Chapter 311 Counterattack
"Okay, I understand. Let them have a good rest and adjust to the time difference first."
"I'll go see them later."
"Tell them not to worry, just rest well and take good care of the baby."
“…”
San Francisco, the Bay Area belongs to Yahoo, but its new headquarters has not yet been put into use.
Milo hung up the phone, put it down and looked across.
Hector was standing in front of the floor-to-ceiling window, overlooking the entire Yahoo headquarters and the surrounding headquarters of Internet companies such as Amazon, ITK, etc. in which Milo had a stake or even a controlling stake.
This is Silicon Valley.
It is Blackburn Park.
A place with a huge area that has been called the "heart of the Internet" in many media.
"What do you think, Hector, what do you think we should do about the Chicago people?"
Hector turned around and looked at Milo and said calmly: "Hold a press conference, and there is also funding. In terms of media, your power is not inferior to anyone! My boss, they are overestimating their own capabilities!"
Milo smiled.
This is also the advice given to him by the Blackburn Foundation's advisory panel.
"Then let's do it."
He said to Hector.
In fact, it was early in the morning of August 16th.
Newspapers across the United States reported negative news about Blackburn Bank.
This time, there is no need to spread rumors.
The news content of major media newspapers is directly "Blackburn Bank's branches in many places are facing bank runs", "Depositors lined up in front of Blackburn Bank ATMs overnight to withdraw money", "Blackburn Bank ATMs' spare deposits were withdrawn, and angry depositors smashed ATMs for huge profits" and so on.
These news contents actually happened and were photographed by many media outlets.
There is no need to mention the previous content.
These contents alone are enough to make uninformed readers rush to Blackburn Bank to withdraw their deposits.
Therefore, before office hours even started, long queues formed in front of Blackburn Bank branches across the United States.
As the working hours arrived, branches of Blackburn Bank were all crowded with people, and nearby American police had to go to the scene to maintain order.
The people are blind.
In particular, there have been cases where American banks went bankrupt and low- and middle-level depositors were unable to withdraw their money.
Why do we emphasize low- and middle-class depositors? Because before the run, the money of the rich and powerful has already been withdrawn...
Just like the things Washington often accuses other countries of.
What Americans can blame is that if they put themselves in their shoes, they will definitely do the same thing! In the United States, for any bank.
If this sudden crisis cannot be properly handled, the bank’s capital chain will be in trouble even if there is no problem at all.
After receiving reports from various places.
Therefore, at 8:30 that evening, Blackburn Bank President Hector held a press conference in front of the media.
Hundreds of media outlets attended the press conference, including newspapers, radio stations and television stations.
Of course, the media under Paladin Media, or the media of its allies, are all placed in a better position in the front.
“Da da da…”
When Hector Cabrera walked out from the back with a sullen face, the originally noisy press conference scene first became quiet, and then broke out into even louder discussions.
"Quiet~"
"Please keep quiet and observe order. The press conference will begin soon~"
Hector's secretary called out loudly on the stage, and the security guards and staff off the stage tried their best to maintain order.
"Everyone keep quiet, I am Hector Cabrera, President of Blackburn Bank, thank you all media friends for coming!"
"In order not to waste everyone's precious time, please observe order."
After Hector sat down, he turned on the microphone and spoke louder to drown out the noisy voices.
Sure enough, the effect of his words was immediate.
Hector nodded slightly and continued, "The press conference officially begins. I will..."
This press conference was broadcast live by several major American television news networks.
Although he did not show up in person, Milo and Haley watched the press conference on CNN's news channel at their home in the Bay Area.
Their child, little Paladin, was playing with building blocks on the carpet with Monica Bellucci's younger sister Viola.
Several maids and nannies kept an eye on the brother and sister at all times.
Hayley also knew Blackburn Bank, which was very important to the family.
So when this happened, Haley was also worried about Blackburn Bank and specifically asked Milo about the situation.
Although Milo told her it was okay.
On the TV screen, Hector Cabrera, president of Blackburn Bank, looked murderous, with his right elbow on the table, his right hand clenched with four fingers, his index finger pointed diagonally to the sky, and he angrily explained the situation.
"On the morning of November 15, the Chicago Tribune maliciously spread rumors that our company had funding problems without any evidence. This is irresponsible and a wanton trampling of the dignity of the law!"
"As the seventh largest bank in the United States, Blackburn Bank shoulders the important responsibility of stabilizing the U.S. financial system and has been serving the whole society wholeheartedly. However, there are conspirators who want to use despicable means to put our Blackburn Bank into crisis!"
"We have sued the Chicago News and 23 other newspapers in court. I believe that the law will always be on the side of justice!"
“Pah pah pah…”
After Hector expressed this tough attitude, the audience applauded wildly and all the reporters were excited.
Blackburn Bank is taking the initiative to make things worse.
At least for the next half month, they will have no shortage of news topics!
"Now we begin the question and answer session!"
As soon as Hector finished speaking, he saw all the reporters in the audience raised their hands.
