[287] Pandemonium, Sunyang Family 3
These days, I almost went to work in the HW Group chairman’s office. It was to check the funds pouring into Dubai every day that would become a bomb and pour over the head of Vice Chairman Vibrator.
“Do-joon. is this okay? Isn’t the financial crisis from the US weaker than we thought?”
Chairman Lee Hak-jae tossed the morning newspaper.
“If the shock wave of the US financial crisis is weak, it is like we are attaching wings to the shoulder of a vibrator. If there is no problem with liquidity, I will make a lot of money next year. I will keep my current position even more firmly.”
When I opened the newspaper he had thrown, I thought my eyes would pop out.
How the hell do you not know what’s going on in the world?
Do the people who lead Korean finance only have this much of an eye?
『Korea Development Bank, America’s giant financial group, Lehman Brothers acquisition talks.
We have already proposed specific acquisition conditions.
Suggested stake acquisition in three steps: $23, $18, $6.4 per share.]
“Crazy guys. What are you going to do with a respirator and take over what you do today and tomorrow…?”
“Are you sure?”
“of course. Lehman Brothers does not benefit from the US government bailout. Because it’s really inescapable. Bankruptcy soon.”
After Lehman Brothers goes bankrupt, Nomura Securities, which aims to become a global investment bank, will acquire only the Asian and European divisions of Lehman Brothers.
The acquisition amount is only $2 for the European division and $225 million for the Asian division under the condition of hiring all employees.
Nomura Securities, which has an equity capital of 11 trillion won, saw it as an opportunity to become a world-class investment bank, so it would have been able to invest that amount without hesitation.
To buy a stake at $23 a share in a company that you could buy for just $2 is either stupid or hiding a dirty deal.
Since Korea Development Bank is not that stupid, it is obvious what kind of transactions are coming and going.
Industrial Bank is a national bank. If it acquires Lehman Brothers, which is about to go bankrupt, it is inevitable that a huge loss will occur, and the loss will eventually have to be borne by the people’s taxpayers’ money.
It’s none of my business that people’s tax money is being spent on something wrong, but this is a great opportunity.
“I need to hold a press conference.”
“what? To block the Industrial Bank?”
“That’s just an excuse, the real purpose is different. It is a prophecy and warning that the financial crisis in the United States will become a tsunami and hit Korea.”
Chairman Lee Hak-jae frowned.
“It’s not a warning, it’s an intention to detonate the bomb in advance.”
“There are only a few days left. The moment Lehman went bankrupt signaled the collapse of the global economy. It makes no difference whether I shoot it or CNN News shoots it, but I need to raise my credibility at this opportunity.”
“Are you going into politics? Where do you build trust and spend it?”
“So, when I expose the irregularities in the succession process of the Sunyang Group later, won’t public opinion take my side?”
“Anyway, one of the ribs is…”
It was pointless criticism as if he was trying to hide his surprise at my plan.
“Hold a press conference in two days. A local apartment complex is now underway. Sunyang and Daehyeon both dipped their feet in the mud, so I’ll push them in.”
I guessed it, but Chairman Lee Hak-jae and I fit quite well.
* * *
“The Bush administration is about to inject hundreds of billions of dollars in public money. More than 8 million homes have been turned into ruins and Bear Stearns has frozen across the United States with irrecoverable judgments on non-renewable mortgages. I assure you, Lehman Brothers cannot avoid bankruptcy.”
“Chief Jin Do-jun. The Lehman Brothers you mentioned is the same company that the Korea Development Bank is currently negotiating to acquire, right?”
“That’s right. There is only one Lehman Brothers.”
“Can I interpret this to mean that the KDB’s takeover negotiations were wrong?”
“Even if it was wrong, it was wrong for a long time. No matter how much I think about it, I can’t understand the hell. If a company goes bankrupt, its stock is worth zero. Buying worthless assets at $26 a share? It’s better to buy a stone abandoned by the roadside with that money. It is more valuable because it becomes a tool that can be thrown with all your might when angry.”
As the press conference progressed, his anger gradually rose, but he lowered his voice.
“Have you already forgotten what happened 10 years ago? As a result of spending dollars recklessly, the suffering returned to the people. The financial crisis in the United States has already cast a dark cloud over the global economy. Pouring dollars into a damn company when you’re not prepared for it is tantamount to treachery.”
“Are you comparing the US financial crisis to the IMF?”
“Essentially the same. The only difference is that the epicenter is the United States, not Asia.”
When the word IMF came out, reporters heated up. He knew that it was not the time to relax enough to cross the river.
“Do-joon Jin, do you mean that a crisis like the IMF will start again?”
The IMF is also strong. It’s like a national trauma from which you can’t escape forever.
“It depends on how you respond. In particular, rigorous analysis of each institution is required. You should never show slack.”
These are the words of a young Korean Warren Buffett.
Economic magazines featured my face on the front page, JoongAng magazine featured my face on the economics page, and sports newspapers, which were no different from entertainment magazines, also printed my face.
Broadcasters were no different.
They are young genius investors and know that the title of Sunyang III is a surefire card that guarantees viewer ratings.
It’s not the first tip, but I dealt with my interview with a lot of weight.
