The Conglomerate Family Became A Villain [EN]: Chapter 180

180. Wall Street Summer (2)

Sitting across from Neil Hamilton was none other than Bud Walton, the legend of Walmart.

“You seem to have gotten younger since retirement.”

Neil Hamilton replied with a wry smile.

“Perhaps it’s because I no longer have reason to furrow my brow.”

The two men’s friendship dated back to World War II. Bud Walton was an Air Force pilot, and Neil Hamilton was a Marine Corps company commander.

They became friends after a brawl at a naval officers’ club and had maintained that friendship ever since. Those who knew of their relationship often said that Neil Hamilton had directly or indirectly influenced Walmart’s success.

“Why don’t you retire too?”

At Neil Hamilton’s suggestion, Bud Walton sighed deeply.

“Hoo… If only I could.”

“What’s the problem? Don’t you trust your sons?”

“That too, and my brother’s sons are also a problem.”

Walmart wasn’t built by Bud Walton alone. He co-founded it with his brother, Sam Walton, and the more well-known of the two was Sam Walton.

Neil Hamilton asked again.

“Why? Is there a problem with Samuel?”

Samuel Robson Walton was the eldest son of Sam Walton and was considered the next head of the Walton family.

“Perhaps because he majored in law, he lacks flexibility.”

“He may lack flexibility, but he must be upright and meticulous.”

Bud Walton clicked his tongue at Neil Hamilton’s words.

“Tsk, tsk, Neil. Retirement must make the world look bright.”

“You should try retiring too.”

Bud Walton groaned softly.

“Hmm…”

He didn’t seem ready to retire yet.

“Bud, you should only work until your 60s.”

Bud Walton and Neil Hamilton were already in their mid-60s.

“Is there a law that says you can’t work in your 70s?”

“No, but you have to give your sons a chance.”

Bud Walton and Sam Walton’s eldest sons were now in their 40s.

“A chance, you say?”

“Trust the talents of the young folks.”

Bud Walton stroked his chin and said.

“Come to think of it, was that friend’s matter resolved well?”

“Which friend?”

“The one who caused a stir on Wall Street recently.”

Neil Hamilton sighed briefly after hearing Bud Walton’s story.

“Ha… You mean Charlie Jung.”

He had previously sent Jung Hyun-woo a message congratulating him on his victory.

“Yes, that friend. Did he defend well?”

Neil Hamilton frowned and asked back.

“You’re unusually interested, not like you. Is there a reason?”

“My daughter is very interested.”

Neil Hamilton raised his eyebrows as if he had learned something he didn’t know.

“Your daughter? In that friend?”

Bud Walton looked at him, surprised, and slowly shook his head.

“It’s not that kind of relationship you’re thinking of.”

Neil Hamilton calculated Jung Hyun-woo’s age and Aria Walton, Bud Walton’s daughter’s age, and narrowed his brow.

“Hmm, with that age difference, you never know.”

“Neil.”

“Didn’t we have someone like that among our classmates?”

“You mean the guy who married his friend’s youngest aunt?”

Neil Hamilton clapped his hands and replied.

“Yes, Kevin, wasn’t it? That friend. I think there was a seven-year difference.”

Kevin was a naval aviator like Bud Walton, and after the war, he surprised everyone by marrying his friend’s youngest aunt.

Bud Walton listened to Neil Hamilton’s words and clasped his hands together.

“Listening to you, I’m starting to feel a little uneasy.”

“What’s the age difference on that side?”

“I think it’s an eight-year difference.”

An eight-year difference in 1985 seemed much narrower than a seven-year difference in 1945.

“That’s a dangerous number.”

“More than that, you still haven’t answered my question.”

“Your question?”

“Who won?”

Neil Hamilton leaned back in his chair and said.

“That friend won.”

“Charlie Jung won?”

“He made Terra’s Damon kneel.”

Bud Walton frowned at the mention of Terra.

“Why not take this opportunity to dissolve Terra?”

He had disliked Terra for a long time.

“What power do I have? Besides, I’m already retired.”

“Hmm, does that mean everything, including Terra, is Mr. Morgan’s decision?”

“As you said, it’s the Morgan family that moves JP Morgan.”

Bud Walton had a long relationship with JP Morgan but didn’t like Arthur Morgan.

“Retired but not retired, is what you’re saying.”

“He’s holding onto the chairman of the board position tightly.”

“If I retire, I wouldn’t do it like that.”

He meant that if he retired, he would relinquish all authority and retire completely.

“That’s like you.”

Bud Walton raised his glass and said.

“Let’s have a drink.”

Neil Hamilton clinked glasses with him and raised his voice.

“For everyone’s retirement.”

A new era would soon begin.

Neil Hamilton thought so.

* * *

Bank of America Emergency Board Meeting.

The meeting was led by Carlos Giannini, Chairman of Bank of America.

“We’ve gathered here today because of a recent incident.”

He slowly scanned the six registered directors.

Expressionless, gloomy, gentle – the six directors sat in their chairs with different faces.

