Chapter 214: Is This Problem Unique to Our Country?

As I stopped in my tracks and turned my body, I spotted an elderly man with white hair approaching.

“Who are you?”

His face seemed somewhat familiar, but I couldn’t recall meeting him before.

While I was racking my brain, the old man extended his hand and introduced himself.

“I’m Park Young-gun, newly appointed Chhair of the Financial Supervisory Commission and Superintendent. It’s a pleasure to meet you.”

“Pleasure’s mine. I’m Kim Mu-hyeok. But why would the hair of the Financial Supervisory Commission be reaching out to me?”

“Isn’t it necessary to greet the true owner of Taesan Financial? It’s within my purview, after all.”

As I withdrew my hand, I frowned slightly. Park Young-gun smiled as he cast aa glance toward Ha Myung-hoon and Baek Seong-jin standing by.

“I’m neither a former Ministry of Finance official nor someone who spent my entire career at the National Tax Service. And certainly not part of Mofia.”

After taking office, Kim Hak-gwon curtailed the powers of the Ministry of Finance due to IMF demands, demoting it to the Ministry of Economy and Finance.

This resulted in the establishment of the Financial Supervisory Commission and the Financial Supervisory Service.

Initially, people from the Ministry of Finance were appointed, but due to the cartel they formed, proper reforms were never achieved.

So, Kim Hak-gwon chose the person standing before me.

Only after hearing his name could I recall information about Park Young-gun..

He was capable enough to later become the chairman of Dongseo Group, normalizing the ailing corporation.

“Therefore, I will fully utilize my authority to properly manage and supervise Taesan Financial. I won’t tolerate any underhanded tactics whatsoever.”

It felt almost like a declaration of war, yet I couldn’t help but laugh.

When I suddenly burst into laughter, Park Young-gun looked at me with aa puzzled expression.

“I apologize. I couldn’t help but laugh… Isn’t it ridiculous that the Chair is making a strenuous effort to come and convey such expected news to me?”

“That’s because the cartel involving Baek Seong-jin and former Ministry of Finance officials is quite entrenched.”

Park Young-gun glanced again at Baaek Seong-jin. His expression hardened abruptly.

“Even now, the current chair refuses to hand over responsibilities or even show up to work after I was appointed as his successor. And there he is, sticking so closely to Baek Seong-jin today.”

From Park Young-gun’s face and words, oone could sense his hostility toward Mofia.

Separate from his animosity, I was curious about why he sought me out.

“But how did you know about me?”

“How could I not know? You’re the heir to the loan shark Cheon Tae-san. Moreover, as I mened earlier, I’m aware of your role as the actual owner of Taesan Financial.”

“I have no intention of interfering in the management of Taesan Financial. I’ll keep ownership but leave all management to Chairman Ha Myung-hoon.”

I said this while raising the corner of my mouth slightly.

While necessary for its creation, Taesan Financial was undoubtedly a sound financial company.

I was fully confident that no matter how much you shook it, you wouldn’t find a speck of dust.

“So, if there’s going to be a warning, it should be directed to Chairman Ha Myung-hoon, not me.”

“I merely wanted to see your face. I’m curious about what kind of person would consider establishing a financial holding company, something still unimaginable in Korea, especially while hastily drafting related legislation.”

Come to think of it, wasn’t it this person who initially conceived of the idea of a financial holding company?

Park Young-gun shook his head and continued speaking.

“I believe chaebols shouldn’t own financial companies. Using the people’s money to maintain their management rights is simply unacceptable.”

At that moment, Ha Myung-hoon completed his greetings with executives and stepped out of the inauguration venue, signaling its end.

As people began to exit, I decided to leave before the place grew too crowded.

“Instead of standing here, we should have a meal together. I’d like to hear more from you.”

“Sounds good.”

“I know a great restaurant nearby. If you have a car, I can ask my subordinate to bring it. Let’s go together in my car.”

“No, I came by subway.”

“Oh really?”

It was surprising to hear that he didn’t bring a car but took the subway instead. His appearance was far too frugal for someone of his standing as a ministerial-level official.

“Let’s go then. I’ll take you there.”

Before getting into the car, I quietly instructed, barely audible to Park Young-gun..

“Manager Ma, please call Eva and tell her to come to the restaurant.”

The car carrying Park Young-gun and me soon arrivedd at the restaurant.

