For decades, AIG has been a global powerhouse in the sales of insurance business. In 2006, AIG sponsored the Premier League Manchester United for 4 years with 56.5 million pounds. This sponsor also experienced the team's best four years with Manchester United, 2007 Manchester United won the Premier League title after a three-year absence.
"There are many Manchester United fans in China, and the AIG logo on the Manchester United jersey has become a classic." said Xie Qian, deputy general manager of AIG Insurance Co., Ltd. (AIG) Beijing Branch.
“中国有很多曼联球迷，曼联球衣上的AIG徽标已成为经典。” AIG Insurance Co.，Ltd.（AIG）北京分公司副总经理谢谦说。
As a former sponsor of Manchester United, this once wealthy company was on the verge of bankruptcy in September 2008. AIG first experienced a "counterfeiting scandal" (rating scandal), and then encountered the 2008 economic crisis. In the fourth quarter of 2008, AIG's loss reached $61.7 billion, creating the largest quarterly loss in the history of the United States. In the end, the U.S. Treasury Department and the Federal Reserve made another move with a rescue fund of $30 billion. In the course of this series of off-track, AIG was exhausted, and the sponsorship with Manchester United could not continue, so a rare new jersey in the history of the Premier League was born to advertise the dead company.
A new financial product called a mortgage debt bond (CDO) became the new darling of investment banks and other large fund institutions at that time. CDO bundles various debts that are very safe to extremely risky and sell them to investors. Supporting secured debt certificates are high-yield bonds, emerging market corporate bonds or national bonds, bank loans and other debt instruments. To most people, this is a stable and almost zero-risk investment. Many large institutions holding mortgage-backed securities have created CDOs. These include subprime loans, in other words, they were paid to non-payment during the real estate bubble.
So how do you sell the MBS of these non-performing loans? The clever bankers package all the bad credit loans into CDOs and divide them into two tranches. The A-grade tranche has low interest and the B-grade high. Then if there is a default part of the entire loan, the B-level loses first, and the B-level loses and then the A-level part is lost, and then they are sold to investors with different preferences. What should no one in B-level do? I took a guarantee, and then I asked a rating agency to rate an AAA, and a good product is on sale again! Later, the non-performing loans are all used up, then we will sell the CDO of the CDO, which is called CDO synthesize.
那么，您如何出售这些不良贷款的MBS？聪明的银行家将所有不良信用贷款打包为CDO，并将其分为两部分。 A级档次的利息较低，B级档次的利息较高。然后，如果整个贷款中有违约部分，则B级首先损失，B级损失然后A级部分损失，然后将它们出售给具有不同偏好的投资者。 B级人员不应该做什么？我做出了保证，然后我要求评级机构对AAA进行评级，然后又开始销售优质产品！后来，不良贷款全部用完，然后我们将出售CDO的CDO，称为CDO综合。
When there is a lot of default, the bottom layer of debt cannot be collected, and all the bonds superimposed on it will be destroyed. This is where CDO is any place that destroys the world economy. When the crisis comes, any unlucky person or the company holds a lot of CDOs, or makes a lot of guarantees for CDOs, it will be over, such as the famous Lehman Brothers.
当发生大量违约时，最底层的债务就无法收回，所有叠加在其上的债券都将被销毁。 CDO在这里是破坏世界经济的任何地方。当危机到来时，任何不幸的人或公司都会持有大量的CDO，或为CDO提供很多担保，例如著名的雷曼兄弟公司（Lehman Brothers），这种情况将结束。
[Picture] Stills from the movie "Big Short"
Football, as the world's largest sport, is the most popular in England where football originated. The most commercial and fastest growing English Premier League was also greatly affected during the 2007-2008 global financial crisis.