“The board will take follow-up measures regarding the incident and impeach the person responsible.”

Impeachment of the person responsible.

As soon as these words were spoken, Carney Paul’s face darkened rapidly.

“May I ask what incident you are referring to?”

The one who raised his right hand was Max Durman, an outside director.

Carlos Giannini slowly answered his question.

“Over the past two weeks, there has been large-scale short selling at our bank’s New York branch.”

Max Durman narrowed his brow.

“Are you saying the New York branch helped customers with short selling?”

“No. The New York branch did the short selling directly.”

Max Durman clicked his tongue at Carlos Giannini’s answer.

“Huh, the New York branch engaged in large-scale short selling without the board’s permission? Surely they didn’t do it without the management’s permission either?”

Carlos Giannini shrugged and replied.

“I never gave permission.”

As his words fell, Max Durman’s gaze turned to Paulo Giannini.

Paulo Giannini, as COO [Chief Operating Officer], was considered the de facto manager of Bank of America.

“Neither did I.”

Max Durman frowned.

“If not you two, then who?”

At his cry, Carney Paul and three others lowered their heads. They were the ones who had created this situation.

“No, are you saying the New York branch independently engaged in large-scale short selling without anyone’s permission? Isn’t this a matter for investigation, not just disciplinary action?”

At Max Durman’s cry, Carney Paul weakly raised his hand.

“I gave permission.”

“Carney?”

“I thought it was a winnable fight.”

Max Durman tilted his head and asked.

“A winnable fight, you say?”

“I thought we could make a profit through short selling.”

“You’re saying you allowed large-scale short selling at Carney’s level for just that reason?”

Max Durman thought that even if she didn’t get permission from Chairman Carlos Giannini, she should have gotten permission from Paulo Giannini.

“Isn’t our company a bank that pursues profits? I didn’t think there was any reason to stop activities that could generate profits.”

Max Durman turned his gaze to Carlos Giannini.

“You mentioned follow-up measures and impeachment of the person responsible earlier, does that mean the short selling failed?”

Carlos Giannini slowly nodded.

“The New York branch has caused a loss of $110 million to this bank.”

$110 million.

A huge sum that could buy a giant office building in New York.

“Th, that…”

As Max Durman couldn’t find the words, Carney Paul lowered her hand and said.

“I will resign from all positions.”

Paulo Giannini said coldly.

“Do you think that alone will get you out of the $110 million loss?”

He wanted to use this incident as an excuse to eliminate the forces opposing the Giannini family.

“There is no company that demands employees to compensate for losses incurred in management.”

The one who raised the objection was not Carney Paul. It was Vincent, a major shareholder and board member.

“Vincent, was it you?”

Vincent clasped his hands together and answered Paulo Giannini’s question.

“I thought Bank of America needed a change.”

Paulo Giannini’s voice was quite sharp.

“So you tried to push us out using Carney.”

Vincent had a dark face, but he was not intimidated or backing down.

“I just thought her new management policies might be a good fit for the bank.”

Paulo Giannini shouted in a cracking voice.

“What you’ve done is treason and breach of trust!”

Vincent only frowned and didn’t confront Paulo Giannini.

Instead, Max Durman stepped in to mediate between the two. The Durman family, to which he belonged, was the second-largest shareholder in Bank of America, after the Giannini family.

“What’s done is done. I don’t think it’s good for board members to fight each other. I think we should just accept Carney’s resignation.”

Carney Paul’s resignation was unavoidable for any reason. She knew that fact and came to this meeting.

‘I failed at gambling, so I have to pay the price.’

Carlos Giannini raised his right hand and said.

“Max, we can’t end it with just Carney. The $110 million loss is a loss for our board, Bank of America’s customers, and countless shareholders.”

Max Durman asked him.

“Chairman, what are you going to do?”

Carlos Giannini looked at Vincent and said.

“Vincent, transfer your shares and resign from the board.”

Vincent naturally refused.

“I can never give up the shares our family owns.”

Instantly, Carlos Giannini’s expression turned cold.

“Vincent, do we have to go to court?”

Vincent couldn’t help but hesitate.

‘Going to court means the end with the Giannini family.’

Carlos Giannini looked like a kind old man, but when he was young, he was more of a man than Paulo Giannini.

‘Damn it… Our family’s power can’t surpass the Giannini family.’

His original plan was to plummet Victoria Corporation’s stock price and then hold Paulo Giannini responsible.

But the one who suffered the loss was not Paulo Giannini, but Carney Paul.

In the end, Vincent clenched his fist and said.

“I will resign from the board and give up half of my shares.”

At those words, Carlos Giannini also relaxed his hardened face and said in a low voice.

“Everyone, remember Vincent’s words.”

Max Durman nodded and echoed his words.

“I will remember.”

Carlos Giannini got up from his seat, and Paulo Giannini supported him and went outside.

Soon, the remaining people let out a long sigh.

“Hoo…”

Max Durman asked Vincent.

