Chapter 47
Chapter 47
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Translator: MadScientist
Chapter: 47
Chapter Title: End of the 80s (6)
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“Someone reliable?”
Ha Young-il shot me a baffled look.
“Yeah, someone reliable. How much do you trust me—specifically, the orders I give?”
He thought it over for a moment before replying.
“…More than my father’s judgment.”
“Ahaha, that makes me happy.”
I beamed and nodded, then pulled out a document and set it in front of him. It was a CDS contract.
Ha Young-il glanced at it and let out a low groan.
“Czech Republic, Poland, Hungary… But these aren’t sovereign bonds. They’re all CDS on corporate debt tied to Eastern Europe. And we’re the ones selling.”
“Exactly. Which means the premiums are nice and fat.”
CDS was insurance against the issuer defaulting. Corporate bonds from less trustworthy entities commanded higher premiums than sovereign ones.
“…You sure about this? I’m no expert, but these companies aren’t exactly ringing with good news. If they go bust, we’re on the hook.”
“That’s the idea.”
If you’ve made money, you’ve gotta know how to spend it right.
“…Pardon?”
“We’re already shorting Eastern European sovereigns too, aren’t we?”
With far more capital than Daeha Investment Securities, Alpha Fund could easily absorb the CDS risk.
“Ah, a hedge of sorts.”
“Shop it around the Western European banks. And the key part… Don’t go to mid-level staff. Pick smart new hires—total rookies.”
Deutsche Bank, Credit Suisse, ING, Credit Lyonnais… and even Barings Bank.
Europe’s heavy hitters were listed as potential buyers.
“…Understood. Our fund does lack appeal to the old money crowd. I’ve been feeling the need for more investors.”
Western traditionalists were dubbed “old money.” For reference, Korean chaebol families and famous IT founders were “new money”—lacking roots.
Old money traced back before World War II, centuries-deep wealth. No way they’d touch my upstart Alpha Fund.
“You get it. Gotta build ties in Europe for smooth deals later. Those venerable nobles won’t listen unless you bring a storied bank to the table.”
Business ran on connections, after all. I was practically handing them free money—why wouldn’t they invest?
Ha Young-il seemed convinced, though one question lingered.
“I get why the Western banks, but why new hires specifically?”
I answered matter-of-factly.
“So we can load them up with more debt later. Start with mid-level for the contracts, narrow down candidates in the meantime, and send them my way. I’ll pick the good ones.”
“…Got it.”
He tilted his head but followed my lead.
As he’d said, he trusted me implicitly.
◇◇◇◆◇◇◇ After meeting Ha Young-il, I gave Lee Si-hyeon the grand tour of New York. It was hilarious watching her gawk like a country bumpkin at thin air.
But she was badass when racism reared its head—standing her ground without flinching. The Secretary General sure knew how to pick ’em.
“…”
“What’re you staring at?”
“Oh, nothing. Just scouting some people.”
Ha Young-il had moved fast on my orders. Purged a few Alpha Fund staffers and one “friend,” locking down his position.
From there, it was smooth sailing.
Wall Street’s rising star snapped into action, dispatching underlings to Western Europe. They sealed deals with the old-guard banks.
The documents I was reviewing now were my final request: hotshots from those European banks.
But… where was that one?
Did I mix up the timeline? Butterfly effect?
“Tsk…”
I was rifling through the papers with a grimace when the door flew open. Ha Young-il rushed in, panting.
“Huff… puff… Sorry, miss. Forgot to fax this batch, so I brought it myself.”
He clutched a thick stack of documents.
“Ugh, all that worrying for nothing. Hand it over.”
I snatched the papers from him and shoved back the one I’d circled.
“Alright, other banks are set. Just Barings left, right?”
“Huh? Oh, yeah.”
Ha Young-il nodded dazedly, still catching his breath.
Tch, his head’s too cluttered. No raw power means these convoluted plots.
I was spinning webs to extend my reach.
In Korea’s Daeha Investment Bank, quietly honing skills and creating CDS. In the U.S., Alpha Fund rolled big money, shorting to generate cash.
