#89 I Only Think of the Candidate's Victory. Surviving in the political world of the Republic of Korea was quite a remarkable feat. This was even more true for opposition figures under the surveillance of the fierce military regime...
Kim Hak-kwon had been sentenced to death and imprisoned, and he was also exiled to a foreign country. He was even kidnapped in a foreign country and forcibly repatriated to Korea. But having overcome all those trials, he was now a presidential candidate for the Republic of Korea.
Now, with the summit in sight, he was a ship that had hit a reef and was once again being shaken.
“Haha. We knew each other briefly a long time ago.”
Kim Hak-kwon, who was studying me as if to size me up, gave a small nod.
“I see. I have to go out campaigning soon. State your business.”
His words carried the nuance that he was squeezing us into his busy schedule. Han Gyeong-yeong, as if sensing my displeasure, responded to Kim Hak-kwon first.
“Mu-hyeok told me to meet you, candidate, to have a good talk, and brought busy me all the way here, but... it seems you are not pleased to see us, candidate. This unwelcome guest will take his leave now.”
Han Gyeong-yeong actually said that and stood up from his seat. Kim Hak-kwon quietly raised his head and looked at him. Han Gyeong-yeong, his expression unchanging, bowed his head.
“Then, I wish you a good result in the presidential election.”
“What do you think you're doing right now?”
“If Mu-hyeok hadn't asked, I would have had no reason to come see you, candidate. I'm a businessman, not a politician. But it seems that even if I were to help you now, you wouldn't be very pleased.”
Han Gyeong-yeong met Kim Hak-kwon's gaze directly and said everything he had to say.
“Brother, sit down for now.”
“Mu-hyeok. You should never make even the smallest deal with someone who doesn't know gratitude. I'm an investor. I have no intention of making a losing deal. Even if it's a request from you, Mu-hyeok.”
This brother could be an actor. The mask on Kim Hak-kwon's face, who had been listening to our conversation, cracked. His expression distorted, Kim Hak-kwon glared at Han Gyeong-yeong.
“What is your intention in saying that?”
“My intention? It's just as I said. Unlike in America, giving political funds is illegal in Korea. I know that Mu-hyeok has been committing such illegal acts to help you, candidate, but it seems you are not pleased even while receiving his help.”
Han Gyeong-yeong looked at Kim Hak-kwon's face, which had turned red and then pale, and shrugged his shoulders.
“But it made me wonder if you would be grateful to me if I helped you now.”
“What did you say?”
“Brother, stop.”
If he went any further, things could really fall apart.
“You should stop too, candidate. I haven't made any demands of you, so I don't understand why you're so openly reluctant. To be honest, I'm only human, and I didn't feel good about it.”
“Hmm...”
“I know very well how my grandfather amassed his fortune by joining hands with the military regime. But my grandfather and I are different. I only think of your victory, candidate.”
Kim Hak-kwon, who had been listening quietly, let out a deep sigh.
“My apologies. I suppose I've been on edge lately because of all the talk about unifying candidates from the other side. If your feelings were hurt, please let it go.”
After receiving Kim Hak-kwon's apology, I looked up at Han Gyeong-yeong. Han Gyeong-yeong also sighed and sat down.
“I apologize if I was rude.”
“Not at all. Now, let's hear your business. What is it really about?”
“Mu-hyeok wants me to make a statement supporting you, candidate. Whether it's through an interview or some other way.”
Kim Hak-kwon looked at me with a surprised expression. He probably knew better than I did what an endorsement from Han Gyeong-yeong meant. The current economic problem was the biggest issue in the Republic of Korea.
Seong Dae-gyu, the candidate from the Conservative Party, had managed to get a positive response even though he pledged to borrow money from Japan, at a time when the majority of the public held anti-Japanese sentiments. Politically speaking, Han Gyeong-yeong's endorsement meant that the capital of Dreamhigh Investment, the legend of Wall Street, could be brought into Korea.
“Hah...”
“But there is something you must make clear before that. You must accept the IMF's demands. Otherwise, even if I endorse you, it will just become a faded promise.”
