Lee Soo-Hyun fell into deep thought.
If a new competitor emerged, the entire plan to sell Foreign Exchange Bank would need to be revised.
And if Lone Star truly lost its eligibility, every agreement he had made with them would become void.
"It seems you've thought it over enough. Have you made up your mind?"
"What exactly do you need me to do? And what would I be getting in return…?"
"Of course, we'll take care of you. A direct monetary reward might raise suspicions, so instead, we'll secure an advisory position for you. Not immediately, but a year from now."
"An advisory position? Are you referring to a U.S. investment firm?"
"A comfortable role where you'll receive a steady salary just for sitting back and doing nothing."
At the end of the day, even a bank president was just a salaried employee.
Some bank executives held significant shares in their institutions, but he was not one of them.
Once he stepped down, his income would inevitably dwindle.
On top of that, his name had already been dragged through the media due to the ongoing investigation, limiting his career options.
Up until now, he had placed his trust in his deal with Lone Star, but with that deal on shaky ground, Dimon's offer felt like a golden lifeline.
"What do you need me to do?"
"Simply prove that the BIS ratio was not manipulated. We have all the necessary documents prepared, so there will be no legal issues. If it comes to trial, you might even walk away with a not guilty verdict."
"Is that really all I have to do?"
To Lee Soo-Hyun, it was an irresistible proposal.
Dimon was offering evidence to prove that he hadn't fabricated the BIS ratio—proof of his innocence.
From his perspective, there was no reason to refuse.
"And ensure that Lone Star does not acquire Foreign Exchange Bank. As you're well aware, if that happens, it will cause a host of problems."
"I'd like that too, but Lone Star won't just sit back and let it happen."
"Once their eligibility is revoked, there won't be much they can do. They might try to expose their lobbying efforts, but that would hurt them just as much, so I doubt they'll take that risk."
That was what Dimon was asking of him.
But Lee Soo-Hyun rationalized his actions.
If their eligibility was revoked, then the original contract would automatically be nullified, wouldn't it?
"I'll do it. I'll prepare the necessary documents to ensure Lone Star loses its bidding rights."
"Once you have the documents ready, leave the rest to us. We'll need them before the Financial Supervisory Service completes its audit."
"I'll have them ready within the week."
Lee Soo-Hyun had switched ships.
The Lone Star vessel had already struck an iceberg, so boarding a new one was simply the logical choice for survival.
***
With only a few days left in January,
President Bush officially declared North Korea, Iraq, and Iran as the "Axis of Evil."
Though it marked the prelude to war with Iraq, actual combat was still far off, so it wasn't a pressing concern.
The real priority was the Foreign Exchange Bank.
And at the perfect moment, Dimon arrived with good news.
"Lone Star has been disqualified."
"It seems the bank president's actions were quite effective."
"And with my newly established First Investment Group expressing interest in acquiring the bank, the Financial Supervisory Service made their decision without hesitation."
Dimon had founded First Investment Group.
He had invested his entire fortune and even secured additional funds from SAVE Investment and Myeong-dong, swiftly establishing an investment firm with assets exceeding 10 trillion won.
"So, we've now cleared 90% of the hurdles for acquiring Foreign Exchange Bank."
"Only the price negotiations remain. Since the BIS ratio hasn't been adjusted, we should be able to acquire it at a relatively low price. If all goes well, we'll be able to rebrand Foreign Exchange Bank as First Bank."
"Still, to preserve the Financial Supervisory Service's reputation, we'll need to offer a higher bid than Lone Star."
"Lone Star proposed 1.3 trillion won, so we're planning to offer 1.5 trillion. A 200 billion won difference should be enough to let the regulators save face, don't you think?"
200 billion won was undeniably a large sum.
But in the context of a multi-trillion-won bank acquisition, it wasn't a significant amount.
Besides, before Dimon's regression, Lone Star had acquired Foreign Exchange Bank for 1.3 trillion won and later sold it for more than six times that amount.
A profit margin of 5 trillion won.
With that in mind, an extra 200 billion won seemed like a small price to pay.
"Congratulations. Should I start calling you 'Bank President' now? Or perhaps 'CEO'?"
"Just call me Dimon. I don't want to make a big deal out of acquiring a small-time bank. Save the titles for when I become the CEO of the world's greatest bank."
"Fair enough. Now that you've practically secured the acquisition, it's time to figure out how to revitalize Foreign Exchange Bank."
This was Dimon's area of expertise.
He had revived failing companies multiple times before, and with his touch, Foreign Exchange Bank's value was bound to skyrocket.
But shouldn't I show at least some goodwill?
I brought him over from the U.S. and worked him to the bone for years. A small gesture of appreciation wouldn't hurt.
"I'll designate a few subsidiaries of Taewoo Group to use First Bank as their primary banking partner. That should significantly expand your room to maneuver."
"That's not necessary, but if you're offering, I'll gladly accept."
Taewoo Group had no shortage of cash cows.
