The Blue House was a remarkably closed-off space.
Of course, it was understandable—South Korea was still technically a nation at war. But the place looked more like a fortress than a residence.
A building cut off from the world.
Anyone visiting the Blue House for the first time would naturally feel overwhelmed.
But not me. I had been to far more isolated places—
The White House in the U.S., the Kremlin in Russia.
So I walked confidently toward the venue for the meeting.
"Welcome. I'm Woo Ikjun, Chief Presidential Secretary. At last, I get to see the face of the Taewoo Group's head. I tried several times to meet Chairman Kim Taejung, but he suddenly resigned and left for Vietnam."
"My grandfather stepped down due to his age. But now that I have taken over as chairman, I'll make sure to meet with you often and exchange words."
Woo Ikjun, Chief of Staff.
He was known as the de facto number two in this administration.
He was also the one who had devised the president's flagship policy—the Grand Canal Project.
"I heard you've spent a long time in the U.S. Even studied there, didn't you? No wonder you seem unfamiliar with Korean culture. I'll have to teach you proper etiquette soon."
"If you're willing to teach me, I'll be glad to learn."
Woo Ikjun spoke to me as though addressing a subordinate.
Not that it was entirely unreasonable. Taewoo Group had kept its distance during the primary elections, taking a strictly hands-off approach.
From the perspective of the president's second-in-command, there was no reason to view Taewoo favorably.
"You'll be meeting His Excellency the President alone, so please be cautious. Do avoid saying anything that might offend him."
"I'll keep that in mind."
"Then allow me to show you inside."
As I stepped into the hall, the president came into view.
The president of South Korea—wielder of near-imperial authority.
It wasn't as absolute as during the days of the military regime, but the presidency still carried unmatched power.
But it was power that would vanish after five years. No need to bow too deeply.
"An honor to meet you. I'm Kim Minjae of Taewoo Group."
"So this is the man who became the youngest chairman in our nation's history—in his thirties, no less. A pleasure."
The president extended his hand with a warm smile.
He certainly gave off the air of someone seasoned in the corporate world, his business-mindedness apparent.
"My apologies for the delayed greeting. I was on an extended trip to the U.S. and hadn't had the chance to pay my respects."
"No matter. What matters is we'll be seeing more of each other from now on. But time is short, so let's get straight to the point. What do you think of the Industrial Bank's (Korean Development Bank) plan to acquire Lehman Brothers?"
To start off with that?
Normally, at least a few lines of small talk would serve as icebreakers. But apparently, he was too pressed for time and dove right in.
"If KDB goes all-in, I believe it has the capacity to acquire Lehman Brothers."
"I'm not interested in vague assurances. What I want to know is—what happens if KDB does acquire Lehman?"
"That depends entirely on the bank's capabilities, wouldn't you say?"
"I'd like to hear your worst-case scenario."
I had tried to deflect, but the president wasn't leaving me any escape.
In that case, there was no need to hold back.
"If the acquisition goes wrong, KDB could collapse. And should that happen, South Korea will be facing another IMF crisis."
"Hm. And how high do you put the odds of that happening?"
"At least thirty percent."
"Thirty? That high? Then why didn't you oppose the deal when KDB said it would pursue Lehman?"
"Because the upside is just as great. If KDB can acquire and stabilize Lehman, it could leap overnight into the ranks of the world's top private banks."
That was the outcome of running the hope circuit too far.
The odds were slim—vanishingly so—but not zero.
If the Korean government threw its full weight behind KDB, it might just work.
"So you're saying it isn't entirely impossible."
"Even if it's a bottomless jar, if you pour in water faster than it leaks out, eventually it will fill."
"In other words, an enormous investment. How much would it take to stabilize Lehman Brothers?"
"If you scrap the Four Rivers Canal Project and redirect all those funds into Lehman, the odds would improve, at least marginally."
The Four Rivers budget—around twenty trillion won.
Add that to KDB's own resources, and while full stabilization was unlikely, they might be able to keep Lehman afloat for a while.
And if they bought time, there was always the chance of finding a way forward.
But if all they did was "hold on," KDB would simply collapse under Lehman's weight.
"Even with the entire canal budget? That only slightly raises the chance of success, not guarantees it?"
"U.S. government support would push the odds higher. The more national funds Korea is willing to commit, the better the chance."
"A real case of pouring water into a bottomless jar."
The president fell silent, rubbing his chin for a long while before finally speaking again.
"We can't stake the nation's fate on a gambler's wager. The Lehman acquisition will have to be reconsidered from the ground up."
"I'd advise you to hear other experts as well. My word alone shouldn't be taken as absolute."
"I doubt there's an expert better qualified than the man who made Taewoo Group number one, and founded SAVE—the investment firm that's made waves even on Wall Street. Besides, I've been hearing skeptical voices from the Ministry of Finance as well."