The IMF had yet to provide proper support even though all negotiations with the government had ended. Instead, it was requesting a memorandum of implementation from all the presidential candidates.
“My company is based in America, so I can't help it. I can't just defy the US administration's directives and invest in Korea blindly. You must promise to implement the agreement with the IMF.”
A few minutes passed, and Kim Hak-kwon, who had been contemplating, finally nodded.
“I understand. I also know that I have no choice but to accept the IMF's demands. It's just... I was hesitating because I felt they were too excessive.”
“I know. But if the negotiations with the IMF break down now, the Republic of Korea will ultimately have to declare a default. Korea is not a country that can survive on its own.”
“Yes, I know that too.”
Some economists say that we should reject the humiliating demands of the IMF, declare a default, and then follow an independent economic path. However, given the country's economic structure, that was an opinion with an extremely low chance of success. The food self-sufficiency rate was only 60%, and there were no significant underground resources.
Korea was a country that could not choose isolation. The conversation between Han Gyeong-yeong and Kim Hak-kwon continued.
“If you succeed in the negotiations with the IMF, I will invest in Korea as much as I can. I may be a US citizen, but I was also born in the Republic of Korea.”
“Hahaha.”
“I have never once thought of getting involved in politics. If it weren't for Mu-hyeok's request, that is.”
At Han Gyeong-yeong's words, Kim Hak-kwon shifted his gaze toward me.
“I want you to win, candidate. Rather than having some ulterior motive, my honest feeling is that I don't want the Conservative Party to win. Please do not forget my help, candidate.”
“I'm sorry, I misunderstood you.”
“Not at all. It is true that my grandfather and I are in the private loan business. I know that from a general perspective, the perception of me is bound to be negative.”
“Thank you for understanding.”
The meeting with Kim Hak-kwon ended in a friendly atmosphere. On the way back to the hotel with Han Gyeong-yeong.
“Tsk, you were right. They haven't come to their senses. None of them.”
Han Gyeong-yeong, sitting next to me, shook his head as if he was fed up.
“To think he still doesn't know the scale of power you hold, Mu-hyeok. He trembles before Camdessus, but shows an arrogant attitude toward you and me. Does that make any sense?”
“Because they're Korean. Their perception will never change. People in power are always the same. What can you do? We still have no other choice but Kim Hak-kwon.”
As I spoke with a smirk, Han Gyeong-yeong nodded. A short while later, all the presidential candidates signed the memorandum promising to abide by the agreement. However, with the presidential election ahead, the outflow of foreign capital from the Republic of Korea was already out of control.
One day, with only a few days left until the presidential election, Han Gyeong-yeong held a press conference. It was a large-scale press conference attended by major daily newspapers as well as many foreign media outlets. A place where James Han, who was rewriting the history of Wall Street, was making his first official statement to the press.
It was only natural for the foreign press to be there.
“Hello. I am Han Gyeong-yeong. I'm not sure if I'm the kind of person who should be holding a press conference.”
The press conference began with these opening remarks from Han Gyeong-yeong, who stood before the microphone.
“Please tell us briefly about what happened on Wall Street. Not much is properly known in Korea yet.”
“Hmm... It's difficult to explain in detail, but I bet on the fear people had. The economic crisis that started in Asia was bound to affect many countries, including the United States. That choice brought me an astronomical amount of money.”
“There are rumors that you joined Wall Street hedge funds in an attack on Hong Kong. What are your thoughts on this?”
Han Gyeong-yeong frowned slightly.
“I am an investor. Isn't the word 'attack' a bit too harsh? It is true that I invested in Hong Kong. I also suffered a great loss. There are no right answers in investing. I believe it is a realm that cannot be viewed through the logic of good and evil.”
Reporters from America raised their hands, not to be outdone.
“James, why did you come to invest in Korea? Right now, when all foreign capital is flowing out?”
The question came in English. Han Gyeong-yeong also answered in English.
“I have also read the reports from the investment banks in New York. I agree with the contents of those reports. But there is a saying that a crisis is an opportunity. That is why I came to Korea. My homeland, the Republic of Korea.”
