the room checked their watches.
“Do our markets have similar mitigation strategies?” asked Sciacca.
“We do,” replied Gottlieb. “There are three thresholds, each of which represents different levels of decline in terms of points in the Dow. These are computed at the beginning of each calendar quarter to establish a point value based upon the market’s present value. They are known as circuit breakers.”
“I remember this,” said Sciacca. “During the market crash of ’08, trading was halted after drops in ten percent increments.”
“That’s correct, Joe,” said Gottlieb. “The SEC and the New York Stock Exchange have since amended Rule 80, which deals with the benchmark index to seven percent, thirteen percent and twenty percent. At twenty percent, trading will be halted.”
“What are we talking about here?” asked Sciacca.
“If trading is halted, indicating a twenty percent loss, the market capitalization of the United States will have decreased by nearly seven trillion dollars,” replied Gottlieb. “That’s half of the entire Gross Domestic Product of the Eurozone. Our investors have the most to lose by this.”
Julia checked her watch again. It was 9:30. This was going to be a newsworthy day.
Chapter 14
May 17, 2016
73 Tremont
Boston, Massachusetts
“You know, I just realized something,” said Donald as he rode up the elevator with Steven and Sarge, while ignoring the two bulky security personnel standing to their rear.
“What’s that, DQ?” asked Steven.
“In all the years we’ve known each other, we have never been here together,” replied Donald.
Steven nodded and Sarge thought for a moment.
“You’re right, Donald, and other than recent events, I have no clue as to why we’re here today,” added Sarge.
Yesterday’s news of the Eurozone collapse was dominating the major networks, not just cable news. When it was announced the European banks would be closed indefinitely, panic turned to anger throughout Europe. Rioters opened the doors of banks on their own, and cell phone videos began to show the destruction. By day’s end, nearly one hundred bank locations across Europe were destroyed by outraged citizens. As financial markets opened on day two, stocks crashed as investors sought the safe-haven investments of precious metals.
The elevator doors opened and Sarge led his companions to the reception desk. Despite attempting to exchange pleasantries with the ladies manning their posts, Sarge noticed a constant darting of the eyes in Steven’s direction. Animal magnetism, mesmerism and hypnosis were all at work when Steven encountered beautiful women.
“Gentlemen, Mr. Morgan requests you wait for him in the studio,” said a stunning blonde who could just as easily peel off your toenails as curl your toes. The boys dutifully followed her into the media room of Morgan’s offices, which comprised the entire top floor of the 73 Tremont building. Originally built in 1829 as the Tremont Hotel, the neoclassical building was known for its innovations of the time such as indoor plumbing, locking guest rooms and free toiletries. Some of the Tremont Hotel’s early guests included Davy Crockett and Charles Dickens, who would marvel at the modern alterations incorporated into Morgan’s studio. Decorative shelving and built-in television monitors gave the room a distinctive library feel. The titles included the works of Dickens, Hawthorne and Faulkner. You could choose a classic book or a classic movie, all in one place.
“Thank you, Danielle,” said Morgan as he entered the room with the ever-present Lowe. “Gentlemen, thank you for being prompt. We have a number of issues to address.” Morgan was getting right down to business.
Sarge nudged Steven to pay attention to Morgan and not the young lady’s departure.
“Malcolm, bring up the video on Prescott Peninsula,” said Morgan.
Lowe interacted with a tablet computer and two screens came to life. One
“Do our markets have similar mitigation strategies?” asked Sciacca.
“We do,” replied Gottlieb. “There are three thresholds, each of which represents different levels of decline in terms of points in the Dow. These are computed at the beginning of each calendar quarter to establish a point value based upon the market’s present value. They are known as circuit breakers.”
“I remember this,” said Sciacca. “During the market crash of ’08, trading was halted after drops in ten percent increments.”
“That’s correct, Joe,” said Gottlieb. “The SEC and the New York Stock Exchange have since amended Rule 80, which deals with the benchmark index to seven percent, thirteen percent and twenty percent. At twenty percent, trading will be halted.”
“What are we talking about here?” asked Sciacca.
“If trading is halted, indicating a twenty percent loss, the market capitalization of the United States will have decreased by nearly seven trillion dollars,” replied Gottlieb. “That’s half of the entire Gross Domestic Product of the Eurozone. Our investors have the most to lose by this.”
Julia checked her watch again. It was 9:30. This was going to be a newsworthy day.
Chapter 14
May 17, 2016
73 Tremont
Boston, Massachusetts
“You know, I just realized something,” said Donald as he rode up the elevator with Steven and Sarge, while ignoring the two bulky security personnel standing to their rear.
“What’s that, DQ?” asked Steven.
“In all the years we’ve known each other, we have never been here together,” replied Donald.
Steven nodded and Sarge thought for a moment.
“You’re right, Donald, and other than recent events, I have no clue as to why we’re here today,” added Sarge.
Yesterday’s news of the Eurozone collapse was dominating the major networks, not just cable news. When it was announced the European banks would be closed indefinitely, panic turned to anger throughout Europe. Rioters opened the doors of banks on their own, and cell phone videos began to show the destruction. By day’s end, nearly one hundred bank locations across Europe were destroyed by outraged citizens. As financial markets opened on day two, stocks crashed as investors sought the safe-haven investments of precious metals.
The elevator doors opened and Sarge led his companions to the reception desk. Despite attempting to exchange pleasantries with the ladies manning their posts, Sarge noticed a constant darting of the eyes in Steven’s direction. Animal magnetism, mesmerism and hypnosis were all at work when Steven encountered beautiful women.
“Gentlemen, Mr. Morgan requests you wait for him in the studio,” said a stunning blonde who could just as easily peel off your toenails as curl your toes. The boys dutifully followed her into the media room of Morgan’s offices, which comprised the entire top floor of the 73 Tremont building. Originally built in 1829 as the Tremont Hotel, the neoclassical building was known for its innovations of the time such as indoor plumbing, locking guest rooms and free toiletries. Some of the Tremont Hotel’s early guests included Davy Crockett and Charles Dickens, who would marvel at the modern alterations incorporated into Morgan’s studio. Decorative shelving and built-in television monitors gave the room a distinctive library feel. The titles included the works of Dickens, Hawthorne and Faulkner. You could choose a classic book or a classic movie, all in one place.
“Thank you, Danielle,” said Morgan as he entered the room with the ever-present Lowe. “Gentlemen, thank you for being prompt. We have a number of issues to address.” Morgan was getting right down to business.
Sarge nudged Steven to pay attention to Morgan and not the young lady’s departure.
“Malcolm, bring up the video on Prescott Peninsula,” said Morgan.
Lowe interacted with a tablet computer and two screens came to life. One
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