What do banks fear the most?

It doesn’t require much professional knowledge, but ordinary people with a little experience can probably know it. Two words: a run.

Any bank will have a run, the result will be disastrous.

Just one day on February 26, the investigation by regulatory authorities and the withdrawal of Westinghouse Electric, caused a panic caused by the two negative combinations, which quickly caused a run of the Mellon Financial Group by customers.

As a veteran local bank that has been established for more than a hundred years, Mellon Financial Group's market value reached US$13.9 billion the day before the incident. However, as of the closing afternoon of the day, the stock price of Mellon Financial Group plummeted by 21%, and the closing market value was only US$10.9 billion. In one day, all shareholders of this bank's book losses reached US$3 billion.

However, the stock price plunge is second, and everyone understands that the most serious problem is the run.

If this problem cannot be solved quickly, Mellon Financial Group, a century-old local bank, may not even survive next week and will collapse and will have more chain negative impacts.

The incident continued to ferment in the following two days, and no miracles occurred.

Mellon Financial Group's valuation continued to fall by 13% and 9% respectively in the following two trading days. By the close of Friday, its market value had plummeted from US$13.9 billion three days ago to US$8.6 billion. At the same time, for three consecutive days, the accumulated withdrawal and transfer applications from bank customers reached US$67. This old local bank with an asset size of US$43 billion will be less than US$3.5 billion in the short term based on the federal reserve ratio of about 8% at this time.

Therefore, only extraction can be restricted.

This instead caused further panic and runs.

Pittsburgh.

In a manor of the Mellons.

It's Friday night.

Most members of the Mellon family, which have gradually split since Andrew Mellon's death, rarely gathered together again. The first thing that came was a fierce quarrel. The confrontation between the two sides caused all this today, Richard Mellon Skyve and his sister Cordelia Skyve May.

Their mother, Sarah Cordelia Mellon, is the granddaughter of Thomas Mellon, the founder of the Mellon family. Due to the inheritance dispute after the death of her mother, the fourth-generation sibling of the Mellon family, who are both over 60 years old, have not spoken much for nearly 30 years.

"It has been like this since childhood, and it has been like this since childhood. You, an arrogant and incompetent idiot, can you know nothing except drinking and playing with women. If you live to be sixty, you can only do these stupid things that implicate your family."

"Bichi, at least I didn't implicate you! Or, don't tell me, if you secretly follow everyone to invest in short technology stocks and lose a lot of money, that's all, you can only say that you are stupider."

"If I had known that you were the idiot behind your back, I wouldn't have invested a dime even if I beat you to death. Hey, I lost a little, but look at you, you took so much back then, how much would you be left this time? Haha, I'm waiting to see you go bankrupt, idiot."

"It's my duty to take more. At least I've done some things over the years. What about you, except lying on your mother's legacy to enjoy life, what have you done? You didn't do anything!"

"You did something, built a media group, and then went to provoke the president and dug up other people's privacy, hey, what did you find? Clinton is still in the White House now, but this time, Mellon Finance was suddenly investigated. Why do you think it's a fool, why do you think it's?"

"Bichi, shut up."

"idiot!"

When the two quarrels almost reached the point of physical conflict, Timothy Mellon pushed his father Paul Mellon in, sitting in a wheelchair, the man who happened to be 90 years old this year signaled his son to step forward, and directly swung his crutch and hit Richard Mellon Skye, finally stopping the dispute.

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

Timothy Mellon didn't say nonsense, looking at the people standing or sitting around and said, "Frank Court came back from Washington in the afternoon. The authorities meant to ask the New York Bank to take over Mellon Finance, so, tell me what they think?"

Frank Court is the CEO of Mellon Financial Group, who has held this position 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 launch an acquisition from Mellon Finance last year."

Another Richard Prosel Mellon, who is on the same branch as Richard Mellon Skyve, said: "Timosie, I just want to know what we can get after we promise the New York Bank to take over, or, to be more blunt, what are we left?"

Timothy Mellon looked at the cousin who was a few years older than him and shook his head: "This is just Washington's request for Mellon Finance. What's going on about us, we need to contact Washington after making a decision tonight."

Another middle-aged female member of the Mellon family, Cassandra Mellon, said: "If Washington does not make a promise, of course we can't agree to anything."

"Cass, the problem is that we only have one night to make a decision. You know, although the stock market is closed on the weekend, the run is still there, and we can't afford to drag it down."

Cordelia, who had just finished arguing with her brother, interrupted: "Then let's talk about nothing. If Mellon Finance collapses due to a run, we will not lose the most. I don't believe that the White House dares to watch this happen."

"It would be so simple," said Matthew Mellon just now. "If we do not cooperate actively, Mellon's financial situation will deteriorate to a certain extent and the authorities have the right to forcefully take over. At that time, we will completely lose the initiative."

Cassandra Mellon said again: "Then you can't compromise without talking. I still insist that Washington has to make promises to us before we can make concessions."

"The key is time."

"It's better to drag it until Monday to take a look."

In the hall, Paul Mellon, the only living son of Andrew Mellon, leaned in a wheelchair and listened quietly to the debate for a while, and was inexplicably sad.

Thinking about the glory of the Mellon family, then looking at these people at this time, they only want to retreat and escape in their words. Even the children of these families subconsciously did not mention the name of a young man who caused all this, so they could imagine it, let alone confront it.

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

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

Cordelia next to her immediately followed and mocked: "Yes, he has always been like this rogue when he has caused trouble since he was a child, and then he waited for his father and mother to clean up the mess."

