An Investor Who Sees The Future

Fueled by my actions, financial officials, including the Chairman of the Financial Services Commission and the Deputy Prime Minister of Economy, visited savings banks to open accounts and deposit money.

However, their amounts were merely 20 million won each, drawing ridicule.

– “Are they joking?”

– “I could do that too for amounts under 50 million won.”

– “20 million won is the amount you can receive immediately if the bank halts operations.”

– “Quit the petty tricks.”

– “Kang Jin-hoo deposited 100 million won.”

Chairman Kim Dong-seok of the Financial Services Commission explained that he didn’t have enough money to save more than that. Comments arose like, “Why not buy subordinated bonds instead of deposits?” but they stubbornly insisted on sticking with deposits.

After all, anyone’s money is precious.

Regardless, perhaps thanks to this charade, distrust in savings banks temporarily subsided. The declining stock market also managed to regain some ground.Financial institutions, including banks and savings banks, took this opportunity to clean up any bad debts and began improving management. The experiences with Hoseong Savings Bank created a noticeable atmosphere of restraint against reckless expansion.

However, the pain of those who had already suffered losses was ongoing.

Looking only at Hoseong Savings Bank, the scale of cooking the books was 3.6 trillion won. Among this, 2 trillion won fell under the deposit insurance corporation’s guarantee, but the remainder did not.

Those who deposited over 50 million won and the investors in subordinated bonds had to withstand losses amounting to 1.5 trillion won.

Victims flocked to Seoul, staging protests day after day at Gwanghwamun Square and in front of the National Assembly.

***

The media, perhaps seeking to evade responsibility, has been directing blame for the savings bank crisis towards management and supervisory agencies while urging strong investigations daily.

The prosecution wasn’t free from criticism either. They targeted those who pointed out the illegalities and corruption, neglecting the actual sources of wrongdoing.

Consequently, they announced plans for thorough investigations of relevant parties. However, as always, those who could evade responsibility managed to escape, while those who couldn’t afford expensive lawyers.

The heads of the Financial Supervisory Service, the Board of Audit and Inspection, and the Deposit Insurance Corporation were all subjects of the investigation. Each of them was closely associated with the president.

The public awaited the president’s official statement.

What would he say regarding this situation, involving many relatives and close aides?

Park Si-hyeong, who appeared at a Cabinet meeting, sternly criticized those involved.

“While ensuring financial stability, we must thoroughly discipline all related parties, regardless of their status, to prevent such incidents from occurring again. I also urge the National Assembly to halt political disputes and start formulating measures for the victims.”

Instead of taking responsibility as the leader, he shifted blame from a third-party perspective and conveniently passed the responsibility to the National Assembly.

The public’s response was one of disbelief.

– What on earth is this nonsense?

– He is the one responsible; who exactly is he asking to take responsibility?

– I was in awe of the president’s stern reprimand.

– LOL, it feels like he’s speaking from another realm.

– Is this a form of detached rhetoric?

The furious opposition claimed the need for a special investigation to uncover all the truths surrounding the crisis, but the ruling party immediately dismissed it as a political attack.

Park Si-hyeong and the Korean Party still had a solid support base that backed them unconditionally. This allowed them to brush off numerous scandals in the past.

This time, however, the atmosphere felt different.

The president’s approval rating, which had been at 52 percent, plummeted to 27 percent in an instant, marking the lowest point of his presidency.

The approval rating for the Korean Party also saw a dramatic drop.

***

I received a call from Chairman Im Jin-yong.

[You really hit the nail on the head.]

“Let’s say it was just luck.”

[As a result, the hydrogen car support plan that the government was progressing has come to a complete stop. Was this part of your plan too?]

“….”

This is the first I’ve heard of it. Did something happen?

“Yes. Well… that’s one way to look at it.”

For the time being, they’re probably going to have to pour money into resolving the savings bank issue, so they may not have the capacity to support hydrogen cars anymore?

[I’ll arrange a meal soon.]

“Yes. Have a good day.”