Spare capital? Tossed to Western banks under the hedge banner—like charity.
And finally…
Lay the groundwork for the future.
-Rustle.-
I scanned the docs and jabbed at one name.
“Barings gets this guy. Love that confident vibe—reminds me of me. Route all our CDS his way from now on.”
His name: Nick Leeson.
Fresh Barings hire this year. The man who’d tank its 230-year history in six more.
But… six years? Kinda long.
◇◇◇◆◇◇◇ While I plotted my Western Europe conquest, Lee Si-hyeon pored over the newspaper, deep in thought.
“…Miss. What happens after the Eastern European revolutions?”
“What do you mean?”
“Communism rejects private property, right? So how do they split up the state’s wealth and companies?”
“Ah, good question. They’ll… divvy it up nicely.”
Si-hyeon’s eyes widened slightly. Greed flickered in them.
She’s grown.
“So… this looks like one hell of a feeding frenzy.”
I nodded.
“Exactly. That’s why I’m taking CDS hits to break into Europe.”
The Eastern revolutions and Soviet collapse were golden for Western capital.
Especially the USSR—transition from communism to capitalism was a mess.
Consider Si-hyeon’s obvious point: no private firms under communism.
Now the USSR’s toast. A lowly factory overseer morphs into a massive capitalist owner.
Russia had countermeasures, like the Czechs and Poles…
“Take Poland as an example. Voucher privatization, from what I’ve seen in the news. Probably similar elsewhere.”
“Voucher privatization?”
“Vouchers are coupons. State owns the companies, state belongs to the people—so sell shares via coupons to every citizen… in theory.”
Perfectly idealistic. Like classical economics assuming rational actors.
“…Complicated.”
That was the flaw.
Voucher privatization’s big issue? Too damn hard to grasp.
People barely scraping by—who’s parsing policy fine print fresh from communism?
Some did. They got filthy rich.
State dumping companies dirt cheap—even ones they shouldn’t sell.
Poland and Czechs took it slow, so somewhat okay…
Russia? Amid total chaos, free vouchers to everyone. Yes, free.
“Capitalism rule one: nearly everything’s for sale.”
I grinned and raised a finger.
“…You buy those?”
“Yep. Connections get us Eastern firms too. Think: starving to death, who cares about coupons?”
“Sell the coupons, then.”
Soviet citizens mastered that first—to survive.
Stock companies? Advanced stuff, learned too late.
By then, shady bourgeois and Russian oligarchs had snatched all the ex-state firms.
Of course, Russia’s extreme. Eastern Europe won’t be as wild.
“That’s why Ha Young-il’s prepping paper companies. Peak chaos now—bribe a few locals, boom, legit-looking firm. Well… they’ll actually operate, so not pure paper.”
Need shell links, but the local entities would be real.
Si-hyeon gasped in realization.
“Ah! Way less scrutiny—as local companies.”
“Right. Looks are all that matter to most, even if someone else pulls strings.”
Some nations straight-up auctioned to foreigners—those would be cake.
Multiple proxy layers for Alpha Fund, but unavoidable.
“You’re way too thrilled.”
Couldn’t help it.
“Ahaha, chances like this don’t come often. Gotta snap up the gems fast.”
“When do you plan to sell?”
I shook my head. To control a nation, nothing beat owning its core—personally, I’d hold key firms.
“Not selling them back. Even with infinite cash, repurchasing would be hell then.”
“Expensive, though.”
“Ha, that’s why we’re grinding like maniacs now.”
I savored the satisfaction, ready to dump all our Eastern sovereign short profits right back into the region.
◇◇◇◆◇◇◇ A few months later.
November 9, 1989.
I posed for a photo holding a chunk of crumbled concrete from the Berlin Wall.
It captured a beaming enigmatic girl beside a woman bodyguard with a rock-solid expression.
.
.
.
“Miss, be honest. You… get possessed or something?”
“Nope? How rude. What’d I even do? Nothing.”
“…”
I’d just nixed the butterfly effect.
East and West Germany would reunite smoothly as history intended. The Soviet Union would crumble right on schedule.