“Are you not an American?”
“Yes, that's right. I am an American. But Korea is also my motherland. I could not just stand by and watch my motherland's crisis.”
The Korean reporters in the hall began to murmur.
“There is a rumor that you, Mr. Han Gyeong-yeong, have made it onto next year's Forbes world rankings. There is a rumor that both the first and second-ranked individuals are Korean-Americans. Is this true?”
“I will make no comment.”
The American reporter's question was good fodder for the Korean reporters. As questions of a dangerous nature came in repeatedly, Han Gyeong-yeong looked at the moderator. The moderator picked up the microphone.
“Please refrain from asking repetitive questions. We don't have much time left. We will take the next question.”
While reining in the overheated conference hall, the moderator pointed to a reporter that Kim Mu-hyeok had prepared in advance.
“This is reporter Pyo Seong-hyeok from Goryeo Daily. What are your thoughts on this presidential election? Who do you think should become president to save the Republic of Korea's economy?”
“Political matters are a bit sensitive...”
“This question is not so much a political matter as it is an extension of the response to the economic crisis.”
Han Gyeong-yeong, as planned, showed a sign of reluctance before opening his mouth.
“Hmm... This is my personal opinion. For a while, Mexico also showed a similar pattern to the Republic of Korea. But Mexico's new government was not a good one for investors. Ultimately, the outflow of foreign capital accelerated, and they experienced a severe liquidity crisis. Political turmoil is not a good phenomenon for investors.”
“Does that mean that the Republic of Korea's politics are also in turmoil?”
Han Gyeong-yeong shook his head.
“It means that the government's disposition is that much more important to investors. The Republic of Korea is a democratic nation. Although a military regime held power for a long time, the people eventually pushed them out with their own strength. This is a case that cannot be found anywhere else in the world. A case where the downfall of a military regime was brought about not by civil war, but by the outcry of the people.”
Camera flashes went off like crazy. It was a statement the media would love.
“Returning to the main point, I will share my thoughts on this presidential election. Who becomes president cannot be unimportant from an economic perspective. As an investor, the supreme leader of the country I invest in is important.”
Someone from behind the reporter who asked the question shouted.
“So who do you support?”
“Personally, I think that if candidate Kim Hak-kwon becomes president, it would become a better country to invest in.”
“Does that mean you intend to invest in the Republic of Korea if candidate Kim Hak-kwon is elected?”
Silence fell over the hall. After a short pause, Han Gyeong-yeong's voice flowed through the microphone.
“Yes, because the Republic of Korea needs to become a good place to invest. If I had the right to vote, I would have cast my vote for candidate Kim Hak-kwon.”
Han Gyeong-yeong's endorsement of Kim Hak-kwon, which came at the end of the press conference, caused a huge stir.
[Legend of Wall Street: 'I Will Invest if Kim Hak-kwon Becomes President'] [Han Gyeong-yeong's Choice is Kim Hak-kwon?]
[God of Investment Han Gyeong-yeong Endorses Candidate Kim Hak-kwon] It was a period when changes in approval ratings could not be known, but the atmosphere that had been flowing toward the Conservative Party was tangibly shifting rapidly toward Kim Hak-kwon.
December 18, 1997, the day of the presidential election. In the evening, I was sitting in the study with my grandfather, watching the election results broadcast. The exit polls from each broadcasting station were finally announced.
It was a close race, within the margin of error.
“Hmm... Mu-hyeok, what are your thoughts?”
“It's hard to predict. We were aiming for a rebound with Han Gyeong-yeong's endorsement, but the difference in approval ratings was already significant.”
Excluding the minor candidates, it was the first two-party race since the change to a direct election system.
“Candidate Kim Hak-kwon would be good for us, but even if the Conservative Party comes to power, we can just change our methods. Let's wait and see for now.”
Grandfather nodded at my words, and then asked with a smile on his face.
“Han Gyeong-yeong's company is yours, isn't it, you rascal?”
It was something that could no longer be hidden.
“Yes, it is my company.”
< I Only Think of the Candidate's Victory > End