Chapter 1013: I Intend to Proceed as Planned
The dismantling of a giant corporation like Lehman Brothers could never be completed in a short period of time.
During that time, South Korea held its presidential election.
The country's political landscape was thrown into turmoil by Choi Seohyeon's illegal political funding scandal.
After Choi Seohyeon, the Progressive Party's leading presidential candidate, was arrested on charges of accepting 30 billion won in illegal political funds along with numerous other allegations, the progressive camp suffered a devastating blow.
The incident plunged the Progressive Party into fierce internal conflict.
To overcome the crisis, the progressive bloc began searching for a new presidential candidate.
In the process, discussions about unifying the various progressive factions gained rapid momentum.
"Let's decide with a 100% public opinion poll."
"...That would put us at too much of a disadvantage."
Unlike the other progressive factions, whose influence had been declining, the Progressive Party still possessed considerable political strength.
As a result, it could speak from a position of confidence.
"Public opinion toward the progressive camp isn't good right now. Even if we hold our own little celebration under these circumstances, we won't be competitive enough to win the general election. Let's choose a unified candidate through a 100% public opinion poll."
The process of unifying the progressive camp was far from smooth.
Negotiations repeatedly stalled as the interests of each party clashed.
However, united by the shared determination to stop the Centrist Party's dominance, they ultimately succeeded in selecting a single candidate.
The unified candidate of the progressive camp was Lee Jeonghoon, the Progressive Party's floor leader.
With his clean image and pragmatic policies, Lee Jeonghoon earned public favor and successfully united the progressive base behind him.
Meanwhile, the Centrist Party was fully benefiting from President Yoon Changho's popularity.
"Candidate Park Minsu."
Lee Myungsoo sought out Park Minsu at the presidential campaign headquarters.
Park Minsu, who had been discussing campaign matters with his staff, warmly welcomed Lee Myungsoo.
As soon as Lee Myungsoo entered, everyone else quietly left, leaving the two of them alone.
"The Progressive Party has chosen its unified candidate. Now the real race begins."
"Haha, I know."
The person they had originally intended to nominate had ultimately been forced out under pressure from President Yoon Changho.
Lee Myungsoo himself had never truly wanted to support that candidate, so he had agreed with the President's decision.
The person Lee Myungsoo chose to back was Park Minsu.
He had selected him because he believed Park Minsu would have excellent synergy with Kim Muhyuk.
Although Park Minsu was only serving his first term in the National Assembly, he had managed to become the party's presidential nominee largely thanks to Lee Myungsoo's wholehearted support.
"You need to firmly establish your image as an economic expert. Anxiety is spreading because people fear that the financial crisis in the United States could eventually hit South Korea as well."
Park Minsu nodded.
"I've been watching the situation closely myself. Even so, it's far from easy to predict what will happen."
"Which is exactly why you need to emphasize your image as an economic expert and win the confidence of the voters."
Throughout the campaign, the two candidates fought an intense battle.
It became a mudslinging contest filled with both positive campaigning and relentless attacks.
The Progressive Party argued that the Centrist Party was no different from Choi Seohyeon, raising numerous unproven allegations against it.
The Centrist Party continuously reminded voters that the Progressives had been the ones who nominated Choi Seohyeon in the first place.
During the televised debates, the candidates fiercely clashed over economic policy and foreign affairs and national security.
Candidate Lee Jeonghoon advocated chaebol reform and expanded welfare programs, while Candidate Park Minsu focused on economic growth and job creation.
Election Day finally arrived.
The result was an overwhelming victory for the Centrist Party.
Park Minsu was elected with 57% of the vote, while Lee Jeonghoon received only 41%.
The remaining 2% was divided among the minor candidates.
Several factors were credited for the Centrist Party's victory.
Public distrust toward the progressive camp had never fully disappeared after the Choi Seohyeon scandal.
Many voters chose stability in the face of the growing economic crisis.
Finally, President Yoon Changho's approval rating, which still remained in the low 50 percent range, proved highly advantageous for the Centrist Party.
As soon as Park Minsu was elected, a meeting to organize the Presidential Transition Committee was convened under Lee Myungsoo's leadership.
