The Magician’s Memorial - Chapter 166



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Episode 166 festival (5)

Bank President Lee Soo-hyun was troubled.

If a new competitor appeared, it was necessary to revise the Korea Exchange Bank sale plan.

If Longstar was truly disqualified, then all the promises he had made with Longstar would be nullified.

“I think you’ve had enough to worry about. “How are you mentally prepared?”

“What should I do for you? And what can I receive… … .”

“Of course I have to take care of it. If you give it to us with money, problems may arise, so we will provide you with a position as an advisor. Of course, we can’t do that right now, and we will take care of it for you in a year.”

“Speaking of an advisory position, is it by any chance an advisory position for an American investment company?”

“I’ll prepare you a position where you get paid just by sitting still.”

Even though he was a bank president, he was just a salaried worker.

Of course, there were bank presidents who owned a significant number of shares in the bank, but they themselves were not of that privileged class.

When I resigned from my position as bank president, my income was bound to decrease.

Because he was investigated by the prosecution and his name was mentioned in the media, the places he could go were limited.

Until now, he had believed in his promise with Longstar, but in a situation where he did not know what would happen until that promise, Dimon’s extended hand felt like a golden rope to Bank President Lee Soo-hyun.

“What can I do for you?”

“You can prove that the BIS ratio is not incorrect. We have prepared the necessary materials separately, so there will be no legal problems. Then, even if you go to trial, you may be found not guilty.”

“Is that really all you have to do?”

It was a very grateful offer to bank president Lee Soo-hyun.

He said he would provide proof that he did not manipulate the BIS ratio.

Since it was evidence that could prove his innocence, Bank President Lee Soo-hyun had no reason to refuse it.

“And stop Longstar from taking over Korea Exchange Bank. As the bank president knows, the moment Longstar takes over Korea Exchange Bank, various problems arise.”

“I would like to, but I will not sit still at Longstar.”

“The moment you are disqualified, there is nothing Longstar can do. “I could expose the lobby, but I wouldn’t do that because it would also hurt Longstar.”

Betrayal or breach of contract.

This was something that Bank President Lee Soo-hyun had to do.

But he rationalized that his actions were not a betrayal or a breach of contract.

Anyway, if you are disqualified, wouldn’t the original contract be automatically terminated?

“I will. “We will prepare materials so that Longstar can be disqualified from bidding.”

“Just prepare the materials and we will take care of the rest. “I hope the Board of Audit and Inspection will hand over the data before it concludes its investigation.”

“I will create materials within this week.”

Bank President Lee Soo-hyun changed ships.

Since the ship called Longstar was already stuck on a reef, moving the ship was a natural choice for survival.

***

Today is just a few days left in January.

President Bush officially announced that North Korea, Iraq, and Iran are part of the axis of evil.

Although it was the starting point for the war with Iraq, we did not pay much attention to it because the war was still far from starting.

Because what was urgent now was Korea Exchange Bank.

And Dimon arrived just in time with some very good news.

“Longstar has been disqualified.”

“It certainly seems like the moves made by the president of Korea Exchange Bank were effective.”

“And thanks to the fact that First Investment Company, which I created, announced its intention to sell Korea Exchange Bank, I think the Financial Supervisory Service made that decision without regret.”

Dimon founded First Investment Company.

He invested all of his wealth, and with some investment from SAVE Investment Company and Myeong-dong’s funds, he quickly created an investment company with assets exceeding 10 trillion won.

“Then the acquisition of Korea Exchange Bank has now crossed the 9th ridge.”

“The only thing left to do is negotiate the price. Since the BIS ratio has not been adjusted, it seems possible to acquire it at a low price. If that happens, Korea Exchange Bank will be able to change its name to First Bank.”

“Still, in order to save the Financial Supervisory Service’s face, it will have to be acquired at a higher price than what Longstar proposed.”

“Longstar proposed 1.3 trillion won, so we plan to propose 1.5 trillion won. Wouldn’t the Financial Supervisory Service also be able to buy 200 billion won? ”

200 billion won was a really big amount.

However, if you look at the acquisition of a bank worth well over trillion, it was not that big of a sum.

And before the regression, Korea Exchange Bank, which was acquired by Longstar for 1.3 trillion won, was sold for more than six times the price a few years later.

The profit alone is 5 trillion won.

Considering that, investing an additional 200 billion won was not a very large amount.

“Congratulations. Should I call you bank president now? Or should I call you CEO?”

“You can just call me Dimon. I don’t want to be condescending because I acquired a small bank. “Please change your title when you become the head of the world’s best bank.”

“I guess so. “Now that we have acquired Korea Exchange Bank, we need to find a way to save it.”

This field was also Dimon’s specialty.

Dimon had saved dying companies again and again, and it was clear that the value of Korea Exchange Bank would increase several times more with just his intervention.

But shouldn’t I also show sincerity?

I brought him from America and made him work for several years, so I need to show at least a little sincerity.

“I will designate the main banks of several Taewoo Group affiliates as first banks. Then, the range in which Dimon can move will greatly increase.”

