Meanwhile
After Liu Jie logged off and exited the game, the first thing he did was rush home to find his father. But the moment he arrived at the company, he found the entire place in chaos.
In the American stock market, Qi Yun was going all out to short the Liu family's stocks. After more than half a year of preparations, Lu Yang had gathered 4 billion dollars for Qi Yun. Qi Yun had recruited numerous Wall Street big shots and used their connections to raise more than 20 billion dollars in one go. A total of 24 billion dollars had all been used by Qi Yun a month earlier to buy something called CDS.
This was called a credit default swap. The best analogy was this: if you owned a house, you bought insurance for it. If the house burned down, you could file a claim. But with a credit default swap, you did not own the house, yet you insured it anyway and named yourself as the beneficiary.
Qi Yun had poured money into bets that the Liu family's banks would "burn down." Sure enough, the financial crisis erupted, and their banks really did "burn down."
The Liu family now had to pay on those default swaps. They could only use the family's remaining liquid assets, along with huge amounts of real estate and businesses, as collateral. That was why Liu Jie's father's company was busy dealing with these matters.
"What will we have left in the end?" Liu Jie asked nervously.
"At most, we'll still have two American banks. All our other assets will no longer belong to us," Liu Jie's father said.
"We haven't gone bankrupt?" Liu Jie asked.
"Who told you we went bankrupt? Our family isn't so easily brought down," Liu Jie's father