Chapter 120: A Fact I Didn’t See Coming

“The FRB has agreed to proceed with the original plan. Wall Street’s consortium will acquire 90% of the shares and proceed with the bailout.”

The government was already under heavy criticism for supporting LTCM, so my proposal to shoulder the burden was a win-win for both sides.

I never thought they’d reject my offer.

“The Treasury was in favor of your proposal. It’s true the government feels burdened by the bailout. But the FRB rejected it outright.”

Did Wall Street’s influence play a role?

I quickly dismissed the thought.

The FRB sits above Wall Street. No matter how powerful Wall Street is, it can’t overpower the FRB.

The FRB is the result of America’s unique central banking system—a government institution, but outside the Treasury’s influence.

It’s a government body, but beyond the Treasury’s control.

“Chairman Alan was firmly against it.”

Alan Greenspan.

That bastard.

“Do you know why?”

“I don’t. He refused to even discuss it. The Treasury had no choice but to go along with the FRB’s decision.”

I couldn’t help but sigh.

“Rubin, a promise is a promise. I’ll help you this time, but don’t underestimate me.”

“Why would I ever underestimate you, Charlie?”

“I know how much Wall Street and the administration gained from Japan, but I got nothing. The LTCM acquisition was supposed to bring me some benefits too. I’m a bit disappointed.”

“Chairman Alan has more power than I do.”

Alan, backed by the Jewish community, will hold the FRB chair until 2006.

He held the position for 18 years, wielding the kind of power that could control the global economy, thanks in large part to the support of the Jewish community.

“I understand. Just tell James to handle the financial talks with the Wall Street guys.”

“Thank you. You’ve really helped reduce the government’s burden. Personally, I’d like to keep a good relationship with you.”

“I have no hard feelings against you, Rubin. You’ve helped me out a lot, too.”

“Hahaha.”

It wasn’t a lie.

Historically, the FRB had been favorable towards bailouts, which is why I targeted Rubin in the first place.

“Are you leaving the U.S. again?”

“I’ll stop by Korea, then head to Russia. Crisis often brings opportunity.”

“Exactly. I feel the same way. I didn’t expect Russia to declare a moratorium. It was a mistake on the IMF’s part, but the administration also made poor judgments. We misjudged Russia based on our own perspective.”

Rubin shared some behind-the-scenes details on how Russia ended up choosing default.

I knew the broad strokes, but hearing it firsthand helped me understand why Russia made that decision.

“It was a perfect storm of Wall Street greed, the IMF’s unreasonable demands, and the administration’s complacency.”

It was surprising to hear that Russia had done everything possible to keep its promises.

When negotiations with the IMF fell through, they even sent a special envoy to the U.S. Treasury to negotiate directly and got what they wanted.

But that was just a temporary fix.

Only two months after the agreement, they declared a moratorium.

“In hindsight, I can’t help but wonder if we could have made more of an impact if we’d intervened more aggressively.”

It was unusual to see Rubin revealing his thoughts so openly.

“Are you sure you should be telling me all this? Some of it seems pretty confidential.”

“This level of information could easily be obtained by Dream High if they wanted to. And while I am an American, I do have Russian roots.”

It wasn’t an entirely unreasonable explanation, so I nodded.

“I’m personally disappointed. I had high hopes for Russia entering the free market economy. I also feel a bit guilty towards you, Charlie. I couldn’t stop the Jewish influence.”

“There’s no need to feel guilty. Business is business. Emotions don’t need to get involved. I also hope we can maintain our personal relationship, even after retirement.”

Rubin smiled warmly.

That smile wasn’t unpleasant, so I smiled back.

“I should get going now. I need to discuss follow-up measures with James.”

“Understood. I hope we can meet again under better circumstances.”

When I arrived at Dream High after leaving the Plaza Hotel, the place was buzzing with activity.

“Mu-hyeok, hold on a second.”

Han Gyeong-yeong raised his hand as I entered his office.

I sat on the couch and waited while he hurriedly processed some documents.

Finally, he approached, looking completely drained.

“Someone’s buying up Russian and Korean bonds. We might not be able to secure as much as we’d hoped. The competition’s driving up the price.”

Now this was an interesting development.

“Who is it?”

“No idea. But it’s not Wall Street. They’re too busy selling off bonds right now.”

“How much?”

“They’re trading at around 30%. We were hoping to buy at 20%, but as soon as we started purchasing, the other side got aggressive and started buying too.”

Someone was watching our moves and mirroring them.

“Don’t push too hard. No need to raise the price. The other side probably won’t either.”

There was no point in overextending when we didn’t even know who the other party was.

If we waited patiently, the rewards would eventually come. But buying at over 30% didn’t make sense. It was better to bet on the dot-com bubble instead.

“What’s our current stock allocation?”

“About 10%.”

“Raise it to 30%.”

We needed to secure stocks early, before the dot-com bubble really took off.

“What’s in the portfolio?”

“Every internet-related company. Especially Yahoo, Amazon, Apple, and Microsoft. Just don’t drive the prices up too much.”

“The guys outside are the experts on that. They’ll handle it while managing the stock prices.”

In the U.S., Han Gyeong-yeong had been steadily working to recruit the people I’d pointed out.

He grinned and nodded.

