After finishing our day's work, we were enjoying a light beer in Captain Kang's office.
We were about halfway through our cans when Team Leader Han walked in, raising a thumbs-up as he entered.
"Mission accomplished!"
"Judging by your expression, it went well?"
"The stakes turned out to be bigger than we expected. But isn't this a bit lacking for snacks? You could've at least picked up some squid peanuts. Are you seriously crunching up instant noodles as bar snacks?"
Ramen was a precious food to me.
Before my regression, it had been the only thing that filled my hunger, my main sustenance. Even then, I had to ration it, as I couldn't always afford more.
"I think ramen is the most perfect food in the world. But let's save that conversation for later.
How much did you raise the stakes?"
"We grew it into a 15 trillion won game. That may not seem like much from Wall Street's
perspective, but it's hard to find stakes that big in Korea."
It was true that, relatively speaking, the amount wasn't enormous.
Compared to the cash reserves held by SAVE Investment Company, it was minor. But it was still more than enough to send a wake-up call to the Korean banking sector.
"To maintain a game worth 15 trillion won, the monthly insurance premiums must be pretty
steep."
"We only need to keep it going for up to two years, so it's manageable. We plan to pay the
premiums through paper companies owned by SAVE Investment."
"Then in two years, you can bring those insurance certificates over to Taewoo Securities. They'll serve as a leash on the Korean banking sector."
To become the president of Taewoo Securities, he obviously needed accomplishments.
Especially at a young age, he needed something monumental to silence the complaints of my
subordinates—and those insurance certificates, capable of holding the Korean banking system in check, would do just fine.
"I'd like to return to Korea sooner, but I have business to wrap up in the U.S., so I've booked a flight there for tomorrow."
"Not taking a bit more of a break? You've just worked the whole time here too."
"This was my version of a vacation. It was fun, actually—working on something related to the KIKO derivatives we created, right here in Korea for the first time in a while."
How did it come to this?
Unlike when we first met, Team Leader Han had now become a complete workaholic.
Of course, it might be because I kept assigning him a lot of work—while offering him appropriate compensation, of course.
"Starting next year, when the subprime mortgage crisis fully erupts, I'll be stationed in the U.S. for quite a while. Just hang in there until then."
"Hearing that the CEO will be in the U.S. makes me feel less lonely. I'll do my best to lay the
groundwork before you arrive."
"Don't overdo it. Just keep doing what you've been doing."
"Telling me to maintain the status quo is basically telling me to keep overworking myself, isn't it?"
Was that how it sounded?
I gave an awkward smile and held out my beer can. We clinked cans and wrapped up our little celebration.
It was a modest party, considering we were celebrating a 15 trillion won operation.
But we couldn't go overboard just yet—an even bigger game lay ahead, one that made 15 trillion look like pocket change.
By then, half of 2006 had already passed.
The Director of Planning visited the Vice Chairman's office to deliver the mid-year performance report.
"All our subsidiaries are showing performance equal to or better than last year. In particular,
Taewoo Electronics and Taewoo Semiconductors have seen more than a 20% increase. The rise in sales of Taewoo's home appliances, along with the success of various collaborative projects, played a big role in that."
"Go on."
The report continued for over an hour.
The summary: all subsidiaries were growing steadily and showing stable results.
But the automotive subsidiary was a different story.
"Public interest in electric vehicles isn't as high as we expected. There are still two years left until launch, but if current trends continue, we don't anticipate strong sales even after release."
"Think of it as part of the process of refining the final product. Once the quality is there, there are plenty of ways to boost public interest."
I had already drafted several plans.
If we could produce a truly high-quality electric vehicle, there would be no need to worry about sales—the plans I had in place would ensure that.
"There's one more item I need to report. The next presidential election is coming up next year. The primary for the major parties begins in June, so there's exactly one year left. If we intend to support a candidate, now is the time to begin. We'll need your guidance on how to approach the election."
"For this presidential election, Taewoo Group will not be distributing any campaign funds."
"This is shaping up to be a highly competitive election, with the opposition party having a strong chance of winning. In fact, their primaries might be more intense than the actual election. The more intense the race, the stronger the backlash afterward."
I didn't want to end up in prison.
If there were a legal way to support a candidate—like in the U.S.—I might've considered it.
But if we supported a candidate the same way as before, and that candidate won, we'd still
become the target of investigations once the administration changed five years later.
"You don't need to worry. They won't have the energy to come after us. The new president will have their hands full from day one, dealing with the looming global economic crisis."
"I hope you're right. But at the end of the day, people tend to protect their own. If the president decides to come after us, even with the National Economic Party acting as a buffer, it'll be difficult for the group to defend itself."
The National Economic Party was still weaker than the major parties.
