Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 198

198. 57th. The New Millennium’s Run (1)

After dismissing Harry Clarkson, Jackson Pierpont Morgan, left alone, fiddled with the phone in his hand before pressing a button.

“It’s me, Father.”

[If you’re going to spout nonsense about needing to throw in more money, you might as well stop. I’ve lost a whopping 20 billion dollars today alone!]

Jackson frowned at the outburst that erupted as soon as the call connected.

As his father, Pierce Morgan, the head of the Morgan family, raged on the other end of the phone about the negative 20 billion dollar result of trying to defend the stock price, Jackson continued the call with a grim expression.

“The IT bubble burst was a disaster that no one, including you, Father, predicted. Did anyone foresee the Roys dumping their stocks, or the accounting fraud at Enron?”

[Are you trying to make excuses now! Don’t you know everything is judged by results?]

His father’s usual words, now a roar, stung Jackson.

Wasn’t this the same father who had shielded him when the family called him vulgar for engaging in all sorts of risky currency speculation—from the yen appreciation speculation five years ago to the Southeast Asian currency speculation and the Russian moratorium—as long as the results were good?

Jackson, who had trusted such a father and tried to use the IT bubble to solidify his succession as the next head of the family, felt the current words cut him to the bone.

Regardless of such pain, Jackson spoke into the phone with an expression of grim resolve.

“If we let the stock price fall like this, we won’t be able to stop the slide. We need to make it rebound, even for a moment, and then sell…”

Jackson tried to find a breakthrough, but his words were cut off by Pierce.

[How many times have I told you not to catch a falling knife! What are you going to do if the stock price falls even if you pour in the entire family fortune?]

“We need to support the stock price to some extent to cover the JP Morgan loans that went to Standard Capital, Father. If the stock price collapses like this, JP Morgan will collapse!”

JP Morgan was a company named after John Pierpont Morgan, the founder of the Morgan family, and the bedrock of the family’s wealth. Despite Jackson’s desperate plea, the coldness in Pierce’s voice did not dissipate.

[Give it all up. I’d rather entrust the next headship to ‘Pratt,’ the dog I raise, than to someone like you.]

To be considered worse than his father’s pet dog ‘Pratt’… Jackson’s hand, holding the phone after the call was disconnected, trembled.

“You bastards…”

Jackson vowed to never forget the humiliation he suffered today. As if engraving his determination to take revenge, Jackson clenched his fist so tightly that his nails dug into his palm, and he trembled.

***

Four months since the IT bubble began.

After contacting my grandfather and leaving Jang Ha-yeon and Hyun-bin in the United States a little longer, I went to work at the Standard Capital headquarters’ conference room, using it as an operations center to oversee the collapse of the IT bubble. Only today, leaning back in my chair as if stretching, did I let out a light sigh.

“It was not an easy fight.”

“Not easy? You drove JP Morgan to the brink of bankruptcy in 100 days, hehe.”

During those 100 days, the silent war of money between the Standard, Rockefeller, and Roys family alliance and the Morgan family had dragged the NASDAQ index, which had been over 5,000 from the beginning of the year, down to 3,000 points by today, mid-April.

Park Tae-jin, who was leisurely drinking coffee across from Sun Hae-chul, who was looking at me and smirking, smiled and said to me.

“The war period was 100 days, but wasn’t the war preparation a whopping 6 years? I don’t know if you intended it, but, haha.”

At Park Tae-jin’s smiling words, I smiled and said.

“In retrospect, that’s how it is. It just happened that the timing was right and the situation was right, haha.”

I laughed it off, but Park Tae-jin was half right.

From the beginning, I had planned to take out all the loans using IT stocks as collateral and then give up the stocks I had entrusted. It was a huge success because Plan A, which was to pass it all on to JP Morgan, worked.

Enjoying a rare moment of leisure, I asked Claire, who was drinking juice next to Sun Hae-chul.

“How’s the Chase Manhattan merger with JP Morgan going?”

“I heard from my father that the Senate Banking Committee and the Federal Reserve Board will approve it soon. It seems like they’re trying to resolve it quickly because JP Morgan lost 40 billion dollars due to the IT bubble burst.”

Due to the IT bubble burst, the stock price of JP Morgan’s holdings fell by more than 40 billion dollars. Including the money spent on defending the stock price, I expected the Morgan family to have lost twice that amount, and then I heard another surprising piece of news from Claire.

“The merger will only involve Chase Manhattan taking over JP Morgan’s assets and liabilities? JP Morgan’s stock is going to be worthless, hoho.”

