[286] Pandemonium, Sunyang Family 2
Looking at Jin Tae-joon desperately, I opened my mouth.
“60 billion?! Wow… Taejun hyung, you have a lot of money!”
“Are you kidding me? You are the real rich man. What are you pretending to be surprised about?”
“I’m not rich enough to lose 60 billion.”
“hey! Stop salting!”
I scream as if my stomach is burning at my smiling face.
“Have you ever asked Yeongjun hyung? If it was Sunyang Electronics, it would be possible to steal about 60 billion won as a secret.”
Jin Tae-joon shook his hand.
“Are you crazy? Do you know what that person is like? I am not a person who will never help others. Instead, they will burn people as if they would lend it or not.”
“Is that really the reason? Didn’t you say it because you were worried that if Yeong-joon told his brother, the 60 billion won would flow out and go into the ears of the second eldest son?”
“Are you starting to look like Yeongjun hyung too? Stepping on my pride as if giving it away… Do you want to see me so anxious?”
This is Jin Tae-joon’s patience. A big accident of 60 billion won, but a short request is all that is needed to rectify it. It is difficult to expect the patience of an ordinary person who puts their pride aside for a while and hangs on persistently.
“You see me as blood? Do you really think of me as your cousin?”
“What do you mean?”
“You don’t know? I’m arguing with my second uncle over a stake. Aren’t you the kind of person who will sincerely help?”
Jin Tae-joon, who had lost patience and frowned, turned into a serious expression.
“If you’re in such a hurry, will you answer me?”
This is the money due within this month. The money that was supposed to be given to the customer was delayed or blocked by a promissory note. After holding on for a few months, I couldn’t put it off any longer.
If you postpone it further, you will be cornered to the point where the 60 billion won will be heard by everyone.
“There is also Myeong-dong. If it’s Sunyang’s trust, it won’t be a problem, right?”
“Immediately it goes into the ears of the father. Is this also an answer?”
I looked at his serious expression for a moment and smiled.
“6 months. No interest, but keep the deadline.”
Jin Tae-joon’s expression brightened.
“Do-joon.”
“it’s okay. Let’s buy some rice later.”
I waved my hand at him and picked up the receiver.
“Vice President Jang. Please prepare to withdraw 60 billion won.”
When Jin Tae-jun let out a long sigh of relief, he said to him.
“Hyung, prepare the bill for Sunyang Construction.”
“huh? Ah… that’s right. You need an IOU, right?”
“Isn’t that the surest way to meet the deadline? Also, isn’t Taejun hyung not good at speaking? There is no fear of being caught touching public money.”
His complexion turned red.
“I forgot you were quick-witted.”
“don’t worry. I’ll keep the secret. At least we don’t hate it enough to tell.”
I rolled my eyes at him.
I like it enough to feel grateful to my cousin who gave me a 60 billion dollar bomb as a gift.
* * *
The 18th general elections were held when candlelight protests against the import of US beef began to gather one by one, led by high school students.
Until last year, the opposition party, which showed a lethargic appearance to the point of wondering if it was the ruling party, recorded a disastrous defeat.
The voter turnout was only 46.1%, the worst ever in national elections, but the ruling party and its supporters took control of even the parliament.
The true tsunami of the financial crisis has yet to hit South Korea, but while the country is buried in politics, weaker provinces are starting to fall first.
Because of his weak stamina, he couldn’t stand it even if the bank tightened the money line even a little. And the vacancy that fell was eaten up by large corporations.
“There is no end to human greed. yes?”
Chairman Lee Hak-jae, who returned from his first business dinner with the new president, shook his head and said.
“Are you talking about Vice Chairman Vibrator?”
“Including him.”
“Didn’t the Blue House side dishes suit your taste? You seem to have a lot of complaints. Hehe.”
“Everyone went crazy asking for regulations to be lifted because they wanted to jump into the construction of apartments in the provinces.”
“All of a sudden, why? It’s not like I couldn’t get in because of the regulations. Aren’t conglomerate apartments all set up in each province?”
“Because all places with good scenery and good location are green belts. Wouldn’t it be nice if we just loosened the regulations? Since it is a development restricted area, the land price is at a rock bottom, and if you build an apartment, there will be a lot of profit that is incomparable to that in the metropolitan area.”
“So what does the Blue House say?”
“Strong review. I mean it does Since the local economy is not good, they are going to use a stimulus package even with that…”
“That’s good. Doesn’t the province value the apartment brand? With two names, Sunyang and Daehyeon, no matter where you go, you won’t be pushed back.”
Chairman Lee Hak-jae understood the true meaning of my words and smiled softly.
“You are determined not to miss this opportunity.”
“It is an opportunity that will never come again. Did you talk to your second uncle?”
he nodded.
“okay. Because of the Burj Dubai completed this time, the status of Sunyang Construction is to the point where Daehyun is overwhelmed. Because it is the largest building in the world. The stock price has also jumped considerably. Vibrator doesn’t want to miss this opportunity either.”
“What you want is for our HW to construct it, right?”
“okay. If you want to get money from Dubai, you swept all the money you still have into Dubai. I couldn’t even think of it, but the Blue House demanded it the most strongly.”
“Since Sunyang Construction will be in my hands anyway, I can do whatever I want.”
“Well… because something interesting happened. You don’t have to make a quick decision.”
“Are you having fun?”
“I made the same suggestion at Daehyun.”
“yes?”
