Episode 176
Chaos. Panic. Despair.
The dreams of upward mobility, fueled by the IT boom, were crumbling.
“Sell my shares! Now!” Brokerage houses, which had been filled with eager buyers just days ago, were now overflowing with panicked investors, desperate to salvage what they could.
“S-sir, the price has hit the lower limit, it’s difficult to…”
“I don’t care! Just sell them!” The man’s hands trembled as he shouted, “Do you know how much this money means to me?! If I lose this, my family is ruined! Do something! Now!”
The market had stabilized briefly after the initial decline, and people, thinking it was the bottom, had bought more IT stocks. They had seen the market recover from previous declines and reach new heights, so they assumed it would happen again.
But this time was different.
The price, which they thought had bottomed out, started plummeting again.
They had initially been hopeful, but as the price fell to a quarter of its peak value, panic set in, and they started selling, further accelerating the decline.
A bottomless pit.
And this despair wasn’t limited to individual investors. The speculators were also suffering.
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Hwang! What the hell is going on?! Hwang Gil-soo, who had been promoting IT investments to his contacts, was bombarded with angry phone calls. “J-just wait a little longer.”
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I’ve been waiting! You said it was the bottom! What kind of bottom is this?!
“According to my information, another group is intentionally manipulating the price. One of our colleagues is waiting with tens of trillions of won, ready to buy, so the price will recover soon.” He relayed the excuse he had heard from Kim Min-sik, sweating nervously. “Have I ever lied to you? It’s true.”
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…Are you sure?
“Yes.”
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Fine, I’ll wait a little longer. But if the price doesn’t recover… The man on the other end of the line gritted his teeth. – You’ll pay the price. Understand?
It was the boss of a nationwide gang, not an empty threat.
“O-of course, sir.”
He hung up the phone, his face red, and threw it on the desk. “Kim Min-sik, that bastard!” He had managed to appease them with Kim Min-sik’s excuse, but he knew the truth. “Why?! Why is he doing this?!” Kim Min-sik had lied.
He had believed him at first. He had already made a fortune from IT investments, and Hanho Savings Bank was offering him loans. Why wouldn’t he trust him?
But because of that trust, he had missed the opportunity to sell at the peak. All the IT stocks had hit the lower limit, and it was almost impossible to sell them.
“I’m ruined.”
He usually kept some emergency funds aside, but he had invested everything this time, even taking out loans.
The purpose of the emergency fund was to buy shares and create an upward trend if the price started falling unexpectedly, but since Joongang Investment was handling that, he hadn’t felt the need to keep any reserves.
He had gone all-in, hoping to maximize his profits. And that decision had backfired.
Joongang Investment, the supposed savior, was the one orchestrating the decline.
“Why? What’s his reason?”
He couldn’t understand it. “It’s easy money, why would he do this?!”
And Kim Min-sik wasn’t even answering his calls anymore, further confirming his betrayal. His phone rang again, and his face turned pale as he saw the caller ID.
“Assemblyman Oh Young-soo… I’m finished.”
Kim Min-sik, humming and looking at the stock charts, said, “They’ve sold everything.”
Joongang Investment Group’s holdings, worth 15 trillion won at the peak, had been sold for a total of 9 trillion won. It was still more than triple their initial investment.
“Hmm?” He chuckled, seeing another call from Hwang Gil-soo. “He’s persistent.”
Hwang Gil-soo, the seasoned speculator who had been manipulating the market, was now experiencing the other side of the coin. He was desperate.
He was about to ignore the call, as usual, but then changed his mind.
“Hello?”
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C-CEO Kim!
“Yes, this is Kim Min-sik. What can I do for you?”
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Wh-when are you going to turn the market around? I think we’ve hit the bottom. If we invest now, we can triple our money. I guarantee it.
He was desperately trying to salvage the situation, omitting any mention of Kim Min-sik’s betrayal or the broken promises. Kim Min-sik burst out laughing.
“Hahahahahahaha!”
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C-CEO Kim?
He wiped away his tears. “That was a good laugh. You should be a comedian, Mr. Hwang. Invest? Now?”
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Y-yes, we can make a killing this time. I promise.
“Are you trying to lure me into buying your shares so you can recover your losses?”
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N-no, sir! That’s not true! I’m trying to help you make money!
Kim Min-sik said with a disinterested expression, picking his nose, “I’ve already made a fortune. I don’t need more money.”
