The Magician’s Memorial - Chapter 254



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254. Unexpected reaction (3)

First winner of the Fisher Black Award.

IMF’s youngest chief economist.

A person who criticized Alan Greenspan, the year-round chairman of the world economy.

All these were words to describe Raghuram Rajan.

Although he achieved most of the achievements he could achieve in his 40s, which is young for an economist, his visit to the SAVE investment company was modest compared to his achievements.

“Thank you for visiting SAVE Investment Company. My name is Minjae Kim.”

“Kim? Aren’t you the vice president of Taewo Group? I didn’t expect to see you here. This is Raghuram Rajan.”

“Although I serve as Vice Chairman of Taewoo Group, I also have a very deep relationship with SAVE Investment Company, so I attended this event.”

When I became famous, this part was uncomfortable.

Since everyone knew that I was the vice chairman of Taewo Group, it was difficult for me to step forward as an owner or official of SAVE Investment Company.

So most problems were resolved by David or team leader Han.

This time I went out myself. Because it was a meeting for the purpose of recruiting Raghuram Rajan.

“There seems to be some complicated story.”

“I will explain the details in detail later. I have heard that you have made several inquiries to SAVE Investment Company. In particular, I understand that you have concerns about the real estate crisis in the United States that you would like to discuss with us.”

“By chance, I came across a report produced by SAVE Investment Company. And it contained exactly what I had been advocating since 2005!”

If you meet a friend from your hometown for the first time in 10 years, will you look like this?

Rajan must have been very lonely because no one listened to his claims.

Not only was he lonely, but his body and mind were devastated after being attacked in many places.

“SAVE Investment Company has been focusing on real estate market issues since before 2005. We were convinced that the Federal Reserve’s interest rate cut policy would lead to a real estate bubble, and we were continuously sending warning messages to the U.S. government.”

“I never expected that a Wall Street investment company would have the same thoughts as me. I thought the banking industry and Wall Street guys were all crazy.”

Raghuram Rajan’s eyes came alive.

The look in his eyes was as if he had died because he had fought alone until now.

“SAVE Investment Company is just one of the hyenas on Wall Street. It’s just trying to make money from a more macroscopic perspective.”

“Who’s going to say anything about making money? Isn’t the problem just that we’re all stupid enough to try to go down a clearly visible cliff together? The real banks and Wall Street guys won’t listen no matter how much I tell them.”

“So you were thinking of leaving the industry and going to school?”

Rajan was kicked out as Chairman of the Indian Federal Reserve.

Since he was rejected by the banking industry and Wall Street for openly criticizing the chairman of the U.S. Federal Reserve, the only place he could go was the university lecture hall.

“I was offered a professorship at MIT.”

“Why don’t you work with us instead? It’s never too late to start teaching students when you’re a little older.”

“It may be a little early for me to be at a university,” he said. “But what can I do at an investment company? I’m just an economist and economic analyst.”

“All you have to do is lend your eyes and mouth to predict the future. It is the job of SAVE Investment Company’s employees to analyze and apply the information.”

Rajan cleared his throat for no reason.

IMF Chief Economist and Indian Federal Reserve Chairman.

Rajan was hesitant because the path he had taken so far and the investment company were very different.

In this case, the classic method was ultimately the most effective.

After all, isn’t the most important thing in recruiting talent is school ties, regional ties, and blood ties?

“I understand that you graduated from the Indian Institute of Technology.”

“I graduated from the Indian Institute of Technology, Delhi.”

“Do you know that I am currently building a campus of the Indian Institute of Technology in Korea?”

“Ah! I heard about that. I understand that it is a project that Prime Minister Mimoan has actively promoted.”

“The Indian Institute of Technology graduates are so outstanding that we planned to build a Korean campus. Isn’t IIT harder to get into than Harvard or MIT?”

“I’m just grateful you know. Hmm.”

Rajan’s face brightened when he brought up the story of IIT.

Now that the atmosphere had been lightened by the talk of school ties, it was time to push on.

“How about working at SAVE Investment Company for a few years and then standing on the podium at the IIT Korea campus? I can even promise you the position of president.”

“I really don’t know what to say about this. It’s a really good offer, but it’s so sudden that it’s hard to give an answer right now.”

“If you join SAVE Investment Company, all you have to do is analyze and research the economic situation like you do now. We will also recruit like-minded people.”

I agree with Raghuram Rajan.

This meant that he was someone who rebelled against the Federal Reserve Chairman, and it was highly likely that the industry would not hire such a person.

“Some economists I know are standing on university lectures with ugly hairs.”

“We will recruit you with the best treatment in the industry. And we will support an environment where you can freely conduct research.”

“The number is quite large. At most, there are more than 5 people.”

“It doesn’t matter if there are 50 people instead of 5. We promise you an annual salary that is at least 5 times higher than what you would get from a university lecturer. And unlike other Wall Street investment companies, we will not force performance, and we promise at least 10 years of employment. ”

If I were alone, I could have refused.

