Episode 175
Hwang Gil-soo raised his glass, unable to contain his excitement. “To Joongang Investment Group!”
“Cheers!”
“To CEO Kim Min-sik!”
“Cheers!” He emptied his glass in one gulp and said to Kim Min-sik, “You’re truly amazing, sir.”
Kim Min-sik said with a magnanimous expression, “You’re too kind.”
“As expected, you’re playing with the IT stocks like a toy. Up and down, as you please. I’m impressed.”
The stock price, which had fallen after Joongang Investment’s sell-off, was now soaring again, surpassing its previous peak.
“Meeting you, CEO Kim, was the best thing that ever happened to me.”
“You give me too much credit. It’s a team effort.”
“But no one can deny that your contribution was the biggest. Right?”
The other men nodded in agreement. “Of course, the market goes up when you say ‘up’ and down when you say ‘down.’”
“You’re like a god.”
They were showering him with praise. And why not? This was the easiest money they had ever made. All they had to do was follow Joongang Investment’s lead.
The bottom was when they stopped selling, and the peak was when they finished buying.
Kim Min-sik was like the god of money, reincarnated.
“You’re too kind. I don’t know what to say.”
“You’re also modest. If someone asked me who the most perfect person in the world is, I would say it’s you, CEO Kim, without hesitation.”
Kim Min-sik smiled at the flattery. “But it’s a bit disappointing. If our company had made this kind of move before, the price fluctuations would have been much larger. The market has grown, I guess.”
“That’s to be expected. It’s a market worth over 100 trillion won. It’s already impressive that a single company can influence it to this extent.”
“But it’s still disappointing. So…” He smirked. “The additional investment I mentioned before… it’s arrived.”
Hwang Gil-soo’s eyes gleamed. “The 15 trillion won?”
“Yes, and my boss said he’s willing to invest another 5 trillion won in two weeks. So that’s a total of 20 trillion won.”
“20 trillion won… I can’t believe someone actually has that much cash.”
“It’s not an individual, is it?”
“You mean…?”
Kim Min-sik lowered his voice, adopting a serious tone. “It’s a complicated situation. I can’t disclose the details. But one thing is clear, many people, including myself, will be in trouble if this investment fails.”
Hwang Gil-soo gulped. “I-I see.”
“So we have to make this work. Understand?”
“O-of course.”
“Then I’m counting on you, Mr. Hwang.”
He thumped his chest. “Trust me. I’ve gotten a feel for the market. And with an additional 20 trillion won? It’s a sure thing.”
“So, when do you think is the best time to deploy the 20 trillion won?”
Hwang Gil-soo thought for a moment. “It’s better to wait for another dip. It’s always better to buy low.”
Kim Min-sik smirked inwardly. ‘Perfect.’ He had given them a justification for another market decline and had made them suggest it themselves, further reducing their suspicion.
“Hmm, so we need another decline, and then we deploy the 20 trillion won.”
“That’s right. But CEO Kim…”
“Yes?”
“Joongang Investment will have to sell its shares to create the decline. Can we sell our shares first?”
Kim Min-sik blinked. ‘He’s treating me like a fool.’ They wanted to escape before the crash.
He couldn’t be too accommodating, or they might become suspicious. He said, “Hmm, so you want to sell at the peak, while Joongang Investment takes the loss?”
Hwang Gil-soo waved his hands hastily. “No, sir! We’re just small players compared to you. Our actions won’t affect the market much. But…” He leaned closer and whispered, “I can give you a generous kickback if you let us sell first.” He held up five fingers. “5 billion won.”
Kim Min-sik almost laughed at his pathetic attempt at bribery. “500 million won?”
“What do you say?”
He pretended to consider it. “That’s too low.”
“Then how much…?”
“5 billion won.”
Hwang Gil-soo’s eyes widened. “5 billion won? Are you serious?”
“You’re all handling billions of won, aren’t you? 5 billion won is nothing if you can sell at the peak. You can each contribute 1 billion won.”
They started murmuring among themselves.
