Chapter 3: The Game of Money
“The end of playing with money is either losing it all and facing ruin, or making money but still being scorned by others. How many times have I told those fools?”
He still disapproves of the credit card business. He can’t seem to grasp the shift in the times where credit cards are replacing cash. Then again, it’s been so long since he carried a wallet himself that he probably doesn’t even remember what it’s like to spend money directly.
With just a word, his secretaries handle everything he needs, so it’s no wonder he’s forgotten how money is made.
Perhaps because it’s a credit card company, he might think a bankruptcy isn’t a big deal. If it were a manufacturing subsidiary, he might have reacted with much more anger.
“We’re on the brink of ruin, but I’ll tear it down and build it anew. Stronger this time.”
“Of course, you should.”
“What?”
“Only a fool would sell high during good times and buy back during bad times. You must have another vision, right?”
“Yes, I do. The card business will play a significant role in Sunyang’s financial sector. And also…”
I glanced at him, and he narrowed his eyes.
“Look at this one. There’s more, isn’t there? What is it?”
“Actually…”
I explained in detail the urgent meeting with the Financial Supervisory Service, the collateral issues with the card company, and the dealings with Vice Chairman Jin Young-ki—all that had happened in just one day.
Even after I finished, he remained silent for a while.
I finally broke the silence.
“Are you alright?”
“Hmm? What do you mean?”
“You weren’t saying anything.”
“I was just speechless at how foolish a son can be when blinded by greed. Ha.”
I spoke to my grandfather, who couldn’t hide his disdain.
“No, if I could secure a 7% controlling stake in the group, I wouldn’t hesitate to throw that kind of money either.”
“That’s not what I meant by foolish. Why didn’t he think like you? He should have focused on whether Sunyang Card could be revived even with a cash infusion. Young-ki is only looking at the stocks, isn’t he?”
Unless someone has lived two lives, it’s impossible for everyone to think like me. Predicting the card crisis four years from now isn’t something just anyone can do.
“I was just lucky. As you know, fortune seems to favor me.”
“Enough with the humility. Learn from your uncles’ mistakes. If greed leads, you’ll lose your way even with a map in front of you. Remember, if your only reason for wanting to become the chairman of Sunyang is just to be the chairman, you’ll never own this study.”
“Isn’t it natural to be greedy for such a high position? I can understand my uncle.”
“Your goal shouldn’t become your purpose. If it does, you won’t hold this position for long.”
No, I will hold it. The tens of thousands of Sunyang employees will solidify my position. Jin Young-ki, whose sole purpose was to pass down Sunyang Group to his children, kept this study, and so will his grandson, Jin Young-jun.
I didn’t say this out loud. Instead, I nodded deeply.
“I’ll keep that in mind.”
“Should I make a few calls for you?”
My grandfather’s expression softened as he spoke.
“What kind of calls?”
“To help clean up the mess that is Sunyang Card.”
My mind was racing.
How would the high-ranking officials interpret my grandfather’s words?
Would they see it as pressure to reduce the debt? Would it just burden them, who have to be mindful of the new administration?
Or, what if they interpret it the opposite way?
After quickly organizing my thoughts, I replied.
“Just a quick interim announcement that strong measures will be taken… No, I’ll handle it myself.”
“Why are you overthinking it?”
My grandfather picked up the receiver.
“Tell them I want to file a complaint with the economic secretary. It’s urgent, so let’s have tea this afternoon. Yes, tell them we’ll meet in Myeong-dong, close to the Blue House.”
He hung up and winked at me.
Myeong-dong meant the Sunyang Hotel in Gangbuk. I quickly took out my phone.
“Prepare a discreet meeting place. Make sure the route is secure and inconspicuous.”
After hanging up, I turned to my grandfather.
“I’ll accompany you. Since you’ll meet them in the afternoon, would you like to have lunch with me? I’ll have it prepared at the hotel.”
“Why would I meet them? You’re the one who needs to handle this.”
“What?”
“Go and meet them. You know what to do.”
What an opportunity!
Isn’t this the most appropriate help?
“Thank you, Grandfather.”
“It won’t be easy. You’re not the only one filing a complaint.”
“But I’m the first, so I have the advantage.”
Once the government announcement is made, Vice Chairman Jin Dong-ki won’t sit still. He’ll use all his connections to prevent the extreme measure of a business suspension, and it’s certain that the economic secretary will be among those connections.
“Yes. You’ve done so much in just one day, and there will be more to come, so the one who starts first has the advantage. Indeed.”
My grandfather, anticipating an interesting spectacle, continued to smile.
“Then I’ll have lunch with you here and head out.”
“I apologize for the intrusion.”
“Not at all, Mr. Jin Do-jun. It’s faster to talk directly with the person involved.”
The economic secretary of the Blue House smiled brightly and extended his hand.
As I shook his hand, I could feel his strength.
“Honestly, if Chairman Jin were here, it would be uncomfortable. It would be hard to speak openly. But Mr. Jin Do-jun, you won’t beat around the bush, will you? Haha.”
