The Conglomerate Family Became A Villain [EN]: Chapter 88

88. The Hand That Moves the World (4)

Washington was unlike any other ordinary city in the United States. Federal government organizations, related offices, and facilities were densely packed throughout the city.

‘If I were to do anything suspicious here, I’d probably be arrested by the CIA or FBI immediately.’

Jung Hyun-woo stopped in the lobby of a shopping center across from the U.S. National Archives.

“Please wait here. I’ll go into the cafe alone.”

Anne nodded and stepped back.

“I’m sorry I couldn’t be of more help, even after coming all the way to Washington.”

She had wanted to attend the meeting with Jung Hyun-woo, but today’s main guest, Justin Balmer, had refused.

“Since the guest wants a one-on-one meeting, there’s nothing we can do.”

“I’ll wait here until Mr. Jung comes out.”

“Won’t you be bored?”

Anne shook her head from side to side.

“I consider waiting as part of my job.”

“Won’t you be cold?”

“The lobby seems fine.”

It was still January. Although not as bad as Chicago, Washington was quite cold.

“Wait at the restaurant across the street. I’m worried about you here.”

“Mr. Jung.”

“This is an order as your CEO.”

Anne smiled and accepted his order.

“Understood. Then I’ll take a seat where I can see this place.”

“Charge the expenses to the company card.”

Jung Hyun-woo left Anne behind and opened the cafe door.

Creak.

The interior of the cafe was unusual. It wasn’t a completely sealed room, but the tables were separated by partitions, providing some privacy for the customers.

‘But even without special eavesdropping devices, you could easily hear the conversations from the tables in front and behind if you wanted to.’

He thought it was not a suitable place for deep conversations.

As Jung Hyun-woo entered, a waitress approached and asked,

“Do you have a reservation?”

He nodded lightly.

“I’m Charlie Jung.”

The waitress checked the reservation list and nodded.

“Here it is. I’ll guide you to room number 8.”

Jung Hyun-woo followed her to room number 8. An elderly man was sitting there.

“Mr. Balmer?”

Justin Balmer exclaimed as soon as he saw him.

“You’re young.”

Young.

Or young.

This was the reaction that people invariably showed when meeting Jung Hyun-woo. He calmly sat across from Justin Balmer.

“I’m still a student.”

Justin Balmer asked him a question without any greetings or introductions.

“What year are you in?”

“I’m a freshman.”

“A freshman starting a business?”

Jung Hyun-woo nodded in response.

“It’s a company I started before entering university.”

“So, it’s not a company started with the support of the school.”

Justin Balmer was getting old, but he was quite meticulous about his appearance.

‘That’s an outfit you’d see in New York, not Washington.’

Professor Mark Delin had said that he was a very difficult person to deal with.

“I’m Charlie Jung. I’m here to see Mr. Balmer regarding a company matter.”

Only after Jung Hyun-woo introduced himself politely did Justin Balmer mention his name.

“I’m Justin Balmer. If it weren’t for that issue, you and I would never have met.”

A somewhat prickly voice.

Jung Hyun-woo tried to maintain his composure.

‘Even if he comes off cold, it can’t be helped. We’re the ones asking for a favor.’

In short, Justin Balmer had no problem even if he didn’t meet him.

“Thank you for taking the time despite your busy schedule.”

Justin Balmer crossed his arms and responded.

“I heard you flew in from Boston for two hours, so giving you an hour of my time isn’t too difficult. Aren’t we MIT alumni?”

Anyway, he would listen to the story.

That’s what he was saying.

Jung Hyun-woo lightly clenched his right hand.

“Our company is in a difficult situation.”

“How difficult?”

“We’re about to fight a giant on Wall Street.”

Justin Balmer nodded upon hearing the words ‘giant on Wall Street.’

“Hmm, Wall Street, huh? So, that’s why you came to me.”

He didn’t seem to have heard from Professor Mark Delin which company Jung Hyun-woo was in conflict with.

“So, who is that giant?”

Sweat began to form on Jung Hyun-woo’s right hand.

“It’s JP Morgan.”

Justin Balmer didn’t show any particular reaction even after hearing that the opponent was JP Morgan.

‘Heh, is JP Morgan just one of many banks to him?’

The moment Jung Hyun-woo frowned, Justin Balmer clasped his hands together.

“JP Morgan, huh…? A big shot. Have they threatened you in any way?”

“We haven’t been threatened.”

“Then?”

“Our COO was recruited by them.”

Jung Hyun-woo told him about JP Morgan’s attempt to poach Robert and John River.

Justin Balmer listened to his story and then unclapsed his hands.

“I can’t stop large corporations from scouting talent. That’s their prerogative.”

He would stop anything illegal. But he couldn’t stop anything legal.

That was his stance.

“Actually, that problem has been resolved.”

Justin Balmer’s eyebrows twitched for a moment.

“Then what’s the problem?”

Was he slightly curious?

