The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 57

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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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Regression of a Fallen Chaebol Heir — Episode 57
“Can you drive?”
August 2007.
A month later, at LaGuardia Airport in New York.
Han Jae-yi and I cleared immigration and headed straight for the rental car in the parking lot.
“Yes, I got my license in the military. I also have an international license.”
I answered her question while loading both our bags into the trunk.
“That’s unexpected. Honestly, when you said Director Jung wasn’t coming, I was worried.”
“Director Jung is my secretary, but he’s also an executive at a company. Without him, SJ Holdings doesn’t run. He can’t always be by my side. Go ahead and drive.”
I closed the trunk and slid into the driver’s seat.
A moment after the car pulled out, Han Jae-yi, sitting in the passenger seat, spoke up.
“You drive well. If you got your license in the military, you probably didn’t have many chances to drive, right?”
Of course not.
In my previous life, I drove my own car whenever I didn’t have official schedules.
“It’s not difficult, so it comes naturally. When we go back to Korea, you should learn too.”
“Maybe I will. Wait, I shouldn’t be talking about that.
Han Jae-yi turned to look at me.
“I think it’s time you told me. What exactly is the real reason we came to America?”
“I told you already. We came to find people with the same concerns as us and to make investments.”
“There are actually people out there thinking like we are?”
Honestly, I had to find them.
In truth, I’d even considered tracking down the real-life protagonist of a film that would become a massive hit in a few years.
But would he meet with a college student from Seoul who showed up asking for a meeting?
Not a chance. He’d just laugh it off.
So I changed my approach.
“We have to search.”
“Where?”
“Check the front pocket of my bag.”
At my words, Han Jae-yi opened the front pocket of the bag and pulled out an envelope.
“What is this?”
“Read what’s written on the front of the envelope.”
“KWFA Annual Gathering Invitation…?”
Han Jae-yi tilted her head in confusion.
“What is this?”
“Yes, KWFA is a network of Korean finance professionals working on Wall Street, and this is an invitation to their gathering.”
KWFA.
Korean Wall Street Finance Association.
An organization that Korean nationals working at major global investment banks or managing hedge funds join.
When I decided to come to America, I searched for a suitable network to tap into and found this.
I also learned that a social gathering was being held, so I instructed Jung Tae-sung to secure an invitation. Word came back that attendance was possible through sponsorship.
“How did you get this?”
“I sponsored it under my name and received the invitation.”
“That ticket is quite expensive, you know.”
“How much?”
“Five hundred thousand dollars.”
“What? Five hundred million won?”
Han Jae-yi’s eyes widened.
“Did they ask for that much?”
“Not directly. They hold auctions and such at the social gathering. The proceeds go to scholarships for Korean students in difficult circumstances or to support those in need.”
I turned the wheel as I spoke.
“Can you sponsor it as an individual?”
“Of course. I put it under Seonjin Group’s name.”
If I were just an ordinary Kang Seon-woo, I could never have secured that ticket. It was only possible because I carried the name of Seonjin Group’s heir.
“I spent a lot of money either way. If you’re going to use the name, you have to back it up appropriately.”
Han Jae-yi examined the invitation, then spoke.
“You spent all that money, but what if it turns out differently than we thought?”
“Why would it? If anything, I think it’s better this way.”
“Better how?”
“Because we’re the only ones right now who can see the true nature of the market.”
“You really are…”
Han Jae-yi sighed and looked at me.
“I’ve wondered about this for a while — it’s like you’re solving problems after looking at the answer key.”
Every time I hear that, my chest tightens a little.
Because, truthfully, I am solving problems after looking at the answer key.
Instead of answering, I gave a slight shrug.
“So if we find someone thinking like we are?”
“We bring them to our side.”
“Bring them to our side? How?”
“I’ll figure it out as we go.”
Han Jae-yi glared at me with an exasperated expression. I kept my hands on the wheel under her piercing gaze.
The New York skyline crept closer through the window.

