Outside the window of the Blue House office, the sheer, snow-covered cliffs of Mount Inwang rose sharply into view.
President Kim Jae-chun sat alone at a wide wooden desk, holding that morning's newspaper open in his hands.
[Bluehole Securities: "Park Seok-won Fund" Craze Draws in Trillions!]
"At a time like this, to gather that much money in one sweep… Chairman Park's name really does carry weight."
Admiring the large black-and-white photo of Seok-won printed alongside the article, President Kim Jae-chun's expression shifted, a hint of worry softening his face.
A soft knock sounded, and Chief Secretary Woo Choon-il pushed open the heavy door.
He approached the desk, bowed briefly, and straightened to meet the president's eyes.
"You called for me, sir."
President Kim folded the newspaper and set it down on the desk before speaking.
"I've heard that the new fund released by Bluehole Securities is getting quite a bit of attention. Are you aware of it?"
Glancing at the newspaper lying on the desk, Woo Choon-il nodded.
"You mean the Park Seok-won Fund?"
"That's right."
"The first fund they launched last year sold out in a single day, which caused a huge stir. And the second fund they released recently is already almost fully subscribed, even though its target size is five trillion won. The response has been explosive."
"Despite the fallout from Daegwang Group's bankruptcy and the stock market crash, it's doing that well. That must be Chairman Park's reputation at work."
"He was already known as the richest man in the world. And now that people know he was practically the only one to make several tens of billions during the dot-com crash while everyone else lost fortunes, public interest has surged again."
President Kim Jae-chun leaned back in the soft chair and nodded.
"Even the top investment banks on Wall Street are all crying for mercy, yet he's the only one raking in money. It really is remarkable."
"If a fund is run personally by Chairman Park, who built an astronomical fortune with his investment skills, then honestly… even I would want to hand over any spare cash."
"Well, yes. I probably would too."
President Kim gave a wry smile as he agreed.
Watching his expression, Chief Secretary Woo Choon-il hesitated before asking carefully,
"May I ask why you're suddenly asking about the fund…?"
President Kim's expression clouded with concern.
"The article says he plans to invest the fund's assets overseas. If trillions of won flow out at once, won't that hit the foreign exchange market hard? We barely managed to stabilize it."
Woo Choon-il immediately understood what he was worried about and reassured him with a calm smile.
"You don't need to worry. Chairman Park's fund won't destabilise the exchange rate."
"You're saying it's fine even if trillions leave the country at once?"
President Kim frowned, clearly unconvinced, so Woo explained right away.
"Actually, the Ministry of Finance was thinking the same thing you were, sir. They already expressed their concerns to Bluehole Securities."
The Ministry of Finance had been established after the dissolution of the Economic Planning Board, which had been held responsible for the IMF currency crisis. It oversaw national economic management, including economic policy, government accounting, and foreign exchange.
Hearing that the issue of massive fund capital flowing overseas had already been discussed, President Kim leaned forward with interest.
"But after hearing Bluehole's response, they realized their concerns were unfounded."
"So, contrary to the article, they're investing domestically instead of abroad?"
Hope flickered in President Kim's eyes, but Woo Choon-il shook his head as he stood before the desk.
"I wish it were that simple, but if you combine the funds he already manages with this newly raised capital, the pool becomes too large. It could turn into a whale trapped in a pond. In that case, any move Chairman Park makes could swing the market far more than intended, which would do more harm than good."
President Kim Jae-chun paused to think, then nodded heavily.
"Considering the size of our domestic stock market, that does make sense."
"It's a blind fund without predetermined investment targets, so he could invest domestically if he wished. But given those concerns, he said he plans to focus on overseas investments for the time being."
"Then the foreign exchange issue still remains, doesn't it?"
President Kim frowned as he asked, and Woo Choon-il answered with an easy confidence.
"They'll send the fund assets abroad, but they won't be converting won into dollars on the FX market. They'll handle the conversion internally through a swap."
"What?"
President Kim blinked in confusion.
"What do you mean? Explain it in a way I can understand."
"You remember that after buying Seoul Medical Center and the Appraisal Institute, Chairman Park also bought the Gangnam Express Bus Terminal recently."
"He bought up the entire stake for over five hundred billion won. It was a major topic for weeks."
"That's right."
The Seoul Express Bus Terminal in Banpo—better known simply as the Gangnam Terminal—was located on prime land in the heart of Gangnam's commercial district.
The site itself was huge, spanning 87,273 square meters, or roughly 26,400 pyeong.
Seok-won had purchased all of the shares held by various transport companies for 530 billion won.
"Along with his real estate purchases, Chairman Park has been bringing in large amounts of foreign currency every year through various domestic investments, including the space launch site being built on Jeju Island. He plans to swap those dollars directly with the new fund's capital, bypassing the foreign exchange market entirely."
