The Conglomerate Family Became A Villain [EN]: Chapter 34

Reborn as a Villain in a Chaebol Family – The Giant Kneels 03 –

***

Index fund.

A structure where profits and losses are created according to the movement of a specific market index.

The individual credited with popularizing the index fund wasn’t John Bogle of Vanguard Funds.

The first index fund actually originated at Wells Fargo Bank in 1971.

However, the concept didn’t gain traction at the time. It was John Bogle, who founded Vanguard Funds in 1975, who successfully launched it into the mainstream.

Thus, John Bogle is often hailed as the father of index funds.

“So, he’s John Bogle’s son.”

What kind of person would he be?

A strict, unyielding authoritarian?

Or an IT prodigy like Jung Hyun-woo?

Or someone with the quick wit of Peter Lynch?

She pondered these possibilities while waiting for Eric Bogle in the JP Morgan lobby.

“Are you Ms. Hilton?”

A well-groomed young man addressed her.

‘He’s more polished than I anticipated.’

She responded with a bright tone.

“Yes, I’m Sarah Hilton. Are you Mr. Eric Bogle?”

The young man shook his head.

“No, I’m Rick Perry. I work for Mr. Bogle. He’s tied up at the moment, so I’m here to assist you.”

Sarah acknowledged Rick Perry’s explanation.

“Ah, I understand.”

Rick Perry embodied the image of a typical finance professional.

‘IT geniuses usually don’t prioritize their hairstyle.’

Jung Hyun-woo’s hair was perpetually disheveled.

“This way, please.”

He guided Sarah to the computer room on the 4th floor.

JP Morgan’s computer room.

The constant hum of cooling fans and the whirring sounds emanating from the machinery were far louder than anything in Jung Hyun-woo’s personal workspace.

“It’s not exactly the most inviting space.”

“It stays cool in the summer because the air conditioning runs constantly.”

The problem was, it was currently winter.

“Mr. Bogle! You have a guest!”

Eric Bogle emerged, his glasses slightly askew.

“A guest?”

“It’s Ms. Sarah Hilton. She was referred by Peter Lynch of Magellan Fund.”

Eric Bogle recognized Peter Lynch’s name.

“A referral from a prominent figure? So, what brings you here, miss?”

He was an unusual character.

Visually, he didn’t appear much older than Sarah, but his manner of speaking [말투 – mal-tu] was reminiscent of someone much older.

“I have a concept I’d like to discuss.”

Eric Bogle tilted his head.

“A concept, you say?”

“Should we continue this conversation here?”

Eric Bogle sighed subtly.

“It’s not a straightforward matter?”

“No, it’s not simple.”

Eric Bogle would have preferred to conclude the conversation then and there, if possible. However, given the referral from Peter Lynch, he couldn’t dismiss her outright.

‘A celebrity’s acquaintance is always a hassle.’

He adjusted his glasses and spoke.

“Rick, please escort her to my office.”

“Yes, sir.”

Eric Bogle had a private office located near the computer room, a sign of his relatively senior position.

Sarah waited there for approximately twenty minutes.

‘He’s going to be a challenging person to deal with.’

Being too busy to meet immediately suggested he held significant responsibilities at JP Morgan.

After a short while.

Eric Bogle finally appeared.

“Ms. Hilton, so what’s this all about?”

Sarah carefully explained her idea, including Jung Hyun-woo’s contributions. He grunted softly as he listened.

“Hmm, a stock index that updates in real-time… it’s worth considering.”

As Peter Lynch had predicted, he was intrigued by the concept.

“But there are some hurdles.”

“What kind of hurdles?”

“To make this happen, we’ll need to get approval from the higher-ups.”

Sarah understood that any new business venture required convincing the executive team.

“I’ll handle that.”

Eric Bogle regarded her with skepticism.

“Is that even possible?”

Sarah’s tone sharpened.

“Are you implying it’s impossible because I’m a woman?”

Eric Bogle paused, then shrugged.

“It’s not that…”

“Then what is it?”

When Sarah pressed him, he replied quietly.

“The executives aren’t particularly receptive to ideas from engineers.”

She understood his concern.

‘Managers often find engineers’ technical explanations tedious.’

Their primary focus was not on technical intricacies but on efficiency and profitability.

Sarah’s expression softened.

“Don’t worry. I’m not an engineer.”

Eric Bogle’s eyes widened.

“You’re not an engineer?”

Given her progressive IT-related ideas, he had naturally assumed she was an engineer or developer.

