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CH514 | GSI
🕑 Added 2025-09-30 14:07:43 +0000 UTCCharlie Scalley, team leader of Alcon Korea, the asset management subsidiary of Goldman Sachs, knocked on the door and stepped inside.
Seated at his desk in a relaxed posture was Tom Wilson, the blond-haired CEO, engaged in a phone call with someone.
“Hahaha. Of course. Everything is proceeding smoothly, so you have nothing to worry about.”
Still holding the receiver, Wilson tilted his head slightly and gestured with one hand toward the sofa in the middle of the room, indicating Scalley should take a seat.
While watching out of the corner of his eye as Scalley settled onto the sofa to his left, Wilson wrapped up the call.
“Alright, then. I’ll give you another call later.”
After setting the receiver down, Wilson stood up, walked around his desk, and sat in the center seat of the sofa, muttering under his breath.
“They’d handle things just fine on their own, yet they never miss a chance to peck at me.”
As he crossed one leg over the other, his eyes narrowed at the sight of Scalley’s stiff expression.
“You don’t look so good. Did something happen?”
Caught under his superior’s gaze, Scalley hesitated briefly before carefully studying Wilson’s face and speaking up.
“The Yeouido Daegwang Securities Building we’ve had our eye on has been sold.”
The words had barely left his mouth when Wilson’s face hardened.
“What? As of yesterday there wasn’t a single word about that!”
Pressed by the sharp tone, Scalley answered with an embarrassed look.
“We knew offers had been made by us and several others, but we never expected the contract to be finalized so quickly.”
“And you’re calling that an excuse?”
Wilson, now visibly furious, slammed the sofa armrest with his palm and shouted, making Scalley shrink back.
Failing to anticipate Daegwang Group’s move was an undeniable blunder, leaving no room for excuses.
Looking down at Scalley, who hung his head like a guilty man, Wilson asked in a voice dripping with disdain.
“Who the hell snatched it out from under us?”
Strictly speaking, it wasn’t Alcon Korea’s property—just a building they had been eyeing. But pointing that out would only stoke his boss’s fury further, so Scalley treaded carefully as he replied.
“…It was Bluehole Construction.”
Wilson raised an eyebrow.
“You mean the Bluehole Construction I’m thinking of?”
“Yes, sir.”
Wilson’s face twisted in anger as he shouted.
“Those bastards again!”
This wasn’t the first time. They’d already lost several coveted properties to Bluehole Construction, which only made the situation more infuriating.
“First Geopyeong Mart, then the Gangnam Nonno Building, and now even the Yeouido Daegwang Securities Building? Don’t tell me they’re doing this on purpose!”
Geopyeong Mart, located beside Yeouido Station on Subway Line 5, was a commercial facility sitting on 5,776 pyeong of land with 3,349 pyeong of floor space. It had one basement level and five floors above ground.
The first floor was filled with famous international franchise stores, and not a single unit stood vacant. It was such a popular property that it consistently generated around 100 million won in rent every month—an undeniably prime asset.
The Nonno Building, located at Bangbang Intersection in Gangnam, had been completed back in 1978. Though old, it was so well-known that practically every Seoul resident recognized it as one of Gangnam’s landmark buildings.
Both properties were prime real estate in central Seoul, but due to the economic downturn, they had come onto the market at prices far below their true value.
With the IMF crisis driving a flood of such distressed sales, foreign investment firms were on a shopping spree—snapping up undervalued properties, sitting on them for a few years, and then flipping them for hefty profits.
Among them, Goldman Sachs had even established a separate subsidiary to aggressively pursue real estate acquisitions in Korea.
And yet, every time a lucrative property appeared, Bluehole Construction swooped in and stole it from under their noses. No wonder Wilson was boiling with rage.
As Wilson fumed, Scalley broke into a cold sweat and said,
“Considering they acquired not just the Daegwang Securities Building but also Daegwang Group’s headquarters near Seoul Station and even the Suyeong Bay reclamation site in Busan in a single package, I don’t think it was meant as a deliberate move to sabotage us.”