I forgot. Daehyun also went all-in to Dubai, and his financial situation is the same as that of Sunyang. The Daehyeon group is also holding a knife in their arms, looking for opportunities with several sons sharing the group. To poke and take away at any time.
“If I had to choose between the two, it would be Daehyun. If your prediction of the fall of Dubai is correct, Daehyun Construction is bankrupt. Dubai alone has 2.8 trillion won in money, so how do you survive?”
“Why Daehyeon and not Sunyang?”
“A sober company review. Sunyang Construction is still standing side by side with Daehyeon.”
“Then what if we take over both? A super-large construction company will be born, but it won’t be possible if management is difficult.”
Chairman Lee Hak-jae was not too surprised. Like I said, isn’t it a piece of cake to acquire a company that goes bankrupt because you’re holding a lot of money on an opportunity that won’t come again?
“Seeing how confident you are, you must have made a lot of money in America.”
“I made some money. Enough to take over two construction companies.”
Chairman Lee Hak-jae’s eyes sharpened.
“I will start reviewing. It will be okay if we acquire the two companies and sell or organize the overlapping parts.”
“But will HW Construction handle all of this? Aren’t there not enough manpower or equipment?”
“There are numerous companies that would work for us if they gave us money. Looking at the current construction industry, we are the first rain of a drought.”
“If the weather can be controlled with money, it is possible not only for light rain, but also for showers.”
We looked at each other and laughed, discussing the acquisitions of the two companies.
And two American giants, on the brink of bankruptcy, earnestly begged New York Miracle CEO Rachel Arief.
* * *
“Now stop admitting it. Secured debt has no value. Isn’t this the bottom line that if the bankruptcy rate exceeds 15%, it’s over? It’s over 60% now and it’s crashing endlessly.”
“I am not denying it. I beg you to wait a little longer.”
“Sounds like you are asking for time to dispose of your last remaining assets and collect a huge severance pay? Isn’t it?”
The two lawyers, agents for Merrill Lynch and AIG Insurance, flinched at Rachel’s sting, and the chief accountant for mortgages from the two companies that came with them started looking at the distant mountains.
“Do I look blind? I know that Merrill Lynch’s insolvency is over $50 billion. Miracle’s swap contract is $2.3 billion. Do I look stupid enough to watch it sink when I know I can’t afford $50 billion?”
“Rachel. Let’s be honest. We, Merrill Lynch, are currently negotiating with Bank of America. I will definitely take over from that side. The bigger the real loss, the worse the negotiations are. Miracle’s $2.3 billion is paid by Bank of America, not us.”
Rachel snapped her fingers when Merrill Lynch’s lawyer spoke hastily.
“Ah, the money to be received from Bank of America is over 1.9 billion dollars, so I have to hurry. Before acquiring Merrill Lynch, which was insolvent for 50 billion won. please!”
Rachel’s eyebrows went up and the men started to sigh again.
“I tried to postpone the swap request later, considering your circumstances. I want the shockwave to be as small as possible. It is true that the downfall of Wall Street is never desirable for Miracle.”
At her rather hopeful words, a ray of expectation stood in the men’s eyes. But her expression was sharper.
“Chairman Stan O’Neill officially retired yesterday, right?”
“yes. It is now an interim board operating system.”
Merrill Lynch’s representative replied.
“How much severance pay did you get?”
“yes?”
“If it is a $50 billion insolvency, it is normal to have been fired, not retired! isn’t it? But since it’s an honorable retirement, you shouldn’t have received severance pay!”
The deputy turned into a honey-drinking mute again.
“You got a whopping $160 million in severance pay, right? It would be forgiven even if I vomited up the entire $45 million annual salary I received during my tenure as a responsible for $50 billion in insolvency. what are you guys doing now? How could you ask for a reprieve while perpetrating such an immoral thing! Aren’t you ashamed?”
The CEO, who was receiving an annual salary of 50 billion won, created an insolvency of 50 trillion won, but he said he didn’t know and took severance pay approaching 200 billion won.
“Did you know that $160 million in severance pay is the price that hundreds of families have lost their homes, lost their jobs, and lost their retirement plans?”
Her anger was directed at AIG.
“Isn’t it the same for you? AIG has an insolvency approaching $200 billion. But Joseph Cassano, let alone being fired, took the bizarre position of a idle consultant, right?”
“that. That’s… Chairman Joseph Cansano took responsibility for this situation and resigned and until the end…”
“It looks like he’s trying to do his best until the end? Does such a person leave for a vacation home in the Bahamas on a special device? With consultants paying over a million dollars a month?”
AIG’s insolvency was so great that it had no business to acquire.
A credit default swap is a type of insurance, and AIG, like the world’s largest insurance company, has signed a huge swap contract. Nowhere has the risk of the subprime mortgage crisis been as great as AIG’s.
However, the Too Big To Fail law of immortality will work without fail. Once $180 billion of insolvency strikes, the impact is irreversible. Ultimately, reviving AIG with an emergency bailout would be the last thing the Bush administration does.
“To say more makes my mouth feel dirty, so I’ll stop here. everyone go back And never forget. If our money doesn’t go into the account at the start of work tomorrow morning, we’ll file a lawsuit right away.”
At the word lawsuit, the men broke into a cold sweat.
Bank of America isn’t stupid enough to buy a company in litigation. And so is AIG. If the case is in litigation, it is certain that Congress will block the government’s attempt to inject an emergency bailout.
The two companies hurriedly spurned their seats. I had to get the money up quickly and stop that nasty Rachel from doing what’s next.
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