Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 106

106. 31st. Meeting Another Giant (3)

As the call connected, Wilson, who had been gritting his teeth, relaxed the muscles in his jaw.

“This is Wilson, Director.”

[What is it? Did you finish playing with those monkeys from Haedong or whatever?]

“No, Director. These guys…”

As Wilson explained the situation, a snicker reached his ears.

[Interesting. Very interesting.]

“Director?”

Wilson was taken aback, but the voice that came back from the bank president was very relaxed.

[What’s there to hesitate about, Wilson? Approve the loan.]

“But the conditions are demanding. If we accept the loan extension, the principal alone will be $4 billion, plus interest, locked in for 10 years…”

As Wilson hesitated, the bank president cut him off.

[If we refuse a loan with guaranteed recovery, what reason does the bank have to exist, Wilson? From what I hear, those monkeys are even talking about issuing bonds… We’re not going to let those big hybrids or the descendants of that hook-nosed old man snatch the big deal, are we?]

The bank president’s reproachful question hardened Wilson’s expression.

Goldman Sachs, an investment bank that started with the bill discount business, and JP Morgan, founded by the famously hook-nosed John Pierpont Morgan—could he stand to lose a $4 billion loan to them?

Wilson had also risen through the ranks from the bottom to become vice president at this bank, and he was an ambitious man aiming to be the next bank president. That’s why Wilson’s pride wouldn’t allow him to lose a big deal worth $4 billion to Goldman Sachs or JP Morgan.

“No, Director! We can’t let those guys steal the big deal!”

In response to Wilson’s determined answer, the bank president’s voice came through.

[That’s settled then. Approve the loan immediately. I’ll talk to Rockefeller.]

“Yes, Director.”

With those words, the call ended, and Wilson put down the receiver.

“What did the Director say?”

“He said he’ll talk to Rockefeller, so approve the loan. Let’s go.”

With his superior offering to take responsibility, what was there to fear? Wilson and the executives left the conference room.

###

After finishing the call with Wilson, the bank president made another call.

It was to report to Isaac Rockefeller, the head of the Rockefeller family, who was a major shareholder in not only Chase Manhattan but also oil companies that spun off from Standard Oil, such as Exxon, Mobil, and Chevron, as well as other large corporations.

[Who is it?]

“This is Eisenberg, Rockefeller.”

In response to Kyler Eisenberg, the president of Chase Manhattan Bank, the voice of the man called ‘Rockefeller’ flowed from the receiver.

[It’s been a while, Kyler. I entrusted Chase Manhattan to you, so what’s the matter?]

“We’ve decided to approve a $4 billion loan this time…”

As Eisenberg finished his report, Rockefeller chuckled.

[He’s an interesting fellow. I’d like to invite him to my home.]

“But he’s the one who disgraced the Rockefeller family. I approved the loan because I was afraid those Goldman Sachs mongrels or JP Morgan hook-nose guys would snatch it, but how could you, Rockefeller, possibly want to see such a young monkey…”

[No, Kyler. Seeing him show such audacity against our family, I don’t think he’s an ordinary person. Once the loan agreement is done, invite him to our house.]

“Yes, Rockefeller.”

With those words, the call ended, and Eisenberg tilted his head.

“Goodness…”

Kyler couldn’t understand Isaac Rockefeller. The head of a family that had the greatest fortune in human history was showing curiosity about a young “monkey” from the East…

***

While Wilson was gone, we were having our own conversation.

“What do you think will happen, Uncle? Will they approve the loan?”

“Of course, they’ll lend it to us. It’s a deal with guaranteed recovery.”

Sun Hae-cheol waved his hand dismissively, telling me not to worry. Then Claire turned her head towards me and said,

“That’s right, Johnny. Standard is guaranteeing it, so it’s impossible for it not to go through.”

“Mrs. Lawrence is right, Young Master. If they refuse a deal with guaranteed recovery, can they even be called a bank?”

The three of them were right.

The Haedong Group shares offered as collateral for the $4 billion loan were worth $10 billion, and Standard Capital, which managed similar assets, was also guaranteeing it. Unless they were short on cash, there was no way any sane bank would refuse a loan with guaranteed recovery.

“I guess so. President Cho would approve this kind of loan too.”

As I thought of Cho Young-chan in Korea and found some peace of mind, Wilson and the executives opened the door and came in. I looked at him and asked with a nonchalant expression.

“Have you made a decision?”

“Of course, Mr. Lee. We will accept all the conditions you proposed.”

Yes!

With this, I had $4 billion that I could use like my own money for up to 10 years under the name of a loan!