“You’re telling me this is all just coincidence?”
The veins in Wilson’s forehead bulged as he snapped back irritably.
“These are prime properties that anyone would covet—from the first two acquisitions to the Daegwang Securities Building. Isn’t it natural that we’d clash over them?”
“Even so, why is it always the ones we’re after that they snatch away every single time?”
Scalley lowered his head even further at the irritated tone.
The thought rose to his throat—that if the property looked attractive to them, it would naturally appeal to others as well. But saying that aloud would only earn him a torrent of abuse, so he swallowed the words down.
Wilson, who had been hurling curses nonstop, ground his teeth and shouted,
“Damn it! If it were anyone else, we’d have taught them such a harsh lesson that they’d never dare to covet the properties we had our eyes on again. But with Chairman Park Seok-won backing them, we can’t even touch them! It’s enough to drive me insane!”
Wilson knew all too well that the owner of Bluehole Construction was none other than Seok-won—a Wall Street giant with the nickname “the Midas Touch.”
Goldman Sachs might have been one of Wall Street’s most prominent investment banks, but even it was reluctant to challenge Seok-won and the Eldorado Fund, who were recognized as having surpassed George Hamilton—the man who humbled the Bank of England and became a legend in hedge fund history.
If even Goldman Sachs itself hesitated, then for Wilson, who was merely the head of a subsidiary, baring his teeth at Seok-won was unthinkable.
Knowing this reality all too well, Wilson could only grind his teeth in frustration, his rage boiling but impotent.
Scalley, watching his boss’s face flush red and pale in turn, fidgeted anxiously, terrified the fury might suddenly turn on him.
Only after a long while did Wilson finally calm himself, drawing in a deep breath and exhaling heavily.
“Whew…”
Once he regained control, the immediate problem before him was how to salvage a plan that had collapsed so miserably.
“Just a moment ago, I confidently said we’d be able to acquire the Yeouido Daegwang Securities Building. Now what am I supposed to tell headquarters?”
“My apologies.”
Scalley bowed his head, his face full of shame.
“Tsk.”
Clicking his tongue in annoyance, Wilson stared at him for a while before asking again.
“They’re not going to snatch the Seoul Finance Center Building in Mugyo-dong from us too, are they?”
“At least that one—I will absolutely make sure it doesn’t fall into their hands.”
Scalley vowed firmly, but Wilson’s voice remained cold as ice.
“If something like this happens again, you’ll have no choice but to resign and return to the United States. You’d better keep your head straight.”
“Yes, sir. I understand.”
Scalley swallowed dryly as he answered.
But Wilson, still unconvinced, spoke coldly, his face hardened.
“Raise the internal acquisition ceiling by another ten percent, so Bluehole Construction can’t even get a foot in the door.”
“What? But that would significantly reduce profitability.”
Scalley’s eyes widened in shock, only for Wilson to scowl and roar at him.
“You think I don’t know that? If we don’t want every prime property snatched away by Bluehole Construction, then this is what we have to do!”
“Y-yes, understood.”
Scalley flinched and bowed his head again, regretting that he had spoken at all.
“Damn it. I thought the financial crisis would shatter Korea’s economy, real estate prices would collapse, and we’d rack up easy gains. And yet, look at this mess.”
Wilson vented his frustration, his face contorted with irritation.
Not only Alcon Korea but also numerous foreign investors had been scooping up buildings and properties that local companies, desperate for cash, had been forced to unload at bargain prices. The plan was to hold onto them until Korea’s economy recovered and then resell them at a premium. But thanks to Seok-won, they now faced unexpected difficulties.
***
“Is something bothering you, sir?”
When Seok-won suddenly grimaced as if his ear itched, Executive Director Yoon Ki-hoon, seated on the sofa to his right, asked the question.
