Although the Morgan family's Stanley company has not had much market value due to its recent stock price drop, for a family like the Morgan family that has existed in M ​​Country for hundreds of years, those listed companies are just the tip of the iceberg of their family's wealth.

When it comes to the Morgan family, many people's first reaction is Morgan Bank and Morgan Investment Bank. Because these two financial companies are very famous internationally, many people think that the Morgan family's industry is only these two companies.

But many people don’t know that in addition to having a large industry in finance, the Morgan family also has large industries in other industries.

Just like in agriculture, the Morgan family hundreds of years ago was a peasant family. When they moved from Europe to the continent of America, the M country had not yet been established. At that time, the Morgan family used the wealth they brought to purchase a large amount of land here.

Later, the Morgan family's subsequent generations of talk were not just ordinary farmers. So with the efforts of several generations and various chances, the Morgan family eventually became the top family in the financial field.

But hundreds of years have passed, and the Morgan family has not given up their ancestral property back then, and in the past decade, they have spent a lot of money on this industry.

It is mainly because after global trade, the primary and secondary industries in M ​​Country quickly began to migrate abroad, and the main part of the entire country is to develop the tertiary industry.

So the Morgan family saw that many places were abandoned, so they asked the people below to purchase the land. After years of acquisition, the land owned by the Morgan family has reached a terrifying tens of thousands of hectares.

Although these lands are spread throughout the M country and more than a dozen states, these do not prevent the Morgan family from being indisputable in agriculture.

When Old Morgan was in power, these lands were all in the hands of the elders. After all, at this time, the development of agriculture in M ​​countries was not profitable at all, and at most they would get some subsidies from the government.

Although Old Morgan had long been disgusted with the common old people in the Elderly Council, he always ate and drank within the family with an old experience. So Old Morgan directly handed over the family's agricultural industry to them to manage, and the profits earned were regarded as their pension expenses.

Now that the old Morgan has been admitted to the hospital, the forces on the Elderly Council have had a fierce conflict with the old Morgan’s forces. However, the forces on the Elderly Council are all people with weak strength, and the subordinates of the old Morgan are all strong capitalists. If they fight head-on, it will definitely be a bit like hitting a stone with an egg.

So the Elderly Council needed some funds to strengthen their power, but where did the money come from? After all, the industries under their jurisdiction were not very profitable.

Finally, the veterans thought that although the land they managed was not very profitable to grow and farm, if they were sold directly, they could still be exchanged for a large amount of money.

So they began to look for buyers. For this buyer, they could not find any one from the agent. After all, there was too much land in their hands, and they could not sell it sporadically. They needed a strong buyer who directly acquired the land in their hands at one time.

The Morgan family is preparing to sell land, and Citibank is also preparing to sell assets.

Citibank's CEO never expected that he had just planned to repay the kindness of Morgan back then, so he made an exception and illegal loans to the other party, but something happened.

The plummeting share price of Stanley made Citibank anxious to recover the $5 billion loan, but Stanley didn't have so much working capital to repay the loan.

So Citibank sold all the shares that Stanley had mortgaged, but the money recovered was not enough to repay the loan.

So Citibank had to send people to Stanley to collect debts every day, but Stanley was also very straightforward, there was no money and there were still many junk bonds. If needed, those junk bonds could be used to repay the debt.

When Citibank heard this, it was still acceptable. Those junk bonds were not worth it when putting them on the market, and they had to pay for them in their own hands. How could they ask for your junk bonds?

But Stanley is also just cheating. If you don’t want it, you can’t. Anyway, you don’t have the money, so you can do whatever you want.

Citibank felt very difficult about Stanley's attitude. He wanted to go directly to the court to seal Stanley's contract and repay the loan. However, if he really did this, Stanley would really go into bankruptcy and reorganization, and it might not be their turn to get the compensation.

Citibank has long investigated the situation of Stanley. In the past half month, with the sharp drop in Stanley's stock price, many of the company's financial investment products have begun to explode, with debts reaching tens of billions of dollars. According to the current share price of this company, its market value is only 5 billion US dollars.

