Financial Real-Name System
***
Blue House. One hour before the historic announcement of the financial real-name system. A heavy silence hung in the air.
President Kim Dong-il's face, reviewing the address to the nation for the final time, overflowed with a faint smile.
"If I pull off the financial real-name system that no previous administration dared to touch, it'll etch my name into the pages of history."
Standing respectfully beside him, Chief Secretary Cha Jeong-su replied, "Since Your Excellency is implementing a policy that past regimes avoided out of deference to the conglomerates, we expect a surge in approval ratings."
"Exactly. We'll get a good look at the crowns of those stiff-necked corporate titans for once, and with this much public justification, it's more than enough. Everyone, you've all worked hard."
"Thank you, sir."
On the surface, it was a system to ensure transparency in financial transactions, but the arrow was unmistakably aimed at the conglomerates. And among them, JK Group stood out the most.
Since this administration took power, JK Group had been expanding aggressively at a terrifying pace. Unlike other companies wary of government scrutiny, Chairman Kang showed no hesitation. Yet they couldn't impose sanctions because of the leash Min-ho still held around their necks.
In truth, the 500 billion won in political funds handed over by Chairman Kang was what had seated President Kim Dong-il in that very chair. Whispers of collusion with JK Group were starting to circulate, but there had been no official response.
"Sometimes... I wonder why I took money from that viper."
"Your Excellency, if I may be so bold, without those funds, the situation would have been far from certain."
"No need to mince words. Without that money, I wouldn't be sitting here. But that doesn't mean I can keep being dragged around like this."
Chief Secretary Cha smiled as he replied, "With this real-name system, JK Group will likely take the biggest hit."
"Right. Starting from an illegitimate loan shark, they must have plenty of funds floating in thin air... They'll have to lie low for a while. And what about Chairman Kang's grandson?"
At the mention of Min-ho, President Kim couldn't help furrowing his brow.
"Athena, you mean? The press conference cleared up all suspicions. In fact, he turned the spotlight completely by exposing corruption among heavyweight committee members."
"That kid acts just like his grandfather—no, not a viper's spawn, more like an old serpent that's lived too long."
"No need to worry. Our investigation into Athena suggests they'll suffer significant damage from this real-name system."
The president nodded with a satisfied smile.
"Time to remind them who's in charge. It'll take them months to sort this out. No room for anything else."
"Your Excellency, twenty minutes until. We'll escort you inside."
President Kim had no idea what preparations Min-ho had made.
***
Athena. Contrary to President Kim's fervent hopes, Min-ho had a flawless plan ready.
He had arrived early that morning and was watching the news in the conference room with the affiliate company presidents.
The financial real-name system had been prepared in strict secrecy. To prevent leaks, those involved had been virtually confined to an apartment in Gwacheon. Later, their families would complain about not being given even a hint, underscoring the ironclad security of the operation.
Cheon Dong-gwan, the Athena president who arrived a bit earlier than usual on Min-ho's orders, couldn't help but feel puzzled. The morning news was flowing as it always did.
"Not that I doubt you, sir, but... do you really think the government will announce it out of the blue like this?"
Min-ho, seated leisurely, smiled and replied, "Because it feels too normal?"
"Yes. Even so, there should be some rumor if the president is about to give an address. But there's absolutely nothing."
"If it leaked beforehand, Yeouido would erupt."
"What do you mean?"
Min-ho began explaining calmly. "Emergency decree powers are a constitutional authority of the president. They infringe on legislative powers, so the political burden is immense."
"Announcing it in advance would stir up both ruling and opposition parties, not to mention public opinion."
"It'd fizzle out like in the previous administration."
"So you're saying they're keeping it completely secret for a surprise drop?"
"If I were the president, I'd do the same."
Jo Dong-uk, president of The Times, who had been quietly watching the TV with his hand on his chin, chimed in. "How about running pieces highlighting opposition to the real-name system and its downsides?"
"It's a policy with solid public justification. No reason to oppose it outright—it'd just invite backlash."
"What approach should we take going forward?"
"Emphasize the benefits. Acknowledge the short-term inconvenience but include wording about building a transparent society."
"People will complain about the hassle right away, and companies will grumble... It might come off as overly pro-government."
"That's fine. A blow to the back of the head hits hardest when it's sudden."
Now that the puzzle pieces fit, President Jo clapped his hands. "Is that why you instructed us to prepare articles on the Seoul mayor?"
"If his approval ratings are up, we need to pull him down. Otherwise, regulations on companies will only get tighter. The real targets are the corporate heads from the start."
"Dragging the Seoul mayor into a scandal would deal a massive blow."
