Annex of Captain Kang's Korean restaurant.
I arrived early and waited for Chairman Jo Young-su of the Hyunjin Group. Right on time, Chairman Jo entered the annex.
"Chairman Kim, it's a pleasure to see you. Is this our first time meeting one-on-one? I feel like I've met you often, probably because I see you in the media so much."
"I should've come to you first, but I'm sorry it took me this long."
Meetings with conglomerate chairmen were always the same.
You were expected to exchange small talk for quite a while before getting to the real purpose.
Only after more than thirty minutes of casual chatter did we finally reach the main topic.
"I heard you signed a contract with Chairman Chu of Hyunjin Shipping. Would it be alright if I took over that contract?"
"So Hyunjin Shipping is going back to the Jo family?"
"Isn't that the natural order of things? Thanks to your help to Chairman Chu, it took some time, but our family has finally reclaimed the company we built."
Did he think Chairman Chu was able to defend Hyunjin Shipping's management rights because of me?
Even if I hadn't lent him the funds, Chu would've found a way to raise the money somehow.
If anything, he should be grateful that the company wasn't torn apart thanks to me.
"I have no particular interest in Hyunjin Shipping's management rights. I only accepted the proposal because it was a good one."
"I don't mean to blame you, Chairman Kim. I just wanted to let you know that Hyunjin Shipping has returned to the Jo family."
"Well, what does it matter who the contract is with? As long as the terms remain the same, I have no objection to you succeeding it, Chairman."
Hyunjin Shipping was already water that had been spilled.
Chairman Jo seemed to think he could scoop that water back into a cup.
But no matter how hard he tried, water spilled into the sea could never be drunk again.
"Thank you very much. I'll carry out the contract under my own name."
"I've heard the shipping industry is going through a difficult time. Will you be all right?"
"Chairman Chu did sign an overly aggressive charter fee contract and has been running a deficit, but if Hyunjin Shipping collapses, the entire Korean shipping industry will be shaken. Do you think the government would just stand by?"
As expected, the classic too big to fail mindset.
Somehow, both in Korea and the United States, every large company loved to chant that same phrase.
Even after the collapse of Lehman Brothers, America's largest financial firm, Chairman Jo still believed too big to fail would save him.
Not that I was one to talk.
Before my regression, my grandfather had shared the same belief—and that was what brought down the Taewoo Group.
"I understand the charter contract was signed as a ten-year long-term deal. Even if the government steps in to help, wouldn't it still be hard to avoid losses unless the foreign shipowners agree to lower the rates?"
"Foreign shipowners need to make money too, don't they? If Hyunjin Shipping goes under, they won't get a single won of charter fees. They'll agree to a discount."
"I've heard sailors are notoriously stubborn. That won't be easy."
Chairman Jo's face stiffened slightly.
He seemed to think I was overstepping.
"Hyunjin Group has enough capital strength to revive Hyunjin Shipping. Compared to Taewoo Group, we might look like a small shop, but we still have solid companies, including a reputable airline."
"I spoke out of turn. I never meant to doubt Hyunjin Group's capabilities. I only meant that I'm concerned about taxpayers' money flowing overseas to foreign shipowners."
"The recession won't last forever. We just have to tighten our belts until it passes, don't we?"
That was enough conversation with Chairman Jo.
He was a capable businessman, no doubt about that—but not capable enough to bring Hyunjin Shipping back to life.
If the company hadn't signed that long-term charter contract, or if the shipping market were in slightly better shape, it might have been possible.
But under the current, worst-case conditions, even someone as talented as Chairman Jo couldn't save Hyunjin Shipping.
In the end, its collapse was inevitable.
And when it happened, the Taewoo Group would quietly strip away its prime assets through the contracts we had already secured.
"If you ever need additional funding, please don't hesitate to let me know."
"If I borrow money from the Taewoo Group, what would the government think? Isn't it better if they believe I have no other help? That way, they'll be more likely to step in with support."
Not a bad idea.
After all, getting government assistance was the best way to reduce debt.
But unless the issue with the foreign shipowners' charter contracts was resolved, the government would never provide any aid.
There simply was no reason for them to do so.
Even if they did offer support, the money would only end up in the pockets of foreign shipowners.
