[286]Pandemonium, pure family 2
I gaped at Jin Tae-jun, who was desperate.
“60 billion?! wow… . “Taejun, you have a lot of money!”
“Are you making fun of me? You are the really rich person. “Why are you acting surprised?”
“I’m not rich enough to lose 60 billion won.”
“hey! “Stop salting!”
I scream, feeling sick at the sight of myself smiling.
“Have you ever asked Youngjun hyung for a favor? If it were Sunyang Electronics, it would be able to get about 60 billion won as confidential money, right?”
Jin Tae-jun first waved his hand.
“Are you crazy? You know what that person is like, right? He is never the type of person to help others. “Instead, they will burn people’s hearts as if they will lend it to them or not.”
“Is that really the reason? “Didn’t Youngjun not tell his brother because he was afraid that the 60 billion he had spent would spill over and end up in my second uncle’s ears?”
“Are you taking after Youngjun? Stepping on my pride as if I could give it up… . “Do you want to see me so anxious?”
This is where Taejun Jin’s patience comes to an end. He caused a huge accident costing 60 billion won, but all it took was a brief favor to fix it. It is difficult to expect the patience of an ordinary person who can put aside his pride and cling tenaciously.
“Do you think of me as blood? “Do you really think of me as your cousin?”
“What do you mean, that?”
“Is it because you don’t know? I’m bickering with my second uncle over shares. “Isn’t this the kind of relationship that would truly help you?”
Taejun Jin, who had lost his patience and was frowning, changed to a serious expression.
“If it’s that urgent, will there be an answer?”
This money must be paid within this month. The money that was supposed to be paid to the business partner was either delayed or paid back with a bill. After holding on like that for a few months, I couldn’t put it off any longer.
If we put it off any longer, we will be pushed into a corner to the point where everyone will hear that we wasted 60 billion won.
“There’s Myeongdong too. “If it’s Sunyang’s trust, there won’t be a problem, right?”
“Immediately it reached my father’s ears. “Is this also an answer?”
I looked at his serious expression for a moment and said with a smile.
“6 months. “No interest is charged, but the deadline is met.”
Taejun Jin’s expression brightened.
“Dojun.”
“it’s okay. “Let’s buy something to eat later.”
I waved my hand at him and picked up the receiver.
“Vice President Jang. “Please prepare to withdraw 60 billion won.”
Jin Taejun spoke to him as he let out a long sigh of relief.
“Brother, please prepare a bill for Sunyang Construction.”
“huh? ah… . Right. “You need an IOU, right?”
“Isn’t this the surest way to meet a deadline? And isn’t Taejun’s bill also good? “I don’t have to worry about being caught tampering with public money.”
His complexion turned red.
“I forgot you were quick.”
“don’t worry. I will keep your secret. “At least we don’t hate it enough to tell on it.”
I narrowed my eyes at him.
He is so likable that he feels grateful to his cousin who gave him a 60 billion won bomb as a gift.
* * *
When candles against the import of American beef began to gather, led by high school students, the 18th general election was held.
Until last year, the opposition party had shown such a lackluster performance that one wondered if it was the ruling party, and, as expected, suffered a crushing defeat.
The voter turnout was only 46.1%, the worst in the history of national elections, but the ruling party and its supporters even took control of the National Assembly.
The true tsunami of the financial crisis has not yet hit Korea, but while the entire country was absorbed in politics, weak provinces began to collapse first.
Because of their weak stamina, they cannot withstand even if the bank tightens their purse strings even a little. And the vacant positions that fell were taken up by large corporations.
“People’s greed is endless. yes?”
Chairman Lee Hak-jae, who returned from his first business dinner with the new president, shook his head and said,
“Are you talking about Vice President Jin Dong-gi?”
“Including him.”
“Didn’t the Blue House side dishes suit your taste? You seem very dissatisfied. “Hehe.”
“Everyone was clamoring to loosen regulations because they wanted to jump into local apartment construction.”
“Why again? It’s not like I couldn’t go in because of regulations. “Aren’t apartment complexes of large corporations being built in every province?”
“All places with good scenery and good location are greenbelts. Wouldn’t that be a fortune if the regulations were relaxed? “Because it is a restricted development zone, land prices are at the bottom, and if you just build apartments, you will make a lot of profit that cannot be compared to the metropolitan area.”
“So what does the Blue House say?”
“Active review. That means they will do it. Since the local economy is not doing well, they say they will use that as a stimulus package… .”
“Good for you. Doesn’t the province value apartment brands? “If you have two names, Sunyang and Daehyeon, you won’t be left behind no matter where you go.”
Chairman Hakjae Lee realized the true meaning of my words and smiled softly.
“You are determined not to miss this opportunity.”
“It’s an opportunity that will never come again. “You talked to your second uncle, right?”
He nodded his head.
“okay. Because of the recently completed Burj Dubai, Sunyang Construction’s status is overshadowing Daehyun’s. Because it is the world’s largest building. Stock prices also jumped significantly. “The vibrator also doesn’t want to miss this opportunity.”
“What you want is for our HW to do the construction, right?”
“okay. It’s still difficult to get money from Dubai, and even all the money you have has been spent in Dubai. “It was almost unthinkable, but the Blue House was making the strongest demands.”
“Since Sunyang Construction will be in my hands anyway, I’ll give it whatever I want, okay?”
“that is… . Because something interesting happened. “There is no need to decide quickly.”
“You say it’s fun?”
“The same proposal was made at Daehyun.”
“yes?”
I forgot. Daehyun is also all in on Dubai and his financial situation is the same as Sunyang. In the Daehyun Group, several sons are divided into groups and each is waiting for an opportunity, holding the sword tightly in their arms. To stab and steal it at any time.