As I clenched my fist under the desk, Wilson poured cold water on me.

“However, we would like Chase Manhattan to have priority in collateral processing. Is that alright with you, Mr. Lee?”

Looking at Wilson, who was smiling but whose eyes were flashing with murderous intent, it seemed like he was really angry. I met his eyes straight on and raised the corners of my lips.

“Of course.”

It doesn’t matter.

Chase Manhattan won’t be able to take even one share of our family’s stock and will have to be satisfied with just taking the money. How dare they!

***

After signing the loan agreement that had been prepared over several days, I whistled as I left Chase Manhattan Bank.

“Are you that happy?”

“Of course. I have $4 billion for 10 years, hehe.”

Sun Hae-cheol clicked his tongue as he looked at me with a grin.

“But considering the current Fed interest rates [Federal Reserve interest rates], it’s definitely not a small amount. At 9 percent per year for 10 years, you’ll have to pay back $9.4 billion at maturity. Can you handle that? Even if Standard pays it back, the impact will be significant.”

Considering the current interest rates, Sun Hae-cheol’s scolding was valid.

However.

As the new millennium began and the IT bubble burst, the Clinton administration would pressure the Fed to lower interest rates to stimulate the economy. The Bush administration, which would be elected the following year, would also lower interest rates, so they would fall to around 1 percent by May 2004.

Even considering future interest rate hikes, the total debt would increase to $8 billion. Whether it’s $9.4 billion or $8 billion, it’s meaningless to me, who will earn more money than the rate at which the loan principal and interest increase.

I couldn’t tell Sun Hae-cheol these facts, so I gave him another reason.

“Don’t worry, Uncle. I just need to earn more than I borrowed.”

“You, still…”

Sun Hae-cheol stopped talking and let out a hollow laugh.

“Seeing how everything you said has come true, I guess there’s no way you’ll lose money. Understood, Owner.”

I smiled at Sun Hae-cheol and waited for the limousine that Henry was supposed to send. In the distance, a long sedan was approaching us… It wasn’t Henry’s Benz limousine, but a Lincoln Continental limousine.

The limousine stopped in front of us, and a bald man in a suit got out of the passenger seat. Judging by his thick build, he looked like an athlete or a bodybuilder.

“Are you John Sungmin Lee?”

“Yes, I am. Who are you?”

The muscular bald man straightened his suit jacket and said,

“I was sent by Rockefeller.”

“Rockefeller… Do you mean Isaac Rockefeller?”

Claire, who was next to me, asked cautiously, and the man nodded.

“That’s right. After receiving Director Kyler Eisenberg’s report about your visit a few days ago, Rockefeller asked to see Mr. Lee.”

No further explanation was needed.

America is a country ruled by the wealthy. Laws and politics are all played in their hands. Even the Royce family, my allies, are a family that influences Washington’s political circles. If I refused this man’s request, all sorts of pressure would begin, starting with the cancellation of the loan.

I gathered my thoughts and answered, looking at the bald man.

“Understood. But my companions must come with me.”

“Of course. Please get in.”

The man opened the door and extended one hand inside, and the four of us got into the limousine. The door closed and the car started, and I asked Claire.

“Who is Isaac Rockefeller?”

“He’s the head of the Rockefeller family. Unlike the other Rockefellers, he doesn’t reveal himself much, so there are very few people who know him…”

Tension spread across Claire’s face. How great was the wealth of the Rockefeller family that it caused such tension?

“What’s the Rockefeller family like?”

“They hold more wealth than our family. I don’t know exactly, but they own quite a bit of shares in Exxon, Mobil, and Chevron, and they have many other assets.”

Exxon and Mobil are two of the world’s seven major oil companies that would later merge into ExxonMobil. Chevron is also one of the future world’s seven major oil companies, and their subsidiary, Caltex, held 50 percent of the shares in GK Petroleum.

‘Even though they sold their shares in GK Petroleum a while ago, Chevron decided to maintain its strategic alliance with the GK Group… If I mess up, it looks like everything will fall apart because of me. Damn it…’

I frowned, and it wasn’t until the limousine stopped several hours later that I straightened my face and got out of the car. As soon as I got out of the car, a gloomy underground parking lot unfolded before my eyes.

“Please follow me.”

Following the bald man who got out with us, we got on the elevator and walked to the room at the end of the hallway only after reaching the 50th floor.

“Rockefeller, we have arrived.”

[Bring them in.]

“Yes. Please come in.”

We passed through the door that the bald man opened and entered the room. The furniture in the room was plain to the point of being crude, but it had a subtle luster due to the patina of age.