“JP Morgan said they would replicate our company.”

Justin Balmer pointed to the left window with his finger.

“You’d be better off appealing to that place for such issues.”

Jung Hyun-woo tilted his head, looking at the building he was pointing at.

“What is that place?”

Justin Balmer replied in a voice devoid of emotion.

“That’s the Federal Bureau of Investigation.”

“Ah, the FBI.”

This cafe was adjacent not only to the National Archives but also to the Federal Bureau of Investigation.

“That’s a place that resolves people’s grievances.”

He spoke softly, but it was the same as drawing a line, saying he wouldn’t get involved in the replication issue between JP Morgan and Victoria Corporation.

Of course, Jung Hyun-woo wanted to get his help by any means possible.

“If I thought it was unfair or unjust, I wouldn’t have come to see Mr. Balmer.”

Justin Balmer clicked his tongue inwardly.

‘Tsk. If you didn’t think it was unfair or unjust, you wouldn’t have come to see me.’

He thought Jung Hyun-woo was just paying lip service.

“You’re saying you came to see me even though you don’t feel it’s unfair or unjust? After flying for two hours? You must be really free.”

Jung Hyun-woo took a deep breath at his barbed words.

‘Hoo… This is the crucial point.’

He thought that the success or failure of this meeting might depend on the next word.

“The future of American finance is at stake in the fight between JP Morgan and our company.”

The future of American finance.

Justin Balmer raised the corners of his lips at Jung Hyun-woo’s words.

“Hehehe, the future of American finance? Is that excessive confidence? Or an exaggeration to get my attention?”

Jung Hyun-woo replied in a firm voice.

“It’s neither.”

“You’re saying that sincerely?”

“I didn’t speak with sincerity, but with truth.”

Sincerity and truth.

The two words seemed similar, but they were quite different.

Justin Balmer decided to listen to Jung Hyun-woo’s story a bit more.

“Alright. I’ll give you 15 minutes. Explain what you said earlier.”

He was asking him to explain how the conflict between Victoria Corporation and JP Morgan was connected to the future of American finance.

Jung Hyun-woo nodded and said,

“The name of the company I created is Victoria Corporation.”

Justin Balmer nodded very slightly upon hearing the company name.

“Hmm, so you’re the one who created that company?”

He seemed to know about Victoria Corporation.

“I don’t know if you’re aware, but our company is providing JP services to JP Morgan Securities subscribers along with JP Morgan.”

Justin Balmer seemed to roughly understand the conflict between JP Morgan and Victoria Corporation.

‘Is JP Morgan trying to swallow up the promising venture company Victoria Corporation? But JP Morgan isn’t a company that would go that far.’

He raised the end of his sentence.

“Did JP Morgan unilaterally change their stance during the collaboration?”

He thought he might be able to help Victoria Corporation if they had been unilaterally attacked.

Jung Hyun-woo judged that playing the victim here wouldn’t be good.

“If they had unilaterally changed their stance, I would have thought it was unfair or unjust.”

Justin Balmer sighed briefly.

“Hoo… You have a knack for beating around the bush.”

“I was just answering Mr. Balmer’s question.”

Justin Balmer raised his right hand halfway and said,

“Continue.”

“While providing JP services to our customers, we realized that there is a major problem in the American financial market.”

If there really was a problem in the American financial market, Justin Balmer couldn’t ignore it.

“What kind of problem?”

“Information related to finance was flowing in only one direction.”

“You mean information asymmetry?”

Jung Hyun-woo nodded and added an explanation.

“Securities companies and their employees can check the trading volume and stock prices of the stock exchange in real-time, but investors at home or at work cannot check it.”

Justin Balmer frowned at his words.

“Isn’t it natural that there is an information asymmetry between those who make stock investment their profession and general investors?”

It was a natural inequality.

Jung Hyun-woo frowned at his question.

‘Was this the perception of stock trading in 1984?’

He unfolded his right hand and wiped the sweat off his pants. And at the same time, he said in a firm voice,

“Mr. Balmer, within the next 20 years, the asymmetry of financial information—no, the inequality of financial information—will disappear.”

Justin Balmer frowned at Jung Hyun-woo’s claim.

“So, you’re saying you’re going to achieve a financial revolution that eliminates the inequality of information in the stock market?”

“I think it’s a natural change brought about by the advancement of technology, not a financial revolution.”

“A natural change…”

Jung Hyun-woo spoke quickly, as if rushing.

“JP Morgan tried to stop that change. They monopolized information, monopolized services, and locked the door to the future. I couldn’t tolerate their actions. So, I had no choice but to revolt against them.”

Justin Balmer could understand about 70% of what Jung Hyun-woo was claiming.

The problem was that if the remaining 30% wasn’t properly filled, it was nothing more than hot air.

“Listening to your story makes me feel like I’m standing in a bright flower garden. You speak easily. There’s no substance to your story.”

It was a sharp word like the tip of a spear.

