A price negotiation that felt like it would never end.
But then Dimon delivered the final blow that brought it all to a close.
"If SAVE Investment can't acquire AIG, our fintech bank will immediately file an insurance claim for the policies we hold with AIG."
"Hm… Understood. Then the Treasury will step in to ensure that SAVE Investment can acquire more than 70% of AIG's shares at the price of four dollars. We'll also hold the current executives accountable, stripping their severance packages and preventing them from moving assets out of the company."
They had no choice but to save AIG.
Still, the Fed remained opposed to SAVE Investment taking over AIG.
"We'll agree to the four-dollar price as well. But the real problem is what happens after the acquisition. SAVE may be well known on Wall Street for its returns, but it's simply not large enough to manage a giant insurance company like AIG."
"Still, isn't that better than letting it go bankrupt?"
"Do you really think the employees at AIG will stay quiet? The talented ones will jump ship, no doubt. And when that happens, the company won't function properly. Why would they stay if they don't trust their new leadership?"
The Fed wasn't entirely wrong.
SAVE was a high-performing investment firm on Wall Street, but in terms of sheer size, it wasn't a major player.
It was like a shrimp trying to swallow a whale.
To do that, the shrimp had to grow—and we already had a plan in place.
"We plan to merge Taewoo Securities with SAVE Investment. After that, we'll proceed with a merger with AIG, ensuring we have the capacity to manage it effectively."
"And our fintech bank will also provide some support. By canceling our insurance policies, we'll take a 15% equity stake in AIG."
It was an outrageous deal.
Even a 15% stake amounted to only $15 billion.
But the payout for the insurance policies held by the fintech bank was worth over $100 billion.
We were volunteering to lose $75 billion—who in their right mind would argue with that?
Dimon and I had already discussed it beforehand.
It was a deal that satisfied both the Treasury and the Fed.
"Thank you for your magnanimous decision. Does anyone else have objections? The Treasury believes that with the merger of Taewoo Securities and SAVE Investment, they'll be fully capable of managing AIG."
"…"
The Fed had nothing more to say.
Sure, Taewoo Securities was only well known within Korea, but once it merged with SAVE Investment, it would no longer be a small player.
This was the only way to save AIG.
And so, even the Fed couldn't object.
"There's one more thing I'd like to say. SAVE Investment and the fintech bank are taking astronomical losses just to save AIG. I hope the U.S. government can show at least a minimal effort on its part as well."
"We'll support you with debt relief programs, bailout funding, and debt maturity extensions.
We'll also help ensure a stable liquidation of AIG's toxic hedge fund assets."
Not bad at all.
There would be no better deal for acquiring a behemoth like AIG.
Of course, in the original timeline, AIG had survived too—but it lost its former prestige.
Now, with our early acquisition, we'd cut off future problems before they started. AIG would
retain its legacy.
"Let's move on to the next agenda item. Several financial institutions are currently at risk of collapse. Bear Stearns, Citigroup, and Lehman Brothers are in the most critical condition. We desperately need the help of you two once again."
Bear Stearns, one of the top five investment firms in the U.S.
Citigroup, the world's largest financial conglomerate.
And Lehman Brothers, with its storied legacy and tradition.
All of them were giants.
But their glory was on the verge of vanishing. If we filed insurance claims, they wouldn't survive.
"SAVE Investment has no plans to acquire any more companies. Unless it's in a non-financial sector, we need to devote all our resources to managing AIG."
"What about the fintech bank? If there's a firm you're interested in acquiring, the U.S. government will provide full support."
Dimon hesitated slightly.
But I already knew what decision he would make.
"We're interested in acquiring CitiGroup. With debt forgiveness and public funding support, we're confident we can proceed with the acquisition."
"The Treasury agrees with Chairman Dimon's view. We understand you have close ties with Sandy Weill, the effective owner of CitiGroup."
"Then we won't have to worry about employee attrition. If the number two man under Sandy Weill becomes the new boss, there won't be much internal resistance."
There wasn't a single person in the room unaware of the relationship between Sandy Weill and Dimon.
Dimon could have become the number two at CitiGroup, but he had left to build a fintech bank instead.
His capabilities were acknowledged by all, and both the Treasury and the Fed believed CitiGroup employees would welcome him.
"Of course, there are a few conditions. The current management is responsible for the poor performance, so we need to dismiss them all and appoint a new executive team."
"That's a condition we can easily accept. The U.S. government will fully support you, even applying pressure if necessary, to ensure all current executives are removed."
"Is that really possible? These aren't people who'll step down easily."
The pride of having built the world's largest financial group.
And those who sit in positions of power rarely let go willingly.
It wouldn't be easy to drive them out and install Dimon at the top of CitiGroup.
