The Conglomerate Family Became A Villain [EN]: Chapter 264

New World (4)

Autumn, 1987.

Erich Honecker, the General Secretary of the Socialist Unity Party of East Germany, made his first official visit to West Germany as the leader of East Germany, fostering a sense of reconciliation between the two nations.

In the United States, many believed his visit was a direct response to President Reagan’s iconic challenge: ‘Mr. Gorbachev, tear down this wall!’

“Do you think Germany will actually reunify?” Sarah asked.

Jung Hyun-woo responded, “Isn’t it just a matter of time?”

“Really?”

“Gorbachev and the Soviet Union have decided not to interfere in the internal affairs of East and West Germany.”

Jung Hyun-woo’s acquisition of rights to Soviet computer games, including Tetris, provided him with a direct line to the Soviet government. This allowed him to receive news from the Soviet Union faster than most.

“I hope another war doesn’t break out.”

“In Germany?”

“Wars have always broken out whenever Germany was unified.”

The unification of Germany inevitably leads to war.

Many people, including Americans and Western Europeans, subscribed to this historical narrative.

“It won’t happen this time.”

“Does that mean Germany has learned its lesson?”

“They should have learned something after failing twice.”

Germany.

A country that initiated two world wars.

Jung Hyun-woo knew the future.

‘They decided to lay down their weapons and sell cars instead.’

After reunification, German manufacturing prowess would spread globally, particularly achieving remarkable success in China.

Companies like Volkswagen would eventually claim the title of the world’s leading automaker, largely due to their early entry into the Chinese market.

“Two failures… I hope the German people genuinely feel that way.”

“Are you worried, Sarah?”

“Charlie doesn’t seem concerned, probably because he lived on the other side of Germany.”

“I believe the German people have changed.”

Sarah set down her glass.

“Leaving Germany aside, did your meeting with Alan go well?”

Jung Hyun-woo inquired, “Why do you call Alan Greenspan ‘Alan,’ by the way?”

In the United States, it was more common to address individuals by their last name, preceded by a title like ‘Mr.’ or ‘Ms.,’ especially in formal or ambiguous relationships.

Therefore, most people would refer to Alan Greenspan as ‘Mr. Greenspan.’

“I’ve known Alan for a long time.”

Jung Hyun-woo’s eyes widened. “You know Alan Greenspan?”

“He’s a friend of my dad’s.”

“You never mentioned that.”

Sarah looked apologetic, noticing Jung Hyun-woo’s slight agitation.

“I thought it was best to keep personal and professional matters separate.”

Jung Hyun-woo sighed inwardly.

‘Ha… Alan Greenspan’s advice makes sense now, knowing he knows Sarah.’

He was once again reminded of the breadth of her connections.

“Still, you should have given me a heads-up.”

“A heads-up?”

“He was very strict.”

“Alan is always strict.”

“Has he always been such a cold-blooded person?”

Sarah lightly puffed out her cheeks.

“Alan isn’t so much cold-blooded as he is… emotionally reserved.”

“He was so reserved that he was practically squeezing the heart of the person sitting across from him, you know?”

“Was it that bad?”

Jung Hyun-woo smiled and shook his head.

“I’m just kidding.”

Sarah breathed a sigh of relief. “Haa… I was worried something was going on between you two.”

“It’s not that nothing is going on.”

“Did you argue?”

“We didn’t fight, but he advised us to withdraw from Japan.”

Sarah knew how committed Jung Hyun-woo was to investing in Japan.

‘If he’s advising Charlie to withdraw his investment in Japan, does the US government disapprove of investment in Japan?’

She suspected that Jung Hyun-woo had rejected the advice.

“So, you just flatly refused?”

Jung Hyun-woo shrugged. “No. I set a condition.”

“A condition?”

“I agreed to withdraw, but on my own terms.”

Sarah’s voice softened. “Does that mean you both compromised?”

“Something like that. I proposed the middle of 1988 as the withdrawal date, and Alan wanted it done by January.”

Jung Hyun-woo aimed for a mid-1988 exit, while Alan Greenspan preferred an immediate withdrawal at the start of 1988.

“If Charlie’s assessment is correct, we need to start preparing to pull out now, right?”

“So, I’m planning to meet John tomorrow.”

“Does that mean a business trip to New York?”

“I’ve already contacted Luna from Washington.”

“Straight to the airport in the morning?”

“Wouldn’t that be best?”

“Okay. Then I’ll take Charlie to the airport tomorrow.”

Jung Hyun-woo avoided discussing nationality or marriage with Sarah.

‘Since he’s Andrew’s friend, it’s better to act like I don’t know.’

He was well aware of Andrew Hilton’s concerns about his daughter’s future.

* * *

New York.

Jung Hyun-woo arrived at the Victoria Fund headquarters.

“We’ve been expecting you.”