Of course, Hector gave the first opportunity to CNN, which is owned by Paladin Media.
"Hello, Mr. Cabrera. The Chicago News reported that Blackburn Bank has consumed a total of 40 billion US dollars in the past half month. Is this true?"
After the reporter asked the question, Hector immediately replied: "We did spend 40 billion US dollars to invest in some companies, but this is a normal business behavior. We provide depositors with the highest deposit interest rates in the United States. For the healthy development of the bank, maintaining a high turnover of funds is our way of doing business."
"Blackburn Bank's asset management division has a responsibility to generate income for the company and preserve the value of its capital."
"The Chicago News questioned the huge risks of our capital chain just because our Blackburn Bank invested 40 billion U.S. dollars overseas."
"But they don't know that before this series of investments, our company's asset management department had already cleaned up some low-yield assets and recovered $40 billion in funds in advance."
"So this large-scale acquisition is just a very normal asset structure adjustment!"
"Here, I appeal to all Blackburn Bank depositors to continue to trust us and not be misled by malicious media. If you withdraw your deposits early, you will lose the interest you deserve."
"Thank you for your answer. I am satisfied."
The CNN reporter bowed slightly and sat down.
Hector immediately called on the next reporter, who was from USA Today, the newspaper with the largest circulation in the United States.
"Mr. Cabrera, please tell me, how can you prove that there is no problem with the capital chain of Blackburn Bank?"
“That’s a good question,” Héctor Cabrera said confidently.
"First of all, we have sufficient liquidity. We have asked officials from the Financial Services Authority to supervise and inspect our capital chain. The person next to me is Mr. George Corliss from the Financial Services Authority. He can testify for us."
"You can consult Mr. George Corliss later."
As Hector spoke, he pointed his finger at George Corliss, who was standing next to him, and the latter also stood up and bowed to everyone.
As there was some commotion off the field, Hector continued, “Besides that, we at Blackburn Bank are strategic partners with Wells Fargo, Wilson Financial, First National Bank of Boston and First National Bank of Dallas, First City National Bank of Houston, Republic National Bank of Dallas, and Texas Commercial Bank, among others.”
"The total credit lines granted to us by these banks exceed 40 billion US dollars. We can get their support at any time."
"The representatives of these banks are all sitting on the podium today and they can attest to our partnership."
"With the existing stable funds, can anyone tell me under what circumstances would our capital chain have problems?"
At the end, Hector spread his hands, his face full of sneer, as if he was mocking the ignorance of the Chicago News: "And the last and most important thing - please tell me, what is the name of our bank?!"
"Blackburn Bank!"
"So, I would like to ask everyone, do you know the relationship between it and Milo Blackburn?"
"Yes, we all know it! Blackburn Bank is Milo Blackburn's bank!"
“If even the bank of the world’s richest man is not trustworthy, is there any other bank in the world that is trustworthy?”
"Just look at the market value of Yahoo, look at the market value of Paladin Media, and look at the valuations of those Internet companies!"
"Tell me, how many forty billion dollars are they?"
"Do you think Milo Blackburn can't come up with $40 billion? He's almost buying Coca-Cola!"
“Unless the name of the bank is changed someday, anyone who doubts that our bank has no money or is short of money is a fool!”
Hector was directly criticizing everyone below, especially the Chicago media.
The reporters in the audience were all shocked and delighted.
Hector's previous speech and preparation can be said to be very standard.
Although he pulled out all the banking allies, allowing everyone to see Blackburn Bank's friends and strength in finance.
Reporters had not expected that Blackburn Bank had such strong capabilities and partnerships.
However, his subsequent rant was more in line with the reporters' wishes.
Because this way they won’t lack material for their subsequent news.
The latest novel is published first on Liu9shuba!
Ordinary people obviously prefer to read such news.
Although Hector's words were arrogant, they were indeed very reasonable and well-founded.
That was Milo Blackburn's bank! If his bank had problems, how could other banks be saved?
Although the logic may not be correct, this is what most ordinary people think.
The questioning continued and officials from the Monetary Authority and representatives from other banks were all interviewed.
Together they confirmed what Hector Cabrera said, strongly criticized the conspirators with sinister intentions, and called on depositors to remain rational and calm.
The content of the press conference was broadcast live by all major news networks.
Blackburn Bank's branches across the United States were all equipped with televisions, and all of them were broadcasting the press conference.
As depositors gathered at various branches of Blackburn Bank watched, many came to their senses.
"Yes, if even Milo Blackburn's bank can go bankrupt, then we shouldn't keep our money in the bank, we should all change it into cash!"
"The market value of Yahoo is nearly $400 billion, which is equivalent to 1040 billion U.S. dollars. If Milo is willing, what does it matter if his bank spends a few more 40 billion?"
"I won't withdraw it. Blackburn Bank's interest rate is so high. I'm still worried about which bank to put the money in after I withdraw it."
"I heard that this bank president is Milo Blackburn's best friend?"