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D-do you need… money, sir? If Joongang Investment starts buying again, I’ll… I’ll give you 1 billion won.
“1 billion won?”
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Y-yes. You’re just a salaried CEO, I know your financial situation. If you can just turn the market around, I’ll give you 1 billion won.
Kim Min-sik chuckled. “Is this denial?”
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What?
“You’re still trying to persuade me after I betrayed you? I’m touched by your effort, but…” He smirked. “…I’ll consider it for 100 billion won, not 1 billion won.”
Hwang Gil-soo, who had been trying to remain calm, finally exploded.
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You bastard!
“Ah, you’ve seen through me. I am a bastard. As expected of a learned man.”
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Why are you doing this to us?!
“I wonder.”
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You said you were grateful for our help against Chunha Group! You said we were on the same side!
“Maybe I’m a righteous hero, punishing those who prey on the weak. Hiya!” He punched the air playfully. “I’ve punished the wicked speculators!”
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You crazy bastard! We’re not the only ones being punished! The small investors are being crushed too!
Kim Min-sik gasped dramatically. “Ah, you’re right. Then I’m not a hero. My apologies, I had my reasons.”
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…Invest now. It’s your last chance.
“Oh, I’m scared. So scared that I have to invest……” He paused and then smiled mischievously. “Not.”
Hwang Gil-soo said in a hollow voice, – Why? Why are you doing this? What’s your reason?
“The reason?” He smiled cruelly. “There’s only one reason. You’ve crossed someone you shouldn’t have. Someone very powerful. You’ve angered him. That’s why you have to die.”
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Who is he?! Tell me his name! I’ll beg for forgiveness! I’ll give him half my fortune if he just restores the market!
“Even asking for his time is a sin!” He shouted, his voice filled with madness, “Your only option is to die quietly! Why can’t you understand such a simple concept?!”
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You’ll regret this! You’ve made enemies of everyone, from National Assembly members to gangsters! I might be ruined, but you’ll be ruined too!
“Enemies? Nonsense! Everyone has always been my enemy!” He clenched his fist and glared. “Come at me, I’ll crush you all.”
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You’re… insane.
“Yes, I am. And you…” He smirked. “…have been bitten by a mad dog.”
The IT bubble, which had burned so brightly in 2000, burst spectacularly.
Joongang Investment Group had triggered the crash, but the underlying weaknesses of the market, suppressed by the speculative frenzy, also contributed to the rapid decline.
The internet infrastructure was still underdeveloped, and the viability of many of the new businesses was questionable. Companies that had jumped on the IT bandwagon by simply adding “Telecommunications” or “Technology” to their names were now plagued by embezzlement scandals.
Stock prices depended on buyers, and with Joongang Investment, which controlled 15% of the market, selling off its shares, and the other investors retreating in the face of the crash and the negative news, there were no buyers left. The speculators who had driven the price up were also ruined. There was no one left to support the IT stocks.
And the government, which had bet on venture companies, was in disarray, while the investors who had lost their money were furious.
“Joongang Investment Group is responsible for this disaster! They must be punished!” Assemblyman Oh Young-soo, the one who had introduced Kim Min-sik to the speculators, shouted indignantly in the National Assembly.
“They’ve caused countless problems under the guise of foreign investment! IT was the future of Korea, the hope of our people, and now it’s all gone! Joongang Investment Group is evil!”
Another Assemblyman, after a moment of thought, said, “I agree that they’re responsible, but it’s difficult to punish them under the current law.”
“Why not?! This is blatant market manipulation!”
“If they had manipulated the price through misinformation or insider trading, it would be a crime. But they just bought and sold stocks using their own money. The consequences might be severe, but it’s not illegal.”
“So we’re just going to do nothing?! The public is outraged! If we don’t punish them, they’ll blame us! They’ll say we should have regulated them!”
Most Assembly members, regardless of their party affiliation, agreed with him.
“That’s true.”
“We need a scapegoat. Joongang Investment Group is the perfect target, but they’re foreign investors.”
“And we can’t punish them legally.”
“That’s the problem.”
As they argued, Oh Young-soo shouted,
“If we can’t punish them legally, we have to pressure the Blue House! The President has to do something! Do you think this will be resolved on its own? We have to raid their offices! They must have done something illegal!”
An Assemblyman nodded. “No company can withstand a raid. I agree.”
“I agree.”
As the consensus formed, Oh Young-soo raised his hand.
“Let’s go to the Blue House! Joongang Investment Group is evil!”