Chapter 11: A Deal Too Big to Refuse
“I’m thinking of making some money.”
“Money?”
Jeong Taeseong set a coffee cup down in front of me.
“If you were just choosing voluntary poverty and loafing around all day, I could sort of understand that. But hearing Do Jaehyun talk about money is something else.”
He took a sip of coffee, then looked at me with sudden seriousness.
“You didn’t come all this way just to make a buck or two and warn me about it. So how much are you trying to make? What the hell are you planning?”
“I’m going to walk the line between legal and illegal.”
“Damn. Is that line named Jeong Taeseong?”
“Bingo.”
He was sharp, no doubt about it. Someone who’d passed the bar and the police exam at the top of his class had to be. And Jeong Taeseong was one of the few people I trusted enough to keep around.
I always kept my word once I said it aloud.
And whether they liked it or not, anyone who heard me had to make a choice: either help me, or cut ties with me.
“Who else did you rope in besides me?”
“You’re first. Among my Hankuk University classmates.”
“And second?”
“Well, there are plenty of guys who passed the bar, but the only one who’s close to both of us at the same time is that one, right?”
“Kim Minyeong? Hey, Minyeong isn’t a guy—”
“I know, a woman. But when have we ever treated her like one?”
“...Fair enough.”
“Just so you know, don’t worry. About you—”
“I know, you bastard.”
I drained the coffee, which had gone lukewarm, and got to my feet.
“Let’s talk more tonight. It’s been a while since we saw each other at school. How about in front of the library?”
“...You really want to go there again? All I remember is throwing up after staring at books.”
“See you tonight.”
“I’m not seeing you off. If I’m going to skip overtime, I’ve got more work than enough to do already.”
“Take care.”
Jeong Taeseong didn’t even answer. He just flipped open his paperwork and waved me away, a gesture that meant don’t bother me, get lost already.
“Still a joker,” I muttered.
Jeong Taeseong grinned faintly.
◇◇◇◆◇◇◇
Café in front of Yeongdeungpo Station.
“Right here.”
The moment I stepped through the entrance, Manager Oh Handong got to his feet and waved.
“Let’s go.”
“Pardon?”
“I just had coffee. Let’s get some food instead.”
I paid for Manager Oh Handong’s coffee and stepped back outside.
“It’s been a while. Sundae soup.”
The nearest sundae soup place to the café was packed, no doubt because it was lunchtime. I’d expected a quiet restaurant or some polished little place, so Manager Oh Handong’s face tightened slightly when he saw the noise.
“You don’t like sundae soup?”
“Not particularly. I don’t avoid any foods. I was just a little surprised.”
“At what?”
“I thought you’d want to say something quietly to me.”
“That’s exactly why this is good. No one here will be paying attention to our conversation.”
“True... I suppose that’s right.”
Manager Oh Handong glanced around briefly and nodded. From homeless men to middle-aged upstarts who looked rich enough to be obnoxious, all kinds of people were sitting around chatting and eating.
“You’re a lot like Do Jaehyun after all. Stock trading, and this too.”
“Am I?”
“A sharp awl will always poke through even if you hide it in your pocket. What we talk about here will be the subject of gossip by tomorrow, one way or another. Do you know your rate of return, client?”
“I haven’t checked yet. Is it pretty high?”
“...It’ll definitely be the highest return our firm has seen in the past ten years.”
“My investment amount was fifty million won.”
“That’s correct. I checked your CMA account without meaning to, but I saw that you invested all the money you’d saved in deposits plus your severance pay in one shot...”
“That’s right.”
“How did you know?”
“Know what?”
“That the day you invested, the popular guitarist from X-Japan died.”
“Oh, he died? That’s unfortunate. I liked him.”
“Officially it was ruled a suicide, but there are many questionable points. And you aren’t the only one who profited from this option trade.”
“There’s someone else in Korea?”
“...Not in Korea. In Japan, though.”
“If it’s Japan, then it’s probably the yakuza. If not the yakuza, then someone using yakuza money.”
“I can’t say for certain, but that’s probably right.”
