The Magician’s Memorial - Chapter 79



Only Krnovel

Episode 79 1997 (2)

There was a reason George came to see me.

The idea was to suggest that we devour delicious Thai food together.

“Even if we don’t take action, the bubble in Thailand’s real estate and finance is bound to burst. “If someone is going to eat it, wouldn’t it be better for us to eat it?”

“SAVE Investment Company will drop a $15 billion bomb on Thailand.”

“It’s going to be quite a disaster. Even the Quantum Fund prepares a bomb of that scale.”

If someone is going to eat it, I will eat it.

As the foreign exchange crisis was just around the corner, there was a need to raise funds from SAVE Investment Company, and Thailand’s foreign exchange crisis was a very good opportunity.

“But are you planning on ending in Thailand? “Thailand’s economy is very intertwined with its neighbors.”

“After Thailand, I plan to try the Philippines and Indonesia. If you are interested, please join us.”

“Of course I should participate. “If a foreign exchange crisis breaks out in Southeast Asia, it will spread to Taiwan, Japan, and Korea.”

“I think so too. Asia’s financial technology is so backward. “There are too many weaknesses to exploit.”

George wanted to paint the big picture with me.

I also planned to help him invest in the foreign exchange crisis in Southeast Asia.

But anything more than that was difficult.

“I know it well. However, since I am Korean, I don’t think I can move together during Korea’s foreign exchange crisis.”

“is it? “Then I guess I’ll have to eat the entire Korean market by myself.”

“I’ll just pick up the crumbs and eat them. “I would like to eat it all together, but since I run a company in Korea, I have to be careful.”

“How about getting American citizenship at this point? “If you’re at your level, getting citizenship shouldn’t be a task.”

“I’ll think about that later.”

It wasn’t a matter of becoming an American citizen or not.

As long as the Taewo Group was doing business based in Korea, it had to worry about the Korean government and public sentiment.

“Then I’ll head straight to Thailand. “I think this dish will take six months.”

“As it is a time-consuming dish, it will definitely be delicious.”

“The taste will be natural and the quantity will be generous. “There’s enough left over for the two of us to share.”

Talking to George relieved me of my stress.

The Japanese bank, which suddenly offered to provide loans to Taewo Group, must also be in trouble right now.

After destroying the Japanese yen, George went to Thailand without rest and was preparing to attack the baht.

All I had to do was fan him from the side and that was it.

SAVE Investment Company has already prepared to support Quantum Punt.

* * *

Not even a week had passed since January 1997 began.

Taewo Group, as well as other large Korean companies, suffered at the same time.

It was such a big deal that my grandfather came down to the planning office and scolded me.

“Even the auto union started a strike? “It’s not an annual event. Why are strikes so frequent?”

When the economy was difficult, companies tended to tighten management.

The damage caused by austerity management is felt most keenly by workers.

Therefore, more than 170 unions were simultaneously expressing their dissatisfaction through strikes.

“We are sending support staff to ensure that production is not disrupted.”

“I will go down and talk to the union myself. “But if it were me, wouldn’t you listen?”

The union’s strike was so heated that my grandfather went down in person.

It was a strike that dealt a major blow to Taewoo Motors and Taewoo Electronics, whose product sales are only now increasing.

But I wasn’t too worried.

Strikes are ultimately only possible if there is a company.

The moment a company goes bankrupt due to the foreign exchange crisis, the justification for the strike disappears.

The strike ended up lasting 24 days.

The government regarded the general labor strike as an illegal act and suppressed the strike by arresting its leaders.

Although it was such a serious situation.

I was taking a step back and preparing for bigger things.

* * *

January 20, 1997.

I got off work after 8 o’clock and moved to Myeong-dong instead of home.

It was to meet the Gwanghwamun bear for the first time in a long time.

“Are you here? “I thought you had forgotten about me.”

“I am a person who always keeps his promises. “I just waited for the right moment.”

“Has that time finally come? Let’s go inside first and talk about the rest. “It’s still very cold.”

It was snowy January in Seoul.

We went inside, stepping on snow covered in cow clothes, and continued our conversation while drinking warm green tea.

“The world is very noisy these days. “In addition to the general strike, a new machine guy escaped from prison today.”

“The world will become noisier. “Did you hear that Hanbo is staggering?”

“Didn’t you tell me two years ago that Hanbo would be dangerous? But I didn’t know that Hanbo would really collapse.”

“Did you doubt me?”

“Hehe, if I had doubted you, I wouldn’t have sold all the Hanbo stocks and corporate bonds I owned.”

Hanbo Group’s bankruptcy is just a few days away.

Hanbo Group had been running out of funds since the end of last year, and was barely able to survive thanks to support from the banking sector.

“Today will be a critical day. “I heard that Hanbo Group requested additional support of 300 billion won from the banking sector.”

“Which bank will give you money if you keep asking for it even though you didn’t entrust it to them?”

“It is clear that Hanbo will go bankrupt within a few days.”

“Those who hold Hanbo stocks and corporate bonds will suffer extreme damage. Hahahaha!”

The Gwanghwamun Bear laughed heartily, just like his nickname.

He must have felt that there were not many days left until he became the owner of Myeongdong.

“Myeongdong loan sharks, excluding the elderly, will suffer quite a bit of damage.”

“Very good. “I believed what you said and invested all my cash in stocks of American IT companies.”