Unlike Claire, who was smiling brightly, I felt a chill run down my spine.

“They’re proceeding with a P&A (Purchase and Assumption) transaction?” [A P&A transaction is where the acquiring company purchases the assets and assumes the liabilities of the target company.]

A P&A merger is the most radical type of merger. The company being acquired is stripped of all its valuable assets and left with only bad debts before being liquidated.

Naturally, the shareholders of the company being acquired won’t get a single penny for their shares, so it’s like a death sentence. I thought the US government would inject public funds into JP Morgan, but… I was taken aback by the unexpected method, and Claire told me the reason.

“The presidential election is at the end of the year, and Clinton wouldn’t be crazy enough to inject taxes [public funds]. JP Morgan is the only one who lost 40 billion dollars due to the IT bubble, so there could be accusations of favoritism.”

“I see, haha.”

It seems that politicians in the United States and Korea are the same when it comes to election season. If only JP Morgan, which lost 40 billion dollars—almost half of the Republic of Korea’s budget—is bailed out, which American citizens would like that?

As I nodded and gave a bitter smile, Claire told me the reason why the merger between the two companies was proceeding in a P&A manner.

“And the Rockefeller family has spent a lot of money on political figures in the US. Including official donations and untraceable money, they’ve spent about 1 billion dollars.”

“O-one billion dollars?”

I was speechless when I heard that. The amount was astonishing, but didn’t that mean that the Rockefeller family’s anger towards the Morgan family was that great?

While Sun Hae-chul and Park Tae-jin were also making expressions of disbelief, a phone call came in.

[It’s Isaac, Johnny. How have you been?]

I couldn’t help but laugh at Isaac’s call, unsure whether he was a tiger or a pushover.

“Haha. Yes, Isaac. The Rockefeller family has really sharpened their knives.”

[I wanted to surprise Johnny, but it seems Claire told you, haha.]

After Isaac’s awkward laughter, I heard his words.

[We had to spend that much to keep the snakes in Washington D.C. from thinking about helping JP Morgan, didn’t we? Thanks to Johnny for creating the opportunity, I was able to persuade the family, haha.]

“Then the time for settlement will come soon. The method has changed, but once the merger is complete, you’ll hand over the IT stocks held by JP Morgan and the Morgan Stanley shares to us as promised? Haha.”

Morgan Stanley.

Before the Glass-Steagall Act [a law that separated commercial and investment banking] was repealed, it was a leading investment bank on Wall Street along with Goldman Sachs, and it was also a subsidiary of JP Morgan’s investment banking division.

I was worried that they wouldn’t hand over such a company even while laughing, but it was clear in an instant that my worries were unfounded.

[Of course. They’re going to buy back the cheap IT stocks for 30 billion dollars, so we have to hand over Morgan Stanley. President Eisenberg and Vice President Wilson both welcomed Johnny’s proposal with open arms, so you don’t have to worry, haha.]

“It seems like the decision was made quickly since the two of them also agreed, haha.”

The impact of the IT bubble burst was indeed significant. Rather than continuing to hold onto IT stocks whose prices were falling day by day, it would be much better to bundle Morgan Stanley as a set menu and hand it over to me, and then secure cash to cover the losses, wouldn’t it?

‘If I liquidate a few IT stocks, their long-term investment value will be sufficient. And since I’ve acquired Morgan Stanley as well, it’s a profitable deal, hehe.’

Because it was an investment that would be successful in the long term, the corners of my mouth naturally turned up.

After that, I finished the call with Isaac only after completing the ‘post-war processing agreement.’ After the call ended, Claire took the juice cup away from her mouth and asked me.

“What are you going to do with the money you made this time, Johnny? Your total assets have suddenly increased by another digit?”

As Claire said, this IT bubble burst became an opportunity for my personal assets at Standard Capital to increase from 10 billion dollars to 100 billion dollars. I shrugged my shoulders at Claire.

“Well. First of all, I’m going to do the clothing business I promised my wife, and I’m going to develop the overseas mines that I’ve secured development rights for one by one. I’m also going to acquire Taehyun Electronics, haha.”

With the money I’ve earned this time, I can push all of the group’s businesses into the global TOP 3, whether it’s overseas resource development or the semiconductor chicken game [intense competition in the semiconductor industry]. Sun Hae-chul said to me, who had high expectations for the new millennium.

“Are you going to squeeze out what your in-laws are holding onto?”

