Chapter 2940 Key Issues

Xiao O'Hei, who was finishing a meeting, happened to see this scene and smiled. He was not surprised by this.

These guys are addicted to power and the money wasted on them, but most of their time must be used to raise funds, because for these representatives who must be elected once every two years, the first job must be to keep the To work, to get re-elected, is overwhelming.

For this reason, they may not even take voting too seriously. Most of them will only ask their subordinates to brief them at the last moment before going to vote, telling them whether they should vote for or against.

Or, they will play some little tricks, such as voting in favor of motions and against amendments for some controversial bills, so that they can be multifaceted.

So, even for such a hearing, can you really expect them to go through the documents themselves?

Why does the office pay so many people?

So it’s really not surprising at all to ask a question like this that reveals a lack of common sense.

What's more, what they faced this time was Feng Yiping.

In terms of investment, why is Feng Yiping just good?

"I guess I don't have to look forward to it, there won't be any suspense," he told his secretary, Katie.

"What do you expect, Mr. President?" the female secretary asked?

Xiao Aohei was stunned, yes, what did I expect?

Do you expect him to be powerless in this hearing?

…………

During the hearing, Barney Frank looked deeply at Feng Yiping. Feng Yiping's additional rhetorical question naturally made him feel a little embarrassed.

This was something he didn't expect.

Although the hearing is not a court, the respect they receive on such occasions is much higher than that of judges in court. Those senior government officials who were called to testify before, or the heads of well-known companies, even if they heard similar questions , and will never make him unable to step down like this.

He didn't even think about it. He was asking Feng Yiping to spend an additional $600 million. So how could he expect Feng Yiping to continue to be nice?

"So, what you're saying is that this US$5 billion investment has not generated any income in the past year?" he asked angrily.

"There are still some, Mr. Congressman," Feng Yiping said. "Because the main purpose of accepting this fund is to maintain its safety, the means for investment are very limited. Our choices are short-term U.S. Treasury bonds and Some municipal bonds,"

“In the beginning, the yield was okay, but then, we know that as more people liquidated other investments and switched to buying government bonds, the related yield inevitably declined. In the end, the return on this investment in one year , is 3.06%,"

"Buzz," the uncontrollable noise resounded in the venue again. Some professionals outside the venue were already in awe of Feng Yiping.

In an environment like last year, just by purchasing treasury bonds and municipal bonds, an investment of US$5 billion could earn an average return of 3.06%, which shows the high level of Feng Yiping's investment.

You know, with the implementation of quantitative easing and a large number of investors investing in government bonds, the price of government bonds increased. The yield on U.S. government bonds fell sharply last year, and was even close to 0, the same as the deposit interest rate.

Buying government bonds is safer than putting funds in banks where you don't know whether they will fail.

Therefore, the return of 3.06% is enough to be proud of!

Hearing the discussion at the scene, including that of his colleagues, Barney Frank promptly stopped the question, "Do you think a return of 3.06% is enough?"

He was somewhat grateful to those who were whispering at the scene, otherwise, as long as he asked that question, he would inevitably be laughed at again.

But just give up?

"So, you can't provide a higher return on this investment?"

How much do you want me to spend money? "Mr. Congressman, you know, I don't have the right to dispose of this fund now,"

"In other words, do you have the ability to increase the return on this investment?"

Everyone saw the helplessness on Feng Yiping's face again, "You know, we can't make such a guarantee,"

"Hahaha," the scene couldn't help but laugh again. How many more times do you have to ask such an idiot question?

Barney Frank was also a little annoyed. Why did I ask this question again, "Sorry, I hope you can understand that because Madoff has caused such huge losses, if the return on this investment can be higher, more investment can be made." Investors’ investment can be protected,”

"I understand," Feng Yiping took a sip of water, "but I currently have no right to dispose of this investment."

Being able to preserve the 5 billion US dollars has already done my best. What else do you want from me?

There was nothing Barney Frank could do about this, because they also had no right to dispose of the $5 billion.

In this way, it seems that the only way to raise the last question is, "Feng, as you said, you are so concerned about the asset safety of Madoff's investors, and you quickly learned that his so-called investment was a scam. So, in At that time, wouldn’t there be better options to protect more people’s investments?”

"I think most people's first reaction in such a situation is to report it to the regulatory authorities,"

He stared at Feng Yiping with burning eyes, I asked you to always sing a high profile and flaunt yourself so well, so why didn't you report it?

This time, many people felt that the chairman finally got the point.

When a crime is discovered, the best way is, of course, to report it to the law enforcement department. If the law enforcement department takes measures, then more assets will be preserved.

Therefore, this is also a problem of removing the firewood from the bottom of the pot. If Feng Yiping does not explain it clearly, then obviously, what he said before is completely untenable.

In the work car, Ma Ling became nervous again.

But Barney Frank's face changed again at this time. When he saw Feng Yiping take out two pieces of paper from the folder, he knew that this problem would probably not work either.

"You are right, Mr. Chairman, so we did the same thing," Feng Yiping said, "This is the email we reported to the SEC, and the record of the reporting phone call,"

"We not only reported it, but also reported it twice by email and phone respectively. Unfortunately, like some other people's reports, our reports did not play any role,"

"Later we found that as early as the last century, someone had already reported it to the relevant departments," he spread his hands, "I don't know what went wrong,"

The people on the stage all looked unhappy. In this matter, the SEC and the FBI were obviously derelict in their duties, and even they were guilty of negligence. In comparison, Feng Yiping's actions deserved a medal for him.

Not only did he report it, he also took positive and effective measures.

At this moment, inside and outside the venue, people were scolding the SEC everywhere, and some bigwigs who suffered serious losses even rolled up their sleeves to scold it.

But Ms. Shapiro, the newly appointed SEC Chairman, could not say that it was her predecessor's responsibility, so it had nothing to do with her, because before that, she was the CEO of the Financial Industry Regulatory Authority.

She could only blame Barney Frank, you are such a stupid guy, what else can you do except to bring trouble to yourself?

In the meeting hall, there was only silence for a while, and a gloomy congressman began to ask again, "Feng, you said that you mobilized Madoff to invest in you in order to try to preserve the assets of investors who were defrauded by Madoff. Is that true?"

He also took out a document, "In order to raise the funds to invest in you, Madoff developed a group of new investors,"

"That is, if there was no proposal like yours, he would not have raised the 5 billion US dollars, so how could he preserve it, because there was no need to preserve it at all,"

"So, Feng, do you think you have preserved the assets of some investors, or have harmed the interests of more people who would not have been defrauded?"

This is another key question that can overturn Feng Yiping's statement and even make him admit his fault.

Barney Frank wanted to applaud immediately, but he immediately thought that such a sharp question should be given to me. Why didn't those guys in the office think of this?

"I didn't know Madoff's financial situation at the time, but according to what I saw on Palm Island, from the last century to the beginning of this year, Madoff has been constantly absorbing investments through local clubs,"

"As far as I know, it is still the same after investing $5 billion in me, so it should not be because of my proposal that he raised funds,"

"In addition, Mr. Congressman," he said softly, "even if he raised an additional $5 billion because of my proposal, as we all know, that $5 billion is still there!"

So where is the extra loss?

"Hahaha," there was another happy laugh in the meeting hall...