Hollywood Hunter

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What are banks most afraid of?

It does not require much professional knowledge, but ordinary people with a little experience can probably know it, two words: run.

Any bank, once a run occurs, the result is disastrous.

In just one day on February 26, the investigation by the regulatory authorities and the withdrawal of Westinghouse Electric, the panic caused by the superposition of the two negative factors, quickly caused customers to run on Mellon Financial Group.

As an established local bank that has been established for more than 100 years, Mellon Financial Group's market value reached US$13.9 billion the day before the incident. However, as of the close of the afternoon, under the impact of consecutive negative news, Mellon Financial Group's stock price plummeted. 21%, and the closing market value is only $10.9 billion. In one day, all shareholders of the bank have a book loss of $3 billion.

However, the slump in stock prices is second, and everyone understands that the most serious problem is the run.

If this problem cannot be resolved quickly, Mellon Financial Group, a century-old local bank, may collapse even next week, and will have more cascading negative effects.

For the next two days, the incident continued to ferment, and no miracles occurred.

The valuation of Mellon Financial Group continued to fall by 13% and 9% respectively in the next two trading days. By the close of trading on Friday, the market value had plummeted to $8.6 billion from $13.9 billion three days ago. At the same time, for three consecutive days, the bank's customers have accumulated up to 67 US dollars in cash withdrawal and transfer applications, and this old local bank with an asset scale of 43 billion US dollars, according to the federal deposit reserve ratio of about 8% at this time, can take out in a short period of time. Cash is less than $3.5 billion.

So only limited extraction.

This in turn caused further panic and runs.

Pittsburgh.

In a manor of the Mellon family.

The time is Friday night.

Most members of the Mellon family, which had been gradually split since the death of Andrew Mellon, were rarely together again. The first thing was a fierce quarrel. The two sides of the confrontation were Richard who caused all this today. Mellon Skeff and her sister Cordelia Skeff May.

The mother of the two, Sarah Cordelia Mellon, is the granddaughter of the founder of the Mellon family, Thomas Mellon. Because of the inheritance dispute after the death of her mother, the pair, who are both over sixty years old, are the fourth of the Mellon family. Siblings have not spoken to each other for nearly thirty years.

"It's been like this since I was a child, it's been like this since I was a child, you arrogant and incompetent idiot, you can't do anything except drink and play with women. When you live to be sixty years old, you can only do these stupid things that affect your family."

"Bichi, at least I didn't implicate you! Or, don't tell me, you secretly followed everyone to invest in shorting technology stocks and lost a lot of money, then you can only say that you are more stupid."

"If I had known that you were the idiot behind my back, I wouldn't have invested a dime to kill me. Hey, I lost some money, but look at you, you took so much back then, how much will you have left this time? Haha, I'm waiting to see you go bankrupt, idiot."

"I should have taken more. At least I have done some things over the years. What about you, besides lying on your mother's inheritance and enjoying life, what have you done? You have done nothing!"

"You did something, created a media group, and then went to provoke the president, digging up other people's privacy, hey, what did you dig? Clinton is still in the White House, but this time, Mellon Financial was suddenly investigated, you Why do you think it is, idiot, why do you think it is?"

"Bichi, shut up."

"idiot!"

When the quarrel between the two almost developed into a physical conflict, Timothy Mellon pushed his father Paul Mellon in, and the 90-year-old man in a wheelchair motioned for his son to step forward and lift it directly. A cane hit on Richard Mellon Skeff finally put an end to the dispute.

Interrupting the quarrel between the two juniors, Paul Mellon glanced around all the juniors in the hall and signaled to his son again.

Timothy Mellon didn't talk nonsense either, looking at everyone standing or sitting around and said: "Frank Court came back from Washington in the afternoon, the authorities meant to ask the Bank of New York to take over Mellon Finance, so let's talk about what you think. Bar?"

Frank Court is the CEO of Mellon Financial Group, a position he has held since 1987, and has been a loyal spokesperson for the Mellon family.

