Bowing My Head
In front of my uncles, I played the part of the polite nephew, bowing my head respectfully. They looked at me with satisfaction, but I knew they harbored knives behind their smiles. As we engaged in this silent battle, time slipped away.
The family registry system was abolished, and Park Ji-sung became the first Korean player to enter the prestigious English Premier League. The restoration of Cheonggyecheon, a long-cherished project of the Seoul mayor, was completed in 2005 after two years of construction. The nation was in turmoil over Professor Hwang Woo-suk’s research scandal, and on December 30, 2006, the execution of Iraq’s dictator Saddam Hussein took place.
By the time I turned thirty, only Sang-jun and I remained unmarried in the family.
“Well… it’s not like you’re living a reckless life, squandering money on women. You’re just too busy with work to date. I’m not going to pressure you into marriage,” my father said, trying not to burden me.
“But is your girlfriend still waiting for you? Women get anxious when they hit thirty.”
“She’s a judge, too busy with work to entertain such thoughts. She doesn’t seem anxious.”
“Are you sure about that?”
“She’s confident. Even if it’s not me, there are plenty of men lining up to be with her. She’s not lacking in options.”
My father gave me a disapproving look. “If you’re saying this out of ignorance, then maybe you should consider an arranged marriage. If you know and still say it, then you’re choosing to live alone. But I can’t stand the thought of my son growing old alone.”
Marriage is a card that can be played strategically. I want to use it where it benefits me most, but for that, I need to work hard now. This year is crucial, a golden opportunity. I must plan meticulously and execute without error.
Though impatience often tempted me, I shook it off. A plan based on greed is bound to fail. Greed creates holes in plans, and filling those holes only leads to more greed.
Like a boat on a river, if I let myself flow naturally, opportunities will come. The key to success is being prepared to seize them.
Preparation is easy for those who foresee danger. Fortunately, I’ve kept up with HW Group’s important projects and am in a position to warn of any risks.
“Chairman, I recommend we hold off on expanding into the Middle East.”
Chairman Lee Hak-jae sighed, seemingly exasperated. “It’s the first day back at work, and you’re already putting a damper on things?”
“That’s why I’m telling you now. If you announce a full-scale entry into Dubai and then retract it, it won’t look good.”
Seeing my serious expression, Chairman Lee spoke into the intercom. “Tell the division heads to proceed with the New Year’s ceremony. There won’t be a company-wide broadcast, so don’t wait. Also, postpone the executive meeting. I’ll decide this afternoon.”
He turned back to me. “Now, explain. The construction industry is buzzing. They’re calling it the second Middle East boom, a chance to rake in oil money. And you want to pass it up?”
“It’s not passing up; it’s not entering.”
“Same difference. Why?”
“The current boom in Dubai is like a sandcastle built on bubbles. The foundation and pillars are unstable. Dubai will turn into a sandstorm and engulf us.”
“Bubbles and sand, huh? What’s your basis?”
“Because the U.S. is collapsing.”
Chairman Lee was speechless for a moment, but when he spoke again, his tone was serious. “You’re the only person whose nonsense I have to listen to. But this is extreme. The U.S. collapsing?”
“It’s true. The U.S. is having a financial feast on a mountain of bad debt worth trillions. When the weight becomes unbearable, it will collapse.”
“Go on.”
He listened intently.
“U.S. housing prices have been declining since last year, specifically since September 2006. They doubled in ten years but can’t go any higher.”
“Is it so strange for prices to double in ten years? After the dot-com bubble burst in 2000, money flowed into real estate. It’s natural. That’s not a bubble; it’s real money moving.”
“Do you think the money from Silicon Valley investors was enough to double U.S. housing prices? This is the average index. Excluding rural areas, decent neighborhoods have tripled.”
“Even so, why is that a bubble?”
“Because everyone bought homes on credit.”
“That’s the same here.”
“But Korean banks don’t lend to the unemployed to buy homes. Even for a stable worker, no bank would offer multiple loans on a single house.”
Chairman Lee raised an eyebrow. He knew U.S. banks were aggressive, but this was reckless.
“Is that true?”
“Yes. It’s been happening for years. The time has come when it can’t bear the weight.”
“How do you know all this?”
“New York Miracle is an investment firm. They send me reports daily, and I analyze them. Our New York staff is competent. They sensed the danger early on.”
The potential impact of a U.S. credit crunch on the Middle East. Chairman Lee pondered silently.
