The Magician’s Memorial - Chapter 282



Only Noblemtl

282. Babpsae with torn crotch (1)

Shinhwa Bank, one of Korea’s top five financial companies.

Shinhwa Bank was a large bank with assets exceeding 200 trillion won, and the bank that formed a kind of financial empire.

Vice President Jeong Tae-seop, the second-in-command of such a financial kingdom.

Vice President Jeong Tae-seop, who has tremendous influence not only in Shinhwa Bank but also in the Korean financial market, and Taewoo Securities President Jeong-hoon Han had a meeting.

“It’s really nice to see you again. Now, I’d like to greet you as the president of Taewoo Securities.”

“Hehe, I never thought Taewoo Securities would hire someone from Wall Street as its president. How are you still doing business with small and medium-sized companies these days?”

Blatant ridicule.

A tone of contempt for a CEO who was selling KIKO-related insurance.

Although he wore the business card of the president of Taewoo Securities, it was Vice President Jeong Tae-seop, who was expressing that he was of a different level from him.

“We still have good business relationships with small businesses.”

“Did you come here today to introduce me to a good business? If it is a business recommended by the CEO of Taewoo Securities, I will listen carefully.”

It was Vice President Jeong Tae-seop who treated President Han like a door-to-door salesman.

It was understandable to cry, but President Han continued speaking with a smile on his face.

“I’m not recommending a new business, but I’d like to talk about an existing business we’re pursuing. Do you remember KIKO products? I heard that the exchange rate has risen a lot these days and the profits from KIKO products are not good.”

“The exchange rate soared a lot due to the Lehman crisis. But I see it as a temporary situation. When the Lehman crisis calms down, won’t the exchange rate fall again?”

A CEO raised the corners of his mouth slightly.

It’s hard to believe that the second-in-command of Shinhwa Bank has such a loose mind.

If the Lehman situation calms down quickly, the exchange rate will fall again?

Not only did he have a loose mind, but he was also a person whose eyes to read the flow were blurry.

“According to Wall Street analysis, it is said that the exchange rate will rise to 1,400 won. If that happens, small business owners who have joined KIKO will suffer losses worth trillions.”

“Would something like that happen? Even if it did, the bank would have nothing to do about it because it was a matter of personal choice.”

“Shinwha Bank is already doing its duty. Hasn’t it launched KIKO-related insurance products for small and medium-sized business owners and signed many contracts?”

Vice President Jeong Tae-seop opened his eyes wide and was lost in thought.

I remembered selling KIKO insurance products.

How could you not know since I made a good profit with KIKO insurance last month?

However, it never occurred to me that I had to pay the insurance money because the conditions of KIKO insurance were met.

“We launched KIKO insurance for small and medium-sized businesses. But why are you bringing up that story now?”

“I wanted to tell you that small and medium-sized business owners will come to us to receive insurance payments within this year. If we are going to pay out 5 trillion won in cash, shouldn’t we start preparing now?”

“······Please wait a moment. I need to talk to the person in charge. It won’t take long.”

Vice President Jeong Tae-seop was a very rude person.

He went out, leaving the customer alone.

Despite the lack of manners, President Han crossed his legs and whistled as if he was happy.

Meanwhile, Vice President Jeong Tae-seop looked for the person in charge.

The person in charge of KIKO’s overall business is Deputy Manager Yang Yang-soo.

Since he was Vice President Jeong Tae-seop’s junior at school, he was also a candidate for an executive position, which he was putting a lot of effort into developing.

“Deputy Manager Yang! What is the probability that the conditions for KIKO-related insurance products will be met?”

“Sir, what are you suddenly saying? In order for the conditions of KIKO insurance to be met, the exchange rate must rise to 1,400 won. I see you are worried because the exchange rate has risen these days, but now it is only 1,000 won. It needs to rise by another 40% from here. The economic crisis is really serious. “The limit is only 1,200 won.”

“Phew, right? The exchange rate will never be 1,400 won, right?”

“Why are you acting so unbecoming of a senior? How can the exchange rate rise by 40% all at once, not like a coin or stock?”

Vice President Jeong Tae-seop breathed a sigh of relief.

My anxiety disappeared when I heard the confident voice of my favorite junior.

“A strange person came to me and said that the exchange rate could rise to 1,400 won, so I came to you because I was worried.”

“Don’t worry. The dollar continues to weaken. Doesn’t that mean the won will strengthen? Although the exchange rate rose for a while, if the dollar continues to weaken, the exchange rate is expected to fall back to the 900 won level.”

Deputy Director Yang spoke loudly to reassure Vice President Jeong.

Therefore, other employees in the office had no choice but to listen to their conversation.

Among them, there was Manager Park Dae-hoon, who had been holding the position of manager for many years after being replaced by Deputy Manager Yang.

“I’m sorry for what I said. You should not interpret the weakness of the dollar as a strength of the won. And looking at the current market situation, it would not be surprising if the exchange rate rises further than it is now.”

“Chief Park! You’re just making fun of your mouth! There’s a limit to seeing it as a motive.”

Deputy Director Yang got angry.

However, rather than stopping, Manager Park continued speaking faster and in a louder voice.