First, there was the refining business. Their joint venture with Aramco generated annual revenues of 10 trillion won, with operating profits nearing 4 trillion.
Not to mention Taewoo Electronics and its telecommunications arm. Adding Taewoo IT to the mix would further solidify First Bank's standing.
With these accounts alone, the bank wouldn't need to attract other major conglomerates to establish itself.
"Over the next five years, grow First Bank as much as possible. It needs to reach the minimum scale required to acquire the world's top bank."
"With your support, that much is a given. In fact, I'll exceed your expectations and make First Bank even bigger than you envision."
"Then why don't we celebrate for a change? You've worked hard all this time—let's drink the night away."
And so, we had our own little festival.
***
Truly, 2002 was shaping up to be a year of endless celebrations.
Only ten months remained until the presidential election.
Though the candidate primaries hadn't even begun, major corporations were already moving to align themselves with specific candidates.
Vroooom!
A 2.5-ton truck came to a stop at the Seoul Meeting Plaza rest area.
The driver glanced around cautiously before quietly stepping out, leaving the key in the ignition.
Moments later, a middle-aged man who had been waiting nearby climbed into the truck and drove off.
Watching from a distance, the original driver pulled out his phone and made a call.
"Delivery complete."
[There weren't any issues, were there?]
"Attorney Seol drove the truck himself."
[I'll send a car to the rest area in ten minutes.]
The driver removed his cap and jacket, tossing them into a trash bin.
Then, after changing into a neatly prepared suit, he got into a waiting sedan.
"Good work, team leader."
"Phew! Driving around with over 10 billion won in cash made my hands shake."
"Still, it's a brilliant method. Who would ever think of transporting money in a 2.5-ton truck?"
"Only CL Group could come up with something like this."
The name "CL Group" slipped from the driver's mouth.
He was a team leader in CL Group's strategic planning division and had just delivered more than 10 billion won in election funds.
This method was infamously known as the "Cha-Ttaegi"—literally, "truckload of cash."
With financial real-name laws making it difficult to transfer election funds, corporations had devised alternative methods.
Other conglomerates were also employing various means to funnel money to their preferred candidates.
Despite this, one group remained entirely uninvolved.
Taewoo Group's strategic planning division had not provided financial support to any candidate.
***
The fever of the World Cup was intensifying.
With Korea's national team delivering impressive performances in recent friendly matches, public expectations were soaring.
"Vice Chairman, we have finalized advertising contracts with the national team's head coach and all players. The contract even includes a clause preventing them from appearing in commercials for competing brands."
"Well done. We must not disrupt their training, so keep the filming limited to capturing their practice sessions or conducting brief interviews during breaks. Under no circumstances should we interfere with their training! If they perform poorly, the backlash could fall on us."
"Understood. We've already instructed the production team. Even if it means compromising on production quality, they must not interfere with the team's practice."
Unlike traditional television commercials, they were preparing a completely different kind of advertisement.
They planned to create a documentary-style commercial showcasing the players' training sessions and interviews to enhance realism.
Of course, there were some skeptical opinions about this approach.
However, if the Korean national team performed well in the World Cup, this type of advertisement would undoubtedly be more effective than any conventional commercial.
"And what about the long-term contract with a specific player?"
"It's been signed. But some are questioning whether we paid too much for a relatively unknown player."
"That's how investments work, isn't it? Even in venture capital, if just one out of ten investments succeeds, it's worth it."
"That may be true for startups, but the Korean national team isn't exactly outstanding compared to other countries."
I wanted to blurt it out.
I wanted to shout that Korea would defeat football powerhouses and make it to the semifinals.
But I couldn't. All I could do was smile and let it slide.
"Time will tell. I'll take full responsibility."
"There's one more report to share. According to a recent report from Taewoo Electronics, the Apple-Taewoo TV is receiving an explosive response."
The Apple-Taewoo TV had finally launched.
Released alongside the iPad and iPhone S, it was now available in Apple Stores and Taewoo Electronics stores.
Unlike the first-generation iPhone, which had launched exclusively in the U.S. and Korea, this time the release was global—reaching markets in the U.S., Korea, Europe, and China simultaneously.
"That must mean increased sales for Taewoo Electronics' other home appliances as well."
"Yes, sales have risen by more than 20% compared to last year. Many customers are purchasing other Taewoo Electronics products along with the Apple-Taewoo TV, especially as part of wedding gift sets."
Marriage marked the beginning of a new home.
Naturally, couples wanted the best home appliances for their new life together.
With the Apple-Taewoo TV drawing them to Taewoo Electronics stores, it was only natural that many newlyweds were shopping there.
"Launch a special discount event for newlyweds in collaboration with Taewoo Card. We need to row while the tide is high if we want to sail farther."
"Understood. We'll set up the promotion within the week."
Taewoo Group's image was transforming rapidly.
Taewoo Electronics, once seen as old-fashioned, was now being rebranded as an aspirational, emotionally appealing brand that newlyweds sought out.