* * *
Two days later.
At a five-star hotel in New York. The ballroom here was hosting the KWFA social gathering.
‘There really are so many people.’
I looked around and counted well over two hundred. It was striking to see so many Koreans on Wall Street. They stood in small clusters, shaking hands, exchanging business cards, and laughing — no different from any American party.
“Wow, this is impressive.”
Han Jae-yi murmured in admiration.
I nodded and took a sip of the drink in my hand.
“But I feel a bit out of place.”
“In what way?”
“Everyone here is dressed to the nines, but you and I…”
Han Jae-yi looked down at her own outfit.
We were both dressed formally. But everyone in the ballroom was outfitted with tailored suits, high-end watches, and designer shoes.
In comparison, we could only look like fresh-faced entry-level employees.
“We’re dressed perfectly fine.”
“Come on, does our stuff even compare to theirs?”
Han Jae-yi let out a soft laugh and took a drink.
“But it’s funny that they all gather like this. Is it a Korean thing?”
“That’s part of it, but America actually has stronger ties based on schools, regions, and blood relations than Korea does.”
“What?”
Han Jae-yi looked at me in surprise.
“Most people think America, being the land of capitalism, hires and promotes people based on merit.”
“Isn’t it that way?”
“No. America has what they call the Alumni Network — a culture where graduates of the same school look out for each other. That’s why they call it a networking society for a reason.”
In reality, America’s prestigious universities had enormous alumni networks.
The Ivies like Harvard, Yale, and Princeton obviously, and in finance, Wharton, Chicago, and Columbia MBA graduates looked out for one another.
During interviews, being from the same school gave you bonus points, and during promotions, your seniors pulled strings for you.
People say Korea’s obsession with educational background is severe, but America just packaged it more elegantly.
“The people in this gathering understand that need. That’s why they come together, build their social network, and expand their connections.”
“So you…”
Han Jae-yi paused and looked at me.
“Right, you’re a chaebol. Sometimes when I’m with you, I forget that.”
A soft laugh escaped me.
“Kang Seon-woo?”
As Han Jae-yi and I were talking, a man approached and called my name.
“Hello. I’m Cho Hyun-joong, secretary of KWFA.”
The man said this and handed me his business card.
The card bore the name of GS, a world-renowned investment bank.
“Hello. I’m Kang Seon-woo. I don’t have a business card yet…”
“Haha, that’s fine. I heard you’re a university student. Thank you for sponsoring us today and attending.”
“Not at all. Now that I’ve seen the atmosphere here, I’m glad I came.”
The man nodded as if pleased with my response.
“We’re honored that a member of the Kang family has joined us and given us such kind words. Shall we go? I’ll introduce you to the other members.”
I’d been wondering how to approach people when the secretary of the organization came to me first.
Pleased with the turn of events, I followed him.
For a while after that, Han Jae-yi and I followed the secretary around, greeting many people and collecting a decent stack of business cards. Despite our student status, everyone was respectful — it seemed the name of the Kang family carried weight with them too.
“Exhausted?”
After shaking hands with dozens of people and moving around, Han Jae-yi’s appearance grew visibly worn.
“I’m getting tired.”
“Should we go rest over there?”
I guided Han Jae-yi toward the side of the ballroom.
I fetched a chair for her to sit in.
“Thanks. These heels are new — my feet are killing me.”
Han Jae-yi sat and began rubbing her ankles.
“But honestly, I’ve talked to everyone here and all they say is that the market is good.”
I nodded seriously.
The outlook from people working on the front lines of the market was uniformly optimistic.
Of course, they viewed the Bear Stearns situation as serious, but they saw the prospect of interest rate cuts at next month’s Federal Reserve meeting as an even stronger tailwind.
“We might come away empty-handed from today’s gathering.”
“That’s what makes it so tiring.”
Han Jae-yi nodded in agreement at my words, when—
“But here’s the thing — what if the market crashes soon?”
A voice cut through the noise.
Han Jae-yi and I both turned toward the source of the voice. At a table across the ballroom, a man sat with three others, speaking with fervent intensity.
“Do you know what the delinquency rate on subprime mortgages is right now? Fourteen percent. It was ten percent this time last year. It’s jumped four percentage points.”
“Here we go again.”
Despite the man’s passionate words, the people across from him laughed as if this were routine. Yet his voice carried undeniable conviction.
“Listen. Why do you think the two funds under Bear Stearns collapsed? Because CDO prices crashed. But Bear Stearns isn’t the only one holding CDOs — Merrill Lynch, Lehman, Morgan Stanley, they all have them.”
One of the listeners responded.
“Even our house has them. We’re tracking CDO declines, and everyone’s nervous about Bear Stearns inventory hitting the market.”
“Exactly. And it’s almost certain the Fed will cut rates next month. The only question is whether it’ll be 25 basis points or 50. If they cut 50, even if Bear Stearns implodes, the market keeps running.”
The man who’d been speaking passionately shook his head dismissively.
“Interest rate cuts lower delinquencies? House prices have already started falling. What good is a rate cut to people who can’t pay their debts?”
The man tapped the table with his finger as he continued.
“So I’m telling you — next month the Fed cuts rates, then I’m taking a short position. You want in?”
“You short addict, you always talk about shorting but I’ve never seen you actually do it. Be honest — you want us to invest because you’re too scared to use your own money, right?”
“Danny, you’re a decent guy, but lose the bluster. Your act never changes.”
The man’s conversation partners waved him off and got to their feet.
“The talk is entertaining, but sorry. I’ve got no money for your fantasies.”
“Sorry, Danny. If I report that upstairs, they’ll tell me to clear out my desk.”
As they left, the man simply shrugged.
“You’ll regret this! There won’t be any scraps left for you later.”
The man sat back down and turned his head just as our eyes met.
I smiled and walked toward him. Han Jae-yi followed.
“Hello? I’m Kang Seon-woo.”
“Oh, yes. First time seeing you here? Did you just join?”
“No. I sponsored the event and was invited.”
“Man, this really isn’t a place worth paying to come to. Isn’t it boring?”
The man spoke with a bored expression.
“It was boring until just now, but suddenly it got interesting. May I ask your name?”
“Oh, I’m Danny Kim. Just call me Danny. I’m American, but as you can see, I’m Korean-American, so I’m a member of this group too.”
The man never spoke in short sentences. His manner of speaking was slightly presumptuous, yet somehow I found it appealing.
“Could I hear that too?”
“Hear what?”
“What you were saying to the others just now.”
“Eh, it’s not something I tell just anyone, Kang…”
“Seon-woo.”
“Right, Seon-woo. You don’t look like you have much money.”
I let out a quiet laugh.
“I have plenty of money. That’s why I came here and sponsored.”
“Oh, is that so? But when I say money, I’m talking millions of dollars.”
“I can match millions of dollars. Could I hear what you have to say? If you want to make those people regret it, tell me. I’ve got the money for it.”
At my words, Danny Kim studied me carefully.
His eyes appraised me like I was a potential investment.
Then he burst into a loud laugh.
“Well, you’re the first person today who actually wants to hear what I’m saying, so I’ll tell you.”
Danny leaned forward and spoke in a low voice.
“Bear Stearns is going to collapse soon. And from there, there could be a chain reaction of other financial companies going bankrupt.”
At Danny Kim’s opening words, a smile spread across my face.
‘I finally found him.’

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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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