The Magician’s Memorial - Chapter 256



Only Noblemtl

256. Unexpected reaction (5)

President Bush is sitting with his legs crossed in an arrogant posture.

I sat across from him and waited for him to speak in an attitude that was neither rude nor polite.

“They’re doing something very interesting. They probably didn’t think the White House would know about it, right?”

“This is something I asked the White House to know about. So far, I have sent over a thousand pages of reports to the White House, the U.S. government, and the Federal Reserve. But I have never received a proper response, so I had no choice but to plot something like this.”

“This is my first time hearing such a story.”

President Bush slightly adjusts his posture.

I was embarrassed because the exact opposite of what I thought came out of my mouth.

“Since you are busy, I will summarize it as briefly as possible. The U.S. real estate market is on the verge of collapse. A bomb bigger than the one that sent the U.S. economy into abyss due to the IT bubble has been ignited.”

“Are you saying that the U.S. economy is on the verge of collapse? Treasury officials and the Federal Reserve have reported that the U.S. economy continues to boom…”

It was the reaction I expected.

If proper reporting had been received and proper action had been taken, the subprime mortgage crisis would not have shaken the global economy.

“A large-scale fraud is being committed on Wall Street. Even the rating agencies that are supposed to monitor the banking sector have been blinded. So the Treasury Department and the Federal Reserve will only be sending positive reports to the President.”

“Wall Street is defrauding the U.S. government and people? That’s a difficult statement to understand.”

“Loans are being given out in the name of dead people, and even in the name of dogs.”

“It’s hard to believe that the evaluation agency is just watching that.”

It was President Bush who was showing trust in the evaluation agency.

But even after hearing this, can we continue to trust rating agencies?

“When an investment company creates a home mortgage loan product, it is reviewed by an evaluation agency. However, if it fails the review, the product is not sold.”

“You state the obvious.”

“But if you pass the review, you can sell the product, and a portion of the profits goes to the evaluation agency. In other words, the more you pass the review, the more money goes to the evaluation agency.”

“Hmm, that’s a bit of a strange structure. So do you think the American real estate market is going to fail now?”

His eyes were still full of disbelief.

I didn’t really have any intention of persuading him either.

The purpose was simply to let people know that I was sincerely worried about the American economy.

“Most of Wall Street’s investment companies will fail. And the U.S. government and people will bear the brunt of the damage.”

“Hmm, is this really a conspiracy theory? I didn’t know a smart person like you would believe in conspiracy theories.”

“It’s not a conspiracy theory, it’s a reality that will happen soon. Only by actively dealing with it now can we reduce the damage even a little.”

“That’s why we’re responding. I also know that the real estate market is engulfed in madness. That’s why we raised interest rates more than 10 times during my term. What better response could there be than this?”

It wasn’t wrong.

Because the best way to control real estate prices was to raise interest rates.

However, simply raising interest rates had no effect unless the rotten structure was changed.

“I understand that you may not believe me right now, but please know that I am doing my best for the development of the United States. I have been making a lot of preparations in preparation for a possible real estate bubble in the United States.”

“If something like that happens, I’ll be the first to look for you. Hmm, it’s already time. I’ll get up.”

“Please look at the situation in the real estate mortgage loan market one last time. This is absolutely not a normal structure.”

President Bush sighed.

For the first time, he gave me a cold look.

“I understand. Stop it. Why did the CEO of the SAVE investment company, which has the highest return on Wall Street, fall for this conspiracy theory? I’m just telling you to keep playing stocks, which you are good at. The U.S. government will take care of the real estate market. Hmm, next time. “I’ll look at it again when I get a chance, probably after my term ends.”

President Bush solemnly got up and left.

I showed a sorrowful appearance until the end, as if I were a tragic heroine.

I continued to act until the security guard took me to the airport, and it was only after I entered the arrivals hall that I relaxed my expression.

“Boss! I was worried because you suddenly disappeared.”

“I came here to briefly meet someone important. The VVIP I was expecting moved there himself.”

“······What if you’re a VVIP? Wow! How did you manage to have a good conversation?”

“It was a meeting worth 120 points out of 100. No matter what we do from now on, we will receive impunity. No, I would say that beyond impunity, we have the initiative to control the situation as we want.”

David tilted his head as if wondering.

“Is that even possible? How can the boss take the lead when we have the Treasury and the Federal Reserve?”

“Would you rather trust an organization that has consistently reported lies and shown itself to be incompetent? Or would you rather trust your biggest benefactor, the only person who said the right thing? After the bomb explodes, you will have no choice but to trust and rely on us, no matter what.”

You won’t be looking for me for a while.

However, the moment signs of abnormalities in the real estate market occurred simultaneously across the United States, it was bound to find me.

“How many insurance policies does the boss take out? This is my first time seeing someone take out insurance for the President of the United States.”

