Chapter 116
Chapter 116
Translation: Godtl
"..."
Flashing lights erupted from all directions, accompanied by the sound of camera shutters.
Hadn't celebrities said something about this?
That when you first experience the baptism of camera flashes, your mind reels as if you're about to have a panic attack.
"Chairman Choi Hyun-tae! Please give us a statement about this situation!"
"..."
In the blinding flashes that made it difficult to even keep his eyes open, Choi Hyun-tae lowered his head.
"Everything is my fault. The responsibility lies entirely with me. I will disclose all details during the hearing."
With that response, Chairman Choi entered the hearing venue.
"..."
Contrary to expectations, the interior was more peaceful than outside.
The assembly members also met Chairman Choi's gaze with gentle eyes.
Perhaps... he could relax a little?
"We will begin shortly. Please be seated."
But the moment the committee chair finished speaking, the members' expressions transformed.
"Chairman Choi Hyun-tae of the National Pension Service. Please begin with your oath."
"Ah, yes."
As soon as the oath concluded, the members launched into a barrage of reproachful questions.
"Utilizing 700 trillion won of national pension funds for short selling investments is unprecedented! While it may have generated enormous profits, using citizens' retirement savings for such high-risk investments goes against the very purpose of the National Pension Service!"
"The National Pension's goal is stable returns, not ultra-high-risk investments, is it not? Investing the entirety of citizens' hard-earned retirement assets into short selling is closer to gambling! Had it failed, it could have devastated people's livelihoods!"
Their points were all valid.
Which was why Chairman Choi didn't even attempt to argue back.
He simply nodded, accepting his mistakes.
"However... it's not right to only criticize. Wasn't it Chairman Choi's bold decision that miraculously doubled the National Pension's assets from 700 trillion to 1,500 trillion won?"
"Are you suggesting we should defend this just because of that?"
"This is still tantamount to gambling with citizens' money!"
The National Pension's capital had indeed grown from 700 trillion to 1,500 trillion.
What made this particularly remarkable was that it had been achieved in such a short period—an unprecedented feat in financial history.
But that didn't absolve Chairman Choi of his wrongdoing.
Even if the outcome was favorable, the fact remained that he had unilaterally used citizens' money for speculative investments.
"Therefore, with full awareness of my responsibility, I intend to step down as chairman effective today. Having dared to gamble with citizens' money, I have no intention of making excuses or returning to public office. And all decisions were made solely by me. No one else bears any responsibility, so I sincerely hope the respected assembly members will remember this point."
To outsiders, Chairman Choi might have seemed unfairly treated.
The National Pension Service no longer needed to worry about future generations or see different generations fighting over it. At least for the foreseeable future, concerns about pension fund depletion could be set aside.
"Chairman. We've heard that the National Pension funds currently in the U.S. will soon be transferred to Europe at the EU's request. How do you plan to handle this?"
Most importantly, the 1,500 trillion won wasn't yet a fully calculated figure.
"That was an official request received at the government level. This isn't a decision I can make unilaterally. And I believe this matter should be handled by my successor. I will now withdraw from all National Pension affairs."
It was difficult to keep pressing someone who had already announced their resignation.
After a few more rounds of questioning, the hearing drew to a close.
"Are the cameras off?"
"Yes. The broadcast has ended."
At those words, the same assembly members who had been grilling him moments ago approached.
"Chairman. You've worked hard all this time. Though my questioning may have been harsh, you understand—it couldn't be helped."
"Ah, yes."
"Chairman. You truly made a monumental decision for this country. On behalf of the citizens, I want to express our gratitude."
"Thanks to you, we feel a tremendous burden has been lifted. Though the method may have been wrong, future generations of Korea will long remember your achievements."
Just moments ago, they'd been tearing into him as if to kill him.
No wonder people said politicians acted differently when cameras were rolling versus when they weren't.
"Yes. Thank you all."
But receiving such words of gratitude didn't mean Chairman Choi's life would improve.
He was stepping down from his position as chairman, and the decades-long public service career he had built came to an abrupt end.
The only silver lining was that the government had chosen to overlook what could have been far harsher disciplinary action for his overreach.
"..."
After the hearing concluded, the chairman returned to his office, passing through the throng of waiting reporters, and sat blankly in his chair.
Ah. This isn't the time for this.
This was no longer his workplace, so he needed to leave quickly.
After all, the incoming chairman would need to take his place.
"Chairman..."
"Chairman? I'm just an ordinary old man now. No—now I'm just a civilian. Haha."
"..."
Even as he tried to lighten the mood with a joke, the solemn atmosphere among the employees who had gathered for him didn't dissipate.
"Everyone, lift your heads. The mistake was mine alone. So there's no need for any of you to look so guilty. I was the one who pushed forward despite all of you opposing it. So send me off with smiles, won't you? This is the last time you'll see me like this, after all."
Only then did the employees begin to smile, one by one.
After exchanging final farewells with his staff, the chairman left the corporation.
"..."
