#87 A Meeting with the IMF Managing Director. — I, Choi Chang-geun, will accept the people's demand and unify my candidacy with Seong Dae-gyu of the Conservative Party. I will serve without any title or condition, and run at the very forefront for the victory of the conservatives.— I will not forget candidate Choi Chang-geun's concession.
I will also not forget the spirit of sacrifice from all the party members who have made this monumental concession. I will restore the economy of this Republic of Korea, which is facing an unprecedented economic crisis. The moment I am elected, I will go to Japan and borrow a large sum of dollars!”
I was in my Grandfather's study, watching the live broadcast of the presidential candidates' joint speech rally. The unannounced statement about unifying their candidacies came as a shock to me. The flustered face of the Progressive Party's candidate, Kim Hak-kwon, was shown clearly on the television.
His expression was a stark contrast to that of the Conservative Party's candidate, Seong Dae-gyu.
“Things are getting interesting. The Blue Wind Association is probably behind this.”
My grandfather's words were right on the mark.
“I didn't expect them to play the unification card.”
“There must have been some kind of deal. Seeing as he mentioned bringing in dollars, he must have been promised support from Japan. Right now, the problem of survival is more important than anti-Japanese sentiment.”
“Yes, this is a big problem.”
“There's no way Kim Hak-kwon will lose, right?”
“It's unpredictable now. No matter how terrible the current administration's approval rating is, Seong Dae-gyu has drawn a clear line and set himself against them from the very beginning.”
Even before becoming a candidate, Seong Dae-gyu practiced his own brand of politics by locking horns with the president. Thanks to that, he maintained a high approval rating despite the drop in the current president's ratings, who caused the IMF crisis.
Even in the original history, despite the conservative votes being split, the progressive side's Kim Hak-kwon had only managed to win by a narrow margin of 500,000 votes. If the votes were combined, a progressive victory could not be guaranteed. For me, this was the worst-case scenario.
In the Republic of Korea, the president's power is still strong. I didn't know what kind of backroom deal the Blue Wind Association had made with Seong Dae-gyu, but there was nothing good in it for me.
“If Seong Dae-gyu gets elected, the Blue Wind Association's power will grow stronger. I should consider supporting candidate Kim Hak-kwon.”
“Is there anything we can do? We can't win just by pouring money into it. We can't just hand out money like in the old days.”
I had already given a considerable amount of political funds to candidate Kim Hak-kwon's camp. They wouldn't be short on money. Not just me, but Chairman Song of Daehyun Group had also listened to me and diversified his investment, giving 6 to Kim Hak-kwon, 3 to Seong Dae-gyu, and 1 to Choi Chang-geun.
The other major corporations would have bet the other way. If the presidential election ended with Seong Dae-gyu's victory, not only I, but Daehyun Group would also take a significant hit. Sure enough, a call came from Chairman Song right away.
“Yes, this is Kim Mu-hyeok.”— You rascal!!!
Chairman Song's booming voice came through the phone and filled my grandfather's study.
“Heh heh.”
My grandfather laughed heartily as if he found it amusing.
“I'll step out to take the call.”
“No, no. Take it here. I want to watch this interesting spectacle.”
With my grandfather's playful permission, I continued the call.— You rascal. Why are you so quiet?
Say something.
What in the world is going on?
“Chairman, I can hear you even if you speak a little softer.”— You sound so carefree.
What are we going to do about this? So much for a change in government.
“We don't know anything for certain yet.”— What do you mean we don't know?
Their combined approval rating is over 60%.
“I know. Let's just watch a little longer. The bet has already been placed. It's too late to take it back.”
I could hear a sigh from the other end of the line, but I added nonchalantly.
“It's no use trying to go over to Seong Dae-gyu's side now. Increase your support for Kim Hak-kwon. It would be best for you to be the top supporter in Kim Hak-kwon's camp. Most of the major corporations have flocked to Seong Dae-gyu, haven't they? If Kim Hak-kwon wins, the reward for you, Chairman, will be that much greater.”— Heh heh heh….
Chairman Song's hollow laughter came through.