"Damn it, I was worried for nothing last night!"
“…”
Most of the depositors have almost given up the idea of withdrawing their money, and many even cursed loudly.
On TV, the question-and-answer session lasted for more than half an hour.
Just when everyone thought the press conference was over.
Hector Cabrera announced something again.
Blackburn Bank has been on a path of orderly expansion.
A big reason why many depositors believed the rumors this time is that the U.S. banking industry has frequently experienced bankruptcies since ten years ago.
But Blackburn Bank is different from those banks. It has healthy cash flow and an excellent business model. It is the best bank in the United States.
In order to prove his strength, he will announce some development plans that he has already prepared in advance.
That is, Blackburn Bank will launch an acquisition of some banks such as First Chicago, Harris Bank, Northern Trust, and Bank of America! When Hector finished speaking, the press conference site suddenly became quiet.
Then all the reporters became excited again and wanted to ask questions again.
But Hector didn't give them another chance and took everyone away from the podium.
In front of the TV, many people were shocked by Hector's final domineering declaration.
Of course, some people felt their scalps tingling instantly.
For example - Douglas Wood, Kenneth McCormick and others.
The Chicago consortium has relatively strong financial strength and owns five major banks: Continental Illinois Corporation, First Chicago Corporation, Harris Bank Corporation, Northern Trust Company and Bank of America Corporation.
Although Continental Illinois Company later went bankrupt, it became the largest bankrupt in the history of the United States.
In addition, the Chicago consortium has two insurance companies: CNA Financial Corporation and States Insurance Company.
Although since the bankruptcy of Continental Illinois Company, the Chicago consortium has been squeezed out by the big Wall Street consortium and its financial strength is far less than before.
The bankrupt and reorganized Continental Illinois Company was infiltrated by the Morgan consortium and has become a company jointly controlled by the two consortiums;
The First Chicago Company was controlled by the Rockefeller Corporation.
Even Mellon got involved, controlling 36% of Bank of America.
The infiltration of the financial core made the Chicago consortium the rbq of the other three consortiums.
But now, Blackburn Bank has "declared war" on the Chicago consortium.
Kenneth McCormick and others didn't think Milo would go after the Morgan and Rockefeller companies that they controlled and influenced.
Their concern was about Milo's control over Northern Trust and Harris Bank, which they still controlled.
What if even the control of these two financial cores is lost?
Then they don't need to call themselves the Chicago Consortium.
No, it should be said that the Chicago consortium is still there.
After all, the Chicago Consortium is just a corporate organization centered in Chicago that controls a series of industrial, mining and commercial enterprises.
What has changed is only the controllers behind the Chicago consortium, and these core families may no longer be the core.
By then, it will probably be like the Cleveland consortium now.
It still has Cleveland in its name, but it has nothing to do with Clevelanders anymore.
Because none of the families that control it are from Cleveland! "Coaster, I think we should shrink back immediately!" Kenneth McCormick said after watching the press conference.
He contacted everyone immediately and held a meeting with a group of people.
Kenneth McCormick got straight to the point: "It's obvious that the people of Texans are willing to lend him a hand. At least one-third of the people of California are willing to help him. With so many banks stepping forward, Blackburn Bank's capital chain will not be a problem!"
This was information they had not previously received.
Coster Crown's face also turned pale, because he did not get this information from John Chris Morgan.
Or maybe Morgan himself doesn't know.
Either Morgan knew it, but still let himself command the Chicago people to lead the charge.
Coster Kron psychologically guessed that it was definitely the latter.
Because it would be good for Morgan to do this - let Chicago charge, and if it succeeds, they can go up next.
If the Chicagoans fail, they have nothing to lose.
You can even take a few more bites of the meat of the Chicagoans who were fought back by Boston.
Before taking action, Coster Kron had considered this possibility.
But the meat is on the chopping board, and the Kron family can only have a say in the Chicago consortium with the support of Morgan.
They couldn't resist Morgan's orders.
But if the Chicago consortium really weakens, the Kron family will also decline.
The American financial conglomerate families are all extremely regionally focused gangs.
They are really similar to the gentry in ancient China during the Jin Dynasty, where people are considered inferior if they leave their hometown and are unwilling to move away easily.
Because if we move our roots, the locals won’t recognize it and the local powerful people will resist, then we’re doomed.
Even Morgan and Rockefeller could not avoid this.
“This is the only way!”
"I just thought about it carefully. We will first use all our funds to increase our holdings in several major financial companies. However, it is foreseeable that even if we are able to acquire shares, the purchase price will be very high."
"In addition to our private investment, I suggest that companies such as Northern Trust, First Chicago, and Harris Bank use funds to acquire each other's equity. As long as we maintain our current control over these companies, all companies can be stabilized at the same time."
Coster Crown expressed his thoughts with a heavy face.
It has come to this.
I can't care about the demands of Morgan and Rockefeller.
Coster Kron also decided to save himself first.
(End of this chapter)