They were slowly building their base in the Gyeonggi Province region, but if a dominant party with the president behind it launched an offensive, we wouldn't be able to withstand it.
That's why we needed a much larger buffer.
And I had already identified what that buffer would be.
"America will serve as our buffer."
"In 2007, the U.S. will also undergo a presidential transition. You may have a close relationship with the current administration, but once power shifts, you won't have their protection anymore."
"I've already built ties with the incoming administration. In fact, I expect even stronger support than under the current one."
"Are you… serious? No one even knows who the next U.S. president will be!"
Well, I knew.
But I couldn't exactly tell the Director of Planning that. I had to reassure him with a half-truth.
"Whoever becomes president, we'll have the support we need. So don't worry."
"If the next U.S. president has our back, then there's no need to align ourselves with the next
Korean administration."
"Exactly. That's why I want us to remain strictly neutral in the upcoming Korean presidential
election. As long as we stay out of it, we won't be a target."
Truthfully, it was a bit of a missed opportunity.
The upcoming presidential primaries were going to be brutal.
And the more intense the race, the greater the rewards for backing the winner.
But we couldn't sacrifice long-term stability for short-term gain. Neutrality was the only viable strategy.
"No matter which candidates reach out, I'll make sure they're completely shut out."
"And maybe this sounds arrogant, but I'll say it anyway—Taewoo Group has grown to a point where even a president can't touch us easily."
"I understand completely. Taewoo Group now accounts for over 10% of Korea's GDP. If Taewoo were to collapse, the country's GDP would drop by 10%—that's not something even a president can ignore."
The Director of Planning seemed to believe in Taewoo Group's power even more than I did.
Yes, Taewoo played a significant role in Korea's export economy. But that didn't mean the
country would fall apart if we went under.
Although… ten years from now, that might actually be the case.
If we dominated the electric vehicle market and expanded further into the IT sector, things could be different.
By then, even if the government and a major opposition party united against us, we might be
powerful enough to stand alone.
"But let's not overestimate ourselves. Just think of it as not needing to curry favor with the
president anymore."
"I got ahead of myself. My apologies."
"Let the National Economic Party handle the political front lines. You just focus on Taewoo
Group's continued growth."
"I'll take your words to heart, Vice Chairman!"
***
A few days later.
I received a call from Team Leader Han.
"President, have you heard the news? The U.S. Federal Reserve still hasn't come to its senses. They've decided to raise interest rates again."
"They're taking baby steps, apparently. You can practically hear the wailing all across America."
A 0.25% interest rate hike.
They called it a "baby step" because the increase was relatively small.
But with the real estate market already in a stagnation phase, raising interest rates now was like throwing gasoline on a fire.
"The Moral Hazard Group predicts that the number of bankrupt households will more than
double."
"They won't understand the severity until the numbers are staring them in the face. The White House and the Fed won't even blink no matter what we say right now."
"At the latest, by early next year, they'll realize how serious it is. I have a feeling you'll be
arriving in the U.S. sooner than expected."
"Looks that way. I didn't think they'd raise rates again so soon."
The U.S. interest rate had now climbed to 5.25%.
Back in 2004, it had been just 1%. A more than fivefold increase—it would be strange not to see something break under that pressure.
"I'll keep you posted on the situation."
"And I'll call you once I've finalized my travel plans to the States."
After hanging up, I sat in brief contemplation.
But I barely had a moment to think before my phone rang again—this time, it was David.
What was going on today?
People who rarely ever called were now ringing me one after another.
"Boss! Have you heard?"
"If you're talking about the interest rate hike, Team Leader Han just called and told me."
"Not that. Musk's SpaceX failed another rocket launch."
"They've already attempted a second launch? That must be disheartening."
"Are you okay, Boss? I mean, it's not wrong to say most of that launch was funded out of your own pocket."
"I expected at least four or five failures."
How could a private company's rocket launch be anything close to easy?
The mere fact that he was even able to launch a rocket was astonishing in itself.
"I'm just glad to hear you're doing okay, Boss. Oh! And by the way, quite a few politicians here in the U.S. are starting to voice concerns about the housing market."
"Sounds like the atmosphere is starting to heat up. Is Senator Obama one of them, by any
chance?"
"I actually met him a few days ago. He's very concerned about the American real estate market."
"Keep supporting Senator Obama actively."
"You don't even need to say it. We've been helping him on multiple fronts."
David once told me that I had taken out a lot of insurance policies.
Among all the "insurance" I had invested in, the biggest one was Senator Obama.
He was the man destined to become the next occupant of the White House, and the one who
would be in charge of cleaning up the aftermath of the subprime mortgage crisis—so I had to
make sure I stayed close to him.