xiao Su. However, this time I heard that the bank invested in junk bonds and lost a lot of money. As a result, the general manager said that it was all Xiao Su's problem and wanted to fire Xiao Su."

Du Rulin paused and continued: "Xiao Su asked me to drink a drink two days ago. After drinking too much, he told me about this matter, saying that he had advised the general manager not to invest junk bonds. As a result, the general manager insisted on doing things alone. After a few months, the bank seemed to have lost millions, but the general manager blamed Xiao Su on his head, saying that it was all Xiao Su's fault and he wanted to fire Xiao Su. This matter has basically been settled. You say that this matter is so troublesome that you will not even let a year live."

Li Yan also said after hearing this: "Then foreign devils are not like this. They take advantage of it. They blame us when encountering problems. Moreover, they are only in the New Year, so how can they care about our ideas? I think that bank will go bankrupt sooner or later."

"It's almost done." Du Rulin said: "Xiao Su told me when she was drinking. Now the bank has lost millions, including the depositors' money. Now the bank is insolvent, and the economy has been in a downturn in the past two years. There were not many depositors with depositors in small banks. After a while, the depositors cannot get the money when withdrawing money. Sooner or later, the bank went bankrupt."

Duqi listened from the side that the gold in the United States after World War II has created more than 20 years of economic prosperity in the United States, and many large and small banks have emerged. However, with the emergence of the economic crisis, problems began to arise.

Duqi has always been concerned about the economic situation in the United States. In the past few years, factories have been closed down, and some factories have moved to Taiwan, Hong Kong and other places where labor is cheaper. The transfer of these primary industries has created the so-called four Asian dragons.

However, the advanced manufacturing industries in the United States are also not very prosperous. Those large investment banks with capital are not doing well. Many small and medium-sized banks are facing various problems of economic crisis. It is extremely difficult to survive until now. In the past two years, it is estimated that a group of small and medium-sized banks will go bankrupt due to lack of sufficient funds.

The bank where Su Ze was located could barely support it, but it was obvious that the chairman of the bank wanted to make a try, but he invested in junk bonds, but ultimately failed.

In the end, the chairman shifted the blame to Su Ze, but the bank itself probably won't last long.

Duqi also knows about the junk bonds invested by banks. Junk bonds are also called high-risk bonds. Bonds that are generally rated as Bbb level or below by rating agencies are all in this category. The default rate is very high. If you buy rashly, you can easily cause losses. It is not surprising that investment will cause failure.

Of course, there are people who have companions and make a lot of money from investing in junk bonds. Michael Milken is one of the best. He discovered business opportunities from it. Some large companies cannot go bankrupt because of the need. Therefore, some junk bonds have low credit but high value. After providing interest income higher than A-level bonds, they can be sold out after packaging them.

So while collecting these valuable junk bonds, he sold them to various funds and investors to make profits, and used this to promote the "leveraged acquisition" model to promote corporate mergers and acquisitions.

From exploring in 1974 to successfully obtaining profits in 1976, and then starting to make all his efforts in 1977, he made a lot of money in just a few years and became Wall Street's leading bond underwriter.

Milken had an extremely strong intuition in this regard and could always easily find the most valuable things from a bunch of junk bonds. Duches read some of his information in his previous life. By the early 1980s, this guy basically monopolized US junk bonds.

Before being imprisoned in 1987, Milken made at least billions of dollars in profits from junk bonds, worshipped by countless Wall Street peers, and some even compared him with Morgan.

Of course, Milken is very persistent in money, or is very persistent in being able to make money, regardless of the size of the tree. He is a very stingy person who is unwilling to share his interests.

In 1986, Milken's Dechuang Securities made a lot of money. Milken gave a trader a year-end bonus of $10 million. Is it a lot? But do you know how much year-end bonus he gave himself? $550 million!

That's right, the 550 million US dollars in the mid-1980s was still a huge sum of money even after twenty or thirty years, let alone when the US dollar had not depreciated in the 1980s.

Another thing is that once he argued with a colleague about a market fee, and argued that he wanted to be a long time. The client was developed by a colleague, but the client was Milken's relationship with this business, so he insisted that the fee belongs to him.

In the end, the company gave the money to his colleagues, and for several months later, Milken was still muttering that his colleagues shouldn't get the money, so how much is it? It's just $12,500, not even enough for him to be free for a night.
Chapter completed!