Chapter 1102

What do banks fear most?

It doesn't need too much professional knowledge, but ordinary people with a little experience can probably know the two words: run.

Any bank, once run, the result is disastrous.

Just one day on February 26, the investigation of the regulatory authorities and the withdrawal of Westinghouse Electric Co., Ltd. caused the panic caused by the superposition of two major negative factors, which quickly caused the customers to run on Mellon financial group.

As an established local bank with a history of more than 100 years, Mellon financial group had a market value of US $13.9 billion the day before the incident. However, by the end of the afternoon, under the impact of continuous negative news, the share price of Mellon financial group had plummeted by 21%, and the closing market value was only $10.9 billion. In one day, all shareholders of the bank had a Book loss of $3 billion.

The collapse of stock price is second. Everyone knows that the most serious problem is run.

If this problem can not be solved quickly, Mellon financial group, a century old local bank, may not be able to survive next week and will collapse, which will have more chain negative effects.

For the next two days, the event continued to ferment without any miracle.

The valuation of Mellon Financial Group continued to fall by 13% and 9% respectively in the next two trading days. By the end of Friday, the market value of Mellon financial group had plummeted to US $8.6 billion from US $13.9 billion three days ago. At the same time, for three consecutive days, the bank's customers' accumulated cash withdrawal and transfer applications amounted to US $6.7 billion, while the old local bank with assets of US $43 billion, according to the federal reserve ratio of about 8%, can take out less than US $3.5 billion in short term.

Therefore, the extraction can only be restricted.

This has led to further panic and runs.

Pittsburgh.

In a manor of the Mellon family.

It's Friday night.

Since Andrew Mellon's death, most members of the Mellon family, who have been gradually split, rarely get together again. The first thing they meet is a fierce quarrel. The two sides of the confrontation are Richard Mellon Scafe and his sister Cordelia Scafe may, who triggered all this today.

Their mother, Sarah Cordelia Mellon, is the granddaughter of Thomas Mellon, the founder of the Mellon family. Because of the inheritance dispute after their mother's death, the fourth generation of Mellon brothers and sisters, who are both over 60 years old, haven't spoken much for nearly 30 years.

"That's what I've been doing since I was a child. You arrogant and incompetent fool, you can't do anything except drink and play with women. When you live to 60, you can only do these stupid things that affect the family."

"Bichi, at least I didn't implicate you! Or? You don't tell me that you have lost a lot of money by secretly following everyone to invest in short technology stocks, which can only say that you are more stupid. "

"If I had known that you were the fool behind my back, I would not have invested a cent. Hey? I've lost some money. But look at you. You took so much back then. How much is left this time? Ha ha? I'll wait to see you go bankrupt, stupid

"I should take more. At least I've done something over the years. What about you, besides lying on your mother's legacy and enjoying your life? What have you done? You didn't do anything

"Did you do something? Build a media group? Then go to provoke the president? Dig out other people's privacy? Hey? What did you dig out? Clinton is still well in the White House, but this time, Mellon finance was suddenly investigated. Why do you think it is, stupid? Why do you say it is? "

"Bichi? Shut up."

"Fool!"

When their quarrel almost reached the level of physical conflict? Timothy Mellon pushed his father Paul Mellon in? Sitting in a wheelchair, the 90 year old man signaled his son to step forward, swung his cane and hit Richard Mellon Skye, and finally stopped the dispute.

Interrupted the quarrel between the two children? Paul Mellon glanced around all the children in the hall and signaled to his son again.

Timothy Mellon didn't talk nonsense either. He looked at the people standing or sitting around him: "Frank cotter came back from Washington this afternoon. The authorities mean to ask the Bank of New York to take over Mellon finance, so let's talk about our own views?"

Frank cotter is the CEO of Mellon financial group. He has been a loyal spokesman of Mellon family since 1987.

As soon as timothy Mellon's voice dropped, one of his cousins, Matthew Mellon, said, "it's so obvious that this is a conspiracy. I remember that bank of New York tried to buy Mellon finance last year."

"Timothy, I just want to know what we can get when we promise to take over from the Bank of New York, or, frankly, what we have left," said another Richard Prosser Mellon, who is on the same team as Richard Mellon skeiff

Timothy Mellon looked at his older cousin and shook his head. "It's just Washington's request for Mellon finance. It's about us. After we make a decision tonight, we need to keep in touch with Washington.""If Washington doesn't promise, we can't promise anything," said Cassandra Mellon, another middle-aged female member of the Mellon family

"CASS, the problem now is that we only have one night to make a decision. You know, the stock market is closed at the weekend, but the run is still there. We can't afford to delay it. "

Cordelia, who had just ended her quarrel with her brother, interjected: "let's not talk about anything. If Mellon finance collapses because of a run, we won't lose the most. I don't believe the White House dares to watch this happen?"

"It's really so simple," 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 forcibly take over, then we will completely lose the initiative."

Cassandra Mellon added: "we can't compromise without talking about it. I still insist that Washington give us a promise to make concessions."

"It's still time."

"Why don't we wait until Monday?"

In the hall, Paul Mellon, the only living son of Andrew Mellon, leaned in his wheelchair and listened to the debate for a while. He felt a little sad.

Think about the glory of the Mellon family. At this time, these people only want to retreat and get away. Even these family children subconsciously did not mention the name of a young man who caused all this, let alone fight against him.

With this in mind, Paul Mellon slightly raised his hand to interrupt the crowd, and then looked at Richard Mellon Skye, who had just been silent: "Charlie, why don't you talk about it?"

Richard Mellon Schiff had just been smoked by the old man who should have been his uncle. His shoulder was still aching. Wen Yan slightly stretched his neck and looked at the chandelier on the ceiling: "I have nothing to say."