“You don’t have to do that much, but I would be grateful if you could help me.”

Taewoo Group had more than one cash cow.

First of all, oil companies. The oil refining company created in a joint venture with Aramco had annual sales reaching 10 trillion won and operating profit approaching 4 trillion won.

Communication with Taewoo Electronics was a no-brainer, and if Taewoo IT was added as well.

First Bank was able to solidify its position without attracting other large companies.

“Grow First Bank as much as possible over the next five years. “Shouldn’t we be at the minimum size to take over the world’s best bank?”

“The CEO is helping me, so of course I have to do that. “We will grow First Bank beyond what the CEO expects.”

“Then, shall we stop by and have a toast for the first time in a while? “You’ve worked hard so far, but let’s have fun today.”

We held our own festival.

Indeed, 2002 was a year full of festivals.

***

There are only 10 months left until the presidential election.

Even though candidate primaries had not even started yet, large corporations were already moving to line up specific candidates.

Buuuuuu!

A 2.5-ton truck stopped at the Seoul Meeting Plaza rest area.

The driver looked around and quietly got out with the keys in the car.

Meanwhile, a middle-aged man who was waiting got into his car and left the rest area.

The driver was watching the scene from afar.

He took out his cell phone and reported to someone.

“Delivery complete.”

[I guess there was a delivery accident or something?]

“Attorney Seol drove the car himself.”

[I will send a car to the rest area in 10 minutes.]

The driver threw the hat and clothes he was wearing into the trash can.

After changing into the suit I had prepared in advance, I got into the sedan that arrived at the rest area.

“Thank you for your hard work, team leader.”

“Whew! “My hands were shaking as I tried to drive with over 10 billion won worth of money on board.”

“But it’s a really ingenious method. Who would have thought that 2.5 tons of money would be transported?”

“Because we are CL Group, this is a way to think about it.”

The word CL Group came out of the driver’s mouth.

The driver was a team leader from CL Group’s planning office, and he delivered over 10 billion won in election funds.

Also known as tea separation.

It was a method developed when it became difficult to deliver election funds due to the real-name financial system.

Other large corporations were also using various methods to deliver election funds to specific candidates.

It was a busy time for the planning offices of large corporations.

Taewoo Group’s planning office was not providing election funds to any candidate.

***

The World Cup fever is starting to heat up.

In particular, as the Korean national team achieved good results in recent evaluation matches, public expectations began to grow.

“Vice President, we have concluded an advertising contract with the Korean national team coach and all players. “We signed a contract with a clause that prohibited us from appearing in commercials for competitors’ products.”

“Well done. You can’t interrupt training, so create commercials by filming training sessions or doing brief interviews during breaks. This should never interfere with your training! “If we don’t perform well, it sets us off.”

“I already told the commercial crew. “I emphasized several times that it was okay if the visual quality was poor, so it should not interfere with training.”

We were preparing an advertisement that was completely different from ordinary TV advertisements.

The plan was to bring a sense of reality to the documentary-style advertisement by showing the players’ training process and interviews.

Of course, there were many skeptical opinions about this advertisement.

However, if the Korean national team can achieve good results in the World Cup, it was clear that it would be more effective than any other form of advertising.

“And what happened to the long-term contracts with certain players?”

“It has been concluded. However, there are opinions that we paid too much for an almost unknown player.”

“Isn’t that what investing is all about? “When investing in venture companies, you can make a profit even if you invest in 10 companies and only 1 succeeds.”

“It is true in the case of venture companies, but the Korean national team cannot be said to be special compared to other countries.”

My mouth was itching.

I wanted to shout that Korea had advanced to the semifinals by defeating one soccer powerhouse after another.

But I couldn’t do that, so I just had to smile and move on.

“Time will tell. “I will take full responsibility.”

“And I have one more thing to report to you. According to a report from Taewoo Electronics, Apple-Taewoo TV is receiving an explosive response.”

It was the Apple-Taewoo TV that was finally released.

It was released along with the iPad and iPhone S and began selling at Apple stores and Taewoo Electronics stores.

Moreover, in the case of the first generation iPhone, sales began only in the United States and Korea, but this time, sales began simultaneously in several countries, including the United States, Korea, Europe, and China.

“Taewoo Electronics’ sales of other home appliances must have also increased.”

“Sales increased by more than 20% compared to the previous year. Along with Apple-Taewoo TV, the number of customers purchasing Taewoo Electronics’ other home appliances has increased. In particular, the number of products sold for coma has increased significantly.”

Marriage was the beginning of a new family.

So, it was natural that I wanted to buy the best home appliances.

There were bound to be many newlyweds visiting the Taewo Electronics store where they could buy Apple-Taewoo TVs.

“Hold a discount event for newlyweds in conjunction with Taewu Card. “If you row when the water comes in, the boat will go farther.”

“We will try to hold an event within this week.”

Taewo Group’s image began to change rapidly.

Taewoo Electronics’ old-fashioned home appliances were now recognized as emotional products sought after by newlyweds.