But how can one pretend not to know people who share the same views as one in a difficult situation?

“Could you just give me a moment? We need some time to get people back to college.”

“We can give you as much time as you want. And let me tell you one more thing: the reports we sent to government agencies are only the tip of the iceberg: how far the real estate bubble has progressed, when it will burst and what the ripple effect will be. “The analysis has already been largely completed.”

“You are saying that if you join SAVE Investment Company, you will be able to see the data.”

“Not only can you look at the report, but you can also return the disregard and attacks you have received so far. I will give you the opportunity to step on the high arrogance of those who pretended that they were the only ones with the truth.”

“I will definitely persuade my colleagues and come back!”

Rajan jumped up from his seat.

He skipped saying hello and went to his car while holding his cell phone.

Although he did not sign the contract, I could tell just by looking at his back that he would return to SAVE Investment Company.

* * *

Over the course of two days, I visited several companies.

Amazon, Google, Facebook, Apple, etc.

I went around companies where I had a large stake and warned managers of the coming economic crisis.

The U.S. government and Wall Street listened to my words with one ear and ignored them.

These companies had a very close relationship with me and had established trust, so they listened to what I had to say.

Austerity management to secure cash liquidity.

They were the most successful companies now, but they believed me and changed their management policies.

Of course, this was possible because we persuaded them by presenting various materials rather than just talking about it.

Only then did I return to SAVE Investment Company.

I received good news from a team leader who was waiting for me at the entrance.

“Razan is back, and he’s brought with him a bunch of very famous economic experts.”

“Where are you now? I need to see you right away.”

“We are waiting for you in the conference room.”

I went straight to the conference room.

The discussion was already in full swing in the conference room.

Most of them had a doctoral degree in economics, and there was also a professor standing at the university podium, so no one was silent.

“Hmm, nice to meet you. Thank you so much for coming here.”

I raised my voice and greeted him.

Only then did the scholars stop their heated discussion and turn their heads in my direction.

“I’ll introduce myself later, but have you all seen the report prepared by SAVE Investment Company?”

“It was like reading a prophecy. It was not just a prediction, but a report that covered everything from future progress to the impact.”

Rajan spoke on behalf of the representative.

All the scholars present nodded in agreement.

“Thank you for your positive comments. This report may feel unfamiliar to you as it is based on data that is difficult to obtain unless you are a Wall Street investment banker.”

“It is said that this is data that only Wall Street can obtain, but other investment companies on Wall Street are still sitting on the sidelines. It seems that only SAVE Investment Company is taking such active action.”

“We need your help. Please make a more detailed report based on the data we provided. It doesn’t matter if it’s not in the report format. Words, notes, mathematical indicators, etc. to prepare for the future work. Just create anything. “This is a great help to SAVE Investment Company.”

The scholars looked thrilled.

They have been labeled as heretics and ostracized from the industry until now.

But since I needed them and was asking for their help, I felt like I was being compensated for my sorrow.

That is why they were scholars who took a more active role.

They raised their hands to speak first.

I gave the floor to the first person to raise his hand, and he wrote down difficult mathematical terms on the whiteboard.

“I made calculations based on data provided by SAVE Investment Company. Although it is difficult to calculate the exact moment when the bubble bursts, it was possible to calculate the moment when the fuse was lit.”

“The fuse being lit means that this is the point where everyone realizes that the U.S. real estate market is a bubble.”

I answered while looking at the presenter’s face.

It was to confirm his details, and he was Professor Robert, who lectures on mathematics and economics at the University of Chicago.

Professor Robert possesses S-level math skills.

Since I confirmed his ability through detailed information, I listened more closely and focused on what he said.

“The moment the U.S. government raises interest rates one more time, the fuse is lit. The number of defaulters increases exponentially, and real estate held as collateral is returned to investment companies.”

“The Federal Reserve said they will raise interest rates again soon, so there really isn’t much time left.”

“We have already crossed an irreversible river. Even if we act now, Wall Street investment companies will have to endure enormous losses, and if we do not act now, they will inevitably go bankrupt.”

Other investment companies on Wall Street were not something I cared about.

How many times have we been ripped off by the hyenas of Wall Street?

I had no intention of helping them right away, and I only planned to throw them some rotten flesh once the situation calmed down.

“D-Day is just around the corner. We will hire all of you. For those who are on university campuses, we will provide support so that they can hold concurrent positions. The highest salary and benefits in the industry are a given, and we will do our best to help them become the protagonists of the future global economic crisis. “I will do it for you.”

Everyone smiled faintly.

There was no way they, who had been ostracized by the industry, would turn down the opportunity to become protagonists.

It didn’t matter to me who the main character was.

Because they need to be in the spotlight so I can take on more secretly.