So he'd already made up his mind before calling me here.
The Ministry of Finance, and no doubt the president's own think tank, must have already advised against acquiring Lehman Brothers.
This meeting was just to put the final period at the end of that sentence.
"Don't you think it's a shame, sir? If Korea succeeded in acquiring Lehman Brothers and making it a domestic institution, it would go down as a monumental achievement."
"And if it failed, I'd go down as the worst president in history. Once you sit in this chair, you start fearing failure. Approval ratings are like a report card—delivered every single day."
Who likes failure?
For a politician, failure meant plummeting support—and the sudden collapse of everything painstakingly built up until now.
That was why the gift I'd prepared carried meaning.
Something that wouldn't burden the president in the least, but would still count as an achievement.
"Since Your Excellency seems to have a deep interest in finance, I'd like to offer a proposal."
"Please, go ahead."
"Right now, Asia's financial hubs are Hong Kong and Japan. I want to make Korea into that hub."
The president froze, his eyes locked on me.
Turning Korea into a financial hub—
It was something no president had ever achieved, and it was a subject impossible for him to ignore.
"Do you really think that's possible? You've acquired AIG, yes, and you could shift its Asian headquarters to Korea, but other institutions won't move so easily."
"Of course not. That's why we need the government's help. On the KEPCO land Taewoo Group owns, I plan to build a massive skyscraper that can serve as the Asian headquarters for global financial firms."
Using the idea of a financial hub as the justification to develop the idle KEPCO site.
It wasn't just about the development itself; it was a stepping stone for opening new doors in the financial sector.
Finance would only grow more critical in the years to come.
Korea needed to anchor itself as Asia's hub—
And at the center of it all would stand Taewoo Group.
But for that, government deregulation and broad support were indispensable.
"Hm. Build a skyscraper and make Korea a financial hub? No matter how grand the tower, do you really think global firms would just come flocking here? If it were that easy, every other country would have done it already."
"With my network and resources, it can be done. But to become Asia's financial hub, Korea must provide abundant business opportunities, a transparent legal framework, and above all, relaxed regulations to make such skyscrapers possible."
The most important words came at the very end.
Construction of the skyscraper through deregulation.
Even if Korea failed to become a financial hub, the building would still stand.
"If you can actually make it a financial hub, there's nothing we wouldn't do. The ruling party can push through deregulation, amend the legal framework, and create supporting policies as legislation. But we can't act on faith alone—you need to show us something tangible first, so we have a reason to move."
"Would contracts with ten major Wall Street firms suffice? Ten might not seem like much now, but by the time the building is completed, I'm confident we can attract at least thirty."
"Hm, ten is not bad. But ten mid-sized firms won't cut it."
"I'll soon have contracts signed with ten globally recognized firms—you'll know them just by name."
It wasn't difficult.
The challenge would be maintaining them.
Even if these firms moved to Korea, they could leave at any time if dissatisfied.
"If we start construction now, can it be completed within my term?"
"If regulations are lifted within this year, absolutely. We'll mobilize Taewoo Construction's full capacity to finish on time, and officially announce Korea as Asia's financial hub."
"Deregulation won't be easy. Many will oppose it just because it's coming from the ruling party."
Korean politics had always been like that. Opposition for the sake of opposition.
The tendency would only grow stronger over time—but we had the People's Economy Party in our pocket.
If even one side agreed, we could move enough votes to secure a majority.
"Who would oppose making Korea the center of Asian finance? And, President, this will cement your legacy as the leader who transformed Korea into a financial powerhouse."
"Hahaha, just hearing that feels wonderful. If it can really happen, I won't be called a failed president. Show us proof as soon as possible—that's when we'll act."
The president's expression shifted completely.
When we discussed acquiring Lehman Brothers, he had been furious, but at the mention of an Asian financial hub, the corners of his mouth lifted slightly.
"I plan to visit the U.S. personally soon. After returning from that trip, Taewoo Group will make an official announcement."
"Excellent. But Taewoo Group cannot make the announcement. For such a momentous matter, the Blue House itself must take the lead, shouldn't it?"
So from the start, he wanted this to be a project led by the Blue House?
That kind of formality was easy enough to concede.
In fact, it was more convenient to let them handle the ceremonial side—it saved us unnecessary trouble.
"Then as soon as I return from the U.S., I'll send all the materials directly to the Blue House."
"Take the direct line to the Chief of Staff on your way out. That should conclude this meeting. I have other chairmen to meet, so time is short. I hope next time we can meet outside and have a longer discussion."
"I'll be eagerly waiting for that opportunity."
With a handshake, we rose from our seats.
As soon as we stepped outside, the Chief of Staff, who had been waiting, quickly approached.
It was only after receiving the business card with the direct number that we could finally leave the Blue House.