Kicking Away the Ladder

"Nice to meet you! I'm Michel Camdessus."

Managing Director Camdessus welcomed Yoo Jae-won with a bright smile upon his arrival at IMF headquarters. He had majored in economics at the University of Paris and earned a master's degree in public administration from the École Nationale d'Administration. The ENA was one of France's most prestigious grandes écoles, renowned for producing top politicians ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠and senior civil servants. With only eighty to ninety graduates each year, the majority of France's high-ranking officials and politicians hailed from its halls. It would not be an exaggeration to say that the school effectively governed France. Michel Camdessus was no exception. He had served as Director of the Treasury at the French Ministry of Finance, Chairman of the Monetary Committee of the European Economic Community, and Governor of the Bank of France before assuming the IMF post in 1987. Now in his third consecutive term, his capabilities were widely recognized.

"Hello. I'm Yoo Jae-won, Chairman of ID Group."

After a brief self-introduction, Yoo Jae-won shook the hand Camdessus extended. His eyes, however, did not shine as brightly as the Managing Director's. Camdessus had never earned high marks in Yoo Jae-won's estimation. The biggest deduction came from his role as a devout neoliberal who imposed harsh austerity measures and structural reforms on every country receiving IMF bailouts, often creating more problems than he solved. Eastern European nations, exhausted by the brutal restructuring, had seen communist parties return to power. Argentina's situation had actually worsened after receiving assistance—an absurd outcome. This was also the primary reason Camdessus received poor reviews in the United States. The self-proclaimed champion of democracy watched as the towers it had painstakingly built were dismantled under his watch. It was precisely because of this that Yoo Jae-won had gone to such lengths to position himself before the IMF could reshape Korea.

"Every time I see Chairman Yoo so vigorously active, I feel the times are changing rapidly. Back when I was in my prime, someone your age would have been hard-pressed just to study diligently. Yet here you are, having built a massive enterprise."

"If you look at Silicon Valley, my age is no longer exceptional. There are plenty of venture companies growing even faster than I did. As you said, Managing Director, the answer is that the era itself has changed."

"Haha, quite right."

After exchanging slightly barbed pleasantries, the meeting began. As Vincent Greenhill had reported, the IMF side had shown a very positive response from the negotiation stage onward. Still, because a corporation offering funds for a specific country was unprecedented, considerable time was spent inquiring about the reasons behind the proposal.

"It is an undeniable fact that America provided me with tremendous opportunities. Without its openness, I could never have grown this large. Yet it is also true that I was born in Korea. That is why I could not turn away from Korea's difficulties."

"A manifestation of patriotism, then?"

"More like compassion than patriotism. When a nation's economy collapses, it is ordinary citizens who suffer the most. Thanks to the considerable success I have achieved, I now possess the means to help Korea. My only concern was that my goodwill might be misused in ways I never intended."

"Ah, so that is why you wish to borrow the IMF's name."

"You see it clearly."

At Yoo Jae-won's words, a trace of concern crossed Camdessus's face.

"I fully understand the noble intent behind your proposal. However, I cannot help but worry. This crisis operates on a national scale. Even if you have achieved great success in America, it remains uncertain whether you command capital on a national level."

The real discussion had finally arrived. Yoo Jae-won smiled. This was the part in which he had the most confidence. He turned to Vincent Greenhill, who was seated as his aide, and the latter retrieved a thick stack of documents from an elegant briefcase. With that, the game was over. Camdessus confirmed Yoo Jae-won's financial capacity and immediately accepted the proposal. ID Group would provide funds explicitly earmarked for Korea's economic recovery, and those funds would be channeled directly to Korea through the IMF. The key issue was the IMF's Korea negotiation team. Unless the members who kept making unreasonable demands were replaced, the incoming administration led by Jeon Myeong-heon would face mounting difficulties. Replacing the entire team with Yoo Jae-won himself was unthinkable, so a compromise was reached: a significant portion of the Korea negotiation team would be replaced by economic experts from ID Investment. It was a transparent sleight of hand, but the effect was certain. The IMF's involvement would remain intact while Yoo Jae-won's influence could be exercised immediately.

Once agreement was reached, a contract was drawn up at once. It was extremely detailed, specifying when Yoo Jae-won would deposit the funds with the IMF, how many of his people would join the Korea negotiation team, and the exact authority they would wield. The document was crafted with meticulous care to prevent any future disputes. With both parties signing the contract, all business in Washington DC was concluded.

Though Christmas should have been warm, the flood of articles painted a bleak picture. Seoul's bustling districts still tried to evoke a festive mood with carols, Christmas trees, and decorations, yet the streets remained eerily quiet. The atmosphere was starkly different from the previous year-end. The even more disheartening news was that this mood was expected to persist for some time. Even before full-scale restructuring had begun, unemployment was rising daily. With the exchange rate soaring, small and medium-sized enterprises that imported raw materials, processed them simply, and resold them were collapsing in droves. Raw material import prices had skyrocketed, driving up everything from grocery costs to fuel prices. Even large corporations had begun offering voluntary retirement packages. Compounding the crisis, reports on insolvent financial institutions kept emerging. Not only second-tier financial firms but even first-tier banks were rumored to be unsafe. This was hardly surprising, given how the integrity of the system had been severely damaged by figures who treated merchant banks as their personal piggy banks—exemplified by the illegal loans to Hanbo Group involving the president's son. Rescuing individual depositors who had been lured by the high interest rates offered by merchant banks was proving extremely difficult.