“I’m responsible for managing Victoria Corporation.”

Her role at Victoria Corporation extended beyond mere management. She handled marketing, accounting, administrative support, and even human resources, all single-handedly.

Considering this, Jung Hyun-woo’s decision to grant her 30% of the company shares was far from excessive.

“Ah, then this conversation should proceed more quickly.”

Eric Bogle handed her a phone number.

“This is someone with connections to the upper management. You’ll need to persuade this person first.”

Sarah examined the phone number and sighed deeply.

‘Hoo… It’s just one obstacle after another.’

She would have to win over everyone she encountered until she secured approval from the top executives.

***

Chairman Jung Woo-sun’s office at Daewoon Group.

Chairman Jung Woo-sun sat with his hands clasped, a deep frown etched on his face.

“Are you suggesting we should provide corporate sponsorship for the Asian Games?”

Chief of Staff Hong Won-ik bowed his head.

“We received a request from the Sports Association.”

“What does the Sports Association have to do with us? It’s not as if they’re the Blue House [Cheong Wa Dae – the presidential residence].”

As Chairman Jung Woo-sun clicked his tongue in disapproval, Chief of Staff Hong Won-ik’s tone shifted.

“Chairman, this Asian Games is a major event being promoted at the highest levels of government. And then there’s the Olympics following that.”

An Olympic opportunity.

Someone would undoubtedly capitalize on this significant event.

“Is this a pre-emptive investment for the Olympics?”

“I believe it would be wise to consider it in that light.”

“But we’re not an export-oriented company.”

Daewoon Group’s primary focus was on construction, trading, and food. Daewoon Trading, in particular, engaged in more imports than exports.

Chairman Jung Woo-sun believed that the companies poised to benefit from the Olympic Games were export giants like Daehyun Group or Samjung Group, not Daewoon Group.

“There could be a construction boom in other countries, similar to the Middle East construction boom.”

Construction was the only sector where Daewoon Group generated significant foreign revenue.

“Construction?”

“Electronics could also perform well.”

Daewoon Electronics had recently ventured into the electronics industry.

“I see. How much would we need to contribute?”

“At least 1 billion won [approximately $830,000 USD at 1982 exchange rates].”

1 billion won.

In 1982, 1 billion won was a substantial sum.

Some mid-sized companies faced bankruptcy if they couldn’t cover a 500 million won bill, let alone 1 billion won.

“That’s a considerable amount.”

“Chairman.”

Daewoon Group was nominally one of the top 10 conglomerates in Korea. Chief of Staff Hong Won-ik felt that 500 million won would be insufficient.

‘Even 1 billion won isn’t excessive.’

Of course, Chairman Jung Woo-sun’s perspective differed.

“If it’s 1 billion won for the Asian Games, how much will we have to allocate for the Olympics?”

His attention was directed towards the Olympics, not the Asian Games.

“That, that is…”

Chief of Staff Hong Won-ik was forced to cut his sentence short.

“Tell Min-seok to come in.”

Executive Director Jung Min-seok.

He wanted to discuss this matter with Jung Min-seok, his designated successor.

“Yes, sir.”

Just as Chief of Staff Hong Won-ik was about to rise, Chairman Jung subtly changed the subject.

“So, is that guy coming?”

Chief of Staff Hong Won-ik paused and inquired.

“Who are you referring to?”

“I’m talking about Hyun-woo!”

Chairman Jung Woo-sun’s voice suddenly rose. Chief of Staff Hong Won-ik quickly bowed his head.

“I’m not certain yet.”

Chairman Jung Woo-sun had hoped to see Jung Hyun-woo during the New Year’s holiday.

“If he’s been accepted into a prestigious university, he should at least show his face to his family.”

He had planned to boast about Jung Hyun-woo to the rest of the family. However, Jung Hyun-woo hadn’t contacted him at all.

“I’ll look into it.”

Hong Won-ik exited the office and promptly began making phone calls. The first call was to Executive Director Jung Min-seok. He relayed Chairman Jung Woo-sun’s message to Executive Director Jung Min-seok and then placed a call to the United States.

“It’s me.”

“Yes, Chief of Staff.”

Choi Kyung-min answered the phone.

“Is Hyun-woo there?”

“He’s in his room at the moment.”

“Put him on the phone.”

“Yes, sir.”

Choi Kyung-min hung up the receiver and hurried to Jung Hyun-woo’s room.

“Young Master, there’s a call from Korea.”

