CH23 | Heir

A $7.5 billion derivatives contract.

Even to George of Quantum Fund, a man who had won against entire nations, this was a tempting prize.

"So, you’re proposing a trade—derivatives for equity. It depends on the company, but for now, I can say I’m interested."

"If I were to name one company first—it’s Apple."

"Apple? The one that makes Macintosh? Why would you want shares in a company that’s falling apart?"

In 1995, Apple was at its worst.

Steve Jobs had been ousted for a decade, and their quarterly losses exceeded $50 million.

"There’s a saying: ‘A tiger leaves its skin when it dies, and a person leaves their name.’ The same goes for companies. Right now, Apple may be crumbling, but its name still carries weight."

"Are you planning to acquire Apple?"

"I have no such intention. I simply want to hold shares—as a fan of Apple."

"But Apple’s stock is only $1.50 right now. Its total market cap is just $3 billion. That’s far too small to trade for derivatives."

Apple’s reality in 1995 was precisely $1.50 per share.

In my past life, Apple’s stock had surpassed $150, meaning just holding onto it would 100x my investment.

"How much of Apple’s shares can you offer me?"

"Quantum Fund doesn’t hold much Apple stock. But firms like Vanguard and BlackRock collectively own about 40%. You’re not asking for the entire 40%, are you?"

"Just 20% will do."

"20%? That’s feasible. But is that enough for you? That’s only worth $600 million."

Apple was just the beginning.

I pulled out my next target.

"Then, would it be possible to get shares in Ford as well?"

"Ford? You’re interested in automobiles too? That’s not difficult either. The Ford family foundation owns 40%, but the remaining 60% is practically all in Wall Street’s hands."

"Then, could I secure 20%?"

"Well, there’s no reason it wouldn’t work. But you do realize that the U.S. government keeps a close eye on the auto industry, right? Holding a large stake in Ford means you’ll be under government scrutiny."

George spoke with an uncharacteristically worried expression.

I responded to his concern with a smile.

"SAVE Investment Firm is the largest donor in the U.S. presidential election. And we invest heavily in lobbying efforts on Capitol Hill."

"That might work under the current administration, but what happens when the government changes?"

"That’s what money is for. I don’t know who will take office next, but one thing is certain—SAVE will be the top campaign donor for the next U.S. president."

In America, money solves everything—as long as it doesn’t threaten national security.

Owning 20% of Ford wouldn’t mean controlling the company. It was something money could smooth over.

"With that kind of confidence, I have no reason not to help. Let’s see… Ford’s market cap is around $5 billion. 20% would be $1 billion, then."

"Will it be possible?"

"Of course. Knowing the value of your derivatives contracts, I have no choice but to accept this deal. Now, are we done with the conditions? If you ask for more, I might have to reconsider."

At George’s question, I patted my stomach, as if there was no room left to take in more.

"This is enough. If you get too greedy, you’ll end up with a stomachache."

"That’s why I like you. Unlike the other idiots, you know exactly when to stop!"

"I appreciate the compliment. By the way, when do you plan to start the yen offensive?"

"Immediately. Especially now that you’ve given me such a brilliant idea."

A cunning smile spread across George’s face.

"You mean the derivatives?"

"I plan to turn the yen into a derivatives product and sell it. It’ll be an irresistible offering for cash-strapped Japanese banks and corporations."

The yen was a low-volatility currency.

Japanese banks and companies, knowing this, would naturally buy the derivatives.

However, once Quantum Fund made its move, the yen’s volatility would skyrocket beyond their wildest imagination.

"Japan is about to get a whole lot noisier."

"Money is always noisy. I’ll be in touch soon with some very good news. Oh, and one more thing—I’m about to short the Mexican peso. If you join in, I guarantee you won’t regret it."

Satisfied, George left the suite.

That’s when Team Leader Han, who had been silently listening, finally stepped forward.

"Don’t you think this is a waste?"

"Team Leader Han, you think I was too generous with Wall Street, don’t you?"

"Not necessarily. This deal gives us the protection of Wall Street. If SAVE had tried to take all the derivatives profits alone, the Japanese government wouldn’t have stood by and watched."

Behind Wall Street stood the United States.

To trigger the derivative contracts against Japanese banks and corporations, I needed Wall Street’s power.

"I admit I might have spent a bit too much. But securing 20% stakes in Apple and Ford makes this deal far from a loss."

"Is this related to Taewoo Group by any chance?"

"I wouldn’t say it’s completely unrelated, but the stakes in Apple and Ford alone are worth over $10 billion."

"But even combined, Apple and Ford’s market caps don’t add up to $10 billion. How can 20% stakes be worth that much?"

"They won’t be worth that much in the short term, but this is a long-term investment."

Team Leader Han fell into brief thought, then nodded.