The 20 teams in the Premier League had debts of more than 3 billion euros that year. The former Manchester United shirt sponsor, the aforementioned AIG, had its share price plummeted by more than 30%. Now the sponsor of Tottenham Hotspur is a son of AIG. The company AIA (AIA) on the 16th and 17th of 2008, AIA suffered about 20,000 surrenders in Hong Kong, China, and AIA’s total insurance coverage in Macau and Hong Kong had more than 2 million insurance policies, of which more than 95% were at Hong Kong. AIG's subsidiary American International Assurance (AIA) branch in Hong Kong, China launched emergency crisis public relations on the 18th. In the end, it was confirmed that the Fed’s US$85 billion revolving loan was supporting AIG, and the wave of AIA surrenders in Hong Kong was temporarily stopped. The deteriorating trend continued, and the stock price of Tottenham Hotspur, the world's first team to list the team, also suffered a devastating blow.
The teams that competed in the Premier League in the 2007/2008 season were heavily in debt. The league as a whole was condemned and disapproved by UEFA. Most of the teams were at the end of their lives. Due to poor management, the teams sought overseas investment and sold stars. There is no guarantee for the team itself.
Of the 20 teams competing in the Premier League that season, 10 teams are currently relegated to the English secondary league, and this number is still growing. Among them, Wigan Athletic, Sunderland, and Portsmouth have already been relegated to the Premier League. Bolton, a powerful team that could not be ignored in the Premier League, almost went bankrupt due to economic problems. It is now in the second league and is struggling to relegation. The largest local steel plant in Middlesbrough, that is, the largest steel group in England, the British Steel Group, has also been bankrupted and reorganized in recent years. This national company that accounts for 90% of the British steel production capacity has also been acquired by a Chinese company. This will also cause immeasurable impact and challenges for the local economy and the future of the team.
Due to excessive real estate lending, bad debts have soared, and Spain's banking crisis has also reached a point where it is difficult to manage. With the spread of the US economic crisis, all European countries have been impacted and affected to varying degrees. Spain is known as the 6th largest economy in Europe and 12th in the world, second only to the traditional powers of Germany, France, Britain, Italy and Russia. , But in fact, the Spanish economy is too dependent on the tourism-based service industry, and there is no consortium that can really support the national economy. It can be said that when the economic crisis comes, once the tourism industry collapses, the real estate industry collapses, and consumer goods remain, this beautiful country will immediately fall into complete passiveness, or even collapse.
Germany has large consortia across the world such as Volkswagen, Audi and Bayer, and Italians have huge consortia like the Agnelli family and the Berlusconi family that are involved in various industries, but you ask yourself, what does Spain have? Nothing, so how do they support this huge football industry? In the two years of the economic crisis, Real Madrid and Russell were able to invest wildly in the global market precisely because they still had the ability to rely on personal connections to obtain loans from banks, but when Spanish banks have tightened credit, even Barcelona’s When super clubs rely on loans to pay their wages, it is enough to prove how unhealthy the country’s economy is.
The main source of investment and income for the Spanish team is the members of the team. In addition to relying on member support, Real Madrid and Barcelona have almost monopolized all quotas in the field of football investment in this country, and the domestic investment that other clubs can attract is very limited. . In the 20 Premier League clubs, more than half of the owners are worth more than 1 billion euros. This figure in La Liga was "0" before the Qatar consortium and the Dubaines bought Getafe.
西班牙团队的主要投资和收入来源是团队成员。除了依靠会员的支持外，皇马和巴塞罗那几乎垄断了该国足球投资领域的所有配额，其他俱乐部可以吸引的国内投资非常有限。 。在20个英超俱乐部中，一半以上的老板身价超过10亿欧元。西甲联赛中的这个数字在卡塔尔财团和迪拜人收购赫塔菲之前为“ 0”。
Roig, the proprietor of Villarreal, was a member of the "1 Billion Club", but the sudden economic crisis caused heavy losses to the ceramic factory he relied on for consumer goods manufacturing.
In fact, the real estate's blow to La Liga clubs has been particularly severe. Because the country cannot find the support of a financially strong consortium, they can only hope to sell land to survive like Real Madrid did in the past, but suffered a real estate bubble and deep debt. The collapse of Valencia is exactly the same: The Bats are the only teams in Europe that are hoping to obtain debt restructuring investment from replacing stadiums, but now they "own" two stadiums: one "can't sell." The other "cannot be repaired".