Thus, the era of President Yoon Changho came to an end, and the age of a new president was about to begin.
* * *
"So the Centrist Party really won by a landslide."
I smiled as I watched the election results from New York.
"It was an election they simply couldn't lose."
At Manager Ma's remark, I shook my head.
"I'm not so sure. Elections are full of unpredictable variables. You never know what might happen even the day before voting. Fortunately, it seems Myungsoo managed to keep everything under control."
Just then, my cell phone on the table rang.
I checked the caller ID and immediately answered.
"This is Kim Muhyuk speaking. Congratulations on your victory, Mr. President-Elect."
"Hahaha. Not at all. It's all thanks to you, President Kim. Ah, I'm sorry for calling so late."
The caller was Park Minsu.
"Not at all. This is thanks to your own abilities. I think your image as an economic expert was very effective. Given the current situation, it couldn't have been more appropriate."
"What's the atmosphere like in America?"
"It's like a funeral here. I don't think this will be over anytime soon. I suggest you begin preparing now."
"I see. I'll keep that in mind while forming the Transition Committee."
Voices could be heard on the other end of the line.
"Well then, President Kim. I have many people to meet, so I'll call you again another time."
"Of course. Congratulations once again on your election."
After ending the call with Park Minsu, I put the phone down.
Aside from briefly crossing paths once before, Park Minsu and I had practically no personal connection.
Yet he had called me first.
That meant he held me in favorable regard.
Either way, it worked in my favor.
The person originally intended to become the next president had been forced out after Yoon Changho and Myungsoo reached an agreement, and Park Minsu had been chosen instead.
That meant they needed to keep a very tight grip on his leash.
"What weaknesses does Park Minsu have?"
"His son is completely out of control. He's caused every kind of trouble imaginable, and he even got involved with drugs."
If left alone, he'd probably bankrupt the entire family.
"So raising children really is the hardest thing in the world. Yet none of this became public?"
"It was all covered up with money. He's the family's only son, so he's the sole heir."
"Blood ties really do make people blind. Tell the Risk Management Team to prepare."
The Blue House would begin keeping an eye on him now, but there were limits to what it could control.
"Where did he get the drugs?"
"He first came into contact with them while studying in the United States. After returning to Korea, he kept trying to obtain them through various connections."
No matter how tightly they tried to control things, someone with enough money could always get what they wanted.
Eventually, a drug-related scandal would break out in South Korea.
There was nothing wrong with preparing in advance.
"Put him on Chunha Group's surveillance list. If anything happens, the consequences will be disastrous."
"Understood."
The phone rang again after I placed it back on the table.
I looked at the caller ID and smiled.
"Oh, Myungsoo. Congratulations."
"Congratulations for what? Was I the one who got elected?"
Although he answered gruffly, I could hear the smile in his voice.
"Still, he's the candidate you personally backed. From now on, nobody will be able to ignore you."
"Well... that's true."
Park Minsu had almost no standing within the party.
Naturally, Myungsoo would take the lead in forming the new cabinet from the very beginning.
"So, did you call just to brag?"
"Actually, no. Do you have anyone you'd like to recommend for the Transition Committee? I think I can fit in one or two people."
I laughed at Myungsoo's attempt to look after me.
"No thanks. Fill it however you see fit. I'm not interested. As long as I have you to worry about, isn't that enough?"
"Oh, shut the hell up! If you're supposedly looking after me, why is it so damn hard to see your face? When are you finally coming back to Korea?"
"Probably not this year."
"But you'll come to the presidential inauguration, right?"
"Wouldn't that just create unnecessary rumors?"
Myungsoo snorted loudly.
"What, are you too scared of maggots to make soybean paste? It'd be stranger if you didn't come. If Dreamhigh's Korea Branch President doesn't attend, people will start making all sorts of wild guesses."
"Fine. Then send me an invitation. I'll do my best to make time."
"Got it. I'll get you a good seat. Hey, Muhyuk."
After calling my name, Myungsoo hesitated for a moment.
Then, with a sigh, he finally spoke.
"Does Taesan Finance really have to acquire Lehman's Asia-Pacific operations?"
"Why?"
"Even inside our party, people are talking about it. They're asking whether it's really necessary to spend over 200 million dollars on an acquisition like this under the current circumstances."