“Distribute the work to the team leaders and make sure everything’s purchased by next summer. We have plenty of time, so don’t worry about the prices rising or falling.”

“But once our money goes in, the stock index will inevitably go up.”

“Do it quietly. The recent crash from Russia will make any rise seem like a technical rebound.”

“Got it.”

“I’ll head home first. Come over when you’re done.”

“Yeah.”

“And don’t stop buying bonds either.”

Han Gyeong-yeong flashed an okay sign with his fingers before leaving the office.

“I’m heading home.”

I arrived at Han Gyeong-yeong’s place and quietly collected my thoughts while waiting for him.

‘Who could it be?’

The first place that came to mind was Wall Street.

But as Han Gyeong-yeong had said, it made no sense for them to be buying bonds when they should be selling.

‘Could it be from Europe?’

There were only a few places capable of buying bonds on such a large scale and competing with us.

Japan was too focused on buying its own bonds to be involved.

‘Rothschild? Or maybe Rockefeller?’

It was possible.

‘Or could it be Warren Buffett?’

After failing to acquire LTCM, Warren Buffett might be scooping up Russian and Korean bonds that were now selling for dirt cheap.

“What’s got you so deep in thought?”

Han Gyeong-yeong’s voice snapped me out of my thoughts.

I glanced outside. It was already dark.

“Oh, you’re here. How’s the team?”

“They’re excited. Stocks have always been their thing, and we haven’t really focused on stocks before.”

“Good.”

“And Rubin? From the look on your face, I’d say it’s a bust.”

I explained how we failed to acquire LTCM. Han Gyeong-yeong nodded, agreeing that it had probably been Alan’s decision.

“In the end, the Jews didn’t trust Wall Street, so they stepped in themselves. After all, most of Wall Street is influenced by them.”

“Still, I didn’t see it coming. On top of that, the bond purchases are getting tangled up. It’s been a while since something has caught me off guard like this.”

“Wow, Kim Mu-hyeok is showing some humn side for once.”

Han Gyeong-yeong chuckled, clearly trying to lighten my mood.

I cracked a smile, appreciating his effort.

“What’s more important is what’s next. I’ll leave the stock purchases in Korea to Eva. You focus on wrapping up Jungwoo Group and shifting back to the U.S.”

“Who do you think should be the next chairman of Jungwoo Group?”

“What about you?”

Han Gyeong-yeong thought for a moment.

“I think Kim Byung-woo would be a good fit for now.”

“But he’s still responsible for the accounting fraud, isn’t he?”

“You can take care of that. For now, there’s no one among the Jungwoo executives better suited for the job. Kim Byung-woo is already handling the restructuring and has the full support of the employees.”

“If that’s your opinion, I’ll find a way to delay the legal issues.”

“The pride of Jungwoo’s employees is really something. Their loyalty to the company is incredible. It’s so different from the U.S.”

Han Gyeong-yeong muttered, clearly impressed.

“They do tend to identify with the company. If there’s nothing else to consider, finalize the main contract and submit the delisting application right away.”

“I’ll wrap everything up by the end of the year.”

“You need to manage everything carefully. You know what I mean, right? I’m planning to introduce you to Eva soon—what do you think?”

“I’m fine with it. Your opinion matters more.”

“You’re both crucial to my plans, but don’t let competition turn into conflict.”

Introducing Han Gyeong-yeong and Eva to each other would likely reduce the amount of work I had to handle personally.

The day before my departure for the U.S.

I had dinner with Eric, Han Gyeong-yeong, and Oliver, making sure not to forget about Black Bear’s future.

“Remember when you said you wanted Black Bear to be the best mercenary company in the world? Not just in terms of revenue, but one that strikes fear into anyone who hears its name.”

“Yes, I remember.”

“Keep expanding the Korean branch too. Even though the U.S. is our base, I’ll be spending a lot of time in Korea.”

“Understood. I’ll continue recruiting Koreans. How do you feel about Team Leader Jin?”

“I like him. He makes quick decisions when it counts.”

“I plan to put him in charge of the Korean branch. He’s well-regarded by the local staff too.”

I nodded. Team Leader Jin was a responsible man.

“A good choice.”

With my approval, Eric looked pleased.

“There will always be conflicts around the world. To avoid sending their own citizens to die, the demand for mercenaries will only grow. Even though we’ve signed contracts with the U.S. government, I believe it’s still a time for growth. We should recruit from everywhere, regardless of nationality or race, even from Eastern Europe.”

“You’re asking for more money, aren’t you?”

“Haha, caught me, huh?”

“I’ve told you from the start, don’t worry about the money. There are plenty of ways to make it. What I need is power. You know what I mean, right? The power to protect what I have.”

“Don’t worry!”

I laughed as Eric’s booming voice echoed through the room.

The next day.

I didn’t wake up until midday. I must’ve had a lot on my mind since it had been a while since I slept in so late.

After washing up, I began preparing to leave for Korea with Manager Ma.

“Has Eva returned to Korea yet?”

“No, Boss.”

“Is she okay?”

“According to the bodyguards with her, she’s been busy working in Hong Kong.”

“Got it. Keep me updated.”

Eva had promised to report back after her trip to Hong Kong, but I hadn’t heard from her since her first day there.

With Eric and Han Gyeong-yeong seeing me off, I left the U.S.