Only then did President Kim Jae-chun fully grasp the idea, and he slapped his palm against his knee.
"Ah, now that is clever! In that case, even if a massive amount of fund capital goes overseas, it won't affect the exchange rate at all."
"He said he'll coordinate closely with the Ministry of Finance and follow all proper procedures to carry out the conversion directly."
"That sounds just like Chairman Park. I worried for nothing."
President Kim's expression brightened, a relieved smile spreading across his face.
***
The penthouse of the Plaza Hotel in New York.
Wearing a soft gray knit sweater, Seok-won stood in the spacious living room with his hands tucked into his pockets, watching CNBC on the large television.
[Unlike most companies whose stock prices have plunged due to the dot-com crash, Enron continues to show strong performance. What do you believe is driving this?]
When the female anchor asked the question, Jack Heywood, Enron's chairman—his thinning hair and warm demeanor giving him a gentle appearance—answered with ease. He sat back in his chair, one leg crossed over the other.
[Rather than staying complacent, we've adapted quickly to a changing world, embraced cutting-edge technology, and never shied away from taking on new challenges. I believe the results speak for themselves.]
[Your corporate profit reportedly grew by thirty-two percent in a single year, and revenue jumped from forty billion dollars in 1999 to one hundred billion dollars last year. That's remarkable growth. Would you say this too is the result of innovation?]
Heywood let out a hearty laugh.
[Ha ha ha, absolutely. And while you're mentioning achievements, I'd appreciate it if you noted that we ranked seventh on the Fortune 500.]
[You rose eleven spots in a single year—from eighteenth to seventh, correct?]
[Yes. And for reference, my goal is to take us to number one before my term is over.]
The anchor looked surprised.
[If that happens, Enron would surpass ExxonMobil and become the largest energy company in the world.]
[That is certainly what we're aiming for.]
The anchor seemed impressed by his ambition, but quickly shifted to a sharper question.
[There are rumors that Enron has formed close ties with the newly established Bush administration. Is that true?]
Heywood kept his smile, answering without a hint of discomfort.
[It's true that President Bush and I are on good terms. I've known him for a long time—since his father's days, in fact.]
The anchor's eyes sparkled.
[I've heard that during the recent presidential campaign, Enron donated five hundred thousand dollars to President Bush's camp. Is that accurate?]
[Enron is a Texas-based company, just like the president. And we support the White House's policy that easing regulations and liberalizing energy trading can help solve the current power crisis. Supporting his campaign isn't unusual.]
Whether she realized she wouldn't get anything more useful out of him, or someone in the control booth signaled for her to move on, the anchor dropped the line of questioning and wrapped up the interview.
[Then, before we close, do you have any final words for our viewers?]
Heywood turned toward the camera with confidence, still seated, and spoke with pride.
[Enron is no longer just an energy company. We've established ourselves as a major internet firm, developing a variety of B2B marketplace-driven solutions and operating twelve online businesses. But we won't rest on our achievements. We promise to continue growing and innovating.]
He looked like the model of a visionary CEO, the kind who leads with innovation and bold strategy.
But watching it from his penthouse, Seok-won let out a dry scoff.
"Please. The nerve of that scam artist."
Enron might have ranked seventh in U.S. revenue and held forty-nine billion dollars in assets. Even Harvard Business School praised it as a case study in successful management. But Seok-won knew better. All of it—every number, every achievement—was nothing more than a façade built on accounting fraud, illegal schemes, and lies.
"He knows better than anyone that Enron is a castle built on sand, and he still goes on TV and spouts that nonsense. Thick-skinned doesn't even begin to cover it."
No wonder that when the accounting fraud finally came to light, and the company spiralled into bankruptcy, Heywood and the rest of the executives still managed to walk away with massive bonuses.
"This is the end of their little act. I'm done watching them fool the world with their lies."
Seok-won stared coldly at Heywood's face, blown up large on the television screen, then pulled his phone from his pocket and pressed a speed-dial number.
The line rang, and after a moment, Landon picked up.
[Yes, boss. I'm listening.]
Seok-won spoke in a calm, steady voice.
"We have something to take care of."
[Just tell me what you need.]
With the phone pressed to his ear, Seok-won kept his eyes on the television, where Chairman Heywood was smiling broadly as he exchanged closing remarks with the anchor.
"Sell every share of Enron we own, and start shorting the stock."
[…E-Enron?]
Landon's startled voice came back immediately, almost breathless.
"That's right. No limits. Keep selling Enron short until I tell you to stop."
[…]
This wasn't just a simple short position—he was ordering an unlimited short.
Landon instinctively swallowed hard, realizing that Seok-won was about to set something massive into motion once again.