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“If I had to choose between the two, it would be Daehyun. If your prediction about the fall of Dubai is correct, Daehyun Construction will go bankrupt. “How can you survive with 2.8 trillion won worth of money owed to Dubai?”
“Why Daehyeon and not Sunyang?”
“A cold-blooded corporate evaluation. Sunyang Construction has yet to stand side by side with Daehyun.”
“Then how about we take over both? “A very large construction company is being created, but it won’t work if management is too burdensome.”
Chairman Lee Hak-jae was not surprised. As I said, if you’re holding on to a lot of money for an opportunity that will never come again, wouldn’t it be a piece of cake to take over a company that’s going bankrupt?
“Looking at how confident you are, I guess you made a lot of money in America?”
“I earned some money. “It is enough to acquire two construction companies.”
Chairman Lee Hak-jae’s eyes became sharp.
“I’ll start reviewing. “It would be okay if we acquired the two companies and sold or organized the overlapping parts.”
“But will HW Construction be able to handle all of this? “Isn’t there a severe shortage of manpower and equipment?”
“There are numerous companies that will work for us if they give us money. “If you look at the current construction industry, we are in the midst of a drought.”
“If you could control the weather with money, it would be possible to have showers rather than heavy rain.”
We looked at each other, laughed, and discussed the behind-the-scenes acquisitions of the two companies.
And two large American companies that were on the verge of collapse desperately pleaded with New York Miracle CEO Rachel Arief.
* * *
“Just admit it now. Secured debt is worthless. Isn’t it a common belief in this world that if the default rate exceeds 15%, it’s over? It has now exceeded 60% and is falling without end.”
“I’m not denying it. “I ask you to wait a little longer.”
“It sounds like you’re asking for time to sell off all your remaining assets and collect a huge severance pay? Isn’t it?”
The two attorneys representing Merrill Lynch and AIG Insurance hesitated at Rachel’s harsh words, and the chief mortgage bond accountant from the two companies who came with them began to look at the distant mountains.
“Do I look like a blind person? I know that Merrill Lynch’s debt is over $50 billion. Our Miracle’s swap agreement is $2.3 billion. “Do I look stupid enough to just watch it sink when it’s obvious that it won’t be able to handle $50 billion?”
“Rachel. Let me be honest with you, we at Merrill Lynch are currently negotiating with Bank of America. I’m sure they will take over from there. The greater the actual loss, the more unfavorable the negotiation. Miracle’s $2.3 billion is paid by Bank of America, not us.”
As Merrill Lynch’s lawyer spoke hurriedly, Rachel snapped her fingers.
“Oh, by the way, I need to hurry because I have over 1.9 billion dollars to receive from Bank of America. Before acquiring Merrill Lynch, which was insolvent by 50 billion won. please!”
As Rachel’s eyebrows rose, the men began to sigh again.
“I tried to postpone the swap claim whenever possible, taking your circumstances into consideration. I also want to have as few shock waves as possible. “It is true that the fall of Wall Street is not desirable for Miracle.”
Her somewhat hopeful words showed a glimmer of hope in the men’s eyes. But her expression was sharper.
“Chairman Stan O’Neill, you officially retired yesterday, right?”
“yes. “It is now an interim board operating system.”
A Merrill Lynch representative responded.
“How much severance pay did you receive?”
“yes?”
“If it’s $50 billion in insolvency, it’s normal that he should have been fired, not retired! Isn’t it? But since it was an honorable retirement, I wouldn’t have received severance pay!”
The agent turned into a mute again.
“You took a whopping $160 million in severance pay, right? Would it be forgivable to take responsibility for a 50 billion dollar insolvency and cough up the entire $45 million annual salary that I received during my tenure, but do I keep aside more than 3 years worth of annual salary? What are you guys doing now? You commit such an immoral act and ask me for a reprieve! “Aren’t you embarrassed?”
The CEO, who received a whopping 50 billion won in annual salary, created an insolvency amounting to 50 trillion won, but he said he didn’t know and pocketed close to 200 billion won in severance pay.
“Do you know that hundreds of families lost their homes, lost their jobs, and even lost their retirement pensions, resulting in $160 million in severance pay?”
Her anger was directed at AIG.
“Isn’t it the same for you too? AIG has a debt of nearly $200 billion. But instead of being fired, President Joseph Cassano took on the bizarre position of a consultant who did nothing and just played around, right?”
“that. that… . Chairman Joseph Cansano took responsibility for this situation and resigned, and until the end… .”
“It looks like you’re trying to do your best until the end? Would a person like that take a private car to a vacation home in the Bahamas? “He collects over a million dollars a month in consultant fees?”
AIG’s troubles were so massive that there was no company worth acquiring.
Credit default swaps are a type of insurance, and AIG, as the world’s largest insurance company, has signed huge swap contracts. No one has suffered as much from the risk of the subprime mortgage crisis as AIG.
But Too Big To Fail, the too-big-to-fail rule will work without fail. If $180 billion in insolvency occurs, the impact will be irreversible. Ultimately, reviving AIG by injecting an emergency bailout will be the Bush administration’s last task.
“I feel like it would be too dirty to say more, so I’ll stop here. Everyone please go back. And you must never forget it. “If our money doesn’t arrive in our account as soon as we start work tomorrow morning, we will file a lawsuit right away.”
The men broke into a cold sweat at the word lawsuit.
Bank of America isn’t stupid enough to buy a company that’s in the middle of a lawsuit. And the same goes for AIG. If there is a lawsuit going on, it is obvious that Congress will block even if the government tries to provide an emergency bailout.
The two companies quickly left the place. I had to quickly raise money to prevent that damn Rachel’s next move.
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