Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 225

225. 64th. Last All-in (2)

That night.

I quietly entered the Blue House [the presidential residence of South Korea] through a secret passage with Park Tae-jin, Seon Hae-cheol, and Claire. Thanks to a prearranged meeting request, we were able to meet with the new president in an underground chamber without anyone knowing.

“What brings you here so late at night, asking for a quiet meeting?”

Seeing the president’s face, with its strong lines, speaking without smiling or getting angry, made me smile involuntarily.

‘I’ve come to ask you for a favor, the first and last one.’

It might seem like a favor, but not really, but still a favor. After exchanging glances with the three, I opened my mouth.

“I understand the atmosphere is serious due to the current credit card company issues.”

“Standard Capital and Haedong Group probably know more about that. Isn’t Chairman Lee here like he has Yeouido [South Korea’s equivalent of Wall Street] in the palm of his hand?”

The credit card company issue seemed to have upset him. I gave an awkward smile at the president’s sharp reply, and the president cleared his throat, realizing he had gone too far.

“I’m not trying to blame you. I’m just angry that if the bureaucrats and businessmen, those who control this country’s economy, had followed even half of your example, this wouldn’t have happened.”

If it’s him, what he just said must be true. Wasn’t he the one who stood up against old practices with all his might? This time, thanks to me, he won’t face the same miserable ending as in his previous life.

“That’s an overstatement, Mr. President. But this situation is truly serious. That’s why I’m saying this…”

I took a breath and looked at the president with a firm expression.

“Please promise that the government will not provide any support for this situation.”

Honestly, I could mobilize the Haedong scholarship students who are spread like a spider web throughout the political and business circles of this country to stop it, but the current president has a rebellious streak that would make him resist such tricks even more. Moreover…

‘If we only bring down Shinseong Group, the Shinseong scholarship students will collapse. It’s better to have the Haedong scholarship students faithfully and quickly handle their original tasks.’

I was planning to use my family’s money to break the bureaucracy and self-preservation tendencies of this country’s public officials. Give generous incentives to those who work hard and are diligent, and just give pocket money to those who are incompetent and lazy.

“What?”

Looking at the president’s wide eyes, I began to explain.

“This accident stems from the responsibility of this country’s leaders, but it is also caused by the indiscriminate overuse of credit cards by ordinary citizens. This is an opportunity to make them aware of the dangers of credit cards.”

My words sounded arrogant, and the president’s eyes sharpened.

“Are you saying we need to educate the people now? Even if it comes at the cost of some sacrifice?”

It may be unpleasant for the president, but everyone needs to experience this situation as if it’s etched in their bones for the credit card business to operate soundly. I continued the conversation with a calm expression.

“Half right and half wrong, Mr. President. Standard Capital and Haedong Group will provide the highest quality educational courses.”

“Highest quality educational courses?”

The ‘credit card education course’ that Standard Capital will provide to this country’s credit delinquents is much lighter than what I remembered. Me, Park Tae-jin, Seon Hae-cheol, and Claire told the president about our prepared plan and the price for it.

“…After that, if we order container ships, develop overseas mines, and integrate the US military base based on my farm in Pyeongtaek, it will be easier for credit delinquents to repay their debts.”

“Heo… Are you really going to do that?”

Looking at the president, who had an unbelievable expression after hearing our plan, Claire smiled softly.

“Of course, Mr. President. In return, you just need to grant us the price we desire.”

“Hmm…”

The president, who had been humming, opened his mouth.

“I understand. Standard Capital and Haedong Group have shown what they are capable of, so I will trust you.”

Unlike other foreign investors or conglomerates, Standard Capital and the pan-Haedong Group did not carry out harsh restructuring and executed investments that made the use of public funds pale in comparison.

So, because of the results they have shown so far, the president in front of us would have said that he would trust our plan.

To use our family’s group affiliates and funds to cover the losses that the banking sector will bear and to create jobs that will allow credit delinquents to repay their debts and more, a credit card crisis bailout plan.

‘If this happens, we can withstand the chicken game [a reckless and dangerous game] in the shipping, shipbuilding, and construction industries. I didn’t expect the maturity of the installment savings to be this year.’

The investments that I and we have been pouring in like fools have finally come to fruition and allowed us to prepare for another sowing.

I smiled inwardly and bowed to the president with the three of them. The president looked at us and nodded.

***

The morning after the president finished meeting with Lee Seong-min and his group.

[The biggest responsibility for this credit card loan crisis lies with the existing credit card companies that have been recklessly focused on expanding their business. Therefore…]

The Blue House spokesman’s statement that there would be not a single penny of public funds and that banks and conglomerates would have to pour in their company’s money to resolve the situation turned the South Korean business world upside down.

“This can’t be! If credit card companies collapse, consumption will be paralyzed. How can they not provide financial support!”

“That’s right! They must be flexing their muscles because they haven’t been in the Blue House for long. Do they have to see the country’s economy collapse to come to their senses!”