His confident demeanor and pleasant impression were quite likable.
With a new administration, such an attitude was possible.
“If there’s nothing to hide, the conversation will end quickly. It would be rude to keep a busy person like you for long.”
We sat across a small table.
“By the way, you’re much more handsome in person. If you weren’t part of the Sunyang Group, you could have been a successful celebrity.”
“My original dream was to be a handsome lawyer. But here I am, following my grandfather’s wishes.”
“Talent doesn’t always follow dreams. You seem like a natural gambler, so you would have ended up on this path anyway.”
A gambler…
He’s already done his homework on me.
Well, since I was the one who suggested letting Sunyang Card go bankrupt, it’s no surprise they dug into my background.
“So, what do you think of the hand I’ve dealt this time? Does it look like a winning hand?”
“Well, let’s see. Show me your hidden card, and then I can judge the odds.”
He talks about being open, yet he’s playing riddles. Typical politician.
“I’ll save one more card company that’s about to collapse, besides Sunyang Card.”
“What?”
“Since the government won’t inject public funds, if Sunyang Card goes bankrupt, a couple more won’t survive. I’ll save one of them. Just say the word.”
The economic secretary blinked for a moment, then tilted his head.
“That’s hard to understand. Taking on two failing card companies would be quite a burden. Are you sure about this?”
“I’m saying it because I can handle it. The financial power of Miracle Investment is beyond imagination. This time, American capital is coming in, which is good, right? It looks like we’re attracting foreign capital. Saving a failed Korean company with foreign capital—how does that sound?”
“That’s quite a strong hidden card.”
The slight smile on his face revealed his interest.
“I have another hidden card. Would you like to hear it?”
The economic secretary nodded.
“How about Daehyun Group for the second card company?”
His smile vanished instantly, and his eyes widened.
“Daehyun Card, you mean?”
“They’re already on the brink. Barely holding on with an IV drip. Without any help from Daehyun Motors, they have nowhere to get money.”
“Sunyang and Daehyun… This is nerve-wracking.”
Despite his words, he seemed slightly excited.
Isn’t this the time to show something to the world?
If the new administration’s power and authority are displayed by tackling the conglomerates that divide Korea, the picture would be perfect.
“If you handle just these two, the big companies will fall in line. To avoid being next, they’ll quickly clean up their mess and focus on normalization.”
“It sounds plausible, but as I said, it’s nerve-wracking…”
I could guess why he was putting on this act.
“Are you worried about the media making a fuss?”
“Of course. It’s the honeymoon period, so they’re just lightly scratching the surface. But if the government starts hitting the advertisers of newspapers, will they stay quiet? The honeymoon could turn into a bitter moon in no time.”
“Don’t worry. That won’t happen.”
“What?”
I smiled and picked up my teacup. It’s not a bad idea to pause when they’re dying of curiosity.
“The biggest advertisers aren’t Sunyang or Daehyun Group. It’s Sunyang Electronics and Daehyun Motors. The owners of these companies dislike the card company’s owners. You know why, right?”
“Oh…!”
The economic secretary let out a long sigh, but his expression brightened noticeably.
“Not all media will praise the Blue House, but they’ll remain silent. Even the loudest Hanseong Ilbo is related to Sunyang Electronics by marriage, so they’ll probably just make one critical comment and leave it at that. So, don’t worry.”
The economic secretary leaned back, rubbing his chin with clasped hands.
After a long pause, he looked at me intently and spoke.
“But Mr. Jin Do-jun, what do you gain from this? I know you’re closely tied to Miracle Investment, but I can’t understand why you’d lead the charge to ruin a family subsidiary.”
“I already explained that during the meeting with the Financial Supervisory Chairman.”
“You mean the complicated family issues?”
“Alright.”
“In that case, we’ll have to pretend today’s conversation never happened.”
Why is he suddenly changing his tune? This deal isn’t exactly a losing proposition.
“I can’t use the power of the Blue House, or the government, to solve personal family issues. If you want today’s discussion to be worthwhile, you’ll need to be specific about those family matters. I need to feel like I’m not being used.”
So, he wants to see everything laid bare before he makes a move… The situation must be dire, more primal and sensational than just a high-level power grab for company shares.
“I’m a great gambler because I’ve already seen all the hidden cards. That’s what they say about the pros, right? They know the order of all 48 cards in the deck.”
“Is it about money?”
He’s quick on the uptake.
“Yes. If you accept my proposal, I’ll start buying shares of Sunyang Card and Daehyun Card from tomorrow. Especially Sunyang Card, which has dropped below its face value. Once it stabilizes, a tenfold return is practically guaranteed.”
“Wow! You’re quite the strategist, aren’t you?”
Ah, right, he’s from my alma mater too. But why bring up school now?
“How much are you planning to make?”
“I have so much capital that even I don’t know how much I’ll end up with.”
I threw in a casual remark as I watched the economic advisor’s smiling face.
“Let me know if you ever need anything, senior. I’m a straight arrow, so I don’t have much use for money anyway.”
His smile vanished.