So Citibank began to sell some of its company's bonds and began to recover funds, while on the other hand, he went to find Lao Morgan.

Citibank's CEO idea is also very simple. Although Stanley is now insolvent, the Morgan family is rich. As long as the old Morgan's promise is still counted, he can get the money back from the Morgan family.

But unfortunately, Old Morgan is still lying in the hospital and has not woken up. The Citibank ceo looks at Old Morgan lying quietly on the bed through the glass, clenching his right hand into a fist, and his teeth are clattered. He is now a little doubtful whether Old Morgan pretends not to wake up.

However, even though he was very suspicious that Old Morgan was lying on the bed and pretending to be asleep, he could not go in to prove it, because at this time, there were more than a dozen big men in black standing at the door of Old Morgan's ward.

These people were sent by the subordinates of Old Morgan and the Elderly Council. As for the fact that they stood at the door of the ward to protect Old Morgan, but as for what they thought in their hearts, no one knew.

When Citibank's CEO saw this situation, he knew that the possibility of he wanted to get the loan back from Morgan was zero. Not to mention whether Morgan would directly let the other party go bankrupt after knowing the current situation of Stanley. Whether Morgan can wake up is another matter.

Citibank, which had not received any money, had to go back and urge his subordinates to seize the time to sell bonds and recover funds. After all, under the current economic situation, many people want Citibank to die. If the opponent knows that Citibank has a bad debt of 5 billion US dollars that has not been recovered, the opponent will likely start to take action.

Now Citibank is going to compete with them for time every second, and the news will always leak out, and Citibank can only recover enough funds as much as possible to deal with possible emergencies in the future before the news leaks out.

The $5 billion loan from Citibank to Stanley became bad debts, and it could not be concealed from the company's internal board of directors.

The directors of Citibank quickly convened a board meeting. They all chased Citibank's CEO at the meeting to give an explanation. The final result was that Citibank's CEO resigned, and the board of directors recommended a relatively young executive director to come to the stage to deal with the matter.

However, before Citigroup could handle this issue internally, the loan from their company was exposed by the media, and the news also followed by Citigroup's CEO resignation.

As soon as the news came out, it caused a huge sensation in the financial circle.

It’s not because Citibank’s CEO resigned, after all, many senior executives of the company have been fired in the past two years, so this is no longer important news.

Everyone was surprised that Citibank could actually lend Stanley $5 billion at such a critical moment. Although a large part of this money was loaned out because Citibank's former CEO violated the law, even so, there are still many people in the market who are worried.

On the one hand, I am worried about whether there is any problem with Citibank's internal system, otherwise how the 5 billion US dollars would be approved for loans under violations, and on the other hand, I am worried about whether Citibank's funds will have an impact on the company's operations after they cannot be recovered.

Although Citibank is a large bank with a market value of over 100 billion US dollars, under the current market economy, even a company with a market value of over 100 billion US dollars is likely to become nothing in a short period of time, just like the Aig Insurance Company ahead, it is also a company with a market value of over 100 billion US dollars. The result is that it goes bankrupt if it goes bankrupt.

So some people began to panic. After all, their money was all in Citibank. If there was a problem with the capital flow of Citibank, what would they do if their deposits were made?

So many people began to rush to Citibank to withdraw their deposits. As more and more people withdraw deposits, the liquid cash reserved in Citibank's vault soon disappeared, but there were still many depositors outside waiting to withdraw money.

There was no choice but to say hello to the Federal Reserve, borrowed a large amount of cash from their hands as collateral, and finally suppressed the storm.

But Citibank has only solved the problems of those small customers, and there are still many problems of large customers that have not been solved.

As a giant bank on Wall Street, Citibank not only handles deposit business for the public, but also handles private financial management business for many large customers. Now that Citibank has such a thing, those large customers who put their money here are destined to be unable to sit still.
Chapter completed!