"We must admit that in the years before the financial crisis, the "leverage" of the US financial system was too severe, and that US financial institutions did not manage the resulting risks well...

In the future, we will do everything possible to increase lending to consumers... At the same time, this also requires rebuilding people's confidence in financial institutions."

...To rebuild the confidence of investors, taxpayers and governments in us, my institutions and our entire financial industry still have a long way to go.”

Andy Smith, wearing a suit and tie, looked calm and read two pages of prepared verbals calmly. Around him, dozens of reporters holding cameras, two or three layers inside and outside, and the flashing light hit his face.

Behind him, many audience representatives and media journalists from all over the United States and around the world, listened attentively to Andy Smith's speeches, hoping to understand the views and ideas of the legendary young man.

“…It is expected that all areas from credit cards to home loans will face greater difficulties in the future, but at the same time, it opens the door to industry reforms that the banking industry has long avoided. Perhaps a worse time has not yet arrived…”

Like a charismatic public speaker, Andy calmly faced the covetous congressmen at the hearing and the reporters who were almost coming to his face.

To be honest, this trip to Washington, including Andy, was also "prepared". Previously, the think tank even brought a team of expert consultants to Andy for a "quick training" in hearings, such as how to adjust the rhythm of the answer, how to respond if the person asked suddenly interrupted, etc.

"...My statement is finished, and the members of the parliament are welcome to ask questions."

With Andy's words falling, the other eight financial giants had already finished their statements. By the time Andy finished, the real confrontation was about to begin.

"Anyone of you is willing to apologize for the current financial industry?" The hearing chairman asked with glasses hanging on his nose, with his head slightly lowered his head, and with a serious expression on his face as he looked at the nine financial giants on the long table in the middle area.

"We did do something wrong, and we could have done something better." MG Chase CEO Damon pondered for a moment before he reluctantly spoke "repentance".

As for the others, they also said a few irrelevant shirks. Only McG Stanley CEO Mai Jinheng, who gave up the dividends at the end of the year for two consecutive years due to the company's poor performance, was the only one who took the initiative to apologize to the public. He expressed guilt for the situation in the financial industry, and especially stood up and bowed to apologize to the company's shareholders and the American people, and said that he loved his current job and was willing to pay for no money.

But it seems that the members of the parliamentarians did not buy into the belated apology. Cap, a donkey party member from Boston, sarcastically said, "There are serious consequences. In the gesture of goodwill, you came here on your bicycle today and said to us: Sorry, we will not do that again. But the American people no longer trust you. There are such people in our community, and they said the same after robbing the bank you opened."

"...that certainly not. robbing a bank is a serious crime! At the beginning of the financial crisis, I warned through various channels, but should I ask myself all the anger at this moment?" Andy looked at the extremely angry Congressman Cape roared at them and said calmly. Andy owed a little respect to such people who only know how to speak.

Andy's sudden speech made the MP's anger slightly slam and his face turned red. The entire hearing scene also became silent. Only the camera shutter sounded, and the audience in front of the TV looked at each other. Yes, where did they go at the beginning of the financial crisis? Well, they were all mocking Andy Smith's sensational...

The hearing scene at this time became extremely embarrassing. For Andy Smith, the members of the Representatives looked at him with vigilant eyes. The vice chairman of the committee, Phil, looked at Andy Smith, who had shut up and calmed down after saying it, directly ignored Andy's rhetoric and targeted Goldman Sachs.

"I'm very surprised that no one of you has been sued yet! You Goldman Sachs first creates and then shorts some suboptimal mortgage-backed securities, just like selling a car with a failed brake and then buying insurance against buyers. Shouldn't you be responsible for the outbreak of the subprime mortgage crisis?"

"Senator, we cannot accept this accusation because there is still demand for this product until now. The financial crisis is not something that can be triggered by a certain product or a certain financial institution. The crisis that swept the global capital market is the impact of a series of hurricanes..."

Phil, vice chairman of the committee, retorted, "And these disasters are all human."

Another MP looked at the nine financial giants sitting at the long table and said, "Maybe everyone thinks that you should at least apologize."

Angry words from the congressman were heard at the hearing, which made several other giants except Andy apologize for the situation in the financial industry with expressionlessness.

"Good money needs to be used on the blade. I want to know where the government aid money went?" Paul, a donkey party member from Pennsylvania, began to attack and questioned in person. In fact, to put it bluntly, these people were still dissatisfied with the generous salary and dividends issued by financial institutions. Congress also hoped to ensure that the aid funds were not abused. Member Paul stared at the long table below with a serious expression and continued to ask: "Did these funds be used to re-lending? How do we know how much aid funds are needed? Who needs them? ... Who can guarantee that they will not waste the money?"

Citigroup, Bank of America, Wells Fargo, and Chase CEO said the company borrowed $150 billion in the fourth quarter of 2008.

When everyone's eyes fell on Andy's face, who had not spoken yet, Andy said calmly: "Our Yingtai Bank has been lending, and our loans have increased after receiving the aid funds. Last quarter alone, we issued $10 billion in new loans, including $3 billion in new loan commitments and $7 billion in housing mortgages, which is three times the loan issued by the Ministry of Finance to Yingtai Bank."

"You all said you have borrowed the money, but so far, the operating conditions of the financial industry have not improved significantly, and the credit market is still sluggish. Many people still cannot obtain loans to buy cars, houses or pay tuition fees, and the banks do not seem to have borrowed the money. If you cannot use these funds effectively, it is better to return them to the government." Donkey Party MP Paul stared at the nine giants and questioned with anger.

"I can say responsibly that Yingtai Bank uses these funds to increase lending, rather than paying executive salaries, and the government lobbies or pays dividends to shareholders. As for the government to repay them before leaving, sorry, according to the loan agreement, we need to pay interest. If we pay back the money now, is it considered a government default? Will the government compensate for the losses caused by the loaned funds?" Andy curled up his lips, and looked at the Paul Councilor with a sneer and asked.

"I want to know where the money went? If you come up with the proof, please find a way to return the money before you leave Washington!" Congressman Paul looked at Andy without any weakness and questioned.

"Ok, Mr. Senator." Andy smiled slightly, ignored other financial giants with a big change in expression, and did not look back. He raised his hand and snapped his fingers. His hands were sitting behind him immediately piled up documents on the ground. Andy smiled and faced everyone and the camera lens, and raised the documents in his hand. "There are details of a $3 billion loan, and each transaction can be verified. Of course, it is all high-quality loans. After all, subprime loans are too risky. Please check the senators..."

When the staff at the hearing held the documents to the slightly ugly congressmen, Andy's handsome face had a warm smile for the first time, and he put his hands on the table, playing with a sign pen, and laughed: "Since no one is responsible for compensation for the losses, why should I pay back the money I borrowed with my own ability now!"
Chapter completed!