“The trigger has already been pulled. Now, we must choose what to do for candidate Kim Hak-kwon's victory. It's too late for regrets.”— Right, in the end, I was the one who made the choice.
Do you have some kind of plan?
“I'll have to find one.”— I see.
Whew…
It's either win it all or lose it all. Chairman Song hung up, leaving a long, lingering feeling. As I put the phone back in my pocket, my grandfather signaled for me to hurry up and tell him.
I shrugged.
“He's very worried.”
“Well, his situation is different from ours. We're fortunate to have the weapon of dollars, but….”
“I only gave him the options; the final choice was up to Chairman Song. Besides, Chairman Song isn't the type of person to be swayed by my words. He probably weighed everything before making his decision. He likely called just to vent his anxiety.”
“Heh heh heh, I should have seen that rascal Chairman Song's flustered face.”
“We'll have to do something as well. We can't let the Blue Wind Association have the power of the presidency.”
My grandfather nodded. Like the darkness outside the window, it was the 15th presidential election, where no one could predict the future. The attack on the Republic of Korea was the result of the aligning interests between the hyenas of Wall Street, who had suffered great losses in Hong Kong and Taiwan, and the US authorities.
Credit rating agencies, including Moody's, committed the atrocity of instantly downgrading the Republic of Korea's national credit rating to the level of an African nation. The announcements from the credit rating agencies accelerated the exodus of foreign capital from Korea.
The American media continuously broadcasted that the Republic of Korea's usable foreign exchange reserves were at the level of 2 billion dollars. Stock prices plummeted repeatedly, and every time the exchange rate fluctuation band was widened, the rate fell by the maximum amount. Of course, the government did not just stand by.
They sent special envoys to Japan and America to propose a currency swap, but both sides refused, citing their own positions. Eventually, in December, IMF Managing Director Camdessus arrived in Korea. Korea had no choice but to engage in humiliating negotiations.
“This is Kim Mu-hyeok.”— Hello.
This is IMF Managing Director Camdessus. Am I speaking with Charlie Kim?” It was a call from the IMF Managing Director, whose face was constantly on TV these days.
“Yes, that's me… but how did you get my number?”— I would like to meet.
Would you be willing to come to my hotel? Secretly, of course.
“Is that an order?”— Of course not.
Would I give an order to the owner of Dreamhigh Investment? I was rude because I wished to meet quietly. I also have a message to deliver from the US administration.
“I will call you back.”— I will be waiting.
I hung up the phone. Camdessus's overbearing voice, which was still coming from the TV, sounded completely different from the one I had heard over the phone. This was Managing Director Camdessus, the man who would say everything he needed to say with a calm face, even in front of the President of the Republic of Korea.
I called Han Gyeong-yeong.
“Brother. Camdessus wants to meet me, do you know anything about it?”— Whew…
He must have received instructions from the US administration. He'll probably ask you not to help Korea.
“Hmm….”— Your name might even be published in Forbes next year.
I negotiated with the US Treasury Department, but I probably won't be able to stop your name from being published.
Charlie Kim.
Though your detailed personal information won't be revealed. Forbes was a magazine that, in my opinion, was no better than a gossip rag, publishing sensational articles like the 'World's Richest Ranking' every year. That ranking was only half the story, missing the names of the hidden rich.
Still, it came with a fairly detailed statement of assets, so it felt plausible when you read it. The moment hidden magnates like the Middle Eastern royal families, the Rothschilds of Europe, and the Rockefellers of America were included in the list, the Forbes rankings would surely be completely overturned.
“It's fine. As long as the name Kim Mu-hyeok doesn't appear, I don't care.”— You're number one, and I'm number two.
Does that even make sense?”
“Hahaha. This is crazy. You're coming to Korea tomorrow, right?”— I'll arrive tomorrow morning.
“You'll probably be surrounded by reporters at the airport and might get summoned to the Blue House right away. Congratulations on becoming a celebrity.”— Hey, no way….
“What do you mean, no way? I was putting it mildly.”