So far, the chaebol has never sent a warning to a state agency. Most of them have only taken on this role at universities or economic research institutes.
It was a very rare event, so I succeeded in attracting public attention, and public opinion was favorable to me.
Korea Development Bank seemed to give up on acquiring Lehman Brothers in just one day. It was just a review level, and there was no specific plan, so he took a step back.
I got the results I really wanted.
University economics professors, who had been silent, opened fire all at once, and many economic research institutes published research papers warning of a bleak future.
Moreover, on September 14, 2008, the fact that Lehman Brothers filed for bankruptcy with an astronomical figure of 700 trillion won broke out as emergency news through major foreign media, and my name also went up and down again.
Thanks to this, additional benefits were also obtained.
“Chief. The press conference was truly a godsend. haha.”
Vice President Jang Do-hyeong burst into a pleasant laugh.
“Did you see the press article?”
“Are you a prophet?”
“yes. Investment Genius Prophet… Now, this nickname follows the chief. And the social leaders always talk about a rosy future, buy stocks, buy a house, etc., but they say only good things to lose money, but the manager is the only one who talks about the crisis and tells you to close your wallet.”
“Praise is useless. There must be something to gain.”
“A company of the most conscientious executives. That is what Sunyang Financial Group has benefited from. Stock prices rise and customers flock. I saw a bigger effect than hitting hundreds of TV commercials. haha.”
The bankruptcy of Lehman Brothers also threw the Korean financial market into a state of panic.
The total market capitalization of the KOSPI and KOSDAQ markets evaporated by 51 trillion won in one day, and stock prices in the securities industry plummeted by more than 12 percent, but Sunyang Securities was the only financial company that showed a miracle of rising stock prices.
Vice President Jang Do-hyung smiled coolly and glanced at me.
“Reporters want to do a follow-up, how do you feel? Shall we schedule an interview?”
“no. If you say more, you will be able to take a look at the bottom. That’s just about right. The public’s curiosity needs to remain in order to keep listening to me. What about Industrial Bank? Have you done what you ordered?”
“yes. I served meals to the president and executives and gave them some gifts. Enough to not get stuck on this.”
“Good job. Now you have to do your best. The dominoes of global economic downfall are beginning. Make all your investments carefully.”
It is predicted that the unemployment rate in the United States will rise by at least 10% right away, and Europe cannot be an exception.
There was also an article saying that the number of foreclosed homes in the U.S. has already exceeded 9 million. The US domestic economy will freeze completely.
If the United States, the world’s largest consumer, freezes, China, which is called the world’s factory, will also take a huge hit.
There are already signs of collapse in China’s manufacturing industry. The number of unemployed exceeded 10 million.
These unemployed are workers earning only $7.80 a month.
When the upper stream is shaken like this, the poorest always suffer the most in the end.
Engineers built computers and built spacecraft.
Financial technologists created the dream of becoming rich, and in return, they received salaries dozens of times higher than technicians.
But when a dream turns into a nightmare, the person who bought the dream perishes. The person who sold the dream did not suffer any damage.
Wall Street’s financial technologists, the culprits of this tragedy, held another revelry party on October 4 with George W. Bush’s 700 billion dollar government subsidy.
The U.S. government bought AIG Life’s shares for $160 billion, becoming the largest shareholder, and infused Goldman Sachs with $15 billion.
Morgan Stanley paid $14 billion in bonuses to its executives as soon as it received government subsidies, and Goldman Sachs split the entire government fund among executives in the name of bonuses.
Finally, Rachel from New York Miracle took a picture of the account with the staggering number of $56 billion and sent it through the mail. with just one message.
Congratulation! World’s Richest Person!
* * *
With the presidential election ahead, the United States has already invested more than 7 trillion dollars to combat this financial crisis, and planned to inject this much more in the future.
Its qualification as a key currency was shaken, but thanks to this, the tsunami of crisis seemed to stop in Europe.
When it became clear that Asia would be no more than a powerful typhoon, everyone let out a sigh of relief and revealed their hidden greed again.
As always in times of crisis, the rich get richer and the poor get poorer.
To overcome the economic slowdown and shrinking domestic demand, the new government implemented a massive tax cut policy and eased reconstruction regulations.
Thanks to this, the chaebol conglomerates started to sing the flower song again.
“Maybe your plan was ruined. At this rate, only Sunyang Construction will make you rich.”
Chairman Lee Hak-jae looked at the status board restlessly.
“It is debt and credit transaction. If you don’t receive the credit, it’s over. Don’t worry, Sunyang Construction or Daehyeon Construction can do whatever they want. If you want to build an apartment, please raise it and build a shopping center.”
“Dubai is fine! Didn’t you say you would collapse in an American crisis?”
“It is festering. It still needs time to rot.”
“We are trying to exceed 3 trillion won in money from the two companies alone. It might be 5 trillion next year.”
“With that money, the heavy industry division of Sunyang Group and the construction division of Daehyeon might be consumed. It’s cheap.”
I showed my composure to Chairman Lee Hak-jae, who was trembling with anxiety. You have to squeeze more and spread more. Money abounds. I met one after another with the heads of commercial banks to spend money again.
As soon as they saw me, they bowed their heads as if they had met a savior.
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