“Aren’t you going to eat?”
Unlike me, who kept eating while talking, Manager Oh Handong had only taken the first spoonful and then stopped.
“It’s good. It just won’t go down right now.”
“Don’t force it. We can go somewhere you like better next time.”
“Next time?”
“Aren’t you my manager? I’m sure you became a rising star at the branch in a single day.”
“...I won’t deny it. But that’s not what matters to me. What I need to know is how you predicted this, Do Jaehyun.”
“I’ve got a good instinct.”
“...No chance. A man with assets in the billions didn’t throw fifty million won into a put option on a hunch, and no one would bet the money they’d saved over years plus their severance on a gamble with a 99.99 percent chance of losing.”
“It’s high risk, high return.”
“...If you weren’t going to tell me anything useful, wouldn’t it have been unnecessary to meet me at all?”
“Sit down. I’m not done yet.”
Manager Oh Handong, who had been about to gather his bag and stand, froze.
“You’re hiding things from me too.”
“No, I’m not.”
“Not hiding, then just not saying? I doubt even your coworkers or seniors know. No, wait. Maybe the branch manager does?”
“What exactly are you trying to say?”
“Former lawmaker Oh Jiho. He’s your father, isn’t he? The man the government will appoint as head of the Financial Services Commission early next year, and who’s also being considered for the next Minister of Economy and Finance and deputy prime minister.”
“...Who are you? Are you after my father?”
“Not a chance.”
Manager Oh Handong didn’t bother hiding his hostility.
“I’m just an ordinary loan shark. I’ll be officially serving as a director at a private lending company soon enough.”
“...Loan sharking?”
“You know exactly what I mean. Japanese consumer finance capital has been flowing into Korea. Since the Interest Rate Limitation Act was abolished after the IMF crisis, is there really a better loan shark market than Korea?”
“What does that have to do with me? No matter how high the interest rates are, there’s still the risk of collection. And after this put option trade, do you really need to go into loan sharking, Do Jaehyun?”
“Come to think of it, I am curious. You should explain the return on investment.”
“Hoo...”
With a long sigh, Manager Oh Handong sat back down.
“Even if people say five hundred percent or seven hundred percent, it’s still just several times the principal. The percentage is such an absurd number that it’s better if I give it to you directly.”
“Now I’m excited.”
“After fees and taxes, it came to roughly eight hundred times your principal.”
“That’s higher than I expected.”
“By simple calculation, that’s forty billion won. Forty billion. And that’s not even in won; the dividend came in yen, so even after accounting for redemption fees, it’ll be over fifty billion. In practical terms, you made more than a thousandfold return, and you’re not even surprised.”
“I was surprised.”
This was better than I’d expected.
I’d played with put options a few times in my past life, but I’d only ever lost money. And this time, I’d made the investment on impulse using information I already knew. I hadn’t expected the profit to be anywhere near this massive.
“You may already know this, but the information network in securities circles is vicious and relentless, to the point that even the nastiest tabloid reporters can’t compare. From now on, no matter what investments you make, there will be eyes watching every move you make.”
“Let’s get to the point.”
I set down my spoon and stood.
“Let’s go.”
“Where to?”
“Your office, Manager.”
“Why?”
“Do you think the branch manager wants to let me slip away? I just delivered more than ten times the Yeongdeungpo branch’s annual target for Ilseong Investment Securities. There’s no way he’d let that go. The reason you came looking for me like this is to keep my money tied up here, isn’t it? Maybe even a VIP room?”
“Ha... It feels like I’ve been dancing on the palm of your hand from the very beginning, Do Jaehyun.”
With a hollow laugh, Manager Oh Handong stood up.
“Do whatever you want. Just report to the branch manager that you negotiated with me successfully and handled things as instructed. But...”
“But?”
“My PB is Manager Oh Handong.”
“PB? I’ve only just joined the company...”
“Does it matter? A securities firm is still sales in the end. If the young employee who brought in the biggest results for Ilseong Securities this year is the PB instead of the Yeongdeungpo branch...”
“...Let’s go.”