His heart felt hollow.
The National Pension Service had achieved such an extraordinary return that future generations would no longer need to worry, but in the end, the chairman had shouldered all the responsibility and resigned alone.
Yet he didn't regret it in the slightest.
It was something someone had to do, and if sacrifice was necessary, he was more than willing to bear it.
Still, he honestly had no idea what to do now.
Before this incident, he had never once imagined his career ending in disgrace.
"Chairman."
At the voice calling from behind, he turned his head.
"Ah, no. I mean—Chairman Jeong?"
Standing behind him was someone he hadn't expected.
"Would you like to ride together?"
"Huh? Ah... Yes."
Why had this person come all the way here?
They hadn't met often, but every time he saw Jeong Jin-ho, the man remained utterly inscrutable.
Despite his kind, smiling face, there was something undeniably heavy about him—an inexplicable aura that always left the chairman tense.
"I watched the hearing. It was painful to see, even for me."
"Not at all. It was entirely my fault."
"That's not true. It must have been an incredibly difficult decision. I'm grateful you trusted me enough to stake your entire career on it."
As he spoke, Chairman Jeong handed over a document.
"This is...?"
"We've recently established Gwangun Asset Management, and there happens to be an advisory position open. Given your experience and capabilities, I believe you'd be an excellent fit, so I'd like to extend the offer."
"Excuse me?"
What was the most crucial part of any contract?
The salary, of course.
And as Choi Hyun-tae's eyes scanned the figure written there, they gradually widened.
"Y-you're seriously offering this to me?"
His hands even began to tremble.
"Yes. There's absolutely no need to feel burdened. I'm not making this offer with any ulterior motive. Think of it as a small token of gratitude for your sacrifice for the National Pension Service and the future generations of Korea. You won't even need to come into the office and be weighed down by work."
After the hearing, he had received many words of consolation.
But they had ended there.
No one had stepped forward to offer direct help.
Because Choi Hyun-tae was no longer the chairman.
Hadn't he been reduced to just another civilian, Choi Hyun-tae?
But it seemed the world wasn't quite so merciless after all.
"Can I really accept something this generous...?"
"You've more than earned it. You're a hero of this country, Chairman."
"..."
A second life after a disgraceful resignation, was it?
Was it his age?
For some reason, his eyes stung with unshed tears.
＊＊＊
Following KW Exchange, I now took on the role of CEO at Gwangun Asset Management as well.
But there wasn't much I needed to personally oversee.
While typical asset management firms pooled money from the general public to create funds, ours was primarily structured to align with the nature of the National Pension Service.
In other words, it wasn't yet a company accessible to ordinary people.
"Did Chairman Choi agree to take the position?"
"Yes. He already signed the contract last time and has been coming to work regularly. Even though we told him he didn't need to come in every day, he's been working diligently."
He was no longer the chairman but had become an advisor to our Gwangun Asset Management.
Since we'd taken over full management of the National Pension Service's funds, and Advisor Choi had worked in that field for a long time anyway, we thought it would be convenient to have him liaise with those people—that was part of why we recruited him.
But it wasn't that we gave him that position expecting some kind of results.
It was just that I couldn't shake the image of him leaving alone, bearing all the responsibility, so I prepared this small gift for him.
"Good. You did well. Advisor Choi is still young, isn't he? He should keep working hard. And for someone who's worked his whole life to reach that position, suddenly being told to do nothing would be the hardest thing of all."
"Yes. Since our asset management company will primarily handle the National Pension funds, he understands that system better than anyone."
"So how did you decide to handle operations?"
"I'll make the overarching investment decisions, and the vice chairman will handle all the subsidiary matters."
Just like what we're doing at Gwangun Securities now—I set the overall investment direction, and the vice chairman takes care of the rest.
"Good. However it happened, I'm glad it worked out. I was really worried because this coronavirus situation is unusual. Is vaccine production going well?"
"Yes. Starting next month, the vaccines will first be distributed to our country and the UK, then a few days later to all the nations we've contracted with. We've already prepared everything from production lines to distribution channels."
Vaccines are medications that go into people's bodies.
That's why the testing process has to be extremely stringent.
But governments around the world, horrified by how quickly the disease is spreading, have relaxed all regulations to distribute the vaccines as quickly as possible.
"Good. That's working out well too. What about you, Du-yeong?"
"Don't worry about shipping, Chairman. Everything is progressing very smoothly. We're gradually buying back the companies the EU took from us at bargain prices. Of course... there is a shipping company in the Middle East that's expanding its influence with help from sovereign wealth funds, but we'll do our best to reclaim global shipping dominance."
As he spoke, Director Kim Du-yeong turned his head toward me.
"Oh, right. By the way, President Jeong, have you heard the news about oil prices?"
"Ah, yes. It's because oil prices crashed due to the coronavirus, right?"
Originally, oil prices had been approaching $60.
But as the pandemic began to spread, the price dropped to $40, and now it's hovering around $30.