And a middle-aged man who seemed to be the owner of this room was standing in front of us.

The man with a mustache and goatee, silver hair, and a suit approached us. Judging by the gold chain in his pocket, he was a typical middle-aged European gentleman who carried a pocket watch.

“I am Isaac Rockefeller. Which one of you is John Sungmin Lee?”

At Rockefeller’s question, I stepped forward.

“I am John Sungmin Lee, Mr. Rockefeller.”

“You are a young man, as I heard from Vice President Wilson and Director Eisenberg. Are you the owner of a Korean company called Haedong Group?”

I waved my hand, looking at Rockefeller, who was tilting his head.

“No, Mr. Rockefeller. The owner of Haedong Group is my grandfather, Chairman Lee Dae-soo. The rest of my family, including me, are just shareholders.”

“Hmm… Excuse me, but how many years has Haedong Group been around this year?”

At Rockefeller’s question, who was stroking his goatee, I gave a sheepish smile.

“71 years. It’s a short history compared to Standard Oil.”

“Hoo… Interesting. There are only a handful of large corporations in Asia that are that old, especially large corporations whose parent companies are not exposed to the outside…”

“We have worked hard to protect the value of the family business, and to grow the family business according to our family’s beliefs.”

As I spoke, putting strength into my legs that felt like they were about to give way, Rockefeller let out a soft exclamation.

“Amazing. Truly. Our Rockefeller family and other families are continuing their wealth through differential voting rights and donations through cooperation with Washington D.C….”

“I think you should add Family Offices (private wealth management firms for wealthy families), haha.”

Rockefeller gave a faint smile as he looked at me, who was joking.

“You seem to know quite a bit about our world. That’s why you made such difficult conditions when you asked for a $4 billion loan and mentioned our family, haha.”

“I had no choice but to make those conditions to get the deal. I didn’t want to genuinely insult the Rockefeller family, so I ask for your understanding.”

Rockefeller put his hand on my shoulder as I bowed politely in apology.

“If you didn’t have that kind of guts, you wouldn’t be qualified to borrow $4 billion from our Chase Manhattan under those conditions. It was like seeing my great-grandfather’s skills that I had only heard about, haha.”

I couldn’t shake off the sense of incongruity as I looked at Rockefeller’s unpretentious smile. How could the descendant of the ruthless oil king John Davidson Rockefeller be such a magnanimous person?

Just as I was about to feel a little fondness, Rockefeller said to me.

“As you heard from Wilson, Chase Manhattan will have priority in collateral processing. Is that alright with you, Mr. Lee?”

As expected, it was my mistake. Regardless of personal feelings, I couldn’t ignore the fact that this person was also someone who had been protecting wealth for generations in the jungle-like American business world.

“I know, Mr. Rockefeller. Collateral value readjustment is also included in the contract, so I’m sure you know that, right?”

“Of course. Still, it’s a dollar loan, so if the exchange rate skyrockets, can you handle it?”

Rockefeller threw a punch back at me, but that punch was not a hook but a jab, and a weak jab at that.

Anyway, when the foreign exchange crisis hits, the exchange rate will skyrocket, and the exchange rate of 800 won per dollar will never come again. All the plans I prepared were based on 900 won per dollar as the bottom line, so there was no way it wouldn’t be profitable.

“Of course, Mr. Rockefeller. I’ll work hard and pay it back in 10 years.”

As the word ’10 years’ came out, Rockefeller raised the corners of his lips.

“So you were looking at 10 years when you got the loan.”

“All businesses should be planned with at least 10 years in mind, just like your great-grandfather received 6 cents per gallon until he passed away.”

John Davidson Rockefeller maintained 6 cents per gallon, which was one-fifth of the market price at the time, until he monopolized the American oil market, and he kept that price until he died.

Thanks to Rockefeller’s greed for monopoly, consumers were able to use oil at a low price, and civilization progressed as internal combustion engines developed, so it was an irony of greed.

Rockefeller’s smile was visible to me as I briefly recalled the history of that time.

“Whatever the reason, you’re asking me to wait 10 years, Mr. Lee.”

“That’s right, Mr. Rockefeller. I’ll pay you back the $4 billion, principal and interest, in crisp dollars in 10 years.”

As I reached out my hand at the end of those words, Rockefeller’s eyes, which were looking at me, sharpened for a moment and then dulled.

“Good, Mr. Lee. I’ll set the loan for you for a maximum of 10 years.”

Rockefeller took my hand. The power transmitted to my hand wasn’t bad… But this person had too few wrinkles on the back of his hand to be a middle-aged man.