A quiet villa near Gyeonggi Province.
Captain Kang was personally supervising the staff, making sure the villa's security was tight.
Since a meeting with Gyeonggi Governor and Assemblyman Choi Jae-seok was scheduled, security had to be tighter than usual.
"Congratulations on your appointment as chairman. Leading a major corporation in your thirties is truly remarkable. I don't even remember what I was doing at that age."
"Well, I was born with a silver spoon, so it was possible."
"Among third-generation heirs born into chaebol families, most can't even come close to your achievements, Chairman Kim. No matter how silver their spoons, if they lack the ability to turn them into gold, they'll never reach the chairman's seat."
Assemblyman Choi was unusually effusive with his praise today.
That made me wary. It was likely that the conversation would soon shift to a serious matter, requiring careful handling to keep the atmosphere positive.
"I was a bit surprised when you asked to see me. Has something happened?"
"It's regarding the Asia Financial Hub project being promoted by the Blue House and the ruling party. Politics around it have become quite chaotic."
"Originally, Taewoo Group intended to take the lead, but the Blue House wanted to spearhead the announcement, so we handed over the authority to them."
Though the Blue House and the ruling party were making the announcements, Taewoo Group was executing the project from start to finish.
"I understand that very well. But the fact that the Blue House is at the forefront is becoming a problem. As you know, this administration's approval rating is not very good."
"It has dropped significantly due to the repercussions of the Korea-U.S. FTA."
"With approval ratings so low, the government faces opposition to every project it pushes forward."
"But there's no reason to oppose it. While the FTA involved complex stakeholders, the financial hub is a project from which Korea stands to gain unilaterally."
Opposition for the sake of opposition.
It was a strategy to prevent the other side from accomplishing anything.
This wasn't unique to Korea; most countries' political systems operated this way, so it couldn't be blamed solely on Korean politics.
"Actually, the business itself isn't the main issue. The problem is that this project is being pushed by the current administration, which is why so many people oppose it. And the biggest problem is that people simply don't trust the government."
"Do you mean they don't trust the financial hub project itself?"
"Yes. Most citizens don't believe that the Asia branch of a leading global financial company will actually come to Korea. They just think it's a publicity stunt to boost the administration's approval ratings."
Who should be blamed?
The government, for failing to manage approval ratings due to poor communication?
The opposition, for deliberately undermining trust in the government?
Or the media, for obsessively creating issues?
"It has nothing to do with the Korea-U.S. FTA. We even signed contracts to relocate the Asia branches of financial companies to Korea."
"I understand that very well. The government is promoting it heavily, so it can't be ignored. But public opinion is skeptical; people don't trust the data the government provides. The aftereffects of the rallies still linger."
It had to be seen as a consequence of the mad cow disease controversy.
Months of candlelight protests.
Of course, the government had tried to prevent the situation from escalating, but those efforts left an image that the citizens were in conflict with the government.
"Hasn't the mad cow issue been resolved? I understand that the government announced it wouldn't import cows over 30 months old and would enforce strict quarantine measures to prevent any problems."
"Still, public trust in the government hasn't been restored. If the National Economic Party takes the government's side now, we could be caught up in the backlash as well."
The National Economic Party wasn't a universal solution.
It could only finalize matters when there was broad public agreement. In a divided situation like this, there was little it could do.
"Hmm, so it's a matter of trust. Without an event that the people can rely on, we can't start the financial hub project."
"Even so, if the government pushes hard, a permit for the super-tall building might still be issued. But the moment the administration changes, you'll face enormous pressure."
One thing I had resolved while going through the regression was this:
I would never let myself or my family end up in prison.
I had witnessed my grandfather spending his old age in jail and knew firsthand how grueling it was.
Pushing the financial hub project recklessly could have landed me in the same situation.
"We'll need to hold a large-scale event. One that the opposition—and indeed the entire nation—cannot ignore."
"Is that possible? If you can manage that, the National Economic Party will actively support the financial hub project."
"Would it be a problem if the National Economic Party actively backed a project led by the government and ruling party? Simply remaining neutral is enough."
Assemblyman Choi Jae-seok shook his head.
He continued, his expression full of resolve as he looked at me.
"If we can make Korea the Asia financial hub, it will be the driving force to elevate the nation to the next level. How could I merely stay neutral on something like that?"
"I appreciate that perspective. That's precisely why I persuaded foreign financial companies to move their Asia bases to Korea."
"This is a project we must succeed in for the advancement of Korea. I regret not taking the lead sooner, but once the right environment is established, I will act proactively."
Assemblyman Choi bowed his head as he spoke.
