Proving Value. Part 3
In 1997, the Asian financial crisis shook not only Asia but the entire world, highlighting the urgent need for a system to address international financial and foreign exchange crises.
By 1999, at the annual meeting of the International Monetary Fund, the finance ministers of the G7 countries agreed that the economic stability of the world could not be achieved by developed nations alone; cooperation with other countries was essential.
As a result, in December of the same year, the first G20 meeting was held in Berlin, including major emerging economies. However, it was more of a working-level meeting attended by finance ministers and central bank governors rather than heads of state.
But crises never truly end.
In November 2008, the global financial crisis elevated the meeting to a summit level, and they began using the term “SUMMIT.”
And today, THE SEOUL SUMMIT 2010 has taken over Korea. The airwaves, radio, internet, and even print newspapers all start with these English words.
In this excited atmosphere, no one expected the stock market to crash, and the Germans had timed it perfectly.
The employees at Sunyang Securities were on edge, reacting with unusual sensitivity to real-time stock price fluctuations, aware that a single misstep could turn billions into nothing.
They knew the operation would start just before the market closed, but they couldn’t afford to look away for even a second.
They had fortified their trading programs for today and were ready to defend against any sell-off from Deutsche Bank. All they had to do was watch.
As expected, everything proceeded normally until just before the market closed. The stock prices fluctuated, creating an unremarkable chart.
Thirty minutes before closing, news broke that a programmatic sell-off linked to futures had begun. The graph started to dip.
This was the beginning.
To deliver a decisive blow, they had to watch the graph fall slowly. If they acted too soon, Deutsche Bank might catch on and stop.
A message was sent to all employees to focus on the last three minutes.
Some sharp and intuitive employees responded immediately, reporting that a few domestic securities firms had started programmatic selling.
Anticipating this, they had prepared ample resources. They would need to buy at least 3 trillion won today.
With three minutes left before closing, the real action began.
Deutsche Securities unleashed a massive sell-off due to large-scale put option purchases and call option liquidations.
Their own buying program went into overdrive.
From now on, it was a blackout. The outcome would be clear at 2:59:55 PM when the simultaneous bidding ended.
Three minutes felt like three hours.
At 2:50 PM, just before the simultaneous bidding, the KOSPI index had fallen by 3 points. Despite the confidence that their investment would hold, the anxiety lingered.
At 3 PM, when the closing price was announced, they knew they had succeeded without even looking at the monitor.
A cheer erupted from the Sunyang Financial building.
The KOSPI index, which had been wavering around 1,963 points, held firm at 1,965 points, and the KOSPI 200 index remained steady at 254 points.
In just three minutes, Sunyang Securities had prevented the disappearance of approximately 30 trillion won from the domestic stock market’s market capitalization.
Only two places knew about this feat.
Sunyang Securities, who were cheering, and Deutsche Bank and Deutsche Securities, who were likely staring at their monitors in disbelief.
Executives with faces full of joy gathered around.
“Great job, Director.”
“You all did well too.”
Exchanging pleasantries wasn’t really my style, so I kept it brief and gave instructions.
“Distribute bonuses to the staff and suggest a company dinner. But don’t forget to quickly wrap up today’s work and report to the Financial Supervisory Service. Accurately assess the amount the Germans poured in and the losses we would have incurred if we hadn’t intervened.”
The executives, realizing it wasn’t over yet, retreated with slightly flushed faces.
I tried to take a breather alone, but that was wishful thinking.
Another group of people came rushing in.
“Director, we heard the news. You handled it brilliantly, didn’t you? Haha.”
The PI experts and PR team showed up first, followed by a few reporters with cameras, nodding their heads.
So much for going home early.
＊＊＊
“Oh! So my husband is the guardian of Korean finance now?”
I opened my eyes to find my wife, already dressed for work, waving a newspaper in my face.
“Did the article come out?”
“It’s all over the place. You’re number one in real-time internet searches too. The president must be fuming. He tried so hard to boost his approval ratings with the G20, and you just swooped in and stole the spotlight.”
And that’s not all. The leaders of the 20 major economies gathered today. They’ll surely see the articles, and the interpreters will kindly detail my exploits.
The foreign press is also on high alert for news from Seoul. They won’t just brush off my story.
My name might come up during the leaders’ tea time today. It’s a bigger payoff than doubling the advertising budget.
“Sure, I got the spotlight, but it wasn’t for nothing. Yesterday was a whirlwind. And the article is true. It’s a big deal.”
“Do journalists write about good deeds for free? No way.”
“I doubled the advertising budget. But it’s true that I prevented a stock market crash.”
“I believe the article. I’m just curious how much they got paid to write it so blatantly.”
She tossed the newspaper aside and started taking off her suit.
“What’s this? Does the article make your husband look sexy?”
At my oily comment, Seo Min-young snorted in disbelief.
“Sorry, but I don’t have time for that.”
