The Magician’s Memorial - Chapter 269



Only Noblemtl

269. Hyenas of Wall Street (4)

The merger and acquisition process has finally been completed.

The fruit I wanted to eat wasn’t fully ripe yet, so I had to wait a little longer, so I had time to go back to Korea.

Incheon Airport arrived with the planning manager.

Dozens of bodyguards were waiting for us.

“Vice President, it looks like it’s going to be a little noisy. There are reporters and many people gathered at the arrivals hall.”

“Looks like our schedule got messed up.”

“Rather, there were rumors that the Vice President was coming to Korea, so reporters were stationed at the airport for several days.”

“I don’t know what I’m talking about. Since we have some time to wait, let me say a few words and then let’s go to the office.”

Without thinking much, I headed to the arrivals hall.

However, there were far more reporters gathered than I expected, and behind them, a crowd so large that it was difficult to count was waiting for me.

[Aaaah!]

A shout that is difficult to hear unless you are a celebrity.

They even created and waved placards as a group, asking where they were made.

[Vice President Kim Min-jae, please say something about the AIZ merger and acquisition.]

[Is it true that the Wall Street investment company is owned by Vice Chairman Kim Min-jae?]

[Please tell us about the impact of the subprime mortgage crisis.]

Reporters constantly ask questions.

Even if I had answered all the questions, it wouldn’t have been enough to stay up all night in front of the arrival hall.

Therefore, only a brief statement was issued.

“It was a choice for Taewoo Group’s global expansion and development of the Korean financial market. We will create and distribute materials at the group level for detailed answers.”

[Please say one more word!]

[I would like to ask about your connection with SAVE Investment Company!]

I gave a glance to the planning director.

Then the security guards cleared the way, and I quickly left the airport as if running away.

“I didn’t expect this kind of reaction. Some people even brought cannon cameras.”

“The vice president’s popularity is higher than that of most idols. The fact that he is still young and single is even more highlighted, and people are saying that he is Korea’s number one groom.”

“I’m sure your grandfather will like it. Where are you now?”

“You’re at work. These days, you’re the first to come to work and the last to leave.”

“Why don’t you stop me? It’s not like Grandpa is young. What are you going to do if something goes wrong?”

“Isn’t the Chairman the kind of person who would listen to what I say?”

My grandfather’s stubbornness was not enough to be considered the best in Korea.

Who would break my grandfather’s stubbornness if not me?

I went straight to the office to make sure I got off work early today.

Knock knock!

I opened the door to the president’s office and politely greeted my grandfather.

“Grandpa! I’m here.”

“I’ve never had a grandchild like you. You do such a big job, but you handle it without consulting me. And what is SAVE Investment Company? You created it? How many times have I been fooled by SAVE Investment Company? You planned it all behind my back. That’s right!”

During the IMF era, Taewo Group was attacked a lot as a SAVE investment company.

That was something that could not be helped.

In order to save Taewo Group, which was under a mountain of debt, it was necessary to somehow sell off unprofitable affiliates.

“It was for the Taewoo Group. Please calm down. I brought the largest insurance company in America as a gift.”

“Hehe, this is so ridiculous. When other families’ grandchildren travel abroad, they bring snacks or watches as gifts, but you….”

“Shouldn’t you prepare a gift considering the recipient’s tastes? I prepared it because I thought my grandfather would like insurance products more than watches.”

I continued speaking as eloquently as possible.

That way, my grandfather’s anger will go away a little faster.

“Wow, how did a guy like you end up in our family? What can you do if you’re angry? Come and sit down first.”

“I will explain everything. And I promise that from now on I will discuss everything with my grandfather before making any decisions.”

“Even if we discussed it, wouldn’t you do it your way?”

“But isn’t it better than hearing it through the media?”

“Hehehe! So what can I say to you? He brought America’s largest insurance company as a gift.”

Grandpa’s lips moved slightly upward.

It was clear that it was an angry situation, but it was also a happy situation because I had AIZ in my hands.

So it was the mouth of an old man who kept trying to burst into laughter.

“As I told you, the company I created while studying abroad in the U.S. is SAVE Investment Company. I created it with the employees who trained me at Taewoo Securities.”

“You lied to me well all this time. I thought you had a deep connection with the SAVE investment company, but I didn’t expect you to be the owner.”

“We even received help from the U.S. government and hid it.”

“Why did you reveal something that you kept so tightly hidden now?”

Would you have wanted to reveal that it was me?

It was information that everyone already knew.

Even if I didn’t disclose it, it was clear that sooner or later the rumor would spread that I was the actual owner of SAVE Investment Company.

“In order to acquire AIZ, I had to use SAVE Investment Company. And from the time I first created SAVE Investment Company, I was thinking of making it an affiliate of Taewoo Group.”

“SAVE Investment Company has a lot of money. It has more cash than Taewoo Group and has hidden it well.”