Paul Mellon glared at the sarcastic niece and slowly swept towards everyone. Seeing that these descendants were dodging their eyes, they felt even more depressed. If the Mellon family could be a clique and accumulated over hundreds of years, this one might be able to gain a glimpse. Now, facing a behemoth, people are separated and have no fighting spirit, even if he, the old man, still has some ideas, he cannot express it at all.

After pursing his dry and old lips, Paul Mellon finally said: "Since you are not sure about it, I will let Tim deal with this matter. You are mentally prepared. Mellon Finance will definitely not be able to save it. However, if nothing unexpected happens, Mellon Finance will give up, and the other party... will not pursue it again. So, Matthew, Cass, and Charlie, do you have any objections?"

Everyone was silent for a moment.

Cassandra Mellon said again after a moment: "Uncle, really... can we end it by giving up Mellon Finance?"

"Looking at the Hurst family, you will know that Simon Westeros is not a person who likes to pursue him. All he wants this time is Mellon Finance," Paul Mellon finally said a name, glanced at the expression on everyone's faces again, and added: "The premise is that you don't provoke him again in the future and live your own life peacefully."

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

Being stared at by a bunch of eyes, Richard Mellon Skye quickly turned red and said in anger: "Simon Westeros, what is he? He is just a nouveau riche. At worst, I will let the explosion at Woodfield Manor two years ago..."

Before Richard Mellon Skyve finished speaking, Paul Mellon had already thrown the crutch in his hand on the nephew who could not see the situation clearly, and said viciously: "Idiot, can you still not see the situation clearly? The Woodfield Manor bombing, hey, why don't you dig out the Kennedy assassination? Look at who dares to investigate this matter over the years? You see the fate of the Kennedy family's children. Do you want to kill us all?"

Richard Mellon Skye was also angry and was targeted by this uncle for a long time. He couldn't help but roar, "If I don't harm you, just treat me as an outsider. From today on, I'm fine with the Mellon family. Is it okay?"

Seeing Richard Mellon Skye talking nonsense with blushing face, Paul Mellon became even more angry, staring at his eyes and trembling lips, and waving his arms slightly. Unfortunately, the crutches in his hand had been thrown out, so he could only raise his hand to blame Skye, "Severe the relationship, haha, everything you have now given to you by Mellon's surname. You spit out all the property under your name, and then talk about the matter of severing the relationship. Come on, as long as you want, I will call the lawyer now. Are you willing?"

Seeing the old man almost stood up and pounced on him, the majesty planted by this uncle since childhood made Richard Mellon Skye finally calm down, stuttered his neck again, and stopped answering.

Timothy Mellon squatted down and helped his father to help his chest to calm down. He paused and said to everyone softly: "I called a friend of the FBI. He said that all the evidence files about the Woodfield Manor bombing were mysteriously missing last year. Now, even if... Westeros himself jumped out and said that he did that, there was no evidence."

After Timothy said this, everyone looked at each other.

Paul Mellon recovered under the comfort of his son and finally spoke again, his tone of depression: "That's it, you all go back and prepare. Although this New York Bank must be a share exchange merger, don't keep the shares of the Mellon family, and sell them all, and we will withdraw completely." After saying this, Paul Mellon looked at a dissatisfied nephew again: "And, Charlie, close your Pittsburgh Tribune. Anyway, you know, even if it doesn't, this newspaper will not last for a few years. Tim asked, there are no more advertising orders there."

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

Paul Mellon was so angry that he was unable to do anything: "Who do you plan to sell to? Who do you think you dare to ask?"

Richard Mellon Skyve paused and nodded slightly without a trace.

Paul Mellon opened his mouth and wanted to give something more advice. After thinking about it, he didn't say anything. He raised his hand and waved: "Since that's the case, it's all gone. From now on... hehe, I don't have much time left and I can't control it."

After the Mellons made a decision, things began to turn quickly.

After an emergency consultation the next day, early Sunday morning, New York Bank publicly announced that in view of the sudden outbreak of Mellon Financial Group, with the support of regulatory authorities, New York Bank will conduct an emergency takeover of Mellon Financial Group. The board of directors of Mellon Financial Group announced the disbandment on the same day. CEO Frank Court announced his resignation, but will still assist the subsequent merger of Mellon Financial by New York Bank.

The board of directors of Mellon Financial Group previously had eight members, five of whom were representatives of the Mellon family, which basically equals absolute control over this old bank.

Now that the board of directors has been dissolved, New York Bank will take over and merge with Mellon Finance, completely announcing the end of the Mellon era.

Not only that, it is obviously to alleviate the bank's run. Westinghouse Electric, which just announced yesterday that it had parted ways with Mellon Finance, suddenly changed its attitude and took the initiative to clarify that it had been a bit too much of the response to the authorities' investigation of Mellon Finance's internal problems. Therefore, it took back yesterday's decision and will continue to cooperate with this bank in the future.

Such a roller coaster-like peak-circuit transfer made countless spectators confused, and even a famous Wall Street Journal financial reporter shouted about conspiracy on his Facebook.

The financial reporter also found a rumor at the end of last year that the New York Bank was rejected for the acquisition of Mellon Financial Group. Therefore, he judged that a series of events that have occurred in the past few days were all disgraceful measures taken by the New York Bank to annex Mellon Financial Group.

Unfortunately, the overall situation has been decided, and these voices that have not explored deeper inside stories have not caused any trouble in mainstream media.
Chapter completed!