With the economic downturn halting all shipping and air travel, and even urban vehicles coming to a standstill, crude oil had begun overflowing.
"That's why Russia and Saudi Arabia are currently negotiating production cuts. They'll probably reach an amicable agreement. The general consensus is that if they do, oil prices, which have bottomed out at $39, will rebound."
With oil prices having plummeted by 50%, Russia and Saudi Arabia could no longer afford losses, so their production cut agreement seemed likely to conclude soon.
If everything goes as expected, oil prices will rise again.
"So you're saying we should buy some oil now while it's cheap?"
"Yeah. If we buy low, we can use it for a long time. Here's the report we prepared. Just skim through it."
I didn't think I needed to examine it in detail.
Russia and Saudi Arabia would definitely reach a production cut agreement, and prices would rise.
If we could buy some oil now and reduce shipping costs...
"!?"
But right then.
The moment I glanced at the report, an intense shudder swept through my entire body, and a vision unfolded before my eyes like a scene from a movie.
Oil barrels piled up like mountains.
So many that people were dumping drums straight into the ocean.
Not because there was a shortage of oil, but because there was too much—it was like hell itself.
"..."
"President Jeong?"
I came to my senses and blinked.
My eyes felt dry and stiff.
"Are you okay?"
"Ah, yes."
What was that vision just now...?
"Director Kim."
"Huh?"
"Could you look into storage facilities where we can purchase and store crude oil in bulk? The more, the better. Buy them all."
"What? S-suddenly like this?"
My intuition had clearly shown me through that vision.
Oil piled up like mountains.
And people discarding it.
What could that possibly mean?
It meant a world was coming where no one would buy oil even if you paid them.
***
"Rank reversal?"
"Yes. Gwangun has now become the largest asset management company."
Chairman Kang Sung-ho received an interesting report.
Asset management was something even Kangsung Group operated.
They had always competed with KS for the 1st and 2nd spots, but the latecomer Gwangun took the top position the moment it appeared.
And it happened while handling all the assets managed by the National Pension Service.
"Our asset management company originally aimed for 1,000 trillion won in assets under management, but with Gwangun taking over the National Pension's entire 1,500 trillion, they've become the undisputed number one."
"Isn't the National Pension Service in turmoil over this?"
"Yes. Director Choi Hyun-tae became a complete superstar after the recent hearing. Using public funds for short selling was clearly wrong, but the results were good, weren't they? They grew the assets to a whopping 1,500 trillion won. Future generations won't need to worry anymore."
Even upon reflection, it was an astonishing feat.
The National Pension was the Pandora's box every politician avoided.
Because opening it wrong could end political careers in an instant.
That's why they kept postponing it to future generations, leading to the current situation, but this solved it in one fell swoop.
Through the insane move of shorting 700 trillion won, no less.
"But after Director Choi resigned, he immediately joined Gwangun Asset Management as an advisor."
"What? Wait. Then this means..."
"Yes. Director Choi was Gwangun's person from the beginning. That's precisely why they suddenly shorted 700 trillion won. He was their man all along."
So that's how it was.
Of course. Out of the goodness of their hearts, Gwangun wouldn't just hand him an advisor position to take care of him.
He was clearly their person from the start, and they gave him the promised position.
"No other backlash?"
"No. The results were too good. The National Pension, originally projected to be depleted by 2050, has significantly extended its lifespan. Naturally, no one can say anything negative. Moreover, even the U.S. isn't making any negative comments about the National Pension now."
The funniest part was Trent's reaction.
Whatever his original intentions were, with the National Pension fully reviving the U.S. stock market, he even openly praised them.
"Wasn't the U.S. the one sharpening their knives the most?"
"We thought so too... But looking at current U.S. public opinion and even the White House expressing gratitude for the National Pension's decisive actions and hard work, perhaps the conspiracy theories circulating now might be true."
"Conspiracy theories?"
"Haven't you also said it was strange several times, Chairman? How could Korea's National Pension intervene in the U.S. stock market to that extent?"
Kang Sung-ho found that the most bizarre.
Trent was extremely sensitive about foreign capital.
That senile old man believed indiscriminately raising tariffs and blocking foreign capital while boosting domestic production was the only way to make America great again.
Yet suddenly, he allowed the National Pension to invest in the U.S. market.
"On the surface, it looked like all the National Pension's money would burn, but contrary to expectations, the U.S. market recovered, and they actually profited. Unlike the initial bailout."
"So that's why the rumors are circulating?"
"Yes. Trent, who detests foreign capital, utilized massive foreign funds from the National Pension and Gwangun, and thanks to that, both made huge profits. Criticism about the National Pension and Gwangun shorting 700 trillion has completely vanished. It's practically as if Trent personally laundered it for them. They made money hand over fist."
At this level, it'd be strange if conspiracy theories didn't emerge.
"Wait. Then what? If that's true, then Gwangun—no, President Jeong..."
And Kang Sung-ho immediately grasped what that conspiracy theory implied.
"He's on the same team as the U.S. President!?"