“Then why are you suddenly changing clothes? It’s scary.”
She pointed at the newspaper.
“With all that buzz, do you think the reporters will just sit still? They’ll be camped outside the courthouse. If they take a picture, it’ll be immortalized. Might as well look good.”
She’s been paying more attention to her image lately. Not that it’s a bad thing for me.
Rummaging through her wardrobe of mostly neutral-colored clothes, she changed into something she recently bought.
“Want to stop by the salon on your way? I’ll call ahead.”
“Do I look like a celebrity? No time. It’s fine.”
I saw her off as she dashed out, then spread out the newspaper.
Every financial paper had my story as the top headline. The major dailies couldn’t ignore the administration, so they filled the front page with the president and packed the business section with my story.
They gave it equal weight to the G20, so the money spent was worth it.
When I closed the newspaper, I realized my face was flushed.
My wife was right.
They praised me to the point of embarrassment. The accompanying photo looked like it had been heavily retouched, fit for a magazine.
Today will be busy. Calls will come from all directions, and there will be follow-up reports and interviews for secondary media.
Like my wife, I started paying attention to my attire and rummaged through my wardrobe.
＊＊＊
The first person waiting for me at the office was none other than Jin Kyung-joon.
“You saw the paper, right? Sit down. Want some coffee?”
“You’re amazing. You’ve become a star overnight. A star that world leaders are watching.”
“This is nothing. I stopped it with about 3 trillion won, and all the funds are still in stocks, so there’s no loss. We’re checking the stocks bought through the program. We’ll keep the useful ones and gradually release the rest into the market.”
“This is easy?”
“Yeah. Of course, this is separate from taking over the group. But they must have realized one thing: if I want, I can shake Sunyang Group’s stock price.”
Jin Kyung-joon sighed briefly.
“Let’s end the threats there. I have a different agenda.”
He handed me a business card.
“Starting today, you’re the head of Sunyang Electronics’ strategy team. The announcement will be made this afternoon.”
“Strategy team leader? What’s that? It sounds like a department head position.”
“No, it’s a director-level position. It’s a role created for you to be a brain right next to Young-jun.”
I understood why his expression was dark.
Being a “brain” could mean doing all the dirty work.
Whether someone becomes a true advisor or just a gofer depends on the person they’re advising. If they’re only given menial tasks, they become a gofer. If their opinions are sought on important matters, they become a true advisor.
As for Jin Young-jun… well, I suspect he’ll lean towards the former.
Given his past actions, he wouldn’t nurture a younger brother who might become a future threat.
Frankly, I don’t care whether Jin Kyung-joon gains recognition at Electronics. As long as he plays the role of the second son when I need him, I don’t expect more.
“Brother, maybe you should pay attention to this one thing?”
“What?”
“Director Baek Jun-hyuk.”
“Huh? Why Director Baek?”
Jin Kyung-joon’s brow furrowed at the unexpected name.
“Look at Chairman Lee Hak-jae. Whose side is he on now?”
“Oh…!”
A low exclamation escaped him.
“The person who knows the ins and outs of the Electronics and Trading divisions best isn’t Uncle, but Director Baek. It’s like how the overseer knows the land and tenants better than the landlord.”
Whether Jin Kyung-joon learns from Director Baek isn’t my concern.
When Vice Chairman Jin Young-gi steps down and Jin Young-jun takes the lead, given his personality, he’ll surely drive Director Baek out.
At that moment, Jin Kyung-jun had to play the crucial role of connecting me with Director Baek Jun-hyuk.
“You said you wanted to take on the electronics division, right? No matter what anyone says, Sunyang Electronics is the flagship of the Sunyang Group. It’s crawling with shrewd, seasoned executives. If you want to get a handle on them, you’ll definitely need Director Baek’s help.”
Jin Kyung-jun blinked, processing my words.
“Even though HW Group acquired Sunyang Construction and Heavy Industries, there wasn’t a peep of trouble. That’s because Chairman Lee Hak-jae knew those companies inside out, like the back of his hand.”
Seeing his expression, I clapped my hands lightly and continued.
“Well, that’s my two cents. Anyway, give it your best shot. The goal isn’t that far off, is it?”
Jin Kyung-jun nodded and stood up. I smiled slyly and asked him as he did.
“By the way, did you get a definite answer from your uncle?”
“About what?”
“The inheritance. Besides the group shares, your brother should get the rest, right?”
A smirk played on Jin Kyung-jun’s lips.
“Don’t think you can peek into my pockets. Teaming up with you is as far as it goes. I never said I’d show you everything, did I?”
As he turned away with a cold voice, I waved my hand dismissively.
He should know that his brother won’t just sit back and watch him take their father’s entire fortune…
It wouldn’t be bad for me if Jin Kyung-jun ended up with most of his uncle’s assets while his brother was left with nothing. Once he realizes he’s empty-handed, he’ll have no choice but to rely on me completely.