Chapter 45
Chapter 45
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Translator: MadScientist
Chapter: 45
Chapter Title: The End of the 80s (4)
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The first CDS sale was a modest deal worth around 10 billion won.
Calling 10 billion won "modest" might sound a bit off, but major funds routinely traded sums like 10 billion dollars, so it was indeed small-scale.
Plus, that inaugural CDS trade only involved paying a 500 million won premium, making it even tinier. It barely helped Daeha Investment Bank in any real way.
The real show was yet to come.
📰 Financial Headlines [What is the Credit Default Swap, the new financial product emerging in East Asian finance?] [Nomura Securities inks additional CDS deal with Daeha Investment Bank...] [Escalating Eastern European crisis; experts warn of sovereign debt default risks] [JP Morgan sells $100 million Credit Default Swap...] [ISDA: Credit Default Swaps should undergo association review in principle. Calls grow for standardizing the chaotic contract formats...] The finance sharks had bitten the bait.
"Don't you feel a twinge of regret, Miss? This is a product you developed."
Lee Si-hyeon, back from vacation with a glow of radiant health, brewed me coffee while skimming the papers.
"Oh? So you can read English now?"
"...Hey, don't underestimate me like that. It's been five years since I've been reading the same newspapers as you."
Yeah, right. Even if you trust your neighborhood crew, you can't just co-sign guarantees blindly. I got a shock during the background checks, buddy.
Anyway, the so-called little brothers who tried to dupe my secretary? I gave them a stern talking-to and reassigned them under Secretary General Seo Joo-eun. A bit rebellious, but they know where the water flows.
"CDS wasn't the goal to sell—it was to spread. No regrets there. Financial techniques are all like that anyway."
I'd pulled it from JP Morgan myself. If they took it back, no skin off my nose.
Sure enough, JP Morgan— the legendary investment bank that birthed CDS in the original timeline—jumped into credit trading even before Alpha Fund.
They saw its true value.
"That's FTD, and that's TRS... Ha, they really are something."
I'd only tossed out the bare concept of trading "credit" itself, and already derivatives based on my CDS portfolio were flooding the market.
This was Wall Street's might.
Fall behind for a second, and you're devoured... the heart of global finance.
That's why they were geniuses at innovation and imitation.
"...I don't get the details, but it sounds impressive. Still, wasn't this all within your expectations, Miss?"
"Pretty much."
CDS taking root this fast wasn't just due to surging Eastern European demand—it was because I'd so generously dumped the full portfolio of know-how onto the market.
Stuff like that was supposed to be top secret, but I packaged it as rookie company sloppiness and let it loose. By now, those Wall Street fund managers were probably popping champagne while laughing at me.
"Sigh... Anyway, things changed a ton while I was out. The first few days of vacation were nice, but then I got bored and my head started hurting."
Si-hyeon grumbled even as she fussed over me attentively. I savored her hands kneading my shoulders, stretching out my legs and reclining lazily.
"Ahh, this is the life. I really missed this."
"Looks like you managed fine without me for a month. All grown up, aren't you, Miss?"
To Si-hyeon eyeing me sheepishly, I shrugged it off casually.
"I had other secretaries and housekeepers. Back in the day, I handled everything solo anyway."
-Flutter.
I tossed the read paper aside and hopped down lightly from the sofa.
"Yup."
Thud.
A small, dull sound made the coffee cup wobble.
"Hey, Si-hyeon. Did you snap any pics on vacation?"
She's such a workaholic that I told her to photograph her daily fun. Otherwise, she'd spend half the trip at the gym.
"Ah, yeah... I brought the ones developed today. You're obsessed, Miss... I billed you for the film, just so you know."
"Yep, yep, hand 'em over."
Si-hyeon rummaged in her bag and pulled out a plastic sleeve stuffed with dozens of photos.
"Ooh, half are beach shots, as expected."
Heh heh heh.
I might not know much else, but this I had to see.
Si-hyeon, in a tank top and dolphin shorts, gave me a pitiful look.
"What're you staring at like that?"
"...Nothing. Just figured there wouldn't be anything you wanted."
I flipped through the photos, confirmed she was right, and drooped my arms in disappointment.