Not long after the call ended, I received a call from Yuri.

[Senior, you’ve been appearing in the news a lot these days. I hope you’re enjoying the popularity.]

Her cheerful voice was still the same.

“How are you doing?”

[I’m studying hard. I need to keep my grades up to get into OTK Company, right?]

“….”

Is she really thinking of applying?

[Because of you, the school is buzzing again. Do you know that the freshmen are all walking around with their shoulders high whenever your name comes up?]

I couldn’t help but chuckle.

“Oh come on, really…?”

[It’s true. Why would I lie? My dad and Uncle Cheol-gyun said they were impressed too.]

Hearing that prominent financial figures praised me makes me feel a bit shy.

[Oh! The lecture just started! I’ll call you again next time, senior.]

“Okay.”

After ending the call, I turned on the news.

A week had passed, but the protests continued. The victims had no clear path to getting their money back.

There were countless heartbreaking stories.

While the media seemed to keep it quiet, over ten people had already died. Many victims were elderly, and some succumbed to strokes or heart attacks, while the number of suicides was even higher.

What might be a small amount to some could be everything to others. Did the moment that money vanished also erase their hope for survival?

Several savings banks were tidying up their bad assets and looking for potential buyers.

Taek-gyu said, “How about we seize this opportunity to acquire a savings bank?”

“What would we do with it after acquiring it?”

Since a savings bank is a financial institution, simply having money doesn’t guarantee a successful acquisition. Aside from the failed ones, ultimately, a few existing banks would likely step in to take over.

***

I headed to the Golden Gate branch office with Taek-gyu.

“I brought cigarettes, sis.”

“And I got coffee.”

“Come on in.”

Hyun-joo paused her work momentarily and got up from her seat. Taek-gyu tore open the cigarette pack and handed it to her.

Hyun-joo placed a cigarette in her mouth and held the coffee in her hand.

“How did you sense the insolvency?”

I scratched my cheek.

“It was just a hunch. They grew rapidly, but their financial status seemed too healthy. Honestly, if they had been pointed out for insolvency earlier, I might not have noticed it. So, I just probed a bit.”

Half of that was the truth, and half was a lie.

Hyun-joo nodded without much suspicion.

“Everyone knew there was some insolvency. I never imagined it would be to that extent. You caught it quite keenly.”

Taek-gyu, looking confused, asked, “But how could they not realize they were going under until the very end?”

“It’s what we call ‘too big to fail.’”

There are quite a few terms from Go that are commonly used in daily life, like “seongseok” (the basics), “murisu” (a risky move), and “chooryeokgi” (countdown). “Taema bulsa” is one of them as well.

In economics, it means that larger entities are less likely to fail easily.

Hoseong Savings Bank boasted an overwhelming stature among savings banks, not far behind the top-ranked IBS Savings Bank.

Thus, unlike other savings banks, no one thought that the second-largest Hoseong Savings Bank would collapse due to insolvency.

Taek-gyu casually remarked, “A female employee who sold subordinated bonds left a note apologizing to the victims and then committed suicide.”

Hyun-joo nodded in acknowledgment.

“They probably thought it was their own responsibility.”

Hearing this makes my stomach churn. The actual wrongdoers seem to be living well.

“What will happen to the executives?”

“Probably just a few years, at most. If they’re lucky, they’ll get probation. As you know, this country is very lenient towards financial crimes.”

One characteristic of financial criminals is that they tend to have a lot of money. Jeong & Kim, the largest law firm in Korea, has taken on the case for Chairman Min Jeong-joo. They’ll likely assemble a team of former officials.

On the other hand, the victims who lost everything have no real way to respond.

Noona Hyun-joo said, extinguishing her cigarette, “In a way, it’s a relief. If this had been postponed throughout the term and exploded under the next administration, it wouldn’t have ended like this.”

I changed the subject.

“What happened with the investigation from the Financial Supervisory Service?”