As Park Young-gun stepped out of the car and looked at the restaurant, he let out a brief gasp. Then he turned to me and said.

“This place seems too expensive.”

“There’s no other place nearby with food this delicious. And it’s quiet enough for us to enjoy a conversation.”

“Still, I don’t think I deserve such treatment. I’ll cover the bill.”

Park Young-gun was the very embodiiment of a steadfast public servant. Perhaps it was because I hadn’t met someone like him for a while that I was even more intrigued.

“Let’s head inside first. It’s impolite to keep standing in front of the restaurant.”

After hesitating, I nodded to Park Young-gun, leading him insidee. An employee guided us to a secluded room.

“The representative of Future Investment, Eva, should be arriving shortly. Is that alright with you?”

“That’s great. I welcome meetings with financial professionals. I still have much to learn, so I don’t mind conversing with anyone if it leads to growth.”

Despite being a high-ranking official, his willingness to acknowledge his shortcomings and seek knowledge brought a smile to my face.

He was completely different from the bureaucrats I had encountered before.

“You’re quite different from the other senior officials. You’re not authoritarian at all. More importantly, I was surprised to hear that you took the subway here.”

“Until I’ve received my official appointment letter, I can’t use a government vehicle. The car I was using has been returned already. With sturdy legs beneath me, what is there to worry about?”

The awkward smile on Park Young-gun’s face was marked bby the passage of time.

The wrinkles around his eyes clearly indicated that he was a person who smiled often.

“Earlier you mentioned that financial companies shouldn’t be owned by chaebols. But isn’t that already blocked due to the separation of banking and commerce?”

Separation of Banking and Commerce.

It began with the banking law of 1995, which prohibited corporations from owning banks. Over time, it was extended to prohibit financial companies from controlling non-financial companies.

The only exception is the specialized Industrial Bank.

In the U.S., Jewish and Wall Street old-timers actively lobbied to abolish the Glass-Steagall Act, but Korea still adheres to the principles of separation of banking and commerce.

“I still think it’s lacking. The scope of separation is limited to banks. I believe we should prevent life and property insurance companies from using clients’ money to defend their management rights too.”

Contrary to his composed demeanor, Park Young-gun made a radical asseertion.

“Chaebols know how to enjoy their rights but avoid their responsibilities. The banks act as their dogs, lending to corporations. Without any accountability, they take the hard-earned money of citizens.”

Park Young-gun’s voice, filled witth vehemence, echoed with indignation.

Having only witnessed bureaucrats embezzling tax money, it was refreshing to encounter a public servant genuinely concerned about the people.

“And that’s how we ended up with this foreign exchange crisis. Who took responsibility then? It was a disaster brought upon by the government, financial sector, and chaebols, while the ones suffering were the citizens.”

Feeling thirsty, Park Young-gun quickly poured wateer into his cup and gulped it down in one go.

“Starting from the gold collecting campaign, the public tightened their belts to overcome the crisis. Yet chaebols shamelessly continue with their borrowing management.”

Though they had suffered from the foreign exchange crisis due to their reliance on foreign capital, chaebols still couldn’t get their act together, increasingly burdening themselves with debt by borrowing from financial institutions.

“Meanwhile, loans to ordinary people have become stricter, leading to a vicious cycle where they have to turn to the moneylending market to borrow at high interest rates. This undermines the national economy, yet no one seems to be aware. Or perhaps they’re just choosing to ignore it.”

The faces of big business executives who had come borrowing money from my grandfather flickered through my mind.

As the topic of loan sharks came up, I felt awkward and tried to argue.

“If loan sharks hadn’t existed, where would ordinary people have borrowed money from? It wasn’t the banks that lent money to those who lost their jobs and found themselves on the streets; it was the loan sharks.”

Perhaps sensing my embarrassment, he shook his head softly.

“I’m aware of the loan shark business owned by you, Kim Mu-hyeok. Though someone els manages it.”

“Yes, I prevented Japanese and chaebol funds from entering the moneylending market. That’s how I protected the lending industry and, further, the livelihoods of ordinary people. Is that a crime?”

As if questioning, Park Young-gun’s expression slighttly stiffened. He had remained silent for a moment before speaking again.

“Legal lending might have its issues, but those can be addressed using regulations. Furthermore, I’m discussing the illegal loan shark market that operates outside the law.”

