Rebirth of England.

Speaking of which, Barron was still very grateful that Bonnie could remember to remind him to return to Chatsworth Manor this time.

On the night they returned to the manor, Barron and Bonnie went to visit the housekeeper Sean who was recovering from illness.

"Actually, I don't have any big problems. It's just that I'm old. I'll be fine in a few days."

Butler Sean looked at Barron and Bonnie with a very pleased look, just like when he welcomed them back together for the first time at the gate of the manor house.

That night, Butler Sean drank a glass of whiskey and fell asleep peacefully.

When Ramos came to his room in the morning to bring breakfast, he found that Sean, the butler, had died in his sleep.

When Barron heard the news, he could hardly believe his ears, and Bonnie was immediately shocked.

After all, although he seemed to be in poor spirits yesterday, Butler Sean could not tell that he was about to die...

In any case, things have happened. What is a little comforting is that Butler Sean passed away very peacefully, and Barron was able to meet him in his last moments.

Butler Sean dedicated most of his life to the Devonhill family. According to his wishes, he will be buried in the Devonhill family cemetery.

To a certain extent, Butler Sean can be said to be one of the links between Barron and the Devonhill family. After he came to this world, among the Devonhill family, it can be said that The one he was most familiar with was Butler Sean, so he couldn't help but feel a sense of loss at this time.

……

On March 3, Bear Stearns, the fifth largest investment bank on Wall Street with an 4-year history, announced a serious cash shortage. On that day, the Federal Reserve decided to let the Federal Reserve Bank of New York, through JP Morgan Chase Bank, pay Bear Stearns, the fifth largest investment bank in the United States. The company provides emergency funds.

Bear Stearns was founded in 1923 and is headquartered in New York.

It is the fifth largest investment bank on Wall Street and a leading global financial services company that has provided high-quality services to governments, businesses, institutions and individuals around the world.

The company's main businesses include institutional stocks and bonds, fixed income, investment banking, global clearing services, asset management and personal banking services.

In addition to the United States, Bear Stearns has branches in London, Tokyo, Berlin, Milan, Lijiapo, Yanjing and other places, with more than 10,000 employees worldwide.

In its 85 years of existence, it has set a record of profitability for 83 consecutive years.

But even one of the five major Wall Street investment banks with a glorious history was defeated by the subprime mortgage crisis at this moment...

In this bailout, Bear Stearns will receive a 28-day loan.

The money was lent to Bear Stearns by the Federal Reserve through JPMorgan Chase, but the risk of the loan was borne by the Federal Reserve - the first time the Federal Reserve had lent money in this way since the Great Depression of the 30s.

The reason why the loan goes to Bear Stearns through JPMorgan Chase is because Bear Stearns does not have its commercial banking business like other investment banks, such as Goldman Sachs and Merrill Lynch.

Bear Stearns was actually a large brokerage firm that could not obtain funds through the Federal Reserve's discount window and had to use a commercial bank as an intermediary.

JPMorgan Chase was selected because it was one of the banks that suffered less losses from the subprime mortgage crisis. In addition, in the history of Wall Street, JPMorgan Chase also has a history of taking on major responsibilities in times of crisis.

After the news broke, Bear Stearns' stock price fell 47% that day, closing at $30, reaching its lowest level in nine years. The Dow Jones Industrial Index also fell by nearly 9 points.

In fact, as early as last week, that is, starting on February 2, European banks had stopped conducting related transactions with Bear Stearns. At that time, this news panicked the market and investors sold off financial stocks.

On the last day of February, February 2, the U.S. stock market began to circulate news that Bear Stearns might have a liquidity crisis.

Some American fixed income and stock traders began withdrawing cash from Bear Stearns, fearing that their settlement funds would be frozen if Bear Stearns filed for bankruptcy.

At the same time, several American media published rumors that Bear Stearns might fall into a liquidity crisis.

It was this sentence that caused Bear Stearns' customers and counterparties to doubt its ability to fulfill its obligations.

What could be more damaging than such doubt in this sensitive period of crisis?

So of course, there was a run on Bear Stearns, and the cash flowed out like a stream that couldn't be stopped.

By March 3, a large number of hedge funds had finally drained the last drop of blood from Bear Stearns, and US$4 billion had been withdrawn. It was because of the withdrawal of US$170 billion that the rumor became a reality: Bear Stearns There is a real liquidity crisis.

Simultaneously, its New York-listed stocks have plummeted. At this time last year, Bear Stearns' market value was as high as US$200 billion!

Panic spread at an alarming rate, and as large amounts of money continued to flow out, Bear Stearns became helpless - Wall Street stopped trading with him, foreign exchange credit lines from counterparties evaporated, and banks withdrew.

By the end of the week, Bear Stearns was like a dying but fully functioning giant who, with a good blood supply and smooth veins, could still be alive and well.

But in finance, there are no “ifs.”

It can be said that Bear Stearns was drained of blood by its customers and died - the customer funds Bear Stearns was responsible for operating and clearing on November 2007, 11 were still as high as 30 billion US dollars.

But now Bear Stearns is on the verge of bankruptcy and can only rely on emergency financing from JPMorgan Chase and the Federal Reserve.

This is the efficiency of modern financial markets: the weakest link in the hinge is removed in an instant, resources are re-divided, and the entire system moves on.

Ironically, many reports of Bear Stearns' crisis criticized its management's inaction.

As Bear Stearns was in its solvency crisis, the chairman chose to go to Detroit the previous weekend to play in a bridge league—during which he had very little contact with Bear Stearns executives or other board members.

By the time he returned to New York to take care of the business personally, other Wall Street peers had withheld aid, and the Federal Reserve had been forced to provide emergency financing to Bear Stearns through JPMorgan Chase.

Another famous incident was that during a conference call to restore investor confidence on August 8 last year, he walked away in the middle of the meeting. This leader allowed his company to die.

Indeed, in the year since the subprime crisis, Bear Stearns executives have halfheartedly tried to reassure investors and other banks about their business.

Before giving up the CEO role to Alan Schwartz in January, Kane had been too lazy to communicate with the outside world.

They made no effort to reassure the outside world and let everyone know what was going on.

Until recently, Bear Stearns had responded to growing doubts by issuing a tepid, detail-free statement that it had no capital or liquidity problems.

And the comparison with them is Lehman Brothers...

Media reports praised Lehman Brothers for launching a series of difficult and well-planned operations after the subprime mortgage crisis broke out, allowing those who were shaken to rebuild their confidence.

And it thinks they've taken more decisive action to stabilize its books - its cash buffer is twice as large as Bear Stearns'.

When Lehman Chief Financial Officer Erin Callan reported on a conference call last Tuesday, he poured out a stream of numbers to prove the company's strength.

Well, at least for now, Lehman Brothers is still a "top student in the class"...