Golden Spoon Investment Portfolio - Chapter 405

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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405. Golden Parachute.

A black Mercedes sedan glided along Gangbyeon North Road, which stretched beside the Han River, heading toward Gwangnaru.
Since it was a weekday, traffic was sparse, and I leaned back against the plush rear seat, gazing out the window while listening to the news on the radio.

[Next, we have this report. Standard & Poor’s, a United States credit rating agency, announced two days ago that following Moody’s, it would downgrade Korea’s long-term credit rating from A- to BBB-, a three-notch reduction.
S&P stated that even after the IMF bailout agreement, Korea’s exchange rate has remained unstable, and most critically, foreign reserves fall short of two months’ worth of imports, making Korea’s current financial situation highly opaque, which is why they decided to downgrade the credit rating.
As both major credit rating agencies have slashed Korea’s credit ratings twice this year alone in rapid succession, the nation’s creditworthiness has plummeted to just before junk bond status, carrying a high risk of default.
As a result, the exchange rate surged again today, exceeding 1,617 won per dollar, and the stock market continues to struggle in weakness.
The government has expressed regret over this credit rating downgrade decision and….]

Just as Landon Shore had informed me, following Moody’s last night, S&P also slashed Korea’s sovereign credit rating.
Moody’s had cut seven notches in a matter of months, and S&P had dragged the rating down by a staggering ten notches.
It was tantamount to an explicit signal to sell Korea.

“The politicians obsessed with elections and the incompetent government brought this upon themselves… but considering Korea’s economic resilience, this is a severe overreaction.”

Given this, it was natural to suspect that Wall Street’s influence had been at work behind Moody’s and S&P’s indiscriminate credit downgrades following the IMF crisis.

“It’s not an absurd rumor.”

The biggest beneficiaries of the credit downgrade were the hedge funds on Wall Street, so there was undoubtedly some coordination happening beneath the surface.
As the exchange rate surged, the hedge funds descended like starving hyenas, launching their attacks.
If this continued, Korea would not only lose all the dollars painfully extracted from the IMF despite enduring every humiliation, but would inevitably face a national default crisis.

‘If that happens, to avoid declaring a moratorium, we’ll have to surrender even more to the IMF and beg for dollars all over again.’

Watching the situation spiral further, with not just the wool but the very skin being fleeced away, I exhaled a quiet sigh.
Everyone was salivating to devour Korea, yet even facing the IMF crisis, the nation still hadn’t come to its senses. It was truly pathetic.
I rested my chin on one hand, my eyes gleaming with sharp intensity.

‘I cannot allow those hedge fund bastards to strip away all the foreign reserves and walk away with smug grins on their faces.’

Meanwhile, the Mercedes sedan carrying me pulled into the Walkerhill Hotel, perched on a hill overlooking the Han River.
As I stepped out of the parked sedan, Go Young-il, president of Daeheung Securities, approached with two other men and bowed respectfully.

“Welcome.”

Seok-won nodded lightly in acknowledgment before asking first.

“Are the guests already here?”
“Yes. They all arrived a few moments ago.”

Go Young-il, his expression slightly animated, replied.

“Then let’s head up right away.”
“Understood. Please follow me.”

Go Young-il led the way with those words, guiding them forward.
The group crossed the lobby—elegantly appointed with a massive chandelier suspended from the ceiling and expensive natural marble flooring—before boarding the elevator and exiting on the third floor.
As they entered the VIP room within the Japanese Restaurant following Go Young-il, the men who had been waiting rose to their feet upon seeing Seok-won.
The portly middle-aged man in his late fifties was Choi Sang-bong, president of Hansung Bank.
Beside him stood a lean man—Ryu Young-hyun, president of Ilhan Bank—and both had come to this meeting today after receiving Seok-won’s call requesting their presence.

“This is Park Seok-won, the owner of our securities company.”

Go Young-il introduced Seok-won to the two bank presidents.

“My apologies for keeping you waiting. I’m Park Seok-won.”

Seok-won extended his hand first with an air of composure, and Choi Sang-bong, regarding him with a gaze mingling surprise and caution, eventually reciprocated the handshake.

“Choi Sang-bong, president of Hansung Bank.”

Ryu Young-hyun then exchanged a handshake and greeting with Seok-won.

“Ryu Young-hyun, president of Ilhan Bank.”

After exchanging business cards, Seok-won spoke with a smile.

“Shall we sit and continue our conversation?”
“Of course.”

The four men sat facing one another across a dark lacquered table.
Shortly after, female servers in crisp uniforms entered, set down tea and refreshments, and withdrew. Choi Sang-bong then spoke, his gaze fixed on Seok-won before him.

“I had many questions about the Eldorado Fund that acquired the government’s stake this time. I was quite surprised to learn that the owner is the second son of the Daeheung Group.”

Ryu Young-hyun, the bank president sitting beside him, also nodded as if caught off guard.
In truth, the shock was not limited to these two men alone.
Though Go Young-il, president of Daehung Securities, now sat with an impassive expression, he had nearly fainted when he learned that Seok-won was the owner of the Eldorado Fund—the very fund simultaneously acquiring Hansung Bank and Ilhan Bank, both destined to become among the five major commercial banks.

‘I knew he was conducting separate investment activities in the United States, but I never imagined it was the Eldorado Fund.’

Anyone with a foothold in this industry could not help but know the reputation of the Eldorado Fund, called a big player even on Wall Street.
President Go Young-il had heard of the Eldorado Fund’s remarkable achievements multiple times, making this news all the more shocking.

‘To think I failed to recognize a major player sitting right beside me.’