“Without a dark side, there can’t be a light side.”

“I understand.”

Though he verbally acknowledged it, his disapproval of loan sharks was unmistakable on his face.

As silence lingered, feeling thirsty again, he poured himself more water and, with grave seriousness, announced,

“I want to reform the financial sector.”

Instead of responding, I lifted my water glass and took a sip.

“What do you think, Kim Mu-hyeok?”

“About what?”

“Do you think our financial sector is functioning properly?”

I shook my head as I set down my glass. Money always stands by the powerful.

“Is it truly just a problem unique to our country? The global financial market is a playground for the wealthy. Hence, financial reform is merely an idealistic notion.”

“That’s precisely why the government must enforce strong regulations and monitor the financial sector closely.”

While he was a principled person, he was also rather radical. Park Young-gun’s theories were proogressive yet contradictory.

“Director, do you realize that your statements contradict one another? You’re advocating for a return to government control of finance, yet you scorn Mofia. It’s nonsensical. To stabilize the economy, banks were privatized, and once that’s done, we must leave it to the market economy.”

“I’m not advocating for controlled finance.”

“Strong regulation equates to controlled finance. If the financial sector starts monitoring the political sphere, that inevitably leads to corruption. In the end, your arguments are merely utopian.”

At that moment, the door opened, and Eva entered. The heated discussion momentarily paused.

Upon seeing Park Young-gun, she greeted him wiith a bright smile.

“Nice to meet you, I’m Eva Zhu.”

“I’m Park Young-gun.””

Park Young-gun, regaining his compposure, stood up and extended his hand.

After their introductions, Eva sat beside me and asked,

“How did the inauguration go?”

“It appears Chairman Ha Myung-hoon will do well. What about the reaction from Baek Seong-jin’s faction?”

“After throwing a bombshell, there will likely be cracks forming there too. Surely, no one from the bureaucrats will be promoted due to seniority, right?”

Eva spoke freely, seemingly indifferent to Park Young-gun’s presence..

“Even if Baek Seong-jin is old, he’s cunning. That’s why he’s the head of Mofia.”

The corner of Eva’s mouth lifted into a smile as she spoke, and I nodded, recalling Ha Myung-hoon’s demeanor at the inauguration.

“Right. We’ll find out with time. And Ha Myung-hoon is no pushover, either.”

At my comment, Eva’s smile grew wider. It seemed she had a soft spot for Ha Myung-hoon.

“He’s a predator, not prey. And he’s emotionally cool-headed, which means he’ll effectively improve the group’s structure.”

“Absolutely. Korea has become stagnant. It’s rotting away while the leaders remain blissfully ignorant of it. Or are they pretending not to know?”

As I probed into that point, I couldn’t help but chuckle silently.

Eva, born in Hong Kong and raised between the UK and Hong Kong, despised Korea’s ways.

Yet, while other foreign investors struggled to adapt to Korea’s system, she quickly found her footing.

This allowed her to secure a favorable position, which she used to bring me what I desired.

“Now that I’ve settled in, it’s time to purge all the inefficiencies. That’s the task Ha Myung-hoon must take on. My role here has concluded.”

As I lightly patted Eva’s shoulder, her face beamed with pride.

Perhaps feeling awkward for only listening to our conversation, Park Young-gun cleared his throat softly.

“Ah, I apologize.”

It was understandable he felt embarrassed as we were talking only to each other in front of him. After my quick apology, he shook his head.

“No, it’s alright. It was an important conversation, so I understand. By the way, it’s nice to finally meet you, Representative Eva. I’ve heard a lot about you.”

“I’ve heard much about you too, Director. I found your actions since your designation quite amusing, in fact.”

With a light jest, Eva spoke with a smile.

“I heard you criticized the management of the National Pension Fund.”

“…How did you know that?”

Park Young-gun’s face hardened in an instant. He clearly looked on guard.

“As the saying goes, ‘A word spoken during the day will be heard by a bird, and a word at night by a mouse.’ If someone is determined to find out, it’s impossible to keep it under wraps.”

“That’s not something many people would know about.”

The tense gaze between the stern-faced Park Young-gun and the smiling Evaa clashed in the air.

There was no need for them to engage in this battle of wits during an invitation meant for good intentions.

“Eva.”

I called her softly.