As soon as Timothy Mellon finished speaking, one of his cousins, Matthew Mellon, said: "It's too obvious, this is a conspiracy, I remember that the Bank of New York tried to buy Mellon Financial last year. "

Another Richard Prosser Mellon, from the same team as Richard Mellon Skeff, said: "Timothy, I just want to know what we'll get if we promise the Bank of New York to take over, or , to be blunt, what are we left with?"

Timothy Mellon looked at his cousin, who was a few years older than him, and shook his head: "This is just a request from Washington to Mellon's finance. Regarding our affairs, after a decision is made tonight, it is still necessary for us to communicate with Washington. touch."

Another middle-aged female member of the Mellon family, Cassandra Mellon, said: "If Washington doesn't promise, of course we can't promise anything."

"The problem now, Cass, is that we only have one night to make a decision. You know, the market is closed for the weekend, but the run is still there, and we can't afford it."

Cordelia, who had just finished arguing with her younger brother, interjected: "Then don't talk about anything. If Mellon Finance collapsed because of a run, the biggest loss could be.

Not us, and I don't believe the White House dared to watch this happen. "

"It's as simple as that," said Matthew Mellon just now: "If we don't take the initiative to cooperate, Mellon's financial situation will deteriorate to a certain extent, and the authorities have the power to take over by force. At that time, we will completely lose the initiative. ."

Cassandra Mellon added: "Then you can't make compromises without talking. I still insist that Washington must promise us to make concessions."

"The key is time."

"It's better to put it off until Monday and see."

In the hall, Paul Mellon, the only surviving son of Andrew Mellon, leaned on his wheelchair and listened to the arguments of the crowd for a while, inexplicably sad.

Thinking about the glory of the Mellon family in the past, and looking at these people at this time, they only wanted to retreat and escape. Even, these family children did not even subconsciously mention the name of a certain young man who caused all this, as you can imagine. , let alone confront it.

Thinking of this, Paul Mellon raised his hand slightly to plan for everyone, and then looked at Richard Mellon Skeff, who had been silent just now: "Charlie, why don't you talk about it?"

Richard Mellon Skeff had just been slapped by the old man who was supposed to be his uncle. His shoulder was still hurting at this time. Hearing this, he slightly stretched his neck and looked at the chandelier on the ceiling: "I have nothing to say."

Cordelia next to him immediately taunted: "Yeah, he has always looked like a rogue since he was a child, and then waited for Daddy and Mommy to clean up the mess."

Paul Mellon glared at the acerbic niece, and then slowly swept towards the crowd. Seeing that these descendants were all dodging eyes, his heart was even more disappointed. If the Mellon family can hold together and accumulate the heritage accumulated over hundreds of years, this may be a chance to learn. Now, in the face of a behemoth, people are separated and have no fighting spirit, even if he has some ideas, he can't at all. cast.

After pursing his dry and old lips, Paul Mellon finally said: "Since you are all undecided, I will let Tim handle this matter, you should be mentally prepared, Mellon Finance will definitely not be able to keep it, but, If there is no accident, let Mellon Finance out, and the other party... will not pursue it. So, Matthew, Cass, and Charlie, do you have any opinions?"

Everyone was silent for a while.

Cassandra Mellon said again after a while: "Uncle, really... can we end it if we give up Mellon Finance?"

"Look at the Hearst family and know that Simon Westeros is not a person who likes to chase after him, and all he wants this time is Mellon Finance," Paul Mellon finally said a certain name , glanced at the expressions on everyone's faces again, and added: "The premise is that you don't provoke him again in the future, and live your life peacefully."

The atmosphere was inexplicably awkward, and some family members looked at Richard Mellon Skeff again.

Being stared at by a bunch of eyes, Richard Mellon Skeff quickly blushed and said angrily: "Simon Westeros, what is he, just a nouveau riche, big deal, Wood two years ago The bombing of Field Manor, I let..."

Before Richard Mellon Skeff finished speaking, Paul Mellon threw the cane in his hand to the nephew who could not see the situation clearly, and said viciously: "Idiot, you are now Can't you see the situation, the Woodfield Manor bombing, hey, why didn't you pick up the Kennedy assassination case, look at who dares to investigate this over the years, and look at the fate of the Kennedy family children, do you think Kill us all?"