“Chairman, just knowing there’s danger is enough. We can avoid it…”
“And let everyone else fall into it.”
Indeed, he’s no different from his grandfather, a true opportunist.
“But you’re the only one claiming there’s danger. No one else is warning us. Not our U.S. branch, not Sunyang Group’s American subsidiary. If you’re wrong, we’ll miss out while others feast.”
“Remember the IMF crisis. No one warned of danger then. But I secured Sunyang Motors and acquired Ajin Group and Dae-A Construction. I feasted alone. Have you forgotten?”
“That’s why I’m listening to your seemingly nonsensical words. I don’t believe it, but…”
“You don’t believe it, but you’ll trust me, right?”
“For now. I need to verify. Even with a bubble, a soft landing is possible. The wealth the U.S. has built is incomparable to ours. Comparing it to the IMF crisis is a stretch.”
Even if it seems like we’re holding off, things will go my way. The greater the risk, the more one trusts a reliable voice.
“If you’re right, Sunyang Construction will take a big hit. Recovery will be tough.”
“Not just construction. We need to shake construction, heavy industry, civil engineering, and trade.”
Chairman Lee pondered again, a sly smile forming.
“Construction performance will hit rock bottom for a while.”
“I won’t hold you accountable for the poor performance. As a major shareholder.”
“And what about bowing to Vice Chairman Jin Dong-ki?”
The thing he hates most—having to humble himself before the children of those he once served. It feels like being a servant across generations.
“This requires a significant reward to ease the mind.”
“If Vice Chairman Jin becomes unemployed, how about offering him the CEO position at HW Construction? Would that ease your mind?”
Chairman Lee’s lips curled into a smile. “That’s a good idea. Ha ha.”
“Who is it?”
“It’s Chairman Lee Hak-jae from HW.”
“Put him through.”
Vice Chairman Jin Dong-ki took a deep breath and picked up the receiver.
“Well, well, who do we have here? Director Lee… I mean, Chairman Lee. My apologies, I’m not used to calling you Chairman yet.”
“Please, go ahead, Chairman.”
Intriguing?
When an estranged friend reaches out, it’s usually to ask for a favor, like buying insurance. It’s never truly intriguing or helpful, yet Jin Dong-ki agreed.
“Even if there’s nothing intriguing, I wouldn’t refuse dinner with you, Chairman. Let’s catch up.”
“Sure. They say to strike while the iron is hot. Ha ha.”
The look in Lee Hak-jae’s eyes when he used to dismiss his brothers. His demeanor, always issuing orders with his father’s backing.
For him to urgently request a meeting, he must have a favor to ask.
I wanted to see him humbled, to laugh at his plea, and offer a little help as if doing him a favor.
Vice Chairman Jin Dong-ki was surprised twice that evening.
First, by Lee Hak-jae’s changed demeanor. Though his appearance hadn’t altered much, the sharpness and coldness from when he served his father were gone.
His warm smile and easy laughter made him seem like a different person, yet it didn’t feel awkward.
I wondered if he always had this side to him.
The second surprise was the reason for their meeting.
I expected him to ask for a favor, to make a difficult request.
However, it was clearly a request, though it felt more like a concession.
Jin Dong-gi adjusted his mindset. He needed to ensure that Chairman Lee Hak-jae didn’t change his mind.
“So, you’re suggesting we join forces for the Dubai project?”
“In essence, yes.”
“May I ask why?”
Lee Hak-jae didn’t shy away from Jin Dong-gi’s skeptical gaze.
“It’s a matter of capability. What other reason could there be?”
“Capability? Are you implying that Dae-A Construction’s skills are lacking?”
Lee let out a sigh and took a sip of his drink.
“The only major project they’ve handled is in Sangam-dong. Plus, all the experienced initial members of Dae-A Construction have packed up and left. The company is solid and well-structured, but it lacks seasoned professionals. Building a couple of towers in Dubai might not be an issue, but we can’t just jump in for that alone.”
Large international projects carry risks that can’t be compared to domestic ones.
The stakes are high, and without the asset of experience, it’s impossible to play big and win big.
“The experienced members of Dae-A who left were caught siphoning money, so the company couldn’t keep them around. Ha, what a situation.”
Jin Dong-gi masked his delight with a hearty laugh, feigning sympathy.
“Do you have a specific partnership format in mind?”
“I was thinking of a consortium between HW and Sunyang.”
If the negotiation starts with a consortium, it can end with subcontracting.
Jin Dong-gi quickly began calculating how the two companies would divide the pie.