Though he knew he should step forward immediately for Korea's sake, he felt ashamed of being unable to act due to public sentiment.
"This is only the beginning. If you expend so much emotion now, you won't make it to the end."
"Perhaps I got a little carried away. As I age, my emotions seem to swirl more than before. I'll do my best in anything I can from now on."
"Building the financial hub building is important, but even more crucial is establishing a system that allows foreign financial companies to settle in Korea, including regulatory relaxation."
I could bring them here.
But whether they would take root or move elsewhere was up to the foreign financial firms themselves.
"If that's the case, the National Economic Party will step in and help clear the way."
"And there's the issue of other regulations. There are too many restrictions to start new industries—AI, automobiles, road traffic laws, and more. We need to relax some and legislate others. If we don't, foreign countries may snatch away new industries entirely."
"I'll work with the Blue House and the ruling party to push through regulatory relaxation measures."
Regulatory relaxation was essential for launching the business I had in mind.
Of course, it would have been possible to start a new business even without regulatory changes.
There would have been no problem starting it in the U.S. or China instead of Korea.
But Taewoo Group was a Korean company, and that's why we were making this effort.
"In that case, we'll hold a major event soon. It won't take long."
"We'll make sure everything is fully prepared so we can act the moment the event begins."
There was no friction with Assemblyman Choi Jae-seok over this matter.
Since it was for the advancement of Korea, there was no need to persuade him.
With the Blue House, the ruling party, and the National Economic Party all prepared, all that was left was to deliver a single, decisive move.
***
President Han rushed up to the chairman's office in a flurry.
He ran so fast that it felt as if the floor itself were shaking.
"Chairman! It's finally happened!"
"What do you mean by 'happened'? Did a button pop because I ate too much this Chuseok?"
"This is no time for jokes. Lehman Brothers has declared bankruptcy!"
It was the last holiday of Chuseok.
Most employees were spending time with their families back home, and only a few executives, including myself, had come to the office.
Perhaps that was why President Han's voice was louder than usual.
Of course, anyone working in finance would have reacted the same way upon hearing that Lehman Brothers had gone under.
"So the negotiations with the Korea Development Bank fell through, and they had no choice but to declare bankruptcy."
"Aren't you surprised? I still thought the U.S. government would bail out Lehman Brothers."
"It was already too late to talk about 'too big to fail.' The size of their debt was far beyond what the U.S. government could handle."
Lehman Brothers, one of the four major investment firms in the U.S.
With its massive size came massive debt, and the government couldn't possibly shoulder over 660 trillion won in liabilities.
It was, in fact, the largest bankruptcy ever recorded, so enormous it earned a spot in the Guinness World Records.
"Wall Street is in complete chaos. With Lehman gone, the mood is that it wouldn't be surprising if any other company goes under next."
"A few more companies will collapse, and this crisis will cause tens of trillions of dollars in damage worldwide."
"Tens of trillions of dollars? That translates into the 'gyeong' unit in won."
It was no exaggeration to call this the greatest economic crisis in the world.
The scale was so massive that the unfamiliar unit 'gyeong' came into play, marking the starting point of a global economic downturn.
"Korea's economy won't have it easy starting this year. We'll need to be thoroughly prepared."
"I'd say it's already begun. The returns of other financial firms, excluding ours, have already gone negative. Up until last year, money had poured into funds because it was a bull market."
"So it's time for us to start reaping the rewards, then."
"You mean a harvest worth 15 trillion won? Wow, the Korean financial sector will have to start trembling like Wall Street investment firms."
KIKO derivative insurance.
Korean financial companies had sold massive amounts of currency-hedging products to small and medium-sized enterprises.
And we had secured insurance contracts for 15 trillion won worth of those currency-hedging products with the financial firms.
"How much has the exchange rate risen now?"
"At the beginning of the year, it was in the mid-900 won range. Now it's broken past 1,000 won."
"Since Lehman has collapsed, by the end of the year, the exchange rate could spike to 1,400 won."
"Korean financial firms are going to start feeling the heat."
"And President Han's phone will soon be hot too, with calls pouring in from the heads of financial firms."
Of course, I didn't intend to collect the full 15 trillion won.
I'd have liked to, but due to various interests and constraints, that was unlikely.
Having seen the chaos on Wall Street after Lehman fell, the Korean government would be anxious that domestic financial firms might collapse. That meant we might have to accept something other than money in return.
"I'm just eager to see the financial executives bowing to us. Ah! And I received a message from David. He says this Wednesday is D-DAY."
"Perfect timing. We can launch a new event before the impact of the Lehman Brothers collapse fades."
A major event to sway public opinion.
We had prepared extensively for this, and I was confident it would create a stir across Korea.