Among the heads of conglomerates gathered at the Federation of Korean Industries, the chairmen who owned credit card companies or had invested heavily in credit card bonds in their affiliates raised their voices, but only one person, Oh Hyun-moo, opened his mouth calmly.

“So, shouldn’t everyone have been a little more careful?”

“Are you trying to provoke someone, Chairman Oh?”

Even when one of the chairmen shot back with a sharp voice, Oh Hyun-moo didn’t budge.

“I’m not saying this to provoke you. I was no different from you a few years ago.”

Oh Hyun-moo answered calmly, took a sip of green tea, and continued his answer.

“I thought the credit card business was doing unbelievably well, so I did an internal diagnosis, and it was a sight to behold. I understood that front-line sales staff were setting up stalls, but who would have known they were handing out cash to recruit members?”

The conference room became as quiet as if cold water had been poured on it at Oh Hyun-moo’s question. Aren’t all the chairmen here only giving instructions on the big picture from the top and checking only the visible indicators, while the processes taking place in the field are completely in the dark?

“Not only that, but they indiscriminately issued credit cards to students and housewives with no income, so this situation was bound to happen.”

“So, what do you think we should do, Chairman Oh?”

When another chairman snapped at him as if he couldn’t stand to see him showing off any longer, Oh Hyun-moo opened his mouth with a firm expression.

“Those who tied the knot must untie it. Since we did wrong, we must fix it.”

As soon as GK Card received Lee Seong-min’s diagnosis, it re-examined the payment ability of its members and prepared a way to cover losses by subscribing to reinsurance with overseas reinsurance companies through GK Shipping. Also…

‘What can’t we do to bring down Shinseong!’

Even if it means getting on the bad side of other groups, this situation is the only opportunity for GK Group to cut off the lifeline of Shinseong Group, which is an irreconcilable enemy.

Also.

If not now, there would be no chance to repay Standard’s favor even a little. The family’s hidden wealth in the shadows will be tarnished, but thanks to Standard, the group is prospering much more, so Oh Hyun-moo had nothing to regret or hesitate.

Jang Ho-geon glared at Oh Hyun-moo’s firm face as if he wanted to kill him.

‘That bastard I can’t even chew up and spit out…!’

He never thought that Oh Hyun-moo, who always acted politely and 맞춰던 [matched] the 분위기 [atmosphere], would confront the entire Federation of Korean Industries. Above all, wouldn’t the GK Group owner family also be hit if Shinseong Group completely collapsed?

While Oh Hyun-moo was fighting an invisible battle with Jang Ho-geon, not avoiding his eyes, Myung Seon-woo of Taehyun Group raised his hand.

“I also agree with Chairman Oh’s opinion.”

“Chairman Myung?”

Even when the other chairmen glared at him with wide eyes, Myung Seon-woo adjusted his glasses and straightened his gaze.

“During the foreign exchange crisis and the IT bubble collapse, we caused losses to many people. But we never apologized properly. So.”

Myung Seon-woo took a breath and continued.

“This time, we must share the pain so that we may not receive love from the people, but we will receive less hatred.”

“Heo…”

While the other chairmen were speechless, Taehyun Automotive Group Chairman Myung Seon-gu cleared his throat.

“Ahem… To be honest, I’m ignorant when it comes to money games, and all I have is car installment sales as a financial business. But I have something to say.”

Unlike his half-brother Myung Seon-woo, Myung Seon-gu openly stirred up the chairmen involved in this situation.

“Our Taehyun Motors sales have fallen by more than 20 percent compared to last year because of the chairmen who own credit card companies. Did you ask me to sell cars on credit to create this mess?”

The chairmen who owned credit card companies couldn’t say anything to Myung Seon-gu, who was openly growling.

Didn’t they approach Taehyun Motors and open car installment sales and suck up commissions after seeing Shinseong Card take over all of Haedong Motors’ car installment business and rake in money?

“As Chairman Oh or Chairman Myung said, we must take the lead first to receive at least a grace period for repayment, even if we don’t receive public funds support. Everyone, think carefully.”

While the chairmen were making faces as if they had eaten poop at the threat of Myung Seon-gu, their biggest customer, Lee Myung-jin also cleared his throat.

“Not only Taehyun Motors, but also Haedong Motors, a core affiliate of our Haedong Heavy Industries Group, has seen its sales plummet. The chairmen who invested in credit card bonds are victims. What have the chairmen who own credit card companies been doing?”

The word ‘chairmen’ came out of Lee Myung-jin’s mouth, but the person it referred to was only one person, Jang Ho-geon, making the modifier ‘들 [plural marker]’ meaningless. Isn’t he the head of Shinseong Group, which monopolized Haedong Motors’ installment sales?

While Jang Ho-geon was fighting a staring contest with Lee Myung-jin after Oh Hyun-moo, Seo Jun-seok, who attended the meeting as the chairman of Miryong Group, also raised his hand and gained the right to speak.