A woman with a radiant smile greeted Jung Hyun-woo and his team in the lobby.

“A new face.”

“I’m Jane. I’m Mr. Peer’s secretary.”

Jung Hyun-woo couldn’t help but notice that John Peer seemed to select his secretaries based on their appearance.

‘Hmm, the previous secretary was also quite beautiful…’

Of course, Jung Hyun-woo’s own secretary, Luna, was also exceptionally attractive.

However, he had hired her primarily for her skills and background, rather than her looks.

“Where is Mr. Peer?”

“Mr. Peer is finishing up a meeting. He’ll be in his office shortly.”

Jung Hyun-woo nodded and entered the elevator.

“How’s the atmosphere at the company?”

“Everyone’s in high spirits.”

Victoria Fund was generating profits beyond anyone’s wildest dreams, so it was no surprise that morale was high.

Ding.

The elevator doors opened.

“Charlie!”

John Peer stood waiting with open arms.

“John, how have you been?”

“What brings you to New York so suddenly?”

Jung Hyun-woo raised his right hand in greeting. “Let’s talk inside.”

He walked towards John Peer’s office, instructing his staff to wait in the conference room.

Click.

As he opened the door, a strong scent of perfume filled the air.

‘Perfume?’

He slightly furrowed his brow. John Peer said cheerfully, “Nice scent, isn’t it? I hired an expert who said it improves the air quality.”

“A perfume expert?”

“They say that pleasant scents boost work efficiency.”

Jung Hyun-woo could sense the extravagance of the Japanese bubble economy permeating John Peer’s office.

‘It’s not just the smell of perfume; it’s the smell of money.’

A boom significant enough to warrant hiring a fragrance consultant.

John Peer’s office felt like a slice of Tokyo.

“I was in Washington two days ago.”

John Peer settled into his chair.

“Washington?”

Jung Hyun-woo calmly recounted his meeting with Chairman Alan Greenspan.

John Peer listened intently, then said in a low voice, “So, you’re saying you’re withdrawing six months earlier than planned.”

“We’re not withdrawing completely.”

Of course, the withdrawal wasn’t just a symbolic gesture.

Victoria Fund’s exit was genuine.

John Peer’s tone sharpened slightly. “Charlie, how much are you pulling out?”

Victoria Fund’s investment had ballooned to $126 billion.

Even 5% amounted to over $6 billion.

“We’ll have to sell a significant number of shares.”

“Let’s sell NTT [Nippon Telegraph and Telephone] shares and some real estate.”

John Peer’s eyes widened. “Is real estate also on the table?”

“Real estate takes longer to liquidate.”

John Peer realized that Jung Hyun-woo was serious about the withdrawal.

“It’s a shame, considering how strong the Japanese real estate market is.”

The Japanese real estate boom had accelerated in the second half of the year, spreading beyond Tokyo to smaller cities.

In the latter half of 1987, Japan was gripped by a real estate frenzy.

“Haven’t we made enough money? The Japanese government will probably welcome our departure.”

If news of Victoria Fund’s withdrawal reached the media, it might help cool down the overheated real estate market.

‘And selling real estate will increase the supply of available properties.’

He believed the withdrawal would have a tangible impact on the Japanese real estate market.

“I’ll discuss both real estate and stocks with Mr. Tanaka.”

Jung Hyun-woo nodded. “Is Tanaka doing alright?”

Tanaka, whom he had met the previous year, was a bright and capable young man.

But the rumors he had heard this summer were concerning.

“It seems Charlie has heard the rumors.”

“We have our sources.”

John Peer sighed. “Tanaka has some personal issues, but they haven’t affected his work.”

Jung Hyun-woo pressed his hands together, concerned.

“There might be embezzlement or breach of trust.”

John Peer shook his head. “That won’t happen. Tanaka seems to be spending a lot, but his wealth is growing even faster.”

The rate at which he was accumulating money far exceeded his spending.

Yu Tanaka was living large in the midst of the bubble economy.

“Is that so?”

“Even if he spends 10 million yen a month [approximately $70,000 USD in 1987], if he earns more than 30 million yen a month [approximately $210,000 USD in 1987], his wealth will inevitably increase.”

10 million yen was enough to buy a luxury German car.

’10 million yen a month… He must be living lavishly.’

John Peer leaned back in his chair. “In my opinion… it’s not Mr. Tanaka who has the problem; it’s Charlie who’s being too frugal.”

Jung Hyun-woo tilted his head, puzzled. “Am I being excessive?”

“Someone like Charlie wouldn’t be out of place with a huge mansion in Malibu or Miami. But you only have a house in Boston, right?”

A large mansion in Malibu could cost millions of dollars. In comparison, Jung Hyun-woo’s Boston home was only worth $800,000.

“I have no desire to live in Malibu.”

“Isn’t winter in Boston harsh?”

