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CH23 | Heir
🕑 Added 2025-03-16 03:35:01 +0000 UTCA $7.5 billion derivatives contract.
Even to George of Quantum Fund, a man who had won against entire nations, this was a tempting prize.
"So, youâre proposing a tradeâderivatives for equity. It depends on the company, but for now, I can say Iâm interested."
"If I were to name one company firstâitâs Apple."
"Apple? The one that makes Macintosh? Why would you want shares in a company thatâs falling apart?"
In 1995, Apple was at its worst.
Steve Jobs had been ousted for a decade, and their quarterly losses exceeded $50 million.
"Thereâs a saying: âA tiger leaves its skin when it dies, and a person leaves their name.â The same goes for companies. Right now, Apple may be crumbling, but its name still carries weight."
"Are you planning to acquire Apple?"
"I have no such intention. I simply want to hold sharesâas a fan of Apple."
"But Appleâs stock is only $1.50 right now. Its total market cap is just $3 billion. Thatâs far too small to trade for derivatives."
Appleâs reality in 1995 was precisely $1.50 per share.
In my past life, Appleâs stock had surpassed $150, meaning just holding onto it would 100x my investment.
"How much of Appleâs shares can you offer me?"
"Quantum Fund doesnât hold much Apple stock. But firms like Vanguard and BlackRock collectively own about 40%. Youâre not asking for the entire 40%, are you?"
"Just 20% will do."
"20%? Thatâs feasible. But is that enough for you? Thatâs only worth $600 million."
Apple was just the beginning.
I pulled out my next target.
"Then, would it be possible to get shares in Ford as well?"
"Ford? Youâre interested in automobiles too? Thatâs not difficult either. The Ford family foundation owns 40%, but the remaining 60% is practically all in Wall Streetâs hands."
"Then, could I secure 20%?"
"Well, thereâs no reason it wouldnât work. But you do realize that the U.S. government keeps a close eye on the auto industry, right? Holding a large stake in Ford means youâll be under government scrutiny."
George spoke with an uncharacteristically worried expression.
I responded to his concern with a smile.
"SAVE Investment Firm is the largest donor in the U.S. presidential election. And we invest heavily in lobbying efforts on Capitol Hill."
"That might work under the current administration, but what happens when the government changes?"
"Thatâs what money is for. I donât know who will take office next, but one thing is certainâSAVE will be the top campaign donor for the next U.S. president."
In America, money solves everythingâas long as it doesnât threaten national security.
Owning 20% of Ford wouldnât mean controlling the company. It was something money could smooth over.
"With that kind of confidence, I have no reason not to help. Letâs see⌠Fordâs market cap is around $5 billion. 20% would be $1 billion, then."
"Will it be possible?"
"Of course. Knowing the value of your derivatives contracts, I have no choice but to accept this deal. Now, are we done with the conditions? If you ask for more, I might have to reconsider."
At Georgeâs question, I patted my stomach, as if there was no room left to take in more.
"This is enough. If you get too greedy, youâll end up with a stomachache."
"Thatâs why I like you. Unlike the other idiots, you know exactly when to stop!"
"I appreciate the compliment. By the way, when do you plan to start the yen offensive?"
"Immediately. Especially now that youâve given me such a brilliant idea."
A cunning smile spread across Georgeâs face.
"You mean the derivatives?"
"I plan to turn the yen into a derivatives product and sell it. Itâll be an irresistible offering for cash-strapped Japanese banks and corporations."
The yen was a low-volatility currency.
Japanese banks and companies, knowing this, would naturally buy the derivatives.
However, once Quantum Fund made its move, the yenâs volatility would skyrocket beyond their wildest imagination.
"Japan is about to get a whole lot noisier."
"Money is always noisy. Iâll be in touch soon with some very good news. Oh, and one more thingâIâm about to short the Mexican peso. If you join in, I guarantee you wonât regret it."
Satisfied, George left the suite.
Thatâs when Team Leader Han, who had been silently listening, finally stepped forward.
"Donât you think this is a waste?"
"Team Leader Han, you think I was too generous with Wall Street, donât you?"
"Not necessarily. This deal gives us the protection of Wall Street. If SAVE had tried to take all the derivatives profits alone, the Japanese government wouldnât have stood by and watched."
Behind Wall Street stood the United States.
To trigger the derivative contracts against Japanese banks and corporations, I needed Wall Streetâs power.
"I admit I might have spent a bit too much. But securing 20% stakes in Apple and Ford makes this deal far from a loss."
"Is this related to Taewoo Group by any chance?"
"I wouldnât say itâs completely unrelated, but the stakes in Apple and Ford alone are worth over $10 billion."
"But even combined, Apple and Fordâs market caps donât add up to $10 billion. How can 20% stakes be worth that much?"
"They wonât be worth that much in the short term, but this is a long-term investment."
Team Leader Han fell into brief thought, then nodded.