“There are signs that a dollar famine is starting. In Korea, export companies are not releasing dollars, but rather are moving to buy more. And all overseas stock funds have been cut in half. As a result, we have suffered a huge dollar loss. Because of this, “There may be a dollar shortage and the exchange rate may soar significantly.”

“I told you to be quiet! Just keep those thoughts in your mind!”

It was Deputy Director Yang who shouted to silence Manager Park.

His voice was so loud that CEO Han Jeong-hoon, who had been waiting in the reception room, came out and looked at the situation.

“Assuming the worst case scenario, the exchange rate may rise to 1,500 won within this year. In that case, we will have to pay more than 5 trillion won in insurance payments through KIKO insurance products.”

“Did you say Manager Park? What do you think is the probability that the exchange rate will rise to 1,400 won?”

“I think there is about a 20% chance that it will rise to 1,500 won, but the probability that it will rise to 1,400 won is more than 70%.”

President Han Jeong-hoon looked at Manager Park with sharp eyes.

A person who knows the flow of exchange rates more accurately than anyone else here.

But is this just an exaggeration? I guess he wasn’t promoted because he lacked political power compared to his abilities.

I need to talk to HR and ask them to suggest a scout.

While a boss was thinking about that.

Vice President Jeong Tae-seop’s anxiety soared again.

“Did you say there is more than a 70% chance that the exchange rate will rise to 1,400 won? When do you think that will happen?”

“It could be as soon as next month, or at the latest, I think it will happen within November.”

“It could be as soon as next month?”

“Senior! You don’t have to believe what Manager Park says. He is the worst-performing employee in our department.”

Manager Park’s performance was not good.

Manager Yang and his line members monopolized projects that were likely to produce results.

Because Manager Park was given a project that was bound to have poor performance.

“I understand for now. Let’s all see what happens.”

Vice President Jeong Tae-seop turned around.

President Han also quickly turned around and went back into the reception room.

As we sat on the sofa and hugged each other as if nothing had happened, Vice President Jeong Tae-seop returned.

“I’m sorry I’m late.”

“No. But it was noisy outside. Did something happen?”

“Hmm, no big deal. Rather, what exactly is your relationship with the small business owners who subscribe to KIKO insurance products?”

“I am also their agent, and I own 60% of the insurance product.”

Vice President Jeong Tae-seop shook his head.

With a 60% stake, the insurance money equivalent to a whopping 3 trillion won was the CEO’s share.

Even if the assets exceeded 200 trillion won, a loss of 3 trillion won was by no means a small amount.

Even if the company did not collapse, it was enough to save his life.

“After listening to the person in charge, he said that it is not very likely that the exchange rate will rise to 1,400 won. However, for small and medium-sized business owners who are suffering from exchange rate issues these days, they will refund all the premiums paid so far on the condition of canceling the KIKO insurance product. do.”

“You are saying that you are refunding the premium rather than paying the insurance premium.”

One boss cursed under his breath.

There was no such thing as a complete robbery.

What else would you call a person who tries to settle a 5 trillion won insurance claim with less than 100 billion won, other than a day robber?

“I don’t think that will work.”

“The story is not over yet. In addition to returning the entire insurance premium, we will compensate you with 500 billion won as a condition of termination. This is a fund that Shinhwa Bank uses for the development of small and medium-sized businesses.”

“I don’t think you’re ready to talk yet. Then I’ll come back next month.”

President Han got up and left without a word.

Vice President Jeong Tae-seop was still not convinced that the exchange rate would rise above 1,400 won, so he did not arrest President Han.

This was his decisive mistake, and he would regret his actions for the rest of his life.

* * *

A few days later.

A president came to the chairman’s office.

“Chairman, I visited all financial companies. Everyone was convinced that the exchange rate would never rise to 1,400 won.”

“It’s probably because we didn’t feel for ourselves how big the Lehman situation was. We know it because we lived on Wall Street and experienced the situation.”

“Ah! And here’s some new news. It’s that Japan’s Nomura Securities is purchasing a large amount of the assets of the bankrupt Lehman Brothers.”

Japan’s Nomura Securities was a renowned financial company not only in Japan but also around the world.

Since he had enormous capital, it was not strange at all to purchase some of Lehman Brothers’ assets.

“Isn’t Nomura Securities famous for its capital strength? It’s quite possible.”

“It is said that they will purchase Lehman Brothers’ entire Asian business and also take over their European business.”

“It must have been a lot of money to acquire the European division.”

“Perhaps they are making aggressive investments after seeing our acquisition of AIZ. Shouldn’t we keep a check on them?”

“There’s no need to keep it in check. All you have to do is watch the baby’s crotch get torn apart.”

It was the beginning of the worst decade for Nomura Securities.

As it acquires Lehman Brothers’ Asian and European business units, it will incur trillions in losses every year.

“And we also received a call from them, saying they wanted to purchase some of the derivatives insurance we hold for the acquisition of Lehman Brothers.”

“Sell it at a reasonable price.”

“Is that okay? If we hand over our insurance to Nomura Securities, Nomura Securities will be able to acquire more business units.”

“That’s what I’m asking you to do. You’ll have to take over more business units to incur more losses. Hand it over to the Korea Development Bank and hand over all remaining insurance policies.”

There were no ill feelings toward Nomura Securities.

They say they are going to buy insurance signed with Lehman Brothers, which is worthless, so they are just selling it.