The Magician’s Memorial - Chapter 160
Only Krnovel
Episode 160 Madness. (4)
After completing all contracts, I took a short break.
The planning director personally brought a warm car to me.
“It’s bellflower tea. “You spoke a lot today, so I prepared tea that is good for your throat.”
“thank you. “My throat is still a little sore, so I’ll drink it well.”
While soothing your throat with bellflower tea.
The planning director was standing still, waiting for me.
“Is there something you want to say?”
“It was no different than working alongside the vice president, so I had a question.”
“Tell me.”
“Say World, messenger app, Haduri. These were all programs that could only be used on smartphones. “We are confident that this is the right choice to expand and dominate the smartphone market.”
I didn’t become the planning director for nothing.
The planning office had to be aware of the overall flow of the group and was the department that had to react most sensitively to changes in the world.
I didn’t even give you a detailed explanation.
The planning director already knew what my intentions were.
“You are seeing it correctly. “They are planning to monopolize all apps and sites used on smartphones.”
“I think that trying to monopolize the chat service through the messenger app and the short video platform through Haduri is also a very right direction. But I wonder why you don’t create a specialized video platform.”
Ohh!
It was the planning director who asked much better questions than I expected.
His ability to read the trends of the times was truly outstanding.
“As the planning director thought, the video platform is the final piece. But it can be seen as too ahead of its time to start right now.”
“Are you saying the video platform isn’t ready to become popular yet?”
“Yes. So please forget about the video platform for a moment.”
Of course, I was already preparing a video platform.
It was also planned to be made in collaboration with Google.
Since 49% of Google’s shares were mine, joining hands was not an easy task.
YouTube and streaming services.
They had already recruited early YouTube developers and were working hard on development within Google.
“All my doubts have been answered. “I’m sorry for asking a useless question.”
“Not at all. That was a very good question, and if you have any questions in the future, please let me know.”
I even thought that the head of the planning department should be promoted.
Of course, since I haven’t become president yet, I’ll have to put it on hold for a while.
“I would like to meet the president of Taewoo Securities for a moment. Is that possible?”
“I’ll contact you right away.”
Taewoo Securities CEO Park Man-deok was called into the vice president’s office.
Because it was time to let him know about the card crisis.
“Vice President, did you call me! “It’s been so long since you called me that I thought you had forgotten about me.”
“How could I forget President Park? “Isn’t this the core of the Taewo Group?”
Taewoo Securities, led by President Park Man-deok, was growing day by day.
In particular, when everyone was seeing negative returns during the dot-com bubble, Taewoo Securities’ customers increased by more than 30% thanks to Patriot Fund, which posted positive returns.
“It’s all thanks to Vice President. “We were able to maintain the number one position in the industry by avoiding damage from the dot-com bubble.”
“Do you remember what I said before we launched the Patriot Fund? “This is the promise that I would hand over Taewoo Card to CL Group for just a few years.”
“Of course I remember. Is it really time?”
President Park Man-deok was unable to hide his happy emotions.
How much pain would my stomach have felt if I didn’t express it?
They say they are having a lot of fun with the patriotic fund, but other securities companies were making money by distributing unlimited cards.
“Do you really want the credit card company to have it?”
“Isn’t that just nagging? “There is no such thing as a cash cow like a credit card.”
“That opinion will change dramatically in just a few months. “Sooner or later, most credit card companies, including CL Card, will be reeling from enormous debt.”
“… … “Is that really possible when we have a strong parent company?”
Even President Park Man-deok, who heads a securities company, was reacting this way.
So, it may be that neither the government nor the credit card industry is taking issue with it.
“Do you know how many cards have been issued now?”
“According to statistical data, I understand that the mass number is close to 100 million.”
“A person capable of economic activity is holding approximately four cards. “Why do you carry so many cards?”
“I think it’s to block the card rotation.”
“Ultimately, credit card rotation is just an act of passing debt on to your future self. And the time has come when I have to repay my debt.”
Rotating credit cards was just a shortcut to increase debt.
You may think you are free from debt right now, but as time goes by, the debt you have to repay will inevitably increase.
What if you suddenly find yourself in debt that is beyond your capabilities?
In the end, he was unable to repay his debt and became a credit delinquent, and credit card companies began to delinquent payments that were due to him.
“The Economic Research Institute once sent a report that the delinquency rate of credit card companies exceeded 10%. It also included information that the number of credit defaulters had more than doubled compared to the foreign exchange crisis.”
“The country’s treasury has been filled enough to graduate from the IMF early, but the wallets of the general public have become lighter. And now the need to carry a wallet has disappeared.”
“Then all credit card debt will be taken over by the credit card company!”
It was President Park Man-deok who had finally realized the seriousness of the situation.
But I still didn’t think that CL Card would collapse.
“The scale of the debt may be large, but wouldn’t CL Group be able to sufficiently handle it?”
“They say credit card spending this year is over 600 trillion won. Even if only 10% is delinquent, it amounts to 60 trillion won. CL Card’s market share is approximately 30%, so we will have a financial problem worth 10 trillion won at best. Can we handle it?”