"Itâs your decision, sir. I wonât question it."
"Now, head to the U.S. and finalize the contracts with Wall Street."
"Understood. So, weâll trigger the derivative contracts against Japanese companies alongside Wall Street, correct?"
"Exactly. Moving alone wonât benefit usâcoordinate with Wall Street."
"Then Iâll fly back to the U.S. immediately. Lately, I feel like I spend more time in the sky than on the ground."
"Once this is done, expect a hefty bonusâso hang in there."
At the mention of a bonus, Han let out a bitter smile.
His performance incentives were already substantialâbut what did it matter?
There was no time to spend it.
***
Monday Morning.
Dressed in a new tailored suit, I headed to Taewoo Groupâs headquarters.
The elevator ascended to the 20th floor of Taewoo Center.
As the doors opened, I was greeted by the entire Audit Team, lined up and waiting.
[Congratulations on your first day as Executive Director.]
Nearly 100 employees bowed in unison.
The power of the Audit Team was palpable.
And this wasnât even all of them.
Each subsidiary had its own audit department, all under headquartersâ oversight.
"Nice to meet you all. Iâm Kim Min-jae, your new Executive Director."
I shook hands with each of the 100 auditors.
Every single one had a sharp, calculating gaze.
No surprise there.
Auditors werenât exactly the type people enjoyed having lunch with, even if they were colleagues.
Their job required them to suspect everyoneâeven their own team.
It was an isolating role.
And isolation sharpened people.
"Team Leaders, gather in my office for a meeting in 10 minutes."
With my secretary leading the way, I entered my new office.
I hadnât even finished my first cup of coffee when the five Team Leaders arrived.
But why do their eyes look like that?
A third-generation chaebol who parachuted into this position as the chairmanâs grandson.
The team leadersâ gazes made it clearâthey were looking down on me.
"Take your seats."
"Iâve prepared a brief report. Iâll give you an overview of the Audit Teamâs workflow and current projects."
Team Leader Jung Soo-chul, the 1st Division Chief, took the lead.
He had clearly prepared this in advance, as he placed a thick stack of documents in front of me.
"Hold on. Did I ask for a briefing?"
"âŚThese documents are to help you understand the Audit Teamâs work."
"And why exactly should I read them?"
"To lead the Audit Team, you must understand how it operates."
"So, as Executive Director, youâre saying I should adjust to the Audit Teamâinstead of the other way around?"
Silence.
All eyes were on me.
They clearly had no idea what I was getting at.
"Why should I adjust to the Audit Team? It should be the other way around."
"The Audit Team has over 20 years of accumulated expertise. To conduct efficient audits across the group, we need to follow established processes."
"If your processes are so great, then how did the Changwon Parts Factory scandal go unnoticed? The factory director even set up a shell company to embezzle funds, and no one caught it."
Did I hit a nerve?
Every team leader was staring daggers at me.
"The Audit Team is responsible for overseeing 41 subsidiaries and over 350 overseas branches. Changwon Parts Factory was scheduled for an audit under our standard procedures."
"So, youâre saying that if you had conducted the audit, you would have caught the embezzlement?"
"Thatâs correct. Our Audit Team consists of the best talents within Taewoo Groupâmany of our members are former National Tax Service officials or certified accountants."
A bunch of self-righteous elites.
Probably the only way they could endure being ostracized by their own colleagues.
They needed some way to justify their isolation.
A sense of superiority wasnât necessarily a bad thing.
But take one wrong step, and it turns into entitlement and corruption.
"Then, let me ask you one more thing. When was the last audit of Changwon Parts Factory?"
"Two years ago."
"Based on my findings, the embezzlement scheme at Changwon goes back at least five years. You conducted an audit, yet you missed it. That means you were either incompetent or you turned a blind eye. Which one is it?"
"Thatâs an unfair accusation!"
Jung Soo-chul, the 1st Division Chief, raised his voice on behalf of the others.
Though they were all team leaders, Jungâbeing the most seniorâwas effectively the head of the Audit Team.
"Then bring me results. The Changwon Parts Factory scandal wasnât something Director Seo Woo-tae could have pulled off alone. Someone higher up had to be involved. Find out who, and bring me irrefutable evidence."
"Understood."
"Youâre all dismissed."
The five team leaders left my office, fuming.
I stared at the closed door and recalled their personnel files.
One detail, in particular, stood out in Jung Soo-chulâs file:
[Special Note: Childhood friend of Executive Director Lee Joon-soo (elementary, middle, and high school)]
So, he was close with the loan sharkâs cousin.
Not suspicious on its ownâŚ
But my intel team, led by Captain Kang, had already begun investigating the Audit Team leaders.
Their reports covered everythingâhomes, cars, bank account balances.
And yet, somehow, Jung Soo-chul owned three apartments.
Where did he get the money for that?
Putting a fox in charge of the henhouse, huh?