Richard Mellon Skeff was also angry and was targeted by this uncle in succession. He couldn't bear it any longer and roared: "I won't harm you, just treat me as an outsider, starting today I will Is it okay to sever ties with the Mellon family?"

Paul Mellon was even more angry when he saw Richard Mellon Skeff talking nonsense, staring at him, his lips trembling, and his arms were slightly waving. Unfortunately, the crutches in his hand had been thrown out, so he could only raise his hand to accuse Skeff. Said: "Sever the relationship, oh, everything you have now is given to you by the surname Mellon, you should spit out all the property under your name, and then talk about the severing relationship. Come, as long as you want, I will now Would you like to call a lawyer over here?"

Seeing that the old man was about to stand up and pounce on his fierce appearance, Richard Mellon Skeff finally calmed down because of the majesty planted by this uncle since he was a child.

Timothy Mellon squatted down to help his father hold his chest, paused, and said softly to everyone: "I called a friend of the fbi, and he said that all the evidence files about the Woodfield Manor bombing , have all mysteriously disappeared last year. Now, even if... Westeros himself jumped out and said that he did it, there is no evidence."

After Timothy said this, everyone looked at each other.

Paul Mellon recovered under the comfort of his son, and finally spoke again, with a sullen tone in his voice: "That's it, you all go back and prepare. Although this time Bank of New York is definitely a stock exchange merger, but the Mellon family's Don't keep all the shares, sell them all, and we will quit completely." After saying this, Paul Mellon looked at some unsatisfactory nephew again: "Also, Charlie, your "Pittsburgh Tribune", closed Drop it, anyway, you know, even if it doesn't close, this paper won't last for a few years, Tim asked, you don't have many advertising orders there anymore."

Paul Mellon's tone slowed down, and Richard Mellon Skeff, who was already timid, didn't talk back, but still tentatively said: "I can sell it, right?"

Paul Mellon hates iron not becoming steel: "Who are you going to sell to, and who do you think dares to ask for it?"

Richard Mellon Skeff paused, and nodded slightly without a trace.

Paul Mellon opened his mouth and wanted to say something more. After thinking that there was no way out, he raised his hand and waved: "Since this is the case, it's all gone, in the future... Oh, I don't have much time, I can't control it. already."

After the Mellon family made their decision, things began to turn quickly.

After one day of emergency consultations the next day, the Bank of New York publicly announced early on Sunday that, in view of the sudden crisis of Mellon Financial Group, with the support of the supervisory authorities, the Bank of New York will conduct emergency measures for Mellon Financial Group. Taking over, the board of directors of Mellon Financial Group announced the dissolution on the same day, and CEO Frank Court announced his resignation, but he will still assist the subsequent merger of Mellon Financial by the Bank of New York.

The board of directors of Mellon Financial Group had previously had a total of eight members, five of whom were representatives of the Mellon family, which basically amounted to absolute control over this old-fashioned bank.

Now, with the dissolution of the board of directors, the Bank of New York will take over and merge with Mellon Financial, completely declaring the end of the Mellon era.

Not only that, but apparently to ease the run on the bank, Westinghouse Electric, which had just announced its parting ways with Mellon Finance yesterday, suddenly changed its attitude and took the initiative to clarify that its response to the authorities’ investigation into Mellon Finance’s internal problems was a bit excessive, so it retracted yesterday’s statement. Decided to continue to cooperate with this bank in the future.

Countless spectators were bewildered by such a roller-coaster-like ups and downs, and even a well-known financial reporter from the Wall Street Journal shouted conspiracy on his Facebook page.

The financial reporter also turned up a rumor at the end of last year about the rejection of the Bank of New York's acquisition of Mellon Financial Group. Therefore, it is judged that a series of events in the past few days were caused by the Bank of New York in order to annex the Mellon Financial Group. disgraceful means employed.

Unfortunately, the overall situation has been set, and these voices that have not explored deeper insiders have not caused any waves in the mainstream media.

As for the top few pyramids who roughly knew the cause and effect of all these events, they were once again shocked by the avalanche-like defeat of the Mellon family in the face of the Westeros system, and inevitably a little more awe and fear.

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