Chapter 197: August 23rd

On August 23rd, as the scorching summer began to wane, the government fully repaid the 19.5 billion dollar bailout from the IMF, marking the end of the IMF management era.

The government declared that Korea’s crisis was completely over, once again expressing sympathy for the pain and effort the people had endured, and didn’t forget to celebrate their own achievement.

However, although the crisis was over, Korea had crossed a point of no return.

The concept of lifelong employment had vanished, and life was now measured by the weight of money.

Money became the ultimate value, and consumption transformed from a necessity into a means of flaunting wealth. The word ‘luxury goods’ was naturally replaced by ‘premium goods’.

Restructuring increased job insecurity, temporary employment, and income inequality, causing labor income to shrink rapidly.

As wealth inequality intensified, the rich-get-richer, poor-get-poorer phenomenon began.

While reduced consumption by the poor led to sluggish domestic demand, a large amount of liquid capital was formed. This vast capital, amounting to hundreds of trillions of won, moved from the collapsed IT boom into the real estate market, triggering a nationwide real estate speculation frenzy.

Of course, the current real estate boom is a global phenomenon.

The US’s ultra-low interest rate policy excessively supplied liquidity to the market, and one of the contributing factors was this liquidity flowing into the real estate market, creating a bubble.

But whatever the cause, the consequences are devastating.

Now, a generation has emerged that must give up even the hope of owning a single home.

Frankly, the IMF overcoming special programs blaring on TV didn’t interest me. I couldn’t focus on anything else because of what was going to happen exactly 19 days from now.

The stock charts and status boards of the US, Japan, and Korea filling the monitor seemed pointless, and all that remained was endless hesitation and wavering.

The reason my hands holding the keyboard and mouse hesitated was simple.

Is it right to take advantage of opportunities created by others’ tragedies?

It’s someone else’s tragedy that can’t be stopped anyway, and shouldn’t be stopped. Someone… no, among the tens or hundreds of thousands of people involved in the world of investment, some will make money because of this tragedy, and many more will lose it.

I, too, am involved in this world.

I have to stand on one side or the other. But surely I can’t stand on the losing side? Me losing money is like deliberately walking into the losing side, isn’t it?

I had already decided which side to stand on, but I wanted to avoid being a shameless person who makes a fortune by exploiting others’ tragedies.

In the end, it’s a matter of how much money to make.

I didn’t want to reach a level where I would point fingers at myself.

Damn it, the Grandfather’s style would be to close his eyes and go all in… I’m still a long way off.

Steel myself, I stared at the monitor.

After confirming the strike price of the put option, I pressed the numbers on the keyboard.

Entering a huge amount only disrupts the odds of the game. I chose a moderate amount that no one would pay close attention to and placed the order.

How will these numbers change?

In the past, I wasn’t very interested in stocks.

So, I don’t even know the stock prices of September 12th, 2001. All I know is that there will be a big crash. That’s all the common sense I have. Ten times? Twenty times? How many times will it be?

I shook my head. Already thinking about the money coming in….

After resetting the computer, I logged in to overseas investment mode.

After selecting Japan, I entered a slightly higher number than before.

I reset it again.

The US stock market, financial products, and derivatives sparkled and welcomed me, but the hesitation grew even bigger.

I just turned off the computer.

Let’s just defend here. This much is enough.

* * *

Tuesday, September 11th.

The tragedy struck when S.E.S and Shinhwa consecutively topped the popular music charts.

It was 9 PM Korean time, a time when salaried workers who had finished their day were unwinding, drinking soju with pork belly or chewing on dried squid and chugging beer.

On the same morning in the US, at 7:59 AM, American Airlines Flight 11 took off as usual with 92 passengers on board.

Just 15 minutes later, the control tower in Boston tried to contact American Airlines Flight 11 (AA11), but AA11 did not respond for over ten minutes.

Shortly after, the controller heard a communication: “We have hijacked some planes. Just stay quiet and you’ll be okay. We are returning to the airport.”

And AA11 disappeared from the radar over New York.

At 8:13 AM, the Logan International Airport East Control Tower authorized the takeoff of United Airlines Flight 175. And 30 minutes later, the hijackers stabbed the captain and co-pilot to death and seized the controls.

At 8:46 AM, as New Yorkers hurried to work, a plane suddenly crashed into the north tower of the World Trade Center.

It was American Airlines Flight 11, which had disappeared from the radar.

While the burning north tower was being broadcast almost live around the world, at 9:03 AM, with countless eyes and broadcast cameras focused on the building, United Airlines Flight 175 crashed into the south tower of the World Trade Center at a speed of 872 kilometers per hour.

* * *

I stayed in the office all day that day. Even after everyone else had left, I sat blankly with the TV on.

Eventually, history flowed straight without deviating, and after 10 PM, all broadcasting companies began to pour out emergency breaking news.

My heart ached as I watched the breaking news.

But this feeling didn’t last long.

People who were comfortably watching TV at home and those who were having a drink at a bar in Yeouido all rushed to the office.

They all flipped the computer switches and started checking their monitors. Of course, they didn’t miss the CNN breaking news either.

All the managers at Miracle must have come to work by now.

I pressed the intercom.

“All team leaders to the conference room.”

Slowly, I got up and went to the conference room.

The conference room reeked of alcohol, as many people had rushed over from drinking.

“I believe everyone has seen the breaking news. That’s why you’ve rushed to the office at this hour.”