President Go Young-il glanced sideways and looked at Seok-won with a fresh gleam in his eyes.

“I mention this only to prevent any misunderstanding, but the Daeheung Group has no connection whatsoever to the Eldorado Fund.”

It was then that Seok-won spoke, his tone quiet yet unmistakable.
The two bank presidents, who had naturally assumed the Daeheung Group stood behind this, visibly hesitated.

“I see. It appears I spoke out of turn without proper understanding.”

Bank President Choi Sang-bong broke into a hearty laugh and apologized first, and Seok-won responded with a faint smile.

“Not at all. It’s a natural assumption.”

His response was seasoned—the bearing of a man who had weathered countless trials to reach the position of bank president.
Seok-won’s own handling was equally adept: he deftly navigated what could have become an awkward moment and smoothly reclaimed control of the conversation.
The two bank presidents, witnessing such composure from one so young, inwardly marveled and elevated their assessment of Seok-won another notch.
Seok-won picked up the teacup before him, took a sip of the warm green tea, set it down, and moved to the heart of the matter.

“I’m certain both of you are aware that the Banking Supervisory Authority approved the Eldorado Fund’s acquisition of stakes in Ilhan Bank and Hansung Bank yesterday.”
“…Yes.”
“Of course.”

The smiles faded from the two bank presidents’ faces, replaced by palpable tension.
After negotiations with the IMF concluded, the government announced follow-up measures and legislation as promised, one of which was the authorization of mergers and acquisitions of domestic banks by foreign financial institutions.
In fact, even under existing law, foreigners could acquire four percent or more of a domestic bank’s shares with nothing more than supervisory approval.

‘But the government has prevented foreign ownership of domestic banks by simply refusing to grant approval.’

Those invisible regulations had all disappeared this time.

“We will proceed with consolidating Ilhan Bank, Hansung Bank, and the three finance companies we acquired together into a single entity, as the government has announced.”

The expressions of both bank presidents darkened at my words.
They had taken pride in their bank’s name, only to watch it succumb to the relentless waves of the IMF crisis, forced to surrender it themselves—a bitter pill to swallow.
Beyond that, the prospect of a merger made it unlikely they could retain their current positions, adding to their anxiety and dread.
I understood this perfectly well, but I deliberately feigned ignorance and continued speaking with measured calm.

“I recognize that both of you possess outstanding character and management abilities, but unfortunately, it appears you won’t be able to work together at the newly formed bank.”

Before I could finish, both presidents’ faces hardened visibly.
They had anticipated it, but receiving a dismissal notice to their faces was still deeply unpleasant.
However, with the banks in such dire straits that independent survival was impossible and the government pushing the merger aggressively, they had no choice but to accept the inevitable tide, however reluctantly.
Yet seeing both presidents unable to hide their displeasure and resentment, I continued.

“There’s a saying that new wine should be poured into new wineskins. I hope both of you will serve as the foundation upon which the newly launched bank can successfully take root.”
“Hmm.”
“Mm.”

Seeing their lukewarm response, I proceeded as expected, presenting the proposal I had prepared with a subtle tone.

“Of course, I’m not simply asking for your help.”
“…?”
“I intend to provide you with appropriate compensation in consideration of your years of dedication.”
“…Did you just say compensation?”

Bank President Ryu Young-hyun narrowed his brow as he asked, and I nodded with a smile.

“Precisely. A golden parachute.”
“…!”

Both bank presidents widened their eyes, showing keen interest.
Sensing the sudden shift in atmosphere, I continued with a smile on my face.

“To put it simply, think of it as a special bonus for your active cooperation in ensuring the merger proceeds smoothly and is completed without complications.”

At that, Choi Sang-bong uncrossed his arms, which had been folded across his chest in a dismissive posture, and asked with renewed interest.

“What specific bonus are you referring to?”

Ryu Young-hyun, seated beside him, also turned to look at Seok-won with keen interest.

“In addition to severance pay, I’ll provide salary for the remainder of your terms. Of course, the same compensation will apply to all executives retiring due to this merger, not just the two of you.”
“Is that all?”

When Ryu Young-hyun asked with a hint of disappointment, Seok-won’s lips curved into a knowing smile.

“Of course not. Once the merger is completely finalized, I’ll provide each of you with a bonus of three billion won.”
“…!”
“Huh.”

Both bank presidents gasped, their mouths falling open.
Since a single Gangnam Eunma apartment—a symbol of wealth at the time—cost less than three hundred million won, this sum was enough to purchase ten such properties. Their reaction was entirely justified.
Ryu Young-hyun swallowed hard involuntarily, then asked for confirmation.

“You truly mean to do that?”
“I do.”

Seok-won nodded without the slightest hesitation and added:

“If you wish, I’ll have a promissory note drawn up.”

The proposal—to generously provide retirement funds in exchange for cooperation with the merger—immediately softened the subtle resistance both bank presidents had been displaying.
After exchanging meaningful glances while wearing expressions of contemplation, Choi Sang-bong, the senior of the two, cleared his throat softly and spoke.

“Ahem. It is indeed lamentable that we must lower the banner our predecessors built. But given the circumstances, there’s no helping it. Though the name will change, the legacy of Hansung will not disappear entirely—it will continue through the new bank. I will do my utmost to ensure the merger concludes smoothly.”

Ryu Young-hyun quickly nodded in agreement and spoke.

“I, too, will contribute whatever modest strength I possess to ensure the newly formed bank launches successfully.”

Receiving the answer he desired, Seok-won broke into a broad smile.

“With your assistance, I feel I can finally breathe easier.”

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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