“No? Of course, I have to. I’m going to make them all kneel before my family, hehe.”

No matter how fun it is to grow a business, can it compare to drying up the blood of my in-laws? I drank my coffee and pondered how to dry up the blood of my in-laws in an innovative way.

***

A few days later.

I returned to Korea with Park Tae-jin and Yoo Hyun-jung, and Sun Hae-chul and Claire. After dispersing, we went to visit Sun Hae-chul and Claire, who had decided to stay long-term in the suite room at the main branch of the Korea Hotel.

“Uncle, are you really going to live in Korea too?”

Sun Hae-chul, sitting across from me and Park Tae-jin, nodded.

“I have to? I’ll have to think about the children’s nationality later, but I want them to know what their parents’ country is like. Right, Claire?”

“That’s right, Sun. Our children are half Korean, aren’t they? My father also said that it would be good to live in Korea and the United States alternately every year, hoho.”

If Henry even advised them to live in Korea and the United States on a yearly basis, then it’s all over. I nodded at the sight of Claire smiling slightly and Sun Hae-chul smiling at her.

“Since you’re going to live alternately, how about living next to us?”

“Huh?”

“Don’t be surprised. Uncle bought your brother’s house, so this time, me and your brother will buy it for you. What do you think, brother?”

I heard Park Tae-jin’s answer in front of the dumbfounded Sun Hae-chul and Claire.

“Of course, Director. If possible, it would be good to live next to the director. Wouldn’t it be nice if the three of us lived side by side? Haha.”

It seemed like it would be fun if Park Tae-jin and Sun Hae-chul lived together with me in the middle. I also thought so, so I smiled and nodded.

“That would be nice. Let’s start looking for a house… There will be a lot of things to do in Korea in the future, so you should be prepared, hehe.”

“How could it not be? I decided to live in Korea because there’s no chance of being bored next to you, so don’t worry, hehe.”

Seeing Claire nodding next to Sun Hae-chul, who was grinning, I couldn’t help but let out a hollow laugh.

‘I thought I was the only workaholic, but these two are no match for me. Well, is it a good thing instead? Hehe.’

My lips curled up, and I decided to screw over my brothers-in-law and sister-in-law with the two of them leading the way. Just like I thought in America.

***

A few days later.

Sun Hae-chul and Claire appeared on a broadcast program with Michael and Ryan in their arms.

If you only saw the two of them holding one child each, you would think it was a family program, but the program that their family appeared on was a current affairs and economics program.

“So… are you saying that the IT craze that is currently blowing through Korea is a frenzy, CEO Lawrence?”

“That’s right. Standard focused on the communication environment that did not meet people’s expectations for the IT industry, took the risk of liquidating all IT stocks, and then made huge profits by betting on the crash. There was also some luck in the process, but…”

Claire, who became known as the ‘Empress of Wall Street’ as a result of this incident, told the host about the process of making money in the IT bubble, and the host’s mouth dropped open.

“…In order for the level of IT service that people want to be realized, it must go up to at least 1 gigabit per second, that is, 128 megabytes per second. At the current rate of just over 1 megabit per second, there is a long way to go.”

Claire, thinking that she had laid enough groundwork as Lee Sung-min, her business partner, had instructed, passed the baton to Sun Hae-chul with a wink.

“According to my wife and boss, CEO Lawrence, the IT business that Mo Group is currently investing all its corporate capabilities in is meaningless. According to what I’ve learned, dozens of IT companies have sprung up in just a few months, and I’m concerned that the IT bubble will be reproduced in Korea due to that group.”

Even if they didn’t call Mo Group by its name, everyone knew where it was. Claire and Sun Hae-chul smiled brightly, satisfied with today’s show that they had planned and carried out with their business partner who had connected them.

***

Jang Ho-gun, who was watching the two people’s words on TV, slammed his desk.

“Those damn bastards!”

Jang Ho-gun couldn’t bear the rising anger. His children begged him to help, but wasn’t the IT business, which he started in the name of Shinseong for management succession, being sprinkled with a thick layer of red pepper powder [sabotaged]? Because of those two bastards.

A phone call came to Jang Ho-gun, who was constantly slamming his desk with his fist. A phone call when something bad happened… Jang Ho-gun tried to ignore the anxiety and picked up the receiver.

[It’s a disaster, Chairman! The i-Shinseong stocks held by the banks are pouring out!]

“What?”

Jang Ho-gun couldn’t believe it. The banks are going against him, who is a depositor and a loan customer?