Jung Hyun-woo also knew that he couldn’t persuade him with just pie-in-the-sky stories.

“You’re saying I should specifically state why JP Morgan is in conflict with Victoria Corporation.”

“That’s also true, and you haven’t said how you’re going to solve the information asymmetry. Changes in technology, the flow of the times, the path to the future. All of them may be just fantasies.”

Solving the information asymmetry and opening a new future for the financial market.

It was a great-sounding statement, but if there was no way to implement it, it was just a fantasy, as he said.

‘This side didn’t take the time to listen to the fantasies of a freshman student.’

Justin Balmer was a member of the Federal Reserve Board. And the Federal Reserve established America’s monetary policy based on clear figures and data, not ideologies or beliefs.

In other words, he was a realist. If he couldn’t present specific figures or methods to him, it would be impossible to persuade him.

“Understood. I’ll tell you both of those things. First, I’ll talk about how to solve the inequality of information.”

Justin Balmer raised the corners of his lips as if he was intrigued.

“Let’s hear it.”

Jung Hyun-woo spread his right hand with the palm visible and said,

“JP Morgan’s customers can check stock prices in real-time at home through JP services.”

“I already know that.”

“JP services won’t end there.”

Justin Balmer nodded lightly.

“You’re saying you’ll deliver more information.”

“We plan to provide not only real-time stock prices but also exchange rates for each country, prices for commodities such as crude oil, as well as real-time interest rates and CNN breaking news.”

He was saying that information that could only be checked by going to a securities company’s counter would be available on a computer at home.

Justin Balmer listened to Jung Hyun-woo’s words and crossed his arms.

“Hmm, you’re going to deliver all that to a personal computer. Is that even possible?”

“It’s difficult right now, but I think it will be possible in 10 years at the earliest, 15 years at the latest.”

The figures presented by Jung Hyun-woo were not absurd. He had encountered HTS [Home Trading System], where everything was completed in the early 2000s.

‘If we put our full effort into it, we can complete it even in the early 1990s.’

He thought that a program like HTS was definitely possible, but Justin Balmer’s thoughts were different.

“10 years from now, huh? It’s like shooting an arrow of hope towards the future.”

It will be like this in 10 years.

Such words didn’t work for him.

Jung Hyun-woo also knew that his claim lacked persuasiveness.

So, he added as if to supplement,

“Mr. Balmer, I’m not just vaguely saying that it will be like this in 10 years. JP services are still moving forward. As an example, the version to be released next year will allow you to check international exchange rates and interest rates in real-time.”

There was content that would be applied immediately next year.

Justin Balmer groaned again.

“Hmm, you’re saying that information is added every year.”

If one or two pieces of information were added each year, then in 10 years, information at the level that could be accessed at the counter might be provided, as Jung Hyun-woo claimed.

‘But can we talk about the future of finance with just that?’

He thought Jung Hyun-woo’s story was exaggerated.

“Actually, what we’re aiming for isn’t just providing information.”

Justin Balmer unfolded his arms and asked,

“You’re saying there’s something else you want to achieve with that information?”

Jung Hyun-woo pulled out a hidden card to persuade him.

“JP services will evolve beyond simply providing information to allow stock trading from each home.”

Buying and selling stocks with a computer from each home.

It was a natural thing in the 2000s, but it was not at all natural in 1984.

He had persuaded Robert with this card.

‘I hope it works this time too.’

Justin Balmer listened to Jung Hyun-woo’s claim and groaned for a long time.

“Ugh, you’re saying you’re going to make it possible to do everything that can be done at a securities company with a computer at home?”

If it were realized, it would be truly groundbreaking.

‘If the program he mentioned is created, many securities company employees will lose their jobs.’

The stock trading system in 1984 was a method in which investors requested transactions by phone or offline, and securities company agents processed those requests.

However, if stock trading could be done directly with a computer, as Jung Hyun-woo said, the current agents who process customer requests would no longer be needed.

“I’m convinced that the future of American finance lies in computers and networks. What I mentioned earlier is limited to securities companies, and new services connected to banks will include services such as account transfers, tax payments, and overseas remittances.”

Justin Balmer still had a doubtful expression on his face at Jung Hyun-woo’s words.

“If such programs come out as you say, the world will change greatly.”

“Mr. Balmer is doubting my words.”

“I’m a person who only believes what I see with my own eyes.”

Jung Hyun-woo thought he had gained the upper hand.

‘Just push a little harder.’

He raised his right hand and raised his voice.

“Mr. Balmer, we know that there are craters on the surface of the moon even though we haven’t walked on it ourselves.”

Experience is not the only knowledge.

At his point, Justin Balmer supported his chin with his right hand.

“You’re saying I’m wrong. Alright. I admit it. I’ll retract the statement that I only believe what I see with my own eyes. The advice of experts and the photos taken by adventurers also broaden our knowledge.”

He was a man who knew how to concede cleanly.