Jung Hyun-woo was engrossed in coding. He instinctively reacted with annoyance at Choi Kyung-min’s words.

“Who is it calling at this hour?”

The time difference between Boston and Seoul was significant. It was midday in Seoul, but midnight in Boston.

“It’s Chief of Staff Hong.”

Jung Hyun-woo sighed deeply.

“Okay.”

He removed his hands from the keyboard and went downstairs to answer the phone.

“This is Jung Hyun-woo.”

Chief of Staff Hong Won-ik’s voice came through the receiver.

“It’s Chief of Staff Hong.”

“I know.”

Jung Hyun-woo’s tone was rather curt.

Hong Won-ik always felt uneasy when dealing with Jung Hyun-woo.

‘There are times when Hyun-woo is more difficult than Min-seok.’

Jung Hyun-woo was as challenging to manage as Jung Min-seok, the group’s heir apparent.

“How about coming to Korea with Secretary Choi when he returns this time? It would be good to spend the holiday with your family.”

Chief of Staff Hong Won-ik subtly conveyed Chairman Jung Woo-sun’s wishes.

However, Jung Hyun-woo’s response was the opposite of what he expected.

“I can’t.”

“You can’t?”

Jung Hyun-woo nodded and replied.

“Classes start soon. Do you know how long the flight to Korea is? After a round trip, I’d be too exhausted to keep up with my studies. And I need to move into the dormitory and take care of a lot of preparations.”

Hong Won-ik, not being an international student, was unfamiliar with the American semester system.

“Isn’t it winter break in America now?”

“Winter break is short in America.”

Winter break in the United States began during the year-end holiday season and concluded in mid-January.

So, while a trip to Korea wasn’t impossible, he had other plans for mid-January.

‘He doesn’t have time to show his face in Korea.’

The place he wanted to visit in January was Las Vegas.

“The Chairman wants to see you.”

“I saw him last fall.”

Jung Hyun-woo felt that seeing him in the fall was sufficient.

“Hyun-woo.”

“I’d like to go too, but I can’t this time. It might sound arrogant, but MIT isn’t an easy university to get into.”

MIT was one of the most prestigious universities in the United States, on par with Harvard, Yale, and Stanford.

“I understand.”

Hong Won-ik conceded.

‘Hyun-woo’s studies are more important than pleasing the Chairman.’

Just as he was about to hang up, Jung Hyun-woo raised his voice slightly.

“Chief of Staff.”

“Is there anything you need?”

Since he was starting university, there might be various things he required.

‘I instructed Secretary Choi to handle the arrangements, but it seems something is missing.’

Soon, Jung Hyun-woo asked.

“Who is currently managing my father’s inheritance?”

Father’s inheritance.

Referring to his father, who had been an executive director at Daewoon Group.

It was only natural that he would have an inheritance.

‘I didn’t expect him to inquire about this.’

Since the sole heir, Jung Hyun-woo, was young at the time, he inherited the property but lacked the capacity to manage it himself.

“Are you referring to the house and the assets Min-hyuk left behind?”

“Yes.”

“The Chairman entrusted me with the management.”

After Executive Director Jung Min-hyuk’s passing, Hong Won-ik had been managing the house and bank account held in Jung Hyun-woo’s name.

“When will I be able to manage it myself?”

Legally, it would be upon reaching adulthood.

“It depends on the Chairman’s discretion.”

“Are you suggesting I should meet with my grandfather and discuss it with him?”

“I have no comment on that.”

This was a matter for the Jung family to resolve.

“I understand. Then, could you create a list of the inheritance and send it to me by fax?”

Hong Won-ik was slightly taken aback by his request.

“By fax?”

“Doesn’t Daewoon Trading have connections in the United States?”

“That’s true, but…”

Hong Won-ik didn’t appreciate his interest in the inheritance that Jung Min-hyuk had left behind.

‘It’s too early.’

However, from Jung Hyun-woo’s perspective, he needed to be aware of this information.

‘Daewoon Group’s shares might be at stake.’

The group’s shares represented power.

“Are you saying you can’t?”

Hong Won-ik sighed briefly and responded.

“I’ll send you the list. But anything beyond that will be difficult.”

Jung Hyun-woo received his words with enthusiasm.

“Sending the list is enough.”

He realized that he couldn’t completely disregard Daewoon Group either.

‘Even if I achieve success in the United States, my roots are still in the Jung family.’

If anyone within Daewoon Group or the Jung family attempted to obstruct his path, he would not hesitate to confront them.

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