The exchange rate was climbing by the day.
What had been 900 won surged past 1,000 within a month, and another month later it was on the verge of hitting 1,400.
The happiest man in this situation was, of course, President Han Junghoon.
"Chairman! The exchange rate has finally broken through 1,400. At last, the positions of buyer and seller have flipped. The heads of the financial firms have already contacted us, saying they want to visit Taewoo Securities."
"President Han, when were you ever really in the weaker position? All that's changed is that you've gone from being a gullible customer to a troublesome one."
"Well, customers are supposed to be kings, so I suppose I was never in the weaker role. The executives are in such a rush they're saying they could come to Taewoo Securities immediately. How would you like to handle this?"
It was about 15 trillion won in insurance payouts altogether.
In ordinary times, they might have reluctantly paid out the 15 trillion.
But now, with the global economy in crisis, the financial firms were desperate to save every last penny.
"There's nothing to be gained by dragging this out. Before the government feels pressured to intervene, end it quickly. I'll attend the meeting as well."
"Chairman, is it really necessary for you to go in person? Using an ox-cleaver to slaughter a chicken seems like a waste."
"You'll be the one doing the heavy lifting, President Han. I'll just sit quietly in the back and add a word or two here and there. Even that should apply plenty of pressure, don't you think?"
"The executives' legs will be shaking under the table. In that case, I'll summon them to Taewoo Securities today."
The heads of financial firms, notorious for their reluctance to move.
They were used to being in the position of lending money to corporations, and rarely ever visited companies themselves.
But today was different.
As soon as they received the call, the executives rushed to Taewoo Securities, and before lunchtime the meeting was already underway.
"Thank you for coming to Taewoo Group. President Han has given me a brief summary of the situation. As I understand it, due to the surge in exchange rates, you now owe payouts on the KIKO insurance."
"The situation has changed with alarming speed. Just as investment firms on Wall Street are collapsing like dominoes, Korean financial companies could face the same fate. In times like this, we must join forces and endure together."
Vice President Jung Taeseop of Shinhwa Bank raised his voice on behalf of the five major banks.
Everyone at the meeting nodded vigorously, requesting the cancellation of the insurance product.
"Let's hear them out first. President Han Junghoon will lead the meeting."
I stepped back.
It was more effective to sit silently, glaring from behind, than to speak directly. All I needed to do was give President Han enough room to run wild.
"This is Han Junghoon of Taewoo Securities. First of all, I must tell you that canceling the insurance contract is impossible. As you know, while Taewoo Securities holds 60 percent of the shares, the remaining shares belong to small business owners. We cannot unilaterally terminate the contract."
"We'll persuade those small business owners ourselves. Couldn't Taewoo Securities simply give up the shares it holds?"
It was an outrageous demand from Vice President Jung.
Instead of answering, President Han turned his head toward me. I let out a hollow laugh, feigning surprise.
"Ha! This is the first time in my life I've heard someone ask us to just hand over our shares. And to hear such words from the banking sector, known for its meticulous calculations—now that is truly unexpected."
"Of course, I don't mean for you to give them up for nothing. We'll return all the insurance premiums paid to date, and compensate you with an additional 20 percent of the insured amount."
"So instead of paying nine trillion won in insurance money, you're offering one point eight trillion. You're asking us to discount seven point two trillion. Banks put themselves through endless hoops just to lower interest rates by a single percent, but here you are asking for an 80 percent cut. That doesn't seem reasonable."
I openly painted him as a man with no sense of propriety.
Jung's face flushed red, but at least he didn't resort to shouting or theatrics.
"We know our demand is excessive. But to overcome this economic crisis, we must stand together."
"You say we need to stand together, but the structure you propose places all the losses on Taewoo Securities. Unless the banks also show some sincerity, our chairman will never accept this."
Using me as an excuse, President Han pressed them in a hard tone.
This was precisely why I had come into the meeting room. The financial executives shifted their eyes nervously.
"In the future, won't Taewoo Securities and AIG be partnering on many ventures? That's why I ask for your concession this one time."
"I don't understand why someone asking for cooperation would choose to attack us first."
"What do you mean by that?"
"You knew Taewoo Group was the largest shareholder of Cocoa Bank, and yet you tried to impose restrictions. That was a direct attack on Taewoo Group. How can you ask for concessions after striking us behind the scenes? Who in their right mind would accept such a proposal?"
To be honest, I never intended to collect the entire nine trillion won.
We had to consider the government's reaction, so I planned to take part of it in cash and the rest in something that would benefit us.
First on the list was getting the regulation against Cocoa Bank withdrawn.
Cocoa Bank dominated internet banking and app-based financial services. It was growing so fast that it could join the five major banks within ten years. We needed to neutralize any attempts by the banking sector to curb that growth.