But the Deputy Secretary of the Treasury smiled, as if it were the easiest thing in the world.
"Isn't stepping down a better option than going to prison? Just based on what's already known, they'd be facing at least ten years behind bars. But if they resign now, they can enjoy a comfortable retirement with enough money to live on for the rest of their lives. What do you think they'll choose?"
"Greed in old age is not something easily broken."
"There's no greed the IRS can't break. If you just confirm your intent to acquire CitiGroup, we'll start a tax audit first thing tomorrow. A few days of that, and their greed should disappear pretty quickly."
The Deputy Secretary said something terrifying with a smile.
The Fed didn't raise any objections to this acquisition either.
They saw the fintech bank as an offshoot of CitiGroup, a kind of internal matter between
members of the same tree, and seemed to treat it more like a reshuffling of management than a takeover.
"With the fintech bank's capital and CitiGroup's scale combined, the legacy of the world's largest financial group will live on."
"We'll need a lot of support from the Treasury and the Fed to ensure a smooth transition. I hope we can count on your continued help."
"We can't guarantee what will happen under a new administration, but as long as the current one remains in office, we'll offer full cooperation."
The atmosphere in the meeting room had warmed considerably.
Having just saved two major corporations, the officials likely felt they had achieved something significant.
"By the way, are you not interested in acquiring any other companies? We're willing to provide as much public funding as needed to ensure a stable acquisition."
"As I said before, SAVE Investment doesn't have the capacity for more acquisitions."
"If not SAVE Investment, could Taewoo Group perhaps be mobilized instead?"
"Taewoo Group focuses more on manufacturing and IT than on financial institutions. If you propose a company outside the finance sector, we'll consider it. But as for financial firms, we're at our limit."
The tastiest fruits had already been picked.
Of course, some still hung on the branch, but I now intended to reach for fruits from a different tree—outside the financial industry.
"The fintech bank also isn't considering acquiring any entire companies. However, we're open to acquiring subsidiaries or certain assets."
"Understood. I truly thank both of you for the outstanding results achieved in today's meeting. I'll report today's progress to the White House immediately. The President will be very pleased."
"There's one last thing I'd like to say. We will cancel our insurance contract with AIG, but we don't intend to cancel contracts with other companies. Of course, we won't rush to file claims, but if any of those companies go bankrupt before we file, we'll claim a portion of their assets as insurance payout instead."
Stabilizing AIG after acquiring it would require a significant amount of money.
But neither SAVE Investment nor Taewoo Group intended to pour their own capital into AIG.
There was no need — just collecting small contributions from other financial institutions would be enough to raise the necessary funds for AIG.
"If you're planning to claim insurance payouts and take a portion of the assets after a company has gone bankrupt, that's perfectly within your rights. Frankly, we're already grateful that you're not filing those claims right now."
"And for companies that have received public bailout funds, we'll negotiate the insurance payout. We'll take either half of the claim or an equivalent amount in assets."
"This administration will never forget the great sacrifices the two of you have made. We don't know who will take power in the next term, but we'll make sure there's a proper handover."
A formal transition wasn't even necessary.
After all, I could just speak directly to the person who would lead the next administration.
***
The world's largest financial group, CITI Group.
Naturally, it had strong ties not only with Wall Street, but also with political circles and even the White House.
And yet, those relationships meant nothing now, as wave after wave of investigations poured in throughout the week.
The IRS came first.
Unlike in Korea, the U.S. Internal Revenue Service wielded immense authority — and they thoroughly combed through CITI Group's headquarters.
Next came the police and prosecutors, launching investigations into the executive team's embezzlement and breach of duty.
A week passed like that.
The entire executive team, drained of energy, dragged themselves into the office like mummies.
Especially Sandy Weill, the head of CITI Group — he had undergone such intense questioning that he didn't even have the strength to raise his voice as he normally would.
"Sir, someone from the Treasury Department is here to see you."
"The Treasury again? This is absurd. What are they trying to pin on us this time…"
Sandy Weill had more or less given up.
If there was such a thing as hell, this must be it.
The empire he had built with his life — CITI Group — had now turned into a living hell.
He stood up from his seat without any resistance and simply stared blankly out the window.
Knock knock.
With a light knock, the Deputy Secretary of the Treasury and several officials stepped in.
Sandy Weill squinted his eyes shut at the sight — but then, a familiar yet long-forgotten voice made him open them.
"Been well? It took a long time, didn't it? If only you'd let me sit in that chair in due course, none of this would've happened."
"Da... Dimon?"
Jamie Dimon sat confidently in the chairman's seat.
He looked toward Sandy Weill, who was still standing by the window, and smiled.
The ousted number two had finally taken the throne.
And he did it flanked by powerful knights — the officials of the U.S. Treasury.