“We at Miryong also believe that each group should resolve this situation on its own.”

Even when the other chairmen’s cheeks were twitching or their eyes were sharp, Seo Jun-seok did not flinch and raised his voice.

“Why are those who experienced the problems of reckless management during the foreign exchange crisis repeating the same mistakes? In some ways, this situation was not an accidental accident but a man-made disaster.”

Following Seo Jun-seok’s provocative remarks, the head of Cho Hong Bank, who attended as the chairman of the Korea Federation of Banks, also opened his mouth.

“Our banking sector will also prepare self-rescue measures by merging all credit card companies that are subsidiaries into banks. As the chairman of the Korea Federation of Banks, I am notifying you that there will be no loan extensions for credit card companies of groups that do not prepare at least minimal self-rescue measures.”

As the banking sector’s warning fell, the faces of the chairmen involved in the credit card crisis turned pale. Among them, Jang Ho-geon, who owned Shinseong Card, the most problematic one, bit his lip and sensed that all of this was a multitude of knives flying towards him, and he also sensed who had thrown the knives.

***

While many stories were being exchanged at the Federation of Korean Industries, I was drinking tea with my grandfather in the study.

“The chairmen who own credit card companies must all be trying to die by now.”

“They are all reaping what they sowed. Those friends who often gather at the Incheon warehouse set up a recovery plan and run a private loan business, so aren’t they worse than those friends, hehe.”

Looking at my grandfather laughing, I also smiled.

“We are also reaping what we sowed. From my uncle to Chairman Myung, my uncle, Chairman Seo, and the banking sector, huhu.”

The saying that you reap what you sow also applied to me. Isn’t the favor I have gained by scattering Standard’s funds everywhere now being reaped in the conference room of the Federation of Korean Industries?

In the conference room of the Federation of Korean Industries, the groups that received support from our pan-Haedong Group and Standard will be raising their voices, saying that they must prepare self-rescue measures. At the request of me and us.

“From ancient times, small merchants were only concerned with immediate commercial profits, but big merchants looked far ahead and moved big. You have walked the path of a big merchant, so you have created today, euhehe.”

My grandfather was right. Haven’t I tasted the rewards of doing things that seemed frustrating and even foolish to others today?

My grandfather, who revealed his satisfaction without reservation, took a sip of tea with me and put down the cup.

“But it won’t be perfect for you to make the Jang family kneel before us.”

I nodded at the answer from my grandfather’s expressionless face.

The Shinseong Group affiliates’ shares held by the Jang family through Shinseong Holdings are on average 8 percent more than those held by Standard and Haedong Group’s financial affiliates combined. Among them, Shinseong Electronics, a core affiliate, has 10 percent more, so they are trying to buy the shares by any means, but there are not many 물량 [available shares] left.

My grandfather smiled and said to me, who was nodding with a firm expression.

“Now I have to tell you the secrets related to your wife’s family and your mother’s family.”

Secrets related to Shinseong Group and GK Group… What could it be? My ears perked up without me knowing.

***

I couldn’t hide my surprise after hearing the story about the secrets related to Shinseong Group and GK Group, or rather, the transactions that took place behind the scenes.

“I, is that true, Grandfather?”

“If your mother’s family had opposed it, do you think your wife’s family would have been able to establish Shinseong Electronics? When Shinseong Electronics was established, the way they acted subserviently, unlike Shinseong, was not all that was revealed to the world.”

As my grandfather said, Shinseong Electronics at the time of its founding was extremely conscious of existing companies, including Geumseong Electronics. Even for TVs, which were the most popular home appliances, they were not released in Korea until several years after the founding of Shinseong Electronics.

“…I see.”

“When I brought in the three families for the yen-go speculation [speculating on the yen’s exchange rate], it seems like there was more to the deal, judging from the argument between your eldest uncle and your father-in-law in front of me. Go ask your eldest uncle for details. Go quickly.”

“Yes, Grandfather.”

I bowed deeply to my grandfather and left the main building like a wild boar that had been paid in advance.

“To think that such a secret was hidden…”

I was already driving on the main street in my car, muttering, and my eyes narrowed.

‘That… was that it.’

In my previous life, when Shinseong Group was suffering from a management dispute with overseas hedge funds, Shinseong Group was preparing to defend its management rights not only for Shinseong Corporation, a holding company, but also for Shinseong Electronics.

In the process, I was surprised to learn that an unimaginable amount of Shinseong Electronics shares were 차명주식 [nominee stocks], but after hearing the secrets related to my mother’s family and my wife’s family from my grandfather today, the clue was solved.

[Given the personalities of your mother’s family, they must be very burdened by the help they have received from Standard so far. Now that they are evenly matched with Shinseong thanks to you, they will not be very disappointed.]

My grandfather would not lie about such an important matter. With the thought that this final battle could be ended more easily and quickly, I called Oh Hyun-moo.