"Huh."
Darn, for real. All one-piece swimsuits.
Not bad, but...
"What gives? You bought swimsuits at my department store last time too. Why no bikini?"
That was my first taste of shopping bliss—oh, this is why girls love it.
Staff fetch the clothes, no sore feet, and department store pros know fashion, so top-tier flattery too.
But Si-hyeon blushed and shook her head vigorously.
"H-how could I wear something so shameless? You're the weird one, Miss. You used to love ogling guys but were super modest yourself. Makes no sense to rave about skimpy scraps like that."
A sly smile crept onto my face.
"Hmm... Yeah, I was like that before. Now? I'm good with everything."
I'd hated women's clothes originally, but wearing them dulled the shame, leaving pure narcissism.
Scored a bunch too. Summer sale, swimsuits included.
"Even so... Everyone stares, and with my brothers around? Bikini feels off."
Hmm, fair point.
Still July, right...?
Eastern Europe's revolutionary peak hits November, so plenty of time. Work can wait till vacation.
Alright, decided.
"Vacation for me too—let's jet off overseas."
"...Pardon?"
"Gotta hit the States for Alpha Fund anyway. First trip, so pad the business time and swing by the Caribbean."
Handy private island there. Technically bought by American Ha Young-il, but once forex outflow rules loosen, ownership transfers to me—mine already.
"W-wait... Now? I just got back."
"This is business, so it's fine. Not leaving today—two days from now. Prep up."
Planned for ten days out originally, but can't shift the meeting. Go early, play extra.
Wish I could work first then go, but vacation clashes. Plus promises with Mai-ryeon.
Schools are the issue.
◇◇◇◆◇◇◇ Caribbean Sea.
I lounged in a crisp white bikini, soaking up the resort vibes. Blazing sun, cool breeze... the vast open ocean was pure bliss.
Especially with zero noisy pests around.
This is why the rich buy islands for getaways.
"...But if you're reviewing docs out here, did you even need the swimsuit?"
Si-hyeon stared at me, incredulous.
"Told you—business trip. Since we're in the Caribbean, gotta check the local corp before leaving."
Caribbean's infamous as a tax haven. Alpha Fund's shell company sits here.
Paper entity only, but pre-internet means some hands-on fixes.
"And it's plenty relaxing."
I smirked at Si-hyeon's swimsuit getup. Her diligent self-care kept her teenage figure intact; catching my gaze, she coyly shielded her chest with an arm.
Nice... Summer's for the sea, after all.
I poked my firm 11-pack abs appreciatively, but she moonwalked back lightly, swatting my hand away.
"...Anyway, Miss. Did you skip bringing Nanny for this?"
"Yup. And with Nanny around, can't do naughty stuff."
"...Why not just swim and chill normally? I was bored as a kid with no playmates, but you've got no such excuse."
Si-hyeon rambled on with old tales.
Loved squid game back then but quit post-puberty 'cause it shredded clothes; treasured pricey toy from Uncle for over a decade; nearly cracked her skull stone-fighting in Incheon...
Stone-fighting? Why...?
And spare me the squid game on a deserted island. Gives me chills.
"This is my play. Games are fun, but still clunky. Earning cash? Thrill anytime."
"... "
I chuckled and prodded her chest playfully.
"Oh, Si-hyeon. Got today's papers?"
"Yes, brought 'em. Feels weird actually working at a resort... Knew it, but human hearts are fickle."
Grumbling, she unzipped her crossbody bikini bag and tossed over a few papers.
📰 Latest News [East German citizens fleeing across Hungarian border... Habsburg heir Otto von Habsburg voices support] Good news.
"Hungary's already swung to the free world... The rest is just a matter of time."
"Even so, East Germany collapsing? Feels like it'll take ages."
Si-hyeon, unaware of my Soviet collapse prediction, tilted her head.
Fair. No one saw East Germany coming. Half-accidental tumble... Tsk, butterfly effect might delay it.
I nodded, thoughts straight.
"Yeah, could be. Even if it means pushing in November, gotta visit Germany."
"...Pardon?"
Why not.
It's a trip.
But the Berlin Wall's historic fall? Gotta witness it live.