“It’s nothing. Just an itch in my ear—must mean someone’s talking about me.”
Brushing it off with a light chuckle, Seok-won, seated at the central head position, turned to Finance Director Um Tae-jun, who sat to his left.
“Let’s continue where we left off.”
“Yes, sir.”
Responding with a bright expression, Um Tae-jun cleared his throat softly before continuing.
“As I mentioned, Seum Technology has successfully passed the review process and is scheduled to be listed on KOSDAQ next month.”
“That’s good news. Make sure to provide all the support necessary so that the IPO proceeds smoothly.”
At this, Executive Director Yoon Ki-hoon replied in a reassuring tone.
“I’m personally coordinating with Seum Technology’s management and handling everything directly.”
A smile appeared on Yoon’s lips, reflecting his sense of anticipation.
“The demand forecast results released two days ago were excellent. Expectations for a rise in stock price after the listing are very high.”
“Hahaha! If the results turn out even half as good as Goldbank’s earlier blockbuster debut, I’ll have nothing more to wish for.”
At CFO Um Tae-jun’s words, Seok-won allowed himself a faint smile.
“They’ve shown strong technical capabilities from long ago—remember, they once developed communications software that allowed faxing directly from a PC without a fax machine. On top of that, they’re now offering free internet calls, perfectly aligned with current trends. Naturally, investors are paying close attention.”
“That’s true. At first, I couldn’t understand why you chose to invest in what seemed like a small, insignificant company. But lately, I’ve realized just how remarkable your foresight was,” said Executive Director Yoon Ki-hoon with genuine admiration.
Um Tae-jun, the CFO, nodded and added his agreement.
“I feel the same way. It was impressive enough that you invested in Goldbank early, but what really astonished me was how decisively you sold your shares when you saw the stock was overheating—walking away without a shred of regret and avoiding any losses when the price collapsed.”
Both men gazed at Seok-won with eyes full of respect.
Goldbank’s share price had once peaked at 27,450 won per share, but after the announcement that its online securities subsidiary would be delayed, the stock went into free fall. Despite a few attempts to rebound, it quickly lost strength and eventually sank below 10,000 won per share.
As Goldbank’s stock plummeted like a waterfall, Seok-won’s earlier interview in the Hansung Daily—and the fact that he had sold off more than half his stake before the collapse and exited completely—became a major talking point.
“From the sale of Goldbank shares alone, excluding the initial investment, we realized a profit of 434 billion won. Although there’s still plenty of time left, it’s already certain that our third-quarter performance will exceed targets.”
CFO Um Tae-jun spoke with a broad grin.
The reason he had been smiling so often these days was simple—over 400 billion won in fresh cash had flowed into their corporate accounts.
“And this is the approval form for the bonuses to be paid to the Asset Management Department employees, as you mentioned last time.”
When Um Tae-jun placed the approval folder on the table, Seok-won scanned the contents briefly before signing it.
“Oh, I almost forgot—make sure to authorize not only the Asset Management Department but also all the other employees to receive a special bonus of 200%.”
“You mean… everyone?”
“Yes. It’s true the Asset Management Department worked hard on the stock disposal, but this achievement ultimately came from our successful venture investments. Don’t you think all employees should share in the joy?”
“Now that you put it that way, I see your point.”
Managing Director Yoon Ki-hoon nodded in agreement.
Handing out bonuses to all employees would certainly mean a considerable expense, but with the profits earned from the Gold Bank investment, it was more than affordable. For that reason, CFO Eom Tae-jun didn’t object either.
In fact, since he would also be included as part of the “all employees,” he was secretly quite pleased.
“The staff will be thrilled when they hear the news.”
“If achievements are rewarded fairly, won’t the employees be even more motivated to work harder?”
“You’re absolutely right.”
Both Managing Director Yoon and CFO Eom answered with smiles.
Comments
James Stewart
Now if we all just had fucking bosses like that...
Jordan selleck
Great