The moment I stepped into Ilseong Investment Securities Yeongdeungpo Branch with Manager Oh Handong, the noisy office went silent in an instant. So the rumor mill really did move fast in this business. Everyone recognized Manager Oh Handong and me at once.
“Client, this way.”
Manager Oh Handong led me to the branch manager’s office.
“I’ve been waiting. Thank you for coming in person, client. I’m Lee Jeongrok, branch manager of Ilseong Investment Securities Yeongdeungpo Branch.”
The branch manager wore a broad smile as he politely offered me his business card with both hands.
“Manager Oh Handong, good work. Go outside and handle your other matters.”
“Yes, then please speak freely.”
“Just a moment.”
I called out to Manager Oh Handong as he was about to leave the office.
“Yes? Did you have something to say to Manager Oh?”
“I’d like him to stay for the conversation.”
“Ah, yes, yes. Of course.”
Branch Manager Lee Jeongrok nodded with a bright smile.
“Would you like some hot tea?”
“No, I’m fine. I’ve already had quite a bit.”
“That’s a shame. I have some excellent tea that was given to me as a gift. I’ll treat you next time.”
He certainly knew how to sell, just as you’d expect from a branch manager at Ilseong Securities.
Lee Jeongrok was naturally demonstrating the basics of sales: serving sweet, warm tea to close the distance with a client and create a favorable atmosphere.
“You look busy, so may I get to the point?”
“Oh, busy? Not at all. I appreciate you investing in that troublesome put option product. Please, speak comfortably.”
“I’ve decided to accept everything Manager Oh Handong suggested to me.”
“Oh, is that so? Thank you very much.”
“However...”
“Yes.”
“I don’t particularly enjoy becoming famous. I also don’t like hearing my name tossed around by other people.”
“I understand.”
“And to be honest...”
I deliberately broke off mid-sentence to pull Lee Jeongrok’s attention in tighter.
“Manager Oh played a big part in my decision to invest in the options product.”
“What? Manager Oh?”
“Ah, don’t get me wrong. Manager Oh didn’t specifically recommend the product to me. He simply explained it clearly when he sold it, unlike the other securities employees, and I chose to take on that risk and invest. Honestly, if it had been anyone else, wouldn’t they have just shoved the contract in my face and called it a day?”
“Of course, of course. Our Manager Oh is very meticulous about his work.”
“Yes, I hear you taught him that.”
“Haha, is that so? I didn’t really teach him much...”
Branch Manager Lee let out a hearty laugh and gave Manager Oh Handong a brief, approving glance.
“From now on, I’d like my assigned manager to be limited to Manager Oh Handong. I don’t even need a VIP room, but I’d like to trade only through Manager Oh Handong.”
“That’s possible. Even if other clients are consulting with Manager Oh, I can make separate arrangements...”
“No. I want Manager Oh Handong to manage only my money.”
“Hmm...”
A crease formed between the branch manager’s brows.
Well, of course. I could pull my money out at any time, and they couldn’t give me special treatment that they denied to other clients.
“What’s Ilseong Securities’ market cap?”
“...Well, it fluctuates every day, but at the moment I’d say it’s around seven hundred billion won.”
“I’ll buy three hundred billion won worth of shares.”
“Pardon?”
“I’ll leave one hundred billion won in my CMA account, and I’ll use three hundred billion to buy shares in Ilseong Securities. As for the remaining one hundred billion, you can set up a separate fund, or if you prefer, I’d like Manager Oh Handong to manage only my investments.”
“If, if you’d be willing to do that...”
At the word fund, Branch Manager Lee’s eyes widened. Three hundred billion would instantly put me among the major shareholders of Ilseong Securities, and if the remaining one hundred billion was handled as fund business rather than a simple stock trade, the fees alone would be enormous.
“It looks like all I need is Manager Oh Handong’s approval. What do you say?”
“Manager Oh. What are you doing? You’re not going to refuse, are you?”
After finishing the calculation in his head, Branch Manager Lee jumped and hurried Manager Oh Handong along.
“Branch Manager, I...”