"We'll discuss details later. Ten minutes left—get everyone in here."
Choi the lawyer, Yang Sang-pil, Cheon Dong-gwan, No Jun-hwan, and the others took their seats. The TV still droned on with the usual morning news.
They might have voiced doubts, but as always, Min-ho's words turned to reality. They fixed tense, rigid stares on the screen.
August 12, 1993. 7:59 a.m. The broadcast cut off, and the anchor spoke.
-President Kim Dong-il will soon deliver a special address to the nation. We'll resume news after the announcement.
President Jo stared at Min-ho, unable to hide his shock. "How did you know they'd drop it this suddenly?"
"They had no choice but to pull it out urgently. Let's hear the president's announcement first, then wrap up."
At the microphone, President Kim set down his prepared text. He stared into the camera for a moment before launching into the address.
[My dear fellow citizens. At long last, we are implementing the financial real-name system. From this moment, all financial transactions will proceed under real names.]
[This measure will eradicate financial corruption and malfeasance, paving the way for a transparent Republic of Korea.]
After the brief three-minute address, President Kim vanished from view. The era had arrived where one needed ID to enter a bank—no more aliases or borrowed names.
The presidents could only gape at Min-ho's pinpoint prediction. Yang Sang-pil stared at him intently. No matter how he thought about it, nailing this perfectly was impossible.
Stammering in astonishment, he asked, "Sir... how on earth did you know?"
"They can't keep getting dragged around like this, so they had to do something—and this was their only option."
"Even assuming you predicted it, hitting the exact timing is impossible."
"They're targeting the start of financial transactions. Announce it earlier, and they'd find ways to siphon funds. This timing is just right."
"Understood. So what now?"
While the others reeled in confusion now that it was real, Min-ho already had every plan mapped out in his head.
"Athena and JK Group are fully prepared. No need to worry."
Min-ho had already convinced Chairman Kang to move all funds overseas. Athena had converted not just funds but shareholder registries to real names. It was airtight.
"If they don't withdraw during the grace period, the money's gone forever. Give staff plenty of time for bank errands."
"Got it."
"President Jo, start shaking up the Seoul mayor from the last day of the grace period."
"Pouring cold water is my specialty. Leave it to me."
Cheon Dong-gwan rushed back in from a brief outing. "Sir, some news from Yeouido."
"We expected that."
"Rumors are spreading that a huge chunk of stock market funds are in anonymous accounts, along with massive black money slush funds. Crisis talk is exploding."
"And what did we do?"
"We bet the entire 1 trillion won from Line 6 land on put options."
Individually, the orders had seemed baffling. Now, with full context, the presidents could only marvel at Min-ho's bold, perfect scheme.
"We're fully prepared. The investments will pay off handsomely. Stay calm, act normal—no panic. Meeting's over for today."
Usually, they'd bow and leave at the end, but not today. Rising from their seats, the presidents' eyes brimmed with respect as they applauded.
"We respect you, sir."
"Even a ghost couldn't pull this off."
"We'll give it our all going forward."
Min-ho waved them off bashfully. "It's all thanks to you. I couldn't have done it alone. Head out now—see you at the next meeting. Great work, everyone."
As Min-ho took a sip to wet his throat after riding out the real-name system wave, his phone rang.
"Kang Min-ho speaking."
Chairman Kang, aware of Min-ho's intentions, pretended ignorance. Now he could call anytime.
In an excited voice, the chairman said, "It's your grandpa. I was wondering if I could see our grandson's—no, Athena's president's face. That's why I called."
"You knew, didn't you?"
"Of course, you rascal. Pretending not to know stiffened my neck right up to the nape."
"I have a lot to tell you, so I'll head over soon. Lunch is on me—something delicious."
With other thoughts in mind, Chairman Kang smiled slyly and tossed out a topic. "That place... where was it... they say the raw beef is great..."
"If it's the one in Gwangjin-gu, I'll book it."
"No, rascal. Let's go to Soseonjae instead."
"Pardon? Grandpa, why the sudden change?"
"I miss my grandson and his bride. No grand reason needed."
"Grandpa, that's not it."
"When your bride's ready, the first one to show her off to is Grandpa—that's only natural. I'll be waiting with bated breath, so come right away."
Choi the lawyer, who had been eavesdropping with a smile, joined in. "I'll prepare the car."
"Lawyer, make it happen."
"That's beyond my power. Chairman seems quite taken with President Gu."
"I have things to say to Grandpa anyway, so let's head out."
Meanwhile, at that moment, secretary office staff arrived at Myeong-seon's house and set up an ironclad perimeter.
"Miss, we're starting house arrest."