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CH107 | DI
🕑 Added 2025-05-14 12:25:40 +0000 UTC[You certainly caused quite a stir.]
That was the first thing Raymond said, without even a greeting.
“I was merely doing my job.”
[Does everyone in your industry work that way?]
Of course not.
If all investment bank analysts went on air to humiliate Wall Street’s big players, who would dare to play the role of a shark anymore?
But now wasn’t the time for small talk.
“How is the investor recruitment for Theranos progressing?”
Theranos was currently raising funds through a private equity round.
They were selling shares to various institutional investors to attract investment.
Since this was the critical moment when the ownership of $10 billion was about to change hands, I couldn’t help but be curious about the progress.
[It’s going smoothly. Due diligence is in full swing. There seem to be some obstacles along the way, though…]
Institutional investors must have demanded technical validation documents.
But Theranos had likely made every excuse possible to avoid providing them, as expected.
[Even so, they don’t seem to be delaying the schedule. There’s a rumor that they’ll wrap everything up within two months, no matter what.]
Normally, if problems arise during the due diligence process and delays are expected, the investment recruitment period is extended.
Yet, they were insisting on sticking to a strict deadline without any extension…
Holmes’s strategy was obvious.
She was trying to force investors to make a choice.
Either invest despite the lack of sufficient documentation or miss out on the opportunity.
It was a pressure tactic—forcing them to pick one of the two options.
Right now, Theranos was regarded as the most promising startup in the industry.
Countless contracts had already been signed, and through a collaboration with major supermarket chains, they were operating testing centers.
Moreover, all documents related to commercialization were perfectly prepared.
With this setup, investors would easily fall into a particular mindset.
“They’ve already signed contracts with major corporations—wouldn’t those companies have conducted thorough reviews?”
Even if they had some lingering doubts, the fear of missing out on a golden opportunity would override them.
This was a clever scheme that capitalized on the fear of missing out, or FOMO.
In any case, the crucial point now was that Holmes was sticking to the ‘two months’ deadline.
That meant I only had two months as well.
“I want to meet the board members in person.”
When I said this directly, Raymond asked back.
[Why are you so eager to get involved in the Theranos case?]
It was an abrupt question, but after a brief moment of thought, I realized it was a natural doubt from his perspective.
To Raymond, I must have seemed like someone who had simply stumbled upon Theranos while scouting for investment opportunities for a family office.
So, why was I taking such an intense interest in a company I had no prior connection to?
“As I mentioned before, Holmes is a fraud.”
[So, are you trying to play the hero and uncover the truth?]
“Of course not. As I’ve said before, I plan to establish my own fund soon. By resolving this case, I can prevent losses and ensure that valuable investment capital doesn’t vanish into thin air. At the same time, I can prove my abilities.”
[So, you’re after the investment funds.]
There was no need to be coy here.
For Raymond, this case was a matter of honor.
Instead of pretending to be involved out of mere curiosity, it was better to be upfront about my clear objectives. That would make it easier to gain his cooperation.
[As I told you before, the board members aren’t people you can meet just because you want to.]
“Is that still the case now?”
[One-on-one meetings are difficult. But as it happens, there’s an appropriate event in two weeks. I’ll get you an invitation.]
For high-ranking individuals, private meetings were only possible if there was an extremely close relationship or a special matter to discuss.
At my current level, I was merely someone who could spark curiosity—not someone who could secure one-on-one meetings.
This meant he was offering to get me an invitation so that I could approach them myself at a large event.
Well, that was more than enough.
“Understood. Thank you.”
With that, I ended the call and immediately turned my attention to my calendar.
‘Two weeks from now…’
There was a lot to be done before then.
***
Meanwhile, Raymond was deep in thought after ending the call.
‘Things have gotten complicated…’
One of Raymond’s original plans was to control Ha Si-heon’s career.
He had intended to steer Ha Si-heon away from a conventional career path, ensuring that he would have no choice but to rely solely on the family offices Raymond introduced.
Since he already seemed to be a highly capable individual, Raymond had planned to put a leash on him and make use of his abilities.
And if he ever became too dangerous, he could be cut off without hesitation.
That was the original plan.
However—
With the nationwide Epicura incident that had erupted recently, that plan had been completely derailed.