“I was hiding money for today. I waited patiently for a long time to acquire a company the size of AIZ.”

Grandpa finally smiled.

It seemed like I was laughing out of absurdity, but the mood instantly improved.

“You can’t turn it back because you’ve already taken over the company, but can you manage it properly? After listening to the story, AIZ’s debt is beyond imagination.”

“We can pay off most of our debt using funds from SAVE Investment Company.”

“Wouldn’t it be too much money?”

“If we can maintain AIZ’s credibility by repaying its debt early, we can generate more profits through the assets AIZ holds.”

AIZ had a lot of assets.

Real estate, bonds, insurance contracts, etc.

But a more important asset was the customer list.

AIZ had the largest number of customers in the United States and was able to generate new profits from them.

“Well, it’s your job, so don’t worry too much. But are the surprises over now? Or are there still more to come? I have no idea what you’re thinking.”

“Actually, I still have one more big plan left.”

“Wait a moment. First, take a deep breath and listen. Whoo! Whoo!”

The grandfather takes a deep breath and exhales.

After giving my grandfather enough time to prepare, I told him my plan.

“I’m thinking of acquiring GM or Ford Motor Company.”

“You don’t mean to buy a car, do you? You mean to buy a car company?”

“The current situation of American automobile companies is truly the worst. Their financial structure is such that it would not be surprising if they went bankrupt at any time.”

Another mistake I’m aiming for.

They were greedy for the huge profits of being an American automobile company.

“So you’re going to eat up an American car company? You know it could tear your mouth and bloat your stomach, right?”

“It was the same with AIZ. Was it possible to compare the size of Taewoo Securities and AIZ? But didn’t the shrimp called Taewoo Securities swallow the whale called AIZ?”

Grandfather rested his chin and thought for a moment.

“GM is ranked 2nd and Ford is 4th among the world’s automobile companies. Are you saying they can still swallow them up?”

“Our Taewoo-Kai automobile is also ranked 6th. If you look at the ranking alone, it is a more realistic number than swallowing AIZ.”

“AIZ is an insurance company, but an automobile company is a manufacturing company. The number of employees is several times greater, and the costs involved are difficult to compare. It could become a black hole that sucks up all of Taewo Group’s money.”

I was the one who understood my grandfather’s words best.

And I knew very well that I had to move very carefully.

This is because GM and Ford were in a similar state to Taewoo Group during the IMF era.

“I know very well. Although the recession in the U.S. auto industry has not been properly announced yet, the debt is expected to exceed $170 billion.”

“170 billion dollars? Isn’t it an amount of over 200 trillion won? It is an amount that cannot be recovered with Taewoo Group’s financial power.”

“We can reduce our debt below $70 billion by selling unnecessary affiliates and assets.”

“Still, it’s too much. I can never allow something like this to happen. It seems clear that the Taewo Group will fall into the abyss along with the U.S. automobile market.”

My grandfather’s love for cars went without saying.

However, the fact that you were against it meant that it was truly impossible.

“We could get support from the U.S. government, and then we would have lower debt.”

“No matter how much support they receive from the U.S. government, if the fundamentals of U.S. auto companies do not improve, the deficit will continue to pile up.”

“You just need to improve your constitution. Just like we did and Kai Motors did. If we can acquire just one American car company, Taewoo Motors can grow to the point where it can surpass the world’s No. 1.”

Currently, the world’s number one car selling company is Toyota.

Even if we combined only Korea, which ranked 6th, and Ford, which ranked 4th, we were able to reach almost the same level of sales.

Of course, the automobile industry is a market where the formula 1+1=2 does not apply.

After a merger, absolute sales volume was bound to drop, and it was difficult to immediately catch up with number one Toyota.

How can 2nd place catch up with 1st place?

Aggressive investment had to follow, and to do so, investment funds had to be used in addition to acquisition funds.

“It’s not that I don’t want to be number one in the world. But the debt of American car companies is too large.”

“If you could acquire Taewoo Group without using a single penny of its funds, would you allow it?”

“Are you saying you want to use SAVE Investment Company’s funds? No matter how much money you have, would you be able to use $70 billion worth of money?”

“I don’t plan on using SAVE Investment Company’s funds either. I plan to use the few assets SAVE Investment Company has to devour an American automobile company.”

As long as I had an insurance policy, I didn’t have to worry about money.

Of course, you can’t use an insurance policy at face value, but you could save a lot of debt just by using it as a bargaining chip.

“I will allow it if it can be acquired without spending a penny. But I will never allow it to take on the entire debt of an American automaker.”

“I also have no intention of expanding the scale while putting the Taewo Group at risk.”

“Okay then. Hmm, but which company are you thinking of acquiring?”

This is how my grandfather should be!

His eyes were already filled with greed as he thought about swallowing up the American automobile company.