What happened to the bankruptcy of Raymond Brothers in America?

The root cause of Lehman Brothers' bankruptcy Text: Lehman Brothers' share price has fallen by 95% compared with the highest price in early 2007, and it is still falling. The subprime mortgage crisis is fermenting, and Lehman Brothers holds a large number of non-performing assets involving real estate, which will trigger a domino effect in the financial field and will spread to the United States and even the world. Ge Lao said, "This is a once-in-a-century economic crisis." If not long ago, the US government was still trying to save Fannie Mae and Freddie Mac, then the collapse of Lehman was not because the US government didn't want to help, but because the hole was too big. This reminds me that Murphy's law originated from an American captain named Murphy. One of his colleagues was unlucky and casually said a joke: "If something is likely to be screwed up, let him do it and things will be screwed up." This sentence spread quickly. Another version is more story-telling: once at breakfast, Murphy accidentally dropped the buttered bread on the floor. Murphy thought it was best to land without butter, but he found that it was the buttered side that touched the ground. Murphy didn't care. Perhaps this Murphy was too careless, and then several times he dropped the buttered bread on the ground. He found that every time he touched the ground, it was always the buttered side. In the process of spreading these stories, they gradually lost their original limitations and evolved into various forms. The most popular form is: "If a bad thing is possible, no matter how likely it is, it will always happen and cause the greatest possible loss." Lehman crisis not only hit the company itself, but also brought great panic to the whole Wall Street. Some people compare Lehman with the failed Bear Stearns, but Lehman's influence will far exceed Bear Stearns. A hedge fund person who has worked on Wall Street for nearly 20 years told reporters at the party that night: "This is the most scary moment I have seen on Wall Street in 20 years." At present, in addition to Lehman Brothers, Merrill Lynch, the third largest investment bank in the United States, AIA, the largest insurance company in the United States, and Washington Mutual Bank all face similar problems because of the serious losses involved in subprime loans. More extreme statement: if the securities market is likely to go bad, it will definitely go bad and produce the greatest destructive power. No wonder Mr. Ge said the consequences would be serious. The root cause of Lehman Brothers' bankruptcy is greed, and the inducement is the abuse of financial derivatives. Greed is like the devil who rules the dark world. It seduces us to worship it like God. It leads us astray by intrigue, sneaks into our passion and emotion, and lays a net of desire, which makes us involuntarily fall into the ocean of desire and eventually sink, degenerate and even destroy. Greed and fear are twins, which affect people's thinking on both sides of things, making Lehman Brothers lose the reason it had for most of the history of 158. I don't believe that Lehman has no technical rational judgment and analysis. I just forget that greed is a risk, and fear will infinitely amplify this risk. When disaster strikes, people always think of praying for peace, don't they? Lehman Brothers also recruited a financial institution in China, which shows how absurd people's decisions are under the control of fear. Fear is enough to offset our efforts and methods to save ourselves with reason. Fear also disappeared here. You see, from September 16, 2008, the People's Bank of China decided to lower the benchmark interest rate of one-year RMB loans by 0.27 percentage points, and the benchmark interest rates of other term loans were adjusted accordingly according to the principle of short-term multi-adjustment and long-term multi-adjustment; The benchmark deposit interest rate remains unchanged. Since September 25th, 2008, except for ICBC, Agricultural Bank, Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank, the RMB deposit reserve ratio of other deposit-taking financial institutions has been lowered by 1 percentage point. Why don't you cut the deposit reserve ratio? Because they dare not do so, these banks must hold more bad bonds related to the subprime mortgage crisis in the United States than disclosed. This is just a gesture to save the market. Taiwan Province stock market was also hit hard on June 5438+05. What will happen to mainland stock market on June 5438+06? According to Murphy's law: there is no suspense, just how miserable it is. What I want to say is that the fear of danger is 10 thousand times more terrible than the visible danger itself, and the mental burden brought by anxiety is far greater than the misfortune itself we are worried about. Once resigned to fate, we can't get the liberation we want. Greed will kill people, and fear is not enough. Tell another story about Eskimos hunting polar bears. Polar bears are gentle and bulky in appearance, but they are actually very fierce. It is very dangerous to kill it by force. Eskimos have an idea. First, they prepared a bucket of blood-water mixture and put a sharp steel knife in it. Then, freeze it into ice cubes in the snow, and then put these ice cubes in places where polar bears often haunt. Polar bears have sensitive noses. It can smell blood from far away. When the polar bear licked the blood clot with its thick tongue, it was completely unaware of the existence of the crisis. It kept licking and enjoying the "delicious", and its tongue was slowly numb because of freezing. Even if the sharp steel knife cuts its tongue, it is unconscious, and the blood exudes a stronger bloody smell, which stimulates it to lick the steel knife faster. The blood turned red in the snow, and the fierce polar bear fell in this pool of blood. In this way, the clever Eskimos got their satisfied prey effortlessly. What is need? The only thing we can digest is our needs. What is want? Man is a greedy animal. He wants more when he gets it, but he wants it. What is greed? Can't control this desire, and the idea of going beyond need is greed. What is luxury? Exceeding demand is a luxury. Man is an animal full of desires, and the purpose of life is to satisfy his greatest desires and needs as much as possible under the control of reason. There is nothing wrong with desire, provided that desire must be strongly restrained by reason, otherwise you (the enterprise) will become a polar bear. This is a warning to any enterprise in China. Before this crisis, which company in China surpassed Lehman in market value? The root cause of Lehman Brothers' bankruptcy is greed. Now Lehman Brothers has become a polar bear who died of greed. Think of Tianjin Shunchi, Delong Department and Sanjiu Group not long ago. Too many such examples have collapsed overnight, and the reasons for their closure are strikingly similar: greed is the root of all evil, we must get rid of greed, and the desire of enterprises must be controlled. Technically, the capital chain is broken! All this stems from the failure of enterprise financial risk prevention and cash flow management. Lehman Brothers is the world's top financial group, and its financial risk prevention and cash flow management have no technical problems because of greed. Many enterprises in our country often only pay attention to business risks, ignore financial risks and lack financial management monitoring system. It is not a long-term solution for enterprises to make profits by constantly looking for market opportunities or product opportunities. So I put forward an investment-oriented group development strategy. Group (company) cross-industry investment must be guided by the concept of investment and risk management. Management takes risk prevention and project evaluation as investment principles, stops speculation and arbitrariness, and returns to rational operation and management. It is necessary to use risk management to curb greed. The lesson of Lehman is that you should not only pay attention to the hard strength of your products and technologies, but also pay attention to the hard strength of your borderless core competitiveness. It is a kind of soft power, which consists of three parts, of which corporate culture is the core: it consists of values, borderless ideas and behaviors, and a matching rapid response operation system. I put forward the concept of borderless core competitiveness for the first time in China. See my follow-up article for details.