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Marcelo left, but Miranda had many questions.
Standard & Poor's is very reputable in the United States. It is very unwise for Yi Xiaohai to choose to short S&P. As long as S&P holds a press conference, those rumors may no longer be a problem.
Yi Xiaohai smiled, his smile extremely bright.
"The credibility of S&P is bullshit. As long as they dare to hold a press conference, they will die even worse!"
Many people have the impression that Standard & Poor's is absolutely fair and trustworthy, but they have ignored one essential fact: Standard & Poor's is a company, and the company needs to make profits. How does it make money?
Generally speaking, companies pay Standard & Poor's to evaluate the grade of debt securities issued. Standard & Poor's benefits from the issuer. Making money becomes their main purpose, and the ratings are secondary.
People in the industry are well aware of their paid gameplay, but everyone abides by the rules of the game, and S&P collects protection fees, which can help them make money, so naturally no one will expose it.
In this context, Standard & Poor's ratings are often meaningless and are just used to deceive retail investors in order to cut leeks.
Yi Xiaohai remembers clearly that part of the cause of the 2008 global financial crisis was precisely caused by Standard & Poor's and other rating agencies.
Since 2007, CDOs, which have been given the highest credit rating of AAA by Standard & Poor's, have very low risks in everyone's opinion.
actually not,
They gave the credit rating of AAA to the riskiest loan pool. When investors purchased a large number of CDOs marked with AAA, they were burdened with staggering losses and could not sell them.
For example, the 341 million dollar CDO bond issued by Credit Suisse was rated AAA and ended up with a loss of 125 million dollar.
¡°In addition, the ratings of the Big Three rating companies, including Standard & Poor¡¯s, are based on political factors rather than sound financial analysis.
For example, in November 2013, Standard & Poor¡¯s downgraded France¡¯s credit rating from aa+ to aa on the grounds that France¡¯s policies will not be able to stimulate economic growth.
In August 2011, S&P stated that it would adjust the rating of U.S. Treasury bonds, and finally discovered that there was a $2 trillion error in the financial analysis report that S&P relied on.
The credibility of S&P is only superficial. At heart, it is just a capitalist who eats people without spitting out their bones.
For example, in the Internet finance industry, Standard & Poor's plays a very disgraceful role. They are related to investment banks and give high ratings to Internet companies, which directly leads to the expansion of the Internet bubble.
Therefore, the so-called rumors Yi Xiaohai walked in the market are all based on evidence, but they are not too detailed, which is also a pit dug for S&P.
As long as S&P comes out to clarify, the next second Yi Xiaohai will use the media to sort out and publish the problems that have arisen in their ratings of Internet companies.
Some things don¡¯t need to be explained too much, just facts. Those data can directly slap S&P in the face, and can also cause problems with S&P¡¯s credibility.
Whenever there is a problem with S&P, the stock price of its parent company, McGraw-Hill, is bound to plummet.
A sharp fall in McGraw-Hill's stock will have a chain reaction, and the stock prices of Vanguard Group, State Street Corporation, and BlackRock Institutional Trust will also suffer.
With the news from Pakistan, Vanguard Group, State Street Corporation, and BlackRock Institutional Trust Company are expected to be miserable.
Yi Xiaohai estimates that the 12% decline is relatively conservative, and it is very likely to reach a 20% decline.
Although Miranda doesn¡¯t know why Yi Xiaohai went around in such a big circle to short-sell Vanguard Group, State Street Corporation, and BlackRock Institutional Trust Company,
But he knew that Yi Xiaohai had obviously come prepared and would not give up until he achieved his goal.
Miranda¡¯s purpose is very simple. As long as he can make those guys in the United States unlucky, he will be happy, not to mention that there is profit in it.
"I'll call home. This kind of good thing cannot be done without me"
Yi Xiaohai looked at Miranda's back and grinned.
If the five major families in Pakistan and Miranda and others join, the stock prices of Vanguard Group, State Street Corporation, and BlackRock Institutional Trust Company are expected to be miserable.
¡¡
In the United States, Standard & Poor's is holding a board meeting.
They have announced a press conference, but have not determined the final strategy.
¡°Although I don¡¯t know where the rumors in the market come from, it is basically certain that the other party is well prepared. If we respond positively at the press conference, they will have back-ups, and we will be very passive by then.¡±The public relations department of Standard & Poor's Company is not a vegetarian. It is very foreseeable and knows not to take advantage of it.
But his words were opposed by many people.
"The stock price of the parent company has already fallen by 6%. The news that we held a press conference has curbed the momentum. If we don't respond positively, the people behind it will still take advantage of us."
¡°I also think a positive response is needed, otherwise what is the point of the press conference?¡±
"Can your public relations department do it? If not, please replace it."
?????????? Most of the senior management raised objections, but the person in charge of the public relations department didn¡¯t look good:
"You announced a press conference without my consent, and now you want to blame me. How shameless are you?"
Being able to be the person in charge of the public relations department usually requires a certain background, so the person in charge does not give those high-level positions at all.
When the accident happened, he had just returned home from a business trip and his chair was still warm, so the company summoned him back.
It was only when I arrived at the company that I realized that those idiots wanted to hold a press conference, which was no different than seeking death.
There is a saying that what is true cannot be false, and what is false cannot be true.
Although the rumors in the market are not very detailed, they are basically facts. The best way for the company is to remain silent.
Because staying silent can keep things unchanged and adapt to changes, it also shows S&P's disdainful response to rumors, rather than a guilty conscience.
It is normal for the parent company¡¯s stock price to fluctuate. As long as the financial report is good-looking, profitable, and can bring direct benefits to shareholders, the stock price will naturally rise.
When holding a press conference now, there must be many sharp issues to face. Even if the company goes around in circles, there is no way to avoid all problems.
The principle of the public relations department is not to tell lies. Even unfavorable news will be presented in a different way, because lying requires more lies to cover up, which is not advisable.
The current thinking of the top management is to blatantly lie in front of the media. It is foreseeable that they will be ruthlessly exposed.
Therefore, the person in charge of the public relations department will definitely not answer.
He directly said that if the company insisted on responding to the problem head-on, he would choose to resign.
Rather than working with a bunch of idiots, it¡¯s better to change the working environment. Many big companies will be competing for his background and abilities.
He won¡¯t compromise with the higher-ups, he¡¯s just so tough.
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