“Did you have some fun?”

“Like you said, it was a lot of fun. “There will be enough funds to completely transform Myeong-dong.”

There was a rumor heard in Myeongdong.

Rumor has it that the Myeongdong Gang of Four has become a Gang of Three.

That’s how Gwanghwamun Bear has been patiently waiting and raising funds.

“Although loan sharks suffered damage due to Hanbo’s bankruptcy, it will not be a severe blow.”

“So you’re telling me to wait again?”

“Just wait a few more months. Sooner or later the dollar will become a piece of gold. “At that time, every company in Korea will come to borrow the dollars held by the elderly.”

“You mean large companies other than Taewoo Group?”

He responded with a smile.

Is there any company that holds as much foreign currency as Taewoo Group?

Under the pretext of creating a joint venture, most of Taewoo Group’s funds were tied up in dollar form.

“We have to sweep it all away at once. And there is a possibility of a large influx of Japanese funds.”

“Are you saying there will be people trying to survive by injecting Japanese funds?”

“If Japanese funds flow in, the cash held by senior citizens alone will not be enough.”

“Are you saying you’ll help me?”

“We cannot hand over the ownership of Myeong-dong to Japan.”

Gwanghwamun Bear has helped me so far.

Thanks to him, we were able to secure a large amount of shares in Taewo Group, including Taewo Electronics.

If you received help, shouldn’t you repay it? And he did not want to see Japanese funds eating away at Korea.

“I will trust you and wait.”

“Increase your foreign currency reserves as much as possible. “I recommend that you sell all real estate you own.”

“Even real estate? “Then I guess I’ll have to give up the nickname Gwanghwamun Bear.”

Since he owns all the land in the Gwanghwamun area, he was nicknamed the Gwanghwamun Bear.

However, the moment a foreign exchange crisis occurs, real estate prices become shit.

“Isn’t Gwanghwamun too narrow? “Wouldn’t it be better to be at the level of Myeongdong Gom or Seoul Gom to be considered an elderly person?”

“It’s like taking one step back to take two steps forward. Yes, I have to believe what you say unconditionally. “I will sell all my real estate as soon as possible and exchange it for dollars.”

“Then I’ll just get up for today.”

“When are you going to come visit again next time?”

“I will visit again when Gwanghwamun Bear becomes the owner of Myeongdong.”

* * *

January 23rd.

In the end, Hanbo Group went bankrupt.

The planning office was in turmoil due to the bankruptcy of Hanbo Group, and the head of the planning office sorted things out as quickly as possible and reported to me.

“Hanbo Group went bankrupt. “It is said that they failed to block the 3 billion won note and went bankrupt by issuing a stock abandonment memorandum.”

“The 18th-ranked business group collapsed because of only 5 billion won.”

“This note is only worth 5 billion won, but Hanbo Group’s debt is said to be at least 5 trillion won.”

It was Hanbo Group, which ran the company with enormous debt.

This was a similar situation for other large companies, including Taewo Group.

“As the economic growth rate slowed, debt engulfed the group. This is why I said Taewoo Group’s debt must be managed closely.”

“But you’re too big to fail, right? Hanbo Group was passed over because it is only 18th in the business rankings, but the government and banks will not allow companies in the top 10 to collapse.”

Too big to fail is nonsense.

The country appears to be bankrupt, so how can a large corporation be okay?

The too-big-to-fail-it theory works only in countries the size of the United States, but in emerging countries like Korea, the too-big-to-fail theory doesn’t work.

“You never know. “Starting with Hanbo Group, many groups will collapse this year.”

“There are rumors that Sammi Group, ranked 26th in the business world, is also experiencing financial difficulties.”

“It looks like the effects of the slush fund crisis are still felt.”

“The Chairman is very interested in the affiliates of Hanbo Group and Sammi Group. In particular, Taewoo Heavy Industries was sold to Hyunjae Group, so they want to take over the heavy industry sector again.”

“… … “I have to go see the president.”

My grandfather was not one to sit still.

I really just had to wait a few more months, so I stormed into the president’s office to persuade my grandfather.

The door to the chairman’s office was opened without knocking, and the grandfather was looking at the affiliated companies of Hanbo Group and Sammi Group on the whiteboard.

“What is the emergency? This is not a home, this is a company. “It’s not a place you can just come in without knocking.”

“I came here urgently because of the bankruptcy of Hanbo Group. “I apologize for my rude behavior.”

“Hmm, it’s urgent. This is how Hanbo Group ends up going. And there is talk that the Sammi Group will be there soon.”

“So, are you planning to acquire the affiliates of Hanbo Group and Sammi Group?”

“If there is a good subsidiary, shouldn’t we acquire it? What are the employees guilty of? So, we should take over and provide a way for our employees to make a living.”

I strode towards the whiteboard.

Then, he tore off the papers stuck to the whiteboard one by one.

“What are you doing!”

“Now is not the time to acquire affiliates. Hanbo Group collapsed. “We could be next!”

“Are you saying we’re going to go bankrupt like Hanbo? “How dare you make such foolish remarks!”

“Chairman, no, grandfather! Sooner or later, Korea, not the company, will go bankrupt. “South Korea is going bankrupt!”

I raised my voice as if I was screaming.

I brought up a story that had never been said before.

Since I no longer had the confidence to stop my grandfather, I decided to tell him the truth.