“Why did you commit such an act?”

He meant that it was a rebellion that was bound to fail.

“I thought we could win with Terra.”

Max Durman narrowed his brow at the word Terra.

“Even with Terra involved, it turned out like this?”

Vincent got up from his seat and raised both hands.

“I didn’t realize the cartel of the Big 3 would be so solid.”

He thought that the failure of this incident was a collaboration between Bank of America, JP Morgan, and Citi Bank, known as the Big 3.

‘All three of them are involved with that strange company called Victoria Corporation.’

Suddenly, something flashed through his mind.

‘Could it be! Is Victoria Corporation the same as Terra?’

The three companies created Victoria Corporation just like they created Terra.

If so, this incident could have been a battle for dominance between Terra and Victoria Corporation.

‘Damn it! Was I caught in the crossfire of a whale fight?’

It was a situation that made him laugh involuntarily.

But the truth was different from what he thought.

Victoria Corporation was spread across the three giant banks, but it was not a company they had jointly created. And Jung Hyun-woo was a man with the courage to stand up to Arthur Morgan.

* * *

West 57th Street, not far from Central Park.

In a small cafe here, Sarah was raising her voice.

“I was surprised when Charlie told me to bring the headquarters securities.”

“Did you think we were selling the company?”

“I thought it was something similar.”

Jung Hyun-woo said in a nonchalant voice.

“We actually did something similar.”

He had taken out a loan from Citi Bank using his holdings as collateral.

‘I wouldn’t have been able to stop it without the loan from Citi Bank.’

In fact, the short-selling forces withdrew after the buying spree from Citi Bank.

And a few days later.

Terra canceled its short-selling declaration of Victoria Corporation, and Victoria Corporation’s stock price soared to $13.4.

“I’m not blaming Charlie.”

“I know. But I can’t help but think that the reason we were driven this far is because of me.”

Jung Hyun-woo had a gloomy face even though he had successfully defended against Terra’s attack.

Sarah checked his face and slightly raised her tone.

“Is it because of City Service?”

If Jung Hyun-woo had contributed to the decline in Victoria Corporation’s stock price, it was the hacking of City Service.

“That too… I can’t help but think I was too harsh on Robert.”

Sarah sighed briefly after hearing Jung Hyun-woo’s words.

“Hmm, then Charlie should take responsibility just like Robert.”

Take responsibility.

Jung Hyun-woo didn’t think it was the right time to step down yet.

“It’s too early to step down as CEO [Chief Executive Officer].”

“Who told you to step down?”

“You said to take responsibility?”

Sarah narrowed her eyes.

“Why are you so frustrating? Where did the old man go? Compensate the hardworking employees and Victoria Corporation shareholders with your own money.”

Jung Hyun-woo scratched his head at her remark.

“That’s what you meant.”

“Did you think I would tell Charlie to step down from the president’s position and go to the research lab?”

“I thought that’s what you meant.”

Sarah raised her spoon and raised her voice.

“Who would take over that position if Charlie stepped down? It would be me, the COO [Chief Operating Officer]. Do you think I would make such a decision?”

She thought that being a CEO was absolutely impossible when she was already struggling as a COO.

Sarah held out the spoon she was holding to him.

“Here, eat something sweet and get your act together.”

A piece of cake was placed in front of them.

“Sarah…”

“Why? Are you moved by your sister’s love?”

“No. That’s the spoon you were using, Sarah.”

Sarah crossed her arms and sighed.

“Ha… You’re so picky like a child.”

He was the one who sent her to Boston, saying she would deal with rough men.

‘He was really manly that day, but today he’s just a cute younger brother.’

Was it because he had poured all his energy into the war with Terra?

Jung Hyun-woo looked particularly weak today.

“Okay. I’ll let it slide today.”

Jung Hyun-woo lay down on the table and said.

“Thank you.”

“Are you tired?”

“Very.”

It wasn’t an exaggeration.

Jung Hyun-woo hadn’t been able to sleep properly for the past two weeks because his nerves were on edge.

“Rest if you’re tired. The company won’t fall apart if Charlie doesn’t come to work for a few days.”

She meant to leave the rest to her and rest.

“The negotiations aren’t over yet.”

The last task remaining for Victoria Corporation was to prevent the strike in the AS division.

“Leave it to Mac.”

“Is that okay?”

“Just use Charlie’s money generously to solve it.”

Jung Hyun-woo raised his head while lying on the table.

“That’s what I told him, but it’s taking longer than I thought.”

Initially, he expected the negotiations to be settled within three days. But the AS division negotiations were continuing even after the short-selling war ended.

“Should I go out?”

Jung Hyun-woo waved his right hand at Sarah’s suggestion.

“I’m going tomorrow.”

“Charlie is?”

“The representative has to sign the final signature to make it look good.”

Jung Hyun-woo spoke as if only the signature was left, but the two sides were still in great conflict on some important points.

‘Is there no choice but to solve it myself after all?’

He thought that leaving it to Mac Coyle was enough.