And once that happened, public opinion would turn sharply against it, leaving the government without any justification to intervene.
"I sincerely congratulate you on bringing Hyunjin Shipping back under your leadership."
"Thank you very much for your kind words. And please know that Hyunjin Group is always ready to do business with Taewoo Group. Don't hesitate to reach out anytime."
After shaking hands with Chairman Jo, I stood up from my seat.
Now that I knew Hyunjin Shipping's future wouldn't change, there was no reason for me to stay any longer.
***
A few days later.
A very welcome guest arrived at Taewoo Group.
"Dimon! It's even better to see you here in Korea. Was your trip comfortable?"
"I slept soundly the entire flight. It was so comfortable, I think I slept better than I do at home."
Despite his words, Dimon's face was full of fatigue.
Managing everything from the fintech bank to Citi Group—how could he not be tired?
"I shouldn't keep a tired man for too long, so let's get straight to business."
"No rush. Take your time."
"Have President Han come in."
I contacted the secretary's office, and soon after, President Han, who had been waiting, entered the chairman's office.
"It's been a while! But what happened to your face? Looks like you've aged all by yourself."
"You're one to talk, President Han. Doesn't it feel like we age twice as fast the higher we climb the ladder? I really miss those days working in Myeong-dong."
For a moment, the two of them reminisced about the past.
Now, as the chairman of a conglomerate and the president of a securities firm, countless restrictions were binding them. It was no wonder they longed for their freer days.
"Let's save the nostalgia for drinks tonight. For now, we should focus on business."
"I've already heard about your plan from President Han. You're planning to make a big move, using Taewoo Group's assets as collateral."
"It's going to be a very big move. One that can refill Taewoo Group's treasury—drained by the AIg and GM acquisitions—in a single stroke."
"The fintech bank is ready to provide as much funding as you require, Chairman."
That was the reason I had called Dimon to Korea: for the loan.
Technically, the fintech bank could be considered my own, but that didn't mean I could just pull money out at will.
Procedurally, we needed to make it look legitimate. And for that, Dimon had to personally fly to Korea.
"Just lend us an amount equivalent to the global corporate shares currently held by Taewoo Group."
"At present, Taewoo Group holds shares in Apple, Amazon, Google, as well as several gaming and OTT companies."
"That's quite a list."
"It's actually not that much. Those are only the shares owned directly by Taewoo Group. The ones you personally hold, along with those under the fintech bank and the paper companies, are worth even more."
We had acquired shares in major global corporations through the foundation of SAVE Investment Company.
That was why Taewoo Group's holdings were actually smaller in comparison.
"If we use Taewoo Group's shares as collateral, how much can we borrow?"
"Just the Apple shares alone could secure up to 20 billion dollars. Adding the other holdings and Taewoo Group's patents, the total collateral value exceeds 80 billion dollars."
Eighty billion dollars—roughly a hundred trillion won—an astronomical figure.
That kind of money was the minimum needed to even qualify for the game we were about to play.
"But can the fintech bank really provide a loan that large?"
"Not all at once. But we can distribute the loan payments over the course of two years."
"How much could be loaned within this year?"
"Up to 30 billion dollars can be released in stages before the year ends."
Thirty billion dollars—a staggering sum.
The interest alone would equal the annual revenue of a mid-sized company.
"I'd like to settle the loan interest after the game concludes. That won't be a problem, will it?"
"We'll accommodate whatever terms you prefer, Chairman. I'll work out a structure to ensure you pay the lowest possible interest rate."
"The fintech bank shouldn't take a loss. Charge the same interest rate as the market rate."
"Are you sure that's all right?"
"We all need to make a living, don't we? Better that than running into unnecessary problems."
The fintech bank was mine anyway.
Even if the interest payments went out, the money would eventually circle back into the fintech bank's vaults. There was nothing to lose.
"Then let's finalize the discussions with President Han this week and prepare the contract."
"There's no need to rush the disbursement. Just have the funds ready before the year ends."
"That won't be a problem. Bitcoin trading volumes have been surging, so our inflows have grown significantly. We can easily prepare around thirty billion dollars by year's end."
Once this round was over, Taewoo Group—and the fintech bank's financial base—would both be stronger than ever.
With that kind of capital, stabilizing Citi Group would be more than possible.