Chapter 38:
"You can have your people try to get a loan from the bank, observe their process, then transcribe their loan documents and add some extra content," he glanced at Mr. Fox beside him. "For instance, after a certain period, relinquishing the collateral while still being obliged to repay the full amount of debt and interest. This way, you can seemingly lower the interest rate on the surface."
This approach was just a variation of the long-established game banks played. If borrowers couldn't repay the debt in time after obtaining a bank loan, the bank would auction off the collateral.
The funds obtained from auctions perpetually covered the debt that borrowers couldn't repay, making it seem like a rational process when, in fact, it wasn't. Right from the beginning, the bank undervalued the collateral while setting high-interest rates, leaving most borrowers without the short-term ability to repay.
It's a simple fact if these individuals could gather this sum within a month or two, they wouldn't need a bank loan in the first place.
Given their inability to collect this amount, they naturally lacked the capacity to repay the bank loan, allowing the bank to legitimately claim their collateral.
If borrowers could repay the money in the short term, the bank wouldn't incur losses; instead, they'd gain interest within a brief period.
Perhaps this amount seemed inconspicuous in individual transactions, just a fraction of a hundred bucks, ranging from a few percent to around ten percent. But when all of the bank's operations were aggregated together, it would not be merely a hundred bucks; it might amount to tens of millions, a billion, or even more.
Lin Qi's suggestion added a clause beyond the bank's typical termination clause: the continuation of reclaiming the principal and interest.
Even within a bank, this wasn't merely termination; they had ways to leave borrowers with nothing!
Banks might not be smeared in society like financial companies such as Mr. Fox's, but fundamentally, banks weren't saints either. Remember, the limits within all legal policies related to illicit funds were all set referencing the highest standards of banks... they weren't just players; they were also the referees!
Previously, as Mr. Fox mentioned, some individuals didn't want their businesses to become legitimate, particularly those members of Congress connected to banks and major financial corporations. Banks and corporations sustained these individuals and their families, perhaps even their personal entourages, maintaining their respectable lifestyles. Thus, they naturally learned to advocate for the interests of those feeding them.
Lin Qi's scheme wasn't complicated at all; if you can't beat them, join them.
But now, to mitigate risk, they added some wordplay in contracts, allowing maneuverability in vague areas.
After contemplating seriously for a moment, Mr. Fox hesitated, "I'll give it a try. Regardless, thank you very much for the advice."
Lin Qi waved it off, smiling, "Your matter is settled, and I have something I need your help with..."
After a meal at Mr. Fox's farm, taking some local specialties, leaving with a few trinkets adorned with gold and some inconspicuous gemstones, they departed. These items were actually worth very little if one disregarded the gold and some unremarkable gems.
Meanwhile, after a morning of application, the Michael they mentioned finally met his son Michael Junior at a local jail in Sabin City.
Sometimes people believed that criminal cases would necessarily go through several court hearings before judgment, which was actually incorrect. If a criminal confessed voluntarily, the process would be significantly expedited.
Though the court hadn't yet announced Michael Junior's sentencing, he had already commenced serving time early, which could be considered a form of favoritism.
In the room designated for receiving inmates' family members, the father and the son sat across a table. After nods from the guards, they departed from their designated positions. This is how the rules usually work. Some adhere to them, others break them, often those breaking them are from privileged classes or even the rule-makers themselves, while those who follow are usually the powerless.
It's absurd yet not funny.
More absurd is that those capable of breaking rules consistently accuse those unable to do so of violating rules, constantly augmenting rules advantageous to themselves and their authority.
"In a few days during the trial, you must plead for an appeal, never admit guilt!" Michael turned to glance at the tightly closed door and continued, "I've hired a lawyer who will do everything to clear all the charges. Trust me!"
Michael Junior remained calm, devoid of surprise or anger, only a sense of calmness, feeling his soul had ascended.
He seemed to look at Michael differently now, devoid of some admiration, irritation, rebellion, or even reluctant compliance.
In an instant, he matured considerably, shaking his head, surprising Michael and subsequently igniting a spark of anger within him.
He abruptly stood up, leaning forward to grab Michael Junior's collar, indicating that this wasn't a time for jest. However, his actions were too extreme, alarming the guards outside.
A cough from the guard signaled him to restrain himself; Michael's action froze momentarily, suppressing his anger and sitting back down.
He glared at Michael Junior with anger. "Why?"
Michael Junior responded in a tone that annoyed Michael, "One of us had to come in. You always said I couldn't bring you glory. Look, I'm protecting you now!"
He seemed impatient, "I don't want to hear your explanations. Whatever you did or didn't do, the problem exists now. I admit there are faults on my part, so I am trying to make up for my mistakes. Besides..."
Michael Junior seemed reluctant to continue, "In truth, if I confess, it's good for you, for me, for Mom, for all of us. Don't dwell on these issues. Think about how to reduce my sentence; I've heard from here that I might get nine to twelve months."
After saying this, Michael Junior stood up, tapped the table, and the guard entered. After exchanging glances with the two, he then took Michael Junior's arm, escorting him away.
Michael understood Michael Junior's perspective but found him foolish because this was framing and entrapment!
As long as they could resolve the framing and entrapment, none of them would bear any infamy. However, he couldn't clarify this to Michael Junior right now. He merely wanted to delay until the truth emerged. Unfortunately, the brat didn't see it that way; he even believed he was protecting Michael himself.
An unreasonable child, and utterly foolish!
Around 7 pm, Lin Qi returned to the second floor of the bar after dinner outside. He hadn't had time to check out the house these days, so he was still temporarily residing here.
Situated by the roadside, the constant foot traffic and the bustling bar downstairs ensured that any disturbance around the building would be noticed, providing another layer of safety for him.
As he stood at the door, about to pull out his keys, he paused. There were evident signs of tampering at the lock. He gently pushed the room door, and it creaked open.
The dark room had a flickering light source, intermittently illuminating a faint figure whenever it brightened.
The room was somewhat messy, appearing to have been rifled through once again. Lin Qi flipped the switch by the door, and the dim light came on. Michael was leaning against the partition wall, looking at him.
Lin Qi sighed, looking around at the mess. "You clearly don't do chores at home; otherwise, you'd know how tedious it is to tidy up this mess, how much it drains you, and how irritating it can be," he bent down to pick up some books, placing them neatly on the nearby wardrobe.
As he bent down again, Michael suddenly rushed towards him, pushing him against the wall. "You framed my son, Lin Qi..."
Lin Qi completely ignored Michael's ferocity; he gazed at Michael, as composed as he had been that day in the alley. "Apologize and get out, and this matter ends here. Otherwise, you'll bear all the consequences on your own, just like I warned you that day!"
Lin Qi showed no sign of backing down.
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