Cordelia next to him immediately sneered: "yes, he's been in trouble since he was a child. He looks like a scoundrel, and then he's waiting for mom and dad to clean up the mess."

Paul Mellon glared at the sour niece, then slowly swept to the crowd, and his heart was even more dejected when he saw that the younger generation's eyes were evasive. If the Mellon family can form a group and accumulate more than one hundred years of information, it may be able to do a bit of research this time. Now, in the face of a giant, his heart is scattered and his heart is not strong enough to fight. Even if he still has some ideas, he can't do it at all.

After sipping his dry and old lips, Paul Mellon finally said: "since you are all uncertain, I will let Tim deal with this matter. You are psychologically prepared. Mellon finance can't keep it. However, if there is no accident, let Mellon finance, the other party I'm not going to go after you. So, Matthew, CASS, and Charlie, do you have a problem? "

There was a moment of silence.

Cassandra Mellon said a moment later, "uncle, really Can we give up Mellon finance and end it? "

"If you look at the Hurst family, you can see that Simon westrow is not a man who likes to pursue. What he wants this time is only Mellon finance," Paul Mellon finally said a name, glanced at the expressions on people's faces again, and added, "if you don't mess with him in the future, live your life in peace."

The atmosphere was a little awkward, and some of the family members looked at Richard Mellon Schiff again.

Staring at by a lot of eyes, Richard Mellon Schiff quickly blushed and said, "Simon westero, what is he? He's just a upstart. It's a big deal. The bombing of Woodfield manor two years ago, I let..."

Before Richard Mellon Schiff finished speaking, Paul Mellon had already thrown his crutch on the nephew who could not see the situation clearly. He said: "idiot, can't you see the situation clearly now? Woodfield manor bombing case, hey, why don't you pick out the Kennedy assassination case? Look at these years, who dares to investigate that matter, you Look at the fate of the Kennedy family. Do you want to kill all of us? "

Richard Mellon Schiff was also angry. He was continuously targeted by his uncle. He couldn't help roaring: "if I don't harm you, just think I'm an outsider. From today on, I'll sever my relationship with the Mellon family, OK?"

Paul Mellon was even more angry when he saw Richard Mellon Skye blushing and talking nonsense. His eyes were staring, his lips were shaking, and his arms were waving slightly. Unfortunately, his crutch had been thrown out, so he could only point his finger at Skye and said, "cut off the relationship, ah, everything you have now is given to you by Mellon's surname. You should first spit out all the property under your name, and then talk about it It's about breaking up. Come on, if you want, I'll call a lawyer now, will you? "

Seeing that the old man was about to stand up and pounce on himself, Richard Mellon Schiff finally calmed down because of the dignity he had been planted by his uncle, but he still choked his neck and didn't answer.

Timothy Mellon squatted down to help his father support his chest, pausing and whispering to the public: "I called a friend of the FBI who said that all the evidence files about the Woodfield manor bombing were mysteriously missing last year. Now, even if Westero himself jumped out and said that he had done it, and there was no evidenceWhen Timothy said that, everyone looked at each other.

Paul Mellon recovered from his son's comfort, and finally spoke again, with a dispirited tone: "that's it. You all go home and get ready. Although the Bank of New York is definitely a stock exchange merger, the shares of the Mellon family will not be retained, all of them will be sold, and we will exit completely. " After that, Paul Mellon looked at a frustrated nephew again: "and, Charlie, close your Pittsburgh Tribune. Anyway, you know, even if you don't close it, it won't last for several years. Tim asked, you don't have many advertising orders."

Paul Mellon's tone slowed down, and Richard Mellon Schiff, who was already timid, didn't answer back, but he said tentatively, "can I sell it?"

Paul Mellon hates iron but not steel: "who do you want to sell it to? Who do you think dares to sell it to?"

Richard Mellon skefton paused and nodded slightly, almost without a trace.

Paul Mellon opened his mouth and wanted to tell him something more. Thinking that there was no exit after all, he raised his hand and waved: "in this case, it's all over. Later Oh, I don't have much time. I can't manage it. "

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

After the next day's emergency negotiation, early Sunday morning, Bank of New York publicly announced that in view of the sudden outbreak of crisis situation of Mellon financial group, with the support of regulatory authorities, Bank of New York will take over Mellon financial group. The board of directors of Mellon financial group announced the dissolution on the same day, and CEO Frank Cote resigned, but it will still assist the follow-up New York About the bank's merger of Mellon finance.

The Mellon financial group's previous board of directors had eight members, five of whom were representatives of the Mellon family, which controlled the old bank for a long time with a total stake of less than 10%.

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

Moreover, it is obvious that in order to ease the run on the bank, Westinghouse Electric, which just announced its separation from Mellon financial a few days ago, suddenly changed its attitude and took the initiative to clarify that it had overreacted to the authorities' investigation of internal problems of Mellon financial. Therefore, it withdrew its previous decision and will continue to cooperate with the bank in the future.

Such a roller coaster like peak circuit has bewildered countless viewers, and even a famous financial reporter of the wall street journal called out conspiracy on his Facebook.

The financial reporter also turned up a news about the rejection of Bank of New York's acquisition of Mellon financial group at the end of last year. Therefore, he judged that a series of events in the past few days were dishonorable measures taken by Bank of New York to annex Mellon financial group.

Unfortunately, the overall situation has been decided. In fact, these voices did not explore the deeper inside story, and did not cause any waves in the mainstream media.

As for the few people at the top of the pyramid who have a rough idea of the causes and consequences of all these events, they are once again shocked by the avalanche of defeat of the Mellon family in front of the westero system, and inevitably show more awe and fear.