“That’s true. I can make at least 30 billion won if I sell now. I won’t even make 20 billion won if I wait for the decline and sell gradually. 1 billion won is a small price to pay for Joongang Investment’s support.”
“I agree.”
Hwang Gil-soo approached him again. “We’ve agreed to pay you 5 billion won.”
“Hahaha, alright. Then you sell first, and then we’ll make our move. I’m being very generous, you know.”
“We’re grateful, sir.”
“Think of it as a reward for screwing over Chunha Group. They deserve it.”
They burst out laughing. Then Kim Min-sik, a sly smile on his face, said, “By the way, gentlemen, do you need any loans?”
“Loans?”
“I’m also the president of a bank. Money makes money. The more you invest, the more you earn. Don’t you need more seed money? I’m willing to lend you some. Of course,” he rubbed his fingers together, “I expect a commission.”
He said, feeling their interest, “You need money to make money. Just name the amount.”
The second Joongang Investment-led market decline began after the speculators had unloaded their shares at the peak.
Unlike the previous decline, the investors weren’t panicking. They had become accustomed to the market fluctuations and believed that the IT sector was still a good long-term investment.
They saw this as a correction, a buying opportunity.
The decline continued until Joongang Investment sold half its shares, and then the market stabilized.
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CEO Kim, it’s Hwang Gil-soo.
“Yes, Mr. Hwang.”
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The market is sideways. When are you making your move?
Kim Min-sik chuckled. “Ah, you’re asking when you can buy back your shares before we do.”
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Hahahaha, yes. The price will skyrocket once Joongang Investment starts buying. I’ll give you 7 billion won this time, since you gave us a loan.
Hwang Gil-soo and the other speculators had borrowed billions of won from Hanho Savings Bank, using even their questionable assets as collateral.
They could easily afford the 15% interest rate, as they were making over 100% profit with each market manipulation.
“7 billion won. Alright. Start buying today and let me know when you’re done.”
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You’re the best, CEO Kim! You’re our hero!
Kim Min-sik smirked after hanging up.
“Enjoy it while it lasts. It’s your last hurrah.”
The speculators, thinking they had a golden opportunity, were investing all their money and even borrowing from Hanho Savings Bank, using everything they had as collateral. If the IT bubble burst, they would be instantly saddled with billions of won in debt.
And that debt would be a perfectly legal way to crush them.
He couldn’t contain his laughter, imagining their downfall. “This is why I live!” He immediately called Baek In-hwi.
“Sir, it’s Kim Min-sik. They took the bait completely. They offered me 7 billion won to let them buy before we do.”
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Perfect. Hahahahahahaha!
Kim Min-sik, excited by his laughter, said, “Those fools have no idea they’re on a one-way ticket to hell.”
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You said 7 billion won? Give 1 billion won to the bodyguards and keep the rest.
He had reported the 5 billion won bribe to Baek In-hwi, and Baek In-hwi had immediately told him to share it with his bodyguards, the Baek In-hwi squad. He was grateful, of course. “You’re too generous, sir. I’m a wealthy man myself, although not as wealthy as you. I’ll feel terrible accepting this.”
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It’s your compensation for working on my behalf. It’s unexpected income anyway.
“But I…”
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Just take it. I don’t like repeating myself. You deserve it, CEO Kim. Actually, I should give you more. Should I round it up to 10 billion won?
His loyalty surged. “No, sir, it’s more than enough.”
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Good. They’re starting to buy, right? Start selling our shares discreetly, unloading them onto the speculators.
He had estimated that they could absorb about 10% of Joongang Investment’s remaining shares, even if they used all their funds.
“Yes, sir.”
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And then… you know what to do.
Kim Min-sik smiled. “As soon as they tell me they’re done buying, I’ll dump everything on the market.”
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And if they ask why the price is falling, tell them it’s another group trying to lower the price, not us. Tell them to be patient, we’re just waiting for the right moment to buy back the shares.
“That’s my specialty, sir. Don’t worry, I’ll burst this bubble properly.”