Ha Si-heon had become a central figure in the unprecedented Epicura case.
He had even appeared on television, gaining widespread recognition.
At this point, even if he deviated from the conventional career path, his growing reputation meant that someone, somewhere, would inevitably try to recruit him.
He was now free to go anywhere.
Raymond’s carefully constructed trap had been torn apart by Ha Si-heon himself.
That fact irritated Raymond.
‘As expected…’
He was an unsettling individual.
Raymond recalled Ha Si-heon’s expression during the broadcast.
The chilling pleasure in his eyes when he cornered White Shark.
The overwhelming aura he exuded as he delivered the final blow…
‘A dangerous man.’
Ha Si-heon was undoubtedly a genius.
His skills were undeniable.
He possessed logic, strategic thinking, execution ability, and an exceptional gift for persuasion.
At the same time, he was an incredibly dangerous type of genius.
A genius who wouldn’t hesitate to tear down those far above him.
Raymond’s initial unease when he first met Ha Si-heon resurfaced.
Most people who pursue wealth long to be accepted into elite circles.
They aspire to be part of the establishment.
But Ha Si-heon was different.
Even when he stepped into the Metropolitan Club, he remained indifferent.
There was no sign of awe or gratitude for being allowed in.
After all, he was the one who had boldly provoked Gerard without hesitation.
That meant he had no desire for validation or belonging within the establishment.
He was only interested in Gerard’s investment money.
A genius who pursued only what he wanted.
A genius who used everything around him to achieve his goals.
That made Ha Si-heon even more dangerous.
‘The best solution would be to eliminate someone like that early, but…’
Raymond let out a deep sigh.
That was no longer an option.
Now, he had only two choices left.
To take the risk and use Ha Si-heon, despite the danger.
Or to cut ties with him completely.
Ordinarily, the latter would be the wisest course of action.
But Rachel was already deeply entangled with him.
She refused to step away from Castleman Foundation affairs.
And Ha Si-heon had also insisted on staying with the foundation, citing contractual obligations.
‘If cutting ties isn’t possible…’
Then only one option remained.
He had to find a way to use Ha Si-heon.
To do that, he needed a way to control him. He had to find his weakness.
He had to grasp what he desired most and what he feared. Only then could he hold the reins.
So Raymond began his investigation.
An orphan who lost his parents at a relatively young age.
Struggled alone to enter medical school and then transitioned to Wall Street.
All of this provided some insight into Ha Si-heon’s character, but ultimately, there were no decisive clues.
Choosing Wall Street suggested he had a clear desire for wealth.
Yet, he didn’t seem like someone who could be bound by money.
He was someone who enjoyed the act of making money itself rather than the social or material benefits it brought.
He would only value money that he earned through his own power.
Someone like that couldn’t be leashed with money.
Then how could he be tamed?
The key to solving this puzzle probably lay with Rachel.
Thus, on the weekend—
Raymond invited Rachel to the club for a meal and asked her,
“What kind of person is this guy, Sean?”
“Well… I’m not that close to him…”
Rachel tried to feign ignorance about Ha Si-heon, but her uneasy shifting gaze betrayed the lie.
“You even went to Philadelphia with him.”
At Raymond’s sharp remark, Rachel set down her fork.
Then, furrowing her cute brows, she spoke in a displeased tone.
“Are you spying on me again?”
“I already told you—I assign bodyguards when you travel for business. I was just concerned about your trip to Philadelphia. I don’t have people watching you otherwise.”
Rachel’s displeasure was evident, but she eventually picked up her fork again.
“If you spent that much time together, you must have formed some impression of him.”
“Hmm… well…”
Rachel pondered for a moment before speaking cautiously.
“If I had to say… someone who wants to move the world?”
Raymond’s brow furrowed instinctively.
It was an expression fitting for someone like Rachel, who admired Steve Jobs.
But applying that phrase to Ha Si-heon gave him a bad feeling.
“He’s certainly been making quite a stir in the world lately.”
He was referring to the Epicura incident and the broadcast appearance.
Sensing her father’s disapproval in his tone, Rachel retorted firmly,
“He spoke out against racial discrimination, didn’t he? He was at the forefront of pushing for positive change.”
“Positive change, you say…”
Raymond’s lips twisted.