Known as the "engine of Europe" but now satirized as the "ruins of Europe", Madrid and Barcelona account for more than 60% of the country's population. Times. Among the top 20 in the world football club income list in recent years, La Liga is the only one of the five major leagues with only 2 teams short-listed-enough to show the gap between the rich and the poor in La Liga.
However, it is worthy of recognition that Spanish football plays an important role in its overall economy. According to data, Real Madrid’s net investment of 257 million euros reached in 2008, setting the record for the most money-burning in European football. Superstars like Zema, Cristiano Ronaldo, Kaka, and Xavi Alonso joined in; the same Barcelona also invested 112 million euros to reinforce the lineup. The total investment of 400 million euros in La Liga that year can still be seen from the data. Spain's dependence on the football industry is no less than that of a major industry or career in other countries. Football still maintains an important role in economic recovery and promotion. This is an important feature of Spain in the development of the football industry.
但是，值得承认的是，西班牙足球在其整体经济中发挥着重要作用。根据数据，皇家马德里在2008年的净投资额为2.57亿欧元，创造了欧洲足球最赚钱的纪录。 Zema，Cristiano Ronaldo，Kaka和Xavi Alonso等超级巨星也加入其中；同样的巴塞罗那也投资了1.12亿欧元来加强阵容。从数据中仍可以看出拉西加当年的总投资额为4亿欧元。西班牙对足球产业的依赖不亚于其他国家的主要产业或职业。足球在经济复苏和促进中仍然发挥着重要作用。这是西班牙在足球产业发展中的重要特征。
From the prosperous "Little World Cup" to today's situation, the Italian Football League is affected by the global bubble economy, and its domestic situation is also inevitable. In 2001, the total deficit of Italian football clubs at all levels reached 1.675 billion euros. From the 1998/99 season to the 2007/08 season, the total loss of Serie A was as high as 20 billion euros! Similarly in the field of virtual economy, the stock markets of Italy and Spain both fell sharply during the economic crisis, and their long-term government bond yields also rose to near 7% historical highs in the euro area. This indicates that the virtual economies of both countries are also facing Great danger. In such a sluggish economic environment between the two countries, La Liga and Serie A took the lead in the suspension crisis of the league. Those who originally intended the next family also gave up the acquisition plan, so that the club can only reduce costs by arrears, salary cuts or layoffs; in addition, in order to reduce the deficit, governments in this case tend to treat high-income earners. Tax increases for players have caused conflicts between the players union and professional leagues. The Serie A crisis is a typical example. In other words, when clubs that were able to operate on debt find that it is extremely difficult (or have no debt at all) now, a lot of things about modern professional leagues are exposed.
The current league model of world football has given many speculators an opportunity to take advantage of. Some capital predators invest in football clubs with huge sums of money and invest in stocks or physical projects. Buying low and selling high are almost the same: they first acquire a relatively high valuation. The clubs with low value-added space will then increase the salaries and transfer fees of their players and head coaches to achieve the growth of total commercial value, and then look for the next player to make a profit at a high price after a period of time. This kind of business philosophy is a process of blowing big bubbles. Everyone doesn’t care how much the team should put in, just put in a certain incredible amount of money.
The problem is that at the end of this capital game, if these clubs still cannot find new buyers, this big bubble will collapse. This danger is particularly prominent in the context of the international financial crisis. On the one hand, the companies or individuals to which the clubs depend are unable to maintain the original operating costs due to tight funds; on the other hand, some originally intended next-generation companies have also abandoned the acquisition plan. As a result, clubs can only reduce costs by owing wages, reducing salaries or layoffs. Today’s football is also facing such a crisis. Under the influence of Covid-19, leagues around the world have been suspended, players infected, and teams The economic situation has been damaged, and many low-level leagues and even top-level league teams have made many adjustments in team salary and personnel adjustments.