"I haven't heard any objections from the Financial Services Commission."
"You know how it is. Political influence carries a lot of weight in deals like this. Even if everything moves quickly, the acquisition won't be completed until the first half of next year, right? The opposition is going to have a field day attacking the new administration from the very beginning."
I understood Myungsoo's concerns.
But at this point, I had no intention of abandoning the acquisition.
"Ignore them. I'll take care of everything."
"Alright. I just wanted to bring it up. Hey, someone's calling me. I'll talk to you later."
Myungsoo hurriedly hung up.
I stared at my phone for quite a while in disbelief.
"This bastard really says whatever he wants and hangs up."
Still, it was exactly like Myungsoo.
I couldn't help smiling.
* * *
As the new year began, Korean media reported that Taesan Finance would acquire Lehman Brothers' Asia-Pacific operations.
The news sent shockwaves through South Korea's financial industry.
Reactions to Taesan Finance's bold move were mixed, with both praise and concern emerging.
Supporters pointed out that a Korean financial institution acquiring a major division of a global investment bank would significantly enhance South Korea's standing in the international financial market.
Many analysts predicted that absorbing Lehman Brothers' Asia-Pacific network and expertise would greatly strengthen Taesan Finance's competitiveness.
"They predicted it perfectly."
It was exactly what Nomura Holdings had demonstrated after acquiring Lehman's Asia-Pacific and Europe-Middle East operations in the original timeline.
At first, rising costs had sparked widespread concern.
But as time passed, Nomura rapidly expanded its market share.
Taesan Finance would probably experience the same thing.
No...
It might perform even better.
I trusted Ha Myeonghun's ability to take control of an organization.
I believed he could quickly eliminate the growing pains that Nomura Holdings had experienced.
Of course, I would help as well.
"And..."
I picked up another newspaper and read a different article.
It argued that making such a massive overseas investment during a global financial crisis posed a serious risk.
It also suggested that Taesan Finance could end up inheriting Lehman Brothers' toxic assets.
"They can only say that because they don't know the acquisition terms yet."
The agreement specifically stated that Taesan Finance would not assume Lehman's liabilities.
If they had been required to take on those debts, even one dollar would have been too expensive given Lehman's current condition.
Just then, Manager Ma called out to me.
"Boss. If we're going to arrive on time, we need to leave now."
"Is it that late already?"
I set the newspaper down and checked my watch.
"It is. Then let's get going."
I left the penthouse and headed for the meeting place.
"Welcome, Charlie."
Everyone had already arrived.
Jamie Dimon, Chairman of JPMorgan.
Dick Fuld, Chairman of Lehman Brothers.
And finally, bankruptcy trustee Bryan Marsal.
"Sorry. It looks like I'm the last one here."
"Haha. Not at all."
Chairman Dimon waved his hand with a smile.
The expression on Chairman Dick Fuld's face, however, was completely different.
"Please, have a seat, Charlie."
As the true central figure of the meeting, Bryan Marsal invited me to sit down.
Once I took my seat, Marsal immediately began the meeting.
"We need to reach a conclusion today. There is far too much work to do. The faster we complete these asset sales, the more damage we can prevent."
Dick Fuld looked thoroughly miserable, as though he were sitting on a bed of nails.
"The court has already approved this transaction. All that remains is to finalize the detailed terms."
"What exactly is there for me to do now?"
At Fuld's bitter remark, Marsal frowned.
"Chairman Dick Fuld, you should at least take responsibility until the very end. It was your reckless management that pushed a century-old institution like Lehman to the brink of bankruptcy."
"..."
Fuld remained silent, unable to respond.
After giving him a look of open contempt, Marsal turned to me.
"Dreamhigh and JPMorgan still intend to form a consortium to acquire Lehman's North American operations and its Europe and Middle East business, correct?"
I glanced once at Chairman Dimon before nodding.
"Yes. I intend to proceed as planned."
"And Taesan Finance of South Korea will still acquire the Asia-Pacific business?"
"Yes. That hasn't changed either."
"Excellent. Then let's begin negotiating the detailed terms of the agreement."
With that, we began discussing the specific conditions that would be written into the contract.