The credit card company could be seen as a kind of subcontractor.
In the case of cash withdrawal, the bank would withdraw money from the customer, and the card company would either repay it later or create a company-owned account at the bank and deduct the money from that account.
But what if the delinquency rate increases?
There is a problem with liquidity, making it impossible to properly pay money to the bank.
Even though CL Group is the third largest conglomerate in the business world, it was unable to solve the fund liquidity problem worth trillions of won in a short period of time.
“In that case, CL Group may hand over the credit card company to creditors.”
“Sooner or later, CL Card will stop providing cash services, and this will be the starting point of a credit card crisis.”
“You are saying that we should take over CL Card, which was handed over to creditors due to the credit card crisis. However, I am not sure whether acquiring CL Card is a good choice in this situation. “Wouldn’t the stock price of the entire group fall as it did when CL Semiconductor was acquired?”
It was CEO Park Man-deok, who sang that he wanted to take over a credit card company.
However, when CL Card was said to be going out of business, they began to be reluctant to acquire it.
As the CEO of a financial company obsessed with profits, it was a natural reaction.
“If we just solve the fund liquidity issue, CL Card can be normalized quickly. At this opportunity, you can bring the entire CL card that you acquired from Taewo Card. “We will immediately become number one in the credit card industry.”
“Can Taewoo Group handle a liquidity problem worth up to 10 trillion won?”
“The group’s surplus exceeds 10 trillion won. Even if you don’t take out a separate loan, you can easily afford it. And there is a way to get a portion of the overdue funds back.”
“If you receive at least half of the amount with a delinquency rate of 10%, there is no need to worry about fund liquidity issues. But is there a way? “It won’t be easy for a debt collection agency to get it.”
There were limits to collecting debts from institutional financial companies.
Since illegal methods could not be used, receiving money from delinquent customers was close to winning the stars in the sky.
So, I entrusted the job to a debt collection agency.
The amount of money that can be received from delinquent customers varies depending on the ability of the debt collection agency.
However, I had the strongest debt collection agency called the owner of Myeongdong.
***
A few days later.
It’s been a while since I visited Gwanghwamun Bear’s mansion.
Younghan Lee welcomed me wearing a modified hanbok.
“Vice President, are you here! “It’s been so long that I almost forgot your face.”
“What about your suit, are you wearing a modified hanbok? “I thought Chairman Lee came back alive.”
It was a modified hanbok worn by the Gwanghwamun bear.
Lee Young-han was wearing an improved hanbok with the same design as the Gwanghwamun bear.
“In Myeongdong, I had no choice but to dress like this because the loan sharks would bow down. “I wear it because I think I’m borrowing on the reputation of my late grandfather.”
“The reputation of Gwanghwamun Bear still remains strong in Myeongdong.”
Not even Zhuge Gong from Romance of the Three Kingdoms.
Just as the dead Gongmyeong chases away the living Jungdal, Lee Young-han is taking control of Myeong-dong through the reputation of the Gwanghwamun Bear.
“Some workers sometimes shed tears when they see me, as if it reminds them of their grandfather.”
“If it’s enough to make private loan sharks shed tears, I’m sure they will also pursue debt collection tenaciously.”
“That’s true, but why are we suddenly talking about debt collection?”
“I think there will be large-scale debt collection in the near future.”
“If it were a request from the Vice Chairman, I am confident that I would accept every penny. But what kind of big guy borrows money from Taewo Group and doesn’t pay it back?”
Lee Young-han was more excited than me.
Should this be seen as loyalty or courtesy to the person who elevated him to the position of owner of Myeongdong?
“They didn’t borrow money from us, but they are planning to acquire a company soon, but that company has been lending money to anyone, so we have to recoup it.”
“Is there such a company?”
“I plan to acquire CL Card.”
“Didn’t you hand over the Taewoo Card to CL Group? Are you saying that you are reacquiring the Taewo Card that was sold?”
“I plan to bring not only the Taewoo card but also the CL card as a bundle. So I need some help.”
Myeong-dong is not as famous as it used to be.
However, Myeong-dong still holds considerable influence.
“I will help in whatever way I can.”
“CL Card is experiencing fund liquidity problems. If you borrow money from a bank or second-tier financial institution, won’t the amount of debt only increase for no reason?”
“I will not lend even a single penny to CL Card! And I will also tell the Myeongdong trio.”
Money was needed to solve the liquidity problem.
If the bank rejected it, they would come all the way to Myeong-dong.
“Simply not lending money is not enough. “I want to make CL Card’s fund liquidity problem happen more quickly.”
“CL Card’s bonds are quite widespread in Myeong-dong. I will put pressure on them through bonds and tell every debt collection agency I know not to touch CL Card’s bonds for the time being. And I will take care of even slightly illegal tasks.”
Younghan Lee said with an evil smile.
I had a rough idea if it was something illegal that could be done in Myeongdong.
Myeong-dong was able to carry out the illegal method of using homeless people and vagrants to issue CL cards and not repay the money without hesitation.
YOU MAY ALSO LIKE