"It’s your decision, sir. I won’t question it."

"Now, head to the U.S. and finalize the contracts with Wall Street."

"Understood. So, we’ll trigger the derivative contracts against Japanese companies alongside Wall Street, correct?"

"Exactly. Moving alone won’t benefit us—coordinate with Wall Street."

"Then I’ll fly back to the U.S. immediately. Lately, I feel like I spend more time in the sky than on the ground."

"Once this is done, expect a hefty bonus—so hang in there."

At the mention of a bonus, Han let out a bitter smile.

His performance incentives were already substantial—but what did it matter?

There was no time to spend it.

***

Monday Morning.

Dressed in a new tailored suit, I headed to Taewoo Group’s headquarters.

The elevator ascended to the 20th floor of Taewoo Center.

As the doors opened, I was greeted by the entire Audit Team, lined up and waiting.

[Congratulations on your first day as Executive Director.]

Nearly 100 employees bowed in unison.

The power of the Audit Team was palpable.

And this wasn’t even all of them.

Each subsidiary had its own audit department, all under headquarters’ oversight.

"Nice to meet you all. I’m Kim Min-jae, your new Executive Director."

I shook hands with each of the 100 auditors.

Every single one had a sharp, calculating gaze.

No surprise there.

Auditors weren’t exactly the type people enjoyed having lunch with, even if they were colleagues.

Their job required them to suspect everyone—even their own team.

It was an isolating role.

And isolation sharpened people.

"Team Leaders, gather in my office for a meeting in 10 minutes."

With my secretary leading the way, I entered my new office.

I hadn’t even finished my first cup of coffee when the five Team Leaders arrived.

But why do their eyes look like that?

A third-generation chaebol who parachuted into this position as the chairman’s grandson.

The team leaders’ gazes made it clear—they were looking down on me.

"Take your seats."

"I’ve prepared a brief report. I’ll give you an overview of the Audit Team’s workflow and current projects."

Team Leader Jung Soo-chul, the 1st Division Chief, took the lead.

He had clearly prepared this in advance, as he placed a thick stack of documents in front of me.

"Hold on. Did I ask for a briefing?"

"…These documents are to help you understand the Audit Team’s work."

"And why exactly should I read them?"

"To lead the Audit Team, you must understand how it operates."

"So, as Executive Director, you’re saying I should adjust to the Audit Team—instead of the other way around?"

Silence.

All eyes were on me.

They clearly had no idea what I was getting at.

"Why should I adjust to the Audit Team? It should be the other way around."

"The Audit Team has over 20 years of accumulated expertise. To conduct efficient audits across the group, we need to follow established processes."

"If your processes are so great, then how did the Changwon Parts Factory scandal go unnoticed? The factory director even set up a shell company to embezzle funds, and no one caught it."

Did I hit a nerve?

Every team leader was staring daggers at me.

"The Audit Team is responsible for overseeing 41 subsidiaries and over 350 overseas branches. Changwon Parts Factory was scheduled for an audit under our standard procedures."

"So, you’re saying that if you had conducted the audit, you would have caught the embezzlement?"

"That’s correct. Our Audit Team consists of the best talents within Taewoo Group—many of our members are former National Tax Service officials or certified accountants."

A bunch of self-righteous elites.

Probably the only way they could endure being ostracized by their own colleagues.

They needed some way to justify their isolation.

A sense of superiority wasn’t necessarily a bad thing.

But take one wrong step, and it turns into entitlement and corruption.

"Then, let me ask you one more thing. When was the last audit of Changwon Parts Factory?"

"Two years ago."

"Based on my findings, the embezzlement scheme at Changwon goes back at least five years. You conducted an audit, yet you missed it. That means you were either incompetent or you turned a blind eye. Which one is it?"

"That’s an unfair accusation!"

Jung Soo-chul, the 1st Division Chief, raised his voice on behalf of the others.

Though they were all team leaders, Jung—being the most senior—was effectively the head of the Audit Team.

"Then bring me results. The Changwon Parts Factory scandal wasn’t something Director Seo Woo-tae could have pulled off alone. Someone higher up had to be involved. Find out who, and bring me irrefutable evidence."

"Understood."

"You’re all dismissed."

The five team leaders left my office, fuming.

I stared at the closed door and recalled their personnel files.

One detail, in particular, stood out in Jung Soo-chul’s file:

[Special Note: Childhood friend of Executive Director Lee Joon-soo (elementary, middle, and high school)]

So, he was close with the loan shark’s cousin.

Not suspicious on its own…

But my intel team, led by Captain Kang, had already begun investigating the Audit Team leaders.

Their reports covered everything—homes, cars, bank account balances.

And yet, somehow, Jung Soo-chul owned three apartments.

Where did he get the money for that?

Putting a fox in charge of the henhouse, huh?