Jung Hyun-woo clicked his tongue at John Peer’s comment.

‘If Boston winters are considered cold, you couldn’t survive in Seoul.’

He was from South Korea, a country with four distinct seasons.

“If Tanaka’s spending is that high, let’s move on.”

John Peer nodded. “Okay. I’ll set the withdrawal strategy and proceed with the work.”

“How’s the investment in the United States going?”

Victoria Fund was working to attract Japanese funds into US real estate.

Jung Hyun-woo believed the US government and the Federal Reserve should appreciate his efforts.

‘Because it’s bringing back the dollars that flowed into Japan.’

Even so, he felt a strange resentment towards Alan Greenspan.

“It’s going well.”

“More than the contract we signed last time…?”

“It’s three times as much.”

Japanese funds were aggressively targeting US real estate.

It was exactly as Jung Hyun-woo had anticipated.

“Did you target the skyscrapers in New York?”

“There aren’t any investors looking to buy New York skyscrapers yet, but they will emerge soon.”

John Peer was optimistic.

In fact, everything was progressing smoothly, so it was hard not to be.

“John, are you still planning to retire as scheduled?”

John Peer paused at Jung Hyun-woo’s question.

“Retirement…”

He had previously told Jung Hyun-woo that he would retire once the investment in Japan was complete.

“Are you thinking of working a little longer?”

Jung Hyun-woo sensed a change of heart.

“I think I can manage another three years or so.”

Did money change people?

Or did he do something with money that could change people?

Either way, John Peer seemed to have postponed his retirement.

“That’s a good decision.”

Jung Hyun-woo thought it was better for John Peer to stay on.

‘Finding someone you can trust is a job in itself.’

John Peer wasn’t particularly creative, but he was reliable and dedicated to his work.

Furthermore, he had a good working relationship with COO Jeremy Spin.

“What should we do with the money we withdraw from Japan?”

John Peer was inquiring about their next investment venture.

“The money we take out of Japan?”

Jung Hyun-woo hadn’t considered that yet.

‘Is China the next logical step after Japan?’

China’s economic growth in the 1990s would be remarkable.

‘But investing in a country where the Communist Party still holds power is a bit risky…’

Moreover, China was on the verge of the Tiananmen Square incident.

“What about Europe?”

John Peer paused. “Europe?”

Europe seemed to be in decline, especially England and France. They had dominated the previous century as great powers, but in this century, they had ceded that status to the United States and the Soviet Union after two world wars.

“The General Secretary of East Germany visited West Germany. There seems to be a growing atmosphere of reconciliation between East and West in many countries, including the Soviet Union.”

John Peer nodded. “You mean investing in Eastern Europe, including Germany.”

He understood that the investment destination didn’t necessarily have to be France or England.

Jung Hyun-woo said softly, “John, let’s invest in the automobile industry.”

Investing in the German automobile industry.

This wasn’t investing in Eastern Europe. Wrinkles appeared on John Peer’s forehead.

“Charlie, are you sure about this?”

As of 1987, Japanese automakers dominated the global market.

“It’ll be fine. German cars have different strengths than American cars.”

Most German vehicles, with the exception of Volkswagen, were luxury brands.

John Peer held up his right hand. “Mercedes-Benz is a solid choice, but shouldn’t we be more cautious about Porsche or BMW?”

He still lacked confidence in the German automobile industry.

On the other hand, Jung Hyun-woo knew that German cars would lead the world market until the advent of electric vehicles.

“John, if the Soviet market opens up, you’ll definitely benefit.”

John Peer’s eyes widened at the mention of the Soviet market opening.

“I’ve heard rumors about the Soviet Union opening its market, but are they really going to open up the automobile market?”

This summer, Coca-Cola had appeared in Moscow to quench the summer heat.

“They’ll open up not only cars but also airplanes.”

John Peer looked at him in disbelief.

“Airplanes?”

Cars could be considered consumer goods.

But airplanes were strategic assets.

‘The Soviet Union using American planes?’

It defied all logic.

“Can’t you believe it?”

“To be honest, I can’t.”

Jung Hyun-woo emphasized his point. “You’ll soon see Boeing planes operated by Russian airlines.”

Boeing planes operated by Russian airlines.

John Peer couldn’t accept it, no matter how much Jung Hyun-woo insisted.

“Okay. Let’s assume that’s true. Where do we invest after cars?”

If the investment was withdrawn from Japan, a massive amount of capital would be generated, far exceeding the capacity of the German automobile industry alone.

John Peer was certain that he had other investment ideas.

“Let’s reinvest half of it in the United States.”

“Reinvesting in the United States…”

“It’ll be IT again.”

John Peer looked like he thought it was too obvious.

Jung Hyun-woo noticed his expression and lowered his voice.

“John, sometimes you have to stick to the basics.”

He didn’t always aim for high-risk, high-reward investments.