"We will immediately withdraw the regulatory measures against Cocoa Bank. We did not realize how closely Cocoa Bank was tied to Taewoo Group."
"You say you did not know. I will not press that point further. President Han, please continue the meeting. I will excuse myself."
Now the real negotiation began.
With the first objective—repeal of the Cocoa Bank regulation—secured, I could step back.
It was better to let President Han press them aggressively. He could squeeze far more by driving the discussion, and I only needed to be the quiet threat behind him.
***
The next day.
I visited the construction site at the KEPCO property with President Han and the planning director.
"It finally looks like a real construction site now."
"Taewoo Construction has mobilized every piece of equipment it can to get the work done as quickly as possible."
"Do you like it, President Han? Once the building is finished, Taewoo Securities won't be in a new office tower, but right here."
"It doesn't feel real yet. All I see are machines digging into the ground."
President Han had worked only in finance his entire career. Unlike me and the planning director, who were moved by the sight, his reaction was lukewarm.
"It'll take years before it feels real. For the next year or two at least, all they'll be doing is digging."
"Digging for that long? Clearly, putting up a skyscraper is no easy task."
"Let's not linger here. We should head somewhere that feels more tangible."
We got back in the car and drove to Pangyo.
The change in Pangyo over the past few years was visible right from the roads: cleanly paved asphalt, high-rise buildings springing up everywhere.
And at the very center stood the IIT Korea Campus, built with Taewoo Group's utmost care.
"Wow! Has the campus already been completed?"
"It didn't take too long. There are six ten-story buildings. So, President Han, do you like it?"
"What difference does it make if I like it? What matters is whether the chairman does."
The planning director and President Han traded jokes.
I only half-listened, my eyes fixed on the panorama of the IIT Korea Campus.
The new buildings were clean and modern, but perhaps because of the engineering focus, they had a somewhat rigid and austere feel.
"So the exterior work is completely finished?"
"Yes. The interior construction is nearly done too, and the lab equipment is already coming in."
"Classes will start next year. All preparations must be completed by then."
"We'll make sure everything is ready."
"I'd like to take a look at the dormitory as well."
"Allow me to guide you."
The dormitory stood near the back gate of the school.
Three similar buildings had been built in an apartment style, but the inside looked very different from the outside.
"These facilities could rival a hotel," I remarked.
"Every student can live in the dorms. There are double and quadruple rooms, each with its own bathroom and shower. On top of that, there are leisure facilities like a gym, a ping-pong room, and a computer lab."
We took a walk around the dormitory.
Then President Han, who had been quiet until now, muttered under his breath.
"All of this is free?"
"Not just the dorms, but tuition as well—everything is fully funded by Taewoo Group. Why, are you jealous?"
"I've heard that the science and technology institutes also don't charge tuition, but considering the quality of these facilities, this is on a whole different level."
"It's not just the facilities. The faculty we've assembled are unmatched by any university in Korea."
That was one of the main reasons I created IIT.
The first goal was to attract talent. The second was to tie down leading developers by hiring them as professors, ensuring they stayed within Taewoo Group's orbit.
"I heard you recruited a large number of star developers in AI and the battery industry as professors."
"David is still working hard on faculty recruitment. By next year, the lineup will be truly world-class."
At last, it felt like I was taking the first real step.
I couldn't rely forever on my memory and abilities. I needed a foundation that could grow without me, and I believed the IIT Korea Campus would provide it.
"These days, securities firms are also hiring IT personnel in large numbers. I hope Taewoo Securities can benefit from IIT Korea as well."
"That depends on Taewoo Securities. The only condition is that graduates must work for a Taewoo Group–related company for at least five years. We can't dictate exactly which one they join."
The admission requirement for IIT Korea Campus was simple:
Graduates had to work at a Taewoo-affiliated company for five years.
At first glance, it might have seemed like a restrictive clause. But once you looked at the list of companies, it was anything but a burden.
All of Taewoo Group's affiliates were included, of course.
So were Apple, Google, Amazon, Facebook, and Witube, as well as domestic IT companies in which Taewoo Group held equity.
For engineering graduates, these were dream companies to work for. Far from a restriction, it was an opportunity.
"Chairman, I think we need to head back to the office."
"Did something happen?"
We were in the middle of touring the campus when the planning director suddenly checked his phone and spoke in a rush.
"A call just came from the Blue Roof."
"Ever since we partnered with them on the financial hub project, they've been contacting us at all hours."
The "Blue Roof" meant the Blue House, the presidential office.
I didn't know exactly what the reason was this time, but the fact that they reached out at this hour almost certainly meant that Taewoo Group's help was needed.