Han Gyeong-yeong's name had spread not only in America but throughout the entire world. The existence of Han Gyeong-yeong, a Korean-American, was like a ray of light for the Republic of Korea's government right now.
It reached a point where a politician who went as a special envoy to the Republic of Korea to negotiate with the US government requested a meeting with Han Gyeong-yeong. Of course, he refused.
“Just go and pay some lip service as you see fit.”— Okay.
After hanging up with Han Gyeong-yeong, I called for Section Chief Ma and headed to the hotel where Camdessus was staying. This wasn't something I could solve by avoiding it. Perhaps he had already made arrangements with the hotel, as there was no one in the lobby.
“A pleasure to meet you, Charlie.”
It was Managing Director Camdessus, who recognized me and extended his hand first. I shook his hand and greeted him.
“It's an honor to meet you. I've only ever seen you on the news every day.”
“Haha. I'm embarrassed to hear such words from the richest man in the world.”
We exchanged greetings, sat down, and continued our conversation. Glancing at Section Chief Ma standing behind me, Camdessus said in a low voice, “I'd like the guard behind you to leave.”
“He and I are one body. If it's something he cannot hear, then I have no intention of hearing it either.”
Seeing me shake my head firmly, Camdessus made a helpless expression and handed me a letter.
“It's a handwritten letter from President Clinton.”
I took the letter and passed it to Section Chief Ma.
“Aren't you going to read it?”
“Later. I'd like to hear the reason for today's meeting first. And also how you got my phone number.”
“Then I'll start with the message from the US administration. Secretary of the Treasury Robert Rubin said, 'We would appreciate it if you absolutely did not help with Korea's foreign exchange crisis. If you do help, all responsibility for the consequences will be yours.'”
“Am I to take that as a threat?”
I still hadn't completely severed the links to the shell companies. But if I gave in here, they would surely descend upon me like hyenas. Camdessus waved his hands dismissively with a slightly flustered look on his face.
“Not at all. Secretary Rubin was just being a little direct, but he means that there's no need for you to help. It's something that offers no benefit to you either.”
I had no intention of helping the government from the start, but I pretended to be contemplating, crossing my legs and stroking my chin.
‘It seems they don't have anything on me. I had no intention of helping in the first place. Since it's come to this, maybe I can get something out of it….’
Despite my prolonged deliberation, Camdessus waited for my answer without a word. It was hard to believe this was the same man who acted so coercively toward the Republic of Korea's government. I soon nodded my head.
“ Alright. In return, do not interfere with whatever I do in Korea.”
“I hope we can share the spoils appropriately. Don't take it all for yourself like you did in Hong Kong.”
There was a bite to Camdessus's words. I twisted my lips into a smile.
“ The expression 'took it all for myself' is a bit much. I clearly moved together with America's Wall Street. I just made a quicker judgment after observing the situation. It's not like I acted against Wall Street, is it? We simply made another choice together.”
At that, Camdessus's eyes wavered.
“I apologize if you were offended. It was a joke. Dreamhigh's aggressive investments are famous in America as well.”
“Please relay this to the US administration. I will grant their request. On the condition that they grant one of my requests next time.”
“What kind of request?”
“It will be a proposal that isn't bad for America and Wall Street either. You can listen and refuse if the demand is unacceptable.”
“Understood. I will relay the message.”
“It was a pleasure to meet you. I hope we can meet again.”
“The honor was mine as well.”
We stood up, shook hands, and parted ways. On the way back to Pyeongchang District after leaving the hotel. Section Chief Ma spoke for the first time today.
“Is that the same person from TV? I mean IMF Managing Director Camdessus.”
“Hahaha. It's funny, isn't it? That the Managing Director of the International Monetary Fund, which calls itself the world's bank, is merely an underling of America.”
“He was completely different from how he appears on TV.”
“I suppose so. They know exactly what kind of power I possess. The Korean government doesn't know yet, though. No, even if they knew, they would probably try to suppress me with their authority. It's a completely different country from America, after all. They'll come to their senses after taking a harsh beating once.”
A cold smile appeared on my face.
< A Meeting with the IMF Managing Director. > End