“It’s because it’s such an important matter. You have to apply dozens of insurance policies all over your body so you don’t become a victim.”

“The insurance premiums are quite expensive, but the benefits are also high, right?”

“The insurance money alone will be enough to buy the entire Wall Street.”

I boarded the plane with a smile.

The next time I visited the United States, it would not be of my own volition, but at the request of the U.S. government.

* * *

I recommended austerity management to companies that were close to me in the United States.

However, there was no need for Taewoo Group to do so.

It was enough to simply continue the investment plan so far but reduce unnecessary investments.

This was possible because Taewu Group’s cash liquidity was solid.

But why are there so many reports?

Perhaps because I had been on a long business trip to the United States, a huge amount of reports were covering my desk.

From business reports of each affiliate to social issues and political events.

When you are reading a report without stopping.

A report from Taewoo Securities caught my eye.

“Please call President Park of Taewoo Securities for a moment.”

I called the president of Taewoo Securities through the secretary’s office.

Since he was working in the same building, he rushed to the vice president’s office in less than 10 minutes.

“Did you call me? Vice President.”

“There was something I was interested in. I saw a report that Taewoo Securities was planning to make KIKO a product and sell it.”

“Currently, the banking industry is generating a lot of profit for small and medium-sized businesses with the KIKO product. It is a product that can be easily sold by Taewoo Securities if the product is slightly modified.”

There was a reason why I overreacted to KIKO.

This was because KIKO was the derivative product that I used to buy Japanese companies during the Great Kobe Earthquake.

It was originally a product created by Quantum Fund.

In this life, I made it first and caused a Japanese company to stumble.

Thanks to this, we were able to obtain funds, shares, and patents from many companies.

But are you doing this in Korea?

And in the Korean financial sector, against Korean small and medium-sized businesses?

“How many small and medium-sized businesses are related to Taewoo Group?”

“The number of our partners is approximately over 200. The number of small and medium-sized businesses related to our partners is so large that it is impossible to calculate.”

It was the Taewo Group, the number one company in the business world.

Since we are conducting business in a variety of fields, most small and medium-sized businesses are bound to have at least some relationship with us.

“Then if many small and medium-sized businesses go out of business or go bankrupt, it will be a loss for us, right?”

“It would cause major problems with our production schedule.”

“But does it make sense that KIKO products will be sold at Taewoo Securities?”

“KIKO is a product designed to make profits based on the exchange rate. The banking industry is actively promoting it as a safe investment product.”

The won-dollar exchange rate settled in the 900 won range. Considering that it was over 2,000 won at the time of the IMF, it has fallen by more than half.

Now that the won-dollar exchange rate is believed to have stabilized, products like KIKO have been created.

“The won-dollar exchange rate will nearly double within two years. If that happens, all small and medium-sized businesses that have joined KIKO will collapse. Are you still going to make and sell KIKO?”

“For the won-dollar exchange rate to rise that much, a large-scale economic crisis would have to occur. It is a scale that will bring the IMF back.”

“The U.S. real estate market is in dire straits. From Korea’s perspective, the impact will not be as big as the IMF, but from a global perspective, there will be a very large economic crisis.”

“···Did you visit the United States because of that problem?”

It was President Park who had finally realized the seriousness of the situation.

Well, how can you blame him?

Even the US president is optimistic about the US real estate market.

“Withdraw the KIKO product plan. And gather all the CEOs of companies related to us and hold a meeting. Never sign up for the KIKO product, and if you do, sell it all within a year.”

“If that happens, you have to pay a huge amount of fees. As far as I know, there are small and medium-sized businesses that have even paid loans to join KIKO.”

“You even took out a loan?”

“It is said that banks recommended loans, saying that it is a much more stable product than stocks and can generate more profits than the loan interest rate.”

Wall Street and the Korean financial sector were the same hyenas.

In order to make money, they create complicated products and confuse subscribers.

Then, they recommend signing up, and if any damage occurs, it is passed on to the subscriber.

The more subscribers a bank has, the more it can sell commissions.

Even if damage occurred, the bank did this because it would not lose a single penny.

“Are you saying that the banking industry is even recommending loans? That’s not what you should say about America’s subprime loans.”

“I’m sorry. I was short-thinking as well. We will withdraw the KIKO-related product plan and hold a meeting with small and medium-sized businesses to raise awareness of the risks.”

“Wait a minute. I don’t think it’s something that can be done so easily. Isn’t KIKO the bank that boasts that it is so safe? Then, we should do the same to the bank.”

“What do you mean by that?”

“Taewoo Securities, please just stay still. This kind of work should be left to experts.”

Korean banks are selling KIKO?

We have already been selling KIKO products in the Japanese market for several years.

So I knew very well how to screw up, and the team leader who sold KIKO products directly to Japanese companies was an expert in this.