The people who were already gathered were looking at me with dissatisfied expressions for calling them to the conference room at a moment when every second was precious.

“I am issuing one very important rule as a ‘directive’. Anyone who disobeys my directive will be fired. Keep that in mind.”

At that moment, the conference room door burst open, and Oh Se-hyun rushed in.

“Hey! Did you see the news?”

Oh Se-hyun quickly shut his mouth. The silence in the conference room answered for him.

“Representative Oh, do you have something to say?”

He’s someone who would recognize the meaning of my very polite and business-like tone.

“No. Continue what you were saying.”

“Yes, sir.”

Looking around at the people again, I said.

“My directive is very simple. Even if the stock market opens tomorrow morning, act as you normally would. In other words, don’t even think about what just happened. There will be no sell orders.”

“Huh! Chief of staff! That’s…!”

“That won’t do. The stock market is bound to crash. We need to sell off as much volume as possible quickly.”

As expected, the backlash was severe.

These are people whose incentives are determined by performance. They probably think my decision today is unfair since they take home several times their annual salary written in their contracts in incentives.

“Everyone be quiet! Anyone who interrupts Chief of staff Jin Do-jun from now on will be fired on the spot! Listen to the end and unconditionally follow Chief Jin’s orders!”

Oh Se-hyun glared, and a cold atmosphere filled the conference room.

When his eyes met mine, he winked one eye.

“If there is a request from a client who wants to sell, fulfill their request. But do not sell off anything arbitrarily. Especially the stocks held by our capital must be held onto tightly.”

The employees with hardened expressions seemed to be suppressing their dissatisfaction internally while bowing their heads.

“Especially in the case of blue-chip stocks, keep buying them until the market closes. They will definitely hit the lower limit, so don’t hesitate.”

Saying any more would just be repeating myself and nagging.

“I know what you’re worried about. But the stock market will return to its original state in a few days. There’s no need for us to jump to conclusions just because others are in an uproar. That’s all.”

As soon as I finished speaking, everyone rushed back to their seats. They needed to check the new breaking news. They wouldn’t be able to leave their posts until tomorrow.

Only Oh Se-hyun and I remained in the conference room after everyone had left.

“Aren’t you crazy?”

“I’m perfectly normal.”

“Then it’s fine.”

Oh Se-hyun yawned widely and turned around.

“Good luck. I’m going home. See you tomorrow.”

“Is that all? Don’t you have anything else to say?”

“I’m sure you’ve made the right decision. I have a lot of calls to make to the US. I need to offer my condolences and sympathies. Oh, and you should call Rachel too. Many of her acquaintances work at the World Trade Center.”

“Yes. I’m thinking of calling in two or three days. Would they even hear my condolences right now?”

“Suit yourself. Anyway, good work.”

I sat blankly for a moment in the empty conference room where Oh Se-hyun had disappeared.

I stood up again.

This is not the time to indulge in sentiment. It’s not over yet.

I left Yeouido and rushed to Soonyang Securities.

* * *

When I said the same directives I had given at Miracle, the CEO of Soonyang Securities and Vice President Jang Do-hyung began to look at me with dumbfounded expressions.

“I will take all responsibility. Please follow my instructions.”

“Chief of staff. You saw the news, but this is terrorism. Do you think the US will stand still? They might even wage war.”

“With whom?”

“Huh?”

“Who are you saying they will wage war with?”

“Well… terrorist groups, wouldn’t they?”

“What is the probability of the US losing if they wage war with a mere terrorist group?”

Jang Do-hyung couldn’t answer.

“It’s such a shocking event that major repercussions are unavoidable. But look at it calmly. Simultaneous terrorist attacks are not happening all over the US. The US government wouldn’t let that happen either. Rather, if they start attacking the terrorist groups, stock prices will recover quickly.”

“Chief of staff. Shouldn’t we decide after checking the US stock market?”

The president of Soonyang Securities, who had been listening silently, quietly opened his mouth.

“The US stock market is closed for the time being. It won’t open for at least four or five days, so we have to decide.”

“Closed…?”

“Wall Street is the pillar of the US economy. It’s right to avoid the storm.”

“Hmm…. Vice President Jang.”

“Yes, President.”

“Follow the Chief of staff’s opinion. When it comes to investment, isn’t he several levels above you and me?”

The president is as shrewd as his age.

He gave his opinion very briefly, but he must be cheering three times in his mind.

I was the one who took the lead in blocking the enormous shockwave.

How glad would he be that I, the owner’s family member and major shareholder, would take responsibility in a time when things are highly likely to go wrong?

* * *

Returning to Yeouido, I stayed up all night constantly checking CNN breaking news. It wasn’t just me. Last night, the lights were on in large buildings all over Yeouido.

No one knew how this situation would unfold, so everyone was staying in their offices, preparing for new developments.

I waited anxiously all day for the stock market to close.

The day the 12th closed was a day where the word ‘crash’ perfectly described stock markets around the world.

The employees heaved long sighs and gathered in groups of twos and threes to head to the sauna.

A short break is necessary for the long battle ahead, which has no foreseeable end.

Before checking today’s stock market close, I first checked the results of the secret operation I had carried out alone a few days ago. With slightly trembling fingertips, when I brought up the results of the put options exercised today on the monitor, my mind went blank. Numbers densely packed, with commas between them.

I was so dizzy.

How could this happen!