The news that IMF negotiations with Korea were faltering sent another icy blast through the Korean stock market, painting it deep blue. The IMF was no longer negotiating with the outgoing civilian government, whose term had only a month left, but directly with the transition ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠committee assembled by President-elect Jeon Myeong-heon. Even if talks concluded smoothly with the outgoing administration, the new president could simply overturn everything, rendering the effort pointless. Yet the report of stalled negotiations shocked everyone. Rumors spread that if the IMF failed ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠to disburse funds on time, the country could once again teeter on the brink. Consequently, the economic committee members of the transition committee, who were directly engaged with the IMF team, faced a barrage of criticism and pressure. The most vocal critic was the Daehan Ilbo, which only months earlier had published articles claiming the Korean economy was fundamentally sound. The paper now demanded to know why the IMF would consider replacing its own team if communication were not utterly broken, unleashing fierce condemnation. It seemed only a matter of time before the criticism extended to Jeon Myeong-heon himself for appointing such people to the transition committee.

"Haha, these people are hilarious."

"What is so funny? Let me in on the joke."

Remington immediately picked up on Yoo Jae-won's remark. After successfully concluding negotiations at IMF headquarters in Washington DC, Yoo Jae-won had not returned directly to San Francisco. Instead, he visited the ID Investment headquarters building in nearby New York. There he planned to interview ID Investment executives, select personnel to dispatch to Korea, and formulate strategies for Korea's economic recovery. Upon hearing that Yoo Jae-won was in Manhattan, Vice Chairman Remington had come to see him. Remington, who was overseeing the merger between Nextcomcast and Time Warner, had been based in New York since autumn. The extended business trip meant his wife Shannon and daughter Emma had also joined him in New York. Their accommodation was, naturally, the ID Investment Building. The building had been constructed as a mixed-use complex with both offices and luxury apartments. Though prominent New Yorkers leased units there, many rooms remained vacant, so accommodating the Remington family was no trouble at all.

In any case, Remington had rushed over not because of any urgent report. The bond between Yoo Jae-won and Remington transcended a simple superior-subordinate relationship; he had come simply because he wanted to see him. As a result, the two had shared a meal and were now enjoying a leisurely moment over tea. When Korean news updates appeared, Yoo Jae-won opened his iWorks laptop to read the papers and burst out laughing.

"Ah, the Korean articles say the reason for replacing the IMF negotiation team is President-elect Jeon Myeong-heon's high-handed attitude. They claim that offending the IMF could end the support, so he should immediately go apologize. They suggest Jeon Myeong-heon should promise to prevent recurrence and soothe the IMF."

"Wahaha! Those fellows really are a riot!"

Remington also burst into laughter at Yoo Jae-won's explanation. After all, the article stating that the negotiation team would be replaced stemmed directly from the agreement between Managing Director Camdessus and Yoo Jae-won. The supposed discord between the current team and President-elect Jeon Myeong-heon described in the article was entirely fabricated. Jeon Myeong-heon had merely requested mitigation of the harsh measures the IMF team demanded in order to protect Korean citizens, yet the article portrayed him as deliberately trying to sabotage the negotiations. As a core figure in ID Group, Remington had been briefed in advance on Yoo Jae-won's plans, including the support for Korea routed through the IMF. Yoo Jae-won had once worried that Remington might feel uncomfortable about large sums being spent on Korea, since most of ID Group's achievements had been built in America. Pouring American-earned wealth into Korea could easily appear distasteful from an American perspective. Fortunately, Remington felt no such resentment. On the contrary, he praised Yoo Jae-won as a true patriot for opening his wallet so decisively in his country's hour of need. That was not all. Remington noted that in many countries that had received IMF bailouts, the wealthy still retained vast fortunes, yet none of those nations had seen anyone step forward as Yoo Jae-won had. He commended the display of both patriotism and noblesse oblige as worthy of respect regardless of age, and even vowed that if anyone misunderstood Yoo Jae-won's intentions, he would personally clear up the misconception. The sincerity in his words was unmistakable. Thanks to this, Yoo Jae-won was able to completely dispel any lingering doubts about his plan.

Because Remington was well informed about developments in Korea, he could laugh along. Yoo Jae-won wondered how the media would twist their narrative once it became known that he had intervened at the IMF to provide massive support to ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠Korea. Afterward, Yoo Jae-won discussed Korea strategy with Remington, Vincent, other group executives, and ID Investment's capable financial and economic experts, while also selecting the personnel to be dispatched to the IMF negotiation team. The work continued until the end of the year.

Upon returning to San Francisco, Yoo Jae-won attended the year-end ceremony and New Year's events at ID Technology headquarters before welcoming the new year. Time passed swiftly. On February 25, 1998, the inauguration ceremony of Jeon Myeong-heon, the 15th President of the Republic of Korea, was held in the plaza in front of the National Assembly building. It had reportedly been prepared as modestly as possible due to the IMF crisis. Nevertheless, so many citizens attended that the plaza was filled to capacity, leaving no empty seats. Yoo Jae-won and Tiffany, who had received invitations early, were among those present. Amid everyone's blessings and support, Jeon Myeong-heon took the presidential oath, marking the beginning of his administration—a pivotal turning point in modern Korean history.