Born into old money and devoted to defending it, Raymond did not welcome change.
The world was already tilted in their favor.
If the scales were to be leveled, it meant they had more to lose.
It was natural that he couldn’t welcome such a shift.
But Rachel was different.
She had a strong tendency to pursue ideals, completely disregarding her own privileged background.
“Even if his methods are a bit rough, he ultimately aims to create a better world.”
Rachel’s expression was full of conviction as she spoke.
Raymond studied his daughter carefully before saying,
“You admire him, don’t you?”
“I think he’s an incredible person. Being around him, I learn a lot.”
Rachel didn’t bother to deny it.
She had always admired geniuses, and she never hid it.
It was something Raymond could never understand.
“Geniuses aren’t always beneficial to the world.”
Raymond warned in a heavy tone.
“Geniuses tend to overestimate their abilities and take reckless risks. They don’t even listen to others’ advice. Isn’t he the same?”
Ha Si-heon had a history of disregarding investors’ concerns and going all-in, advocating a ‘high risk, high return’ approach.
He had completely ignored the opinions of those who provided the capital.
That was a hallmark of a dangerous genius.
“They believe that as long as the outcome is good, any means are justified. That’s why they have no hesitation in using others.”
“Isn’t using others something everyone does? By that logic, you and Gerard would be considered bad people too.”
“Yes, humans inevitably use each other to some extent. But most people have a sense of morality. They restrain their ambitions within the bounds of rules and norms, ensuring they don’t cause chaos in society. But geniuses like him are different. To them, it doesn’t matter what happens to society or what kind of chaos ensues—as long as they get the result they want.”
This situation was proof enough.
A nationwide upheaval, with numerous city authorities and law enforcement mobilized.
At the center of it all was Ha Si-heon.
“If you stay around someone like that, those around him will also get hurt. That’s why I’m telling you to keep your distance and be careful.”
Raymond did his best to emphasize the dangers of Ha Si-heon.
Rachel remained silent for a while.
Thinking his warning had gotten through, Raymond felt a sense of relief.
But then Rachel spoke, and her words were completely unexpected.
“If someone like that is around us, crossing those moral boundaries… shouldn’t our role be to help them stay on the right path?”
***
I had to go to California in two weeks.
I initially tried to get approval under the pretext of a business trip, but…
“That won’t be possible. If it’s an asset management matter, isn’t that under a different department’s jurisdiction?”
I was rejected.
And for the record, the person rejecting me wasn’t Pierce—it was Jeff.
After the Epicura incident, Pierce had been promoted.
He had moved up to the executive committee and was now overseeing the entire investment banking division, relocating to an upper-floor office.
As a result, Jeff had taken over the MD position.
Somehow, this had led to Jeff becoming my direct supervisor.
“The agreement you made was with Pierce alone. It doesn’t apply to me. From now on, avoid external engagements as much as possible.”
Jeff had always been wary of me, but after the Epicura incident, he treated me like a walking bomb.
And he had no intention of letting this bomb wander freely outside.
What a coward.
‘I need to sort this out first.’
The upcoming event in two weeks wasn’t the only issue.
If I was going to launch a full-scale operation against Theranos, I’d have to travel back and forth to California multiple times.
I’d also need to visit various places for preparations.
But for now, I was still part of the M&A department, and my direct superior, Jeff, was opposed to me going anywhere.
If I wanted freedom, I could just quit Goldman.
But that wasn’t ideal.
I still needed the credibility that came with Goldman’s name.
What I needed was a delicate balance—remaining at Goldman without actually doing any Goldman work while freely investigating Theranos.
There was no way Jeff would approve that.
So…
‘If Jeff won’t agree, I just need to convince someone above him.’
No matter his title as MD, Jeff was still just an employee of Goldman.
If someone higher up told him to approve it, he’d have no choice.
So I planned to negotiate a solution with someone above Jeff.
That person, of course, was Pierce.
<There’s an important matter I need to discuss. Please contact me when you have time.>
A full day had passed since I sent the message, but Pierce still hadn’t replied.
I understood that his new position made him busier…
But I didn’t have the luxury of waiting forever.
Just as I was about to send a follow-up message—
<Come up now.>
His reply finally arrived.