“It fell through the cracks. The FSS chairman is about to face a prosecution investigation; do you think they’re in a state of mind to conduct an investigation? They won’t be able to waste time for a while.”

“That’s a relief.”

Supervisory bodies have failed to function properly, having been too compliant with the administration. A major reform will be necessary now.

“The Korean Party will also be engulfed in internal strife and won’t be like it used to be.”

Although they all appear as one Korean Party, there are various factions within, dividing into mainstream and non-mainstream. Even if the non-mainstream has more people, the mainstream holds the party’s leadership and nomination rights. Those excluded from power within the party have no influence.

The mainstream of the Korean Party is, of course, pro-Park Si-hyeong. Thanks to this, they have been able to closely communicate with the administration and lead national affairs.

However, as the president’s and party’s approval ratings plummeted, the party’s authority began to shake.

Mainstream lawmakers are heavily implicated with Hoseong Savings Bank, and the party leader faces allegations of illegal withdrawals.

Non-mainstream lawmakers have united to demand the resignation of the party leader and the floor leader, while the mainstream has banded together to resist to protect their power.

Noona Hyun-joo smiled.

“This incident marks the beginning of the lame duck.”

I casually asked, “Is Ellie working?”

It had been quite a while since I last saw her due to various busy schedules. Thinking back, the last time I saw her was when I had lunch with Yuri.

Before I could even get an answer, two people walked in.

“I brought coffee, Jessica.”

It was none other than Ellie, accompanied by Henry.

Taek-gyu quietly asked me, “Why is Henry here when he’s not working?”

“…”

Right? Why is he here?

Even though Henry was affiliated with OTK Company, he often wandered in and out of the Golden Gate building. I could guess the reason— it must be because of Ellie.

From all the previous clues, it was hard to doubt that Henry had feelings for Ellie.

Ellie smiled brightly when she saw me.

“Oh, Jin-hoo is here too.”

With a handsome young man with blonde hair and a beautiful woman with a brown bob sitting together, they gave off a vibe like foreign models.

Looking at the two sitting side by side made me feel oddly uneasy.

Did Ellie know that Henry liked her?

As I pondered this, Ellie suddenly coughed a lot.

“Cough cough!”

Hyun-joo said, “If you’re not feeling well, you should rest.”

“I’m fine.”

I was taken aback by her words.

“Are you feeling unwell?”

Ellie smiled brightly.

“I’m just coughing a bit.”

Now that I thought about it…

Her face was a bit redder than usual, and she seemed to be sweating a little.

Hyun-joo reached out and touched Ellie’s forehead.

“That’s not good. You should go home right now and head to the hospital.”

“I’m fine, really.”

“Are you going to take responsibility if everyone here catches your cold?”

“Ugh.”

Hyun-joo looked at Henry and said,

“Please take Ellie home.”

“Understood.”

As Henry stood up first, Ellie reluctantly followed suit.

Wiping her nose, Ellie said,

“I’ll head out first. See you next time.”

The two left the director’s office.

“We’ll head out too, noona.”

“Take care.”

I got up from my seat with Taek-gyu.

As we were going down in the elevator, Taek-gyu said,

“Do you know what I noticed?”

“What?”

“You act immediately on what you see with Oracle, but when it comes to other things, you’re all hesitant and indecisive.”

“…”

Did I?

Taek-gyu snapped his fingers and said,

“Dating isn’t about relying on Oracle. You choose based on what you feel in the moment. Even if you like a character, if you make the wrong choice, it could all fall apart in an instant.”

“Are you talking about a dating sim?”

“No, I’m talking about you.”

“…Huh?”

Taek-gyu shouted, sounding frustrated.

“Go and make your move, dude!”

***

I went down to the underground parking lot.

I saw that Hyun-joo’s car was already running. As Henry was about to pull out, he rolled down the window when I approached.

“What’s going on?”

Ellie was sitting in the passenger seat. It looked like she was in much worse shape than she’d let on earlier.

I said to Henry, who was in the driver’s seat,

“I’ll take her home, so you go ahead and handle your work.”