The scene on the way to work hadn't changed much then or now.
The atmosphere in the chairman's office was no different, and despite being able to access global news on smartphones, newspapers from major countries were always spread out across the desk every morning.
It was a scene created by my grandfather, who dreamed of global expansion.
So I had maintained that tradition up until now.
Thanks to that, I could check the article on the front page of the New York Times as soon as I arrived at work today.
"Dimon really photographs well. In the picture, he looks exactly like the head of America's top financial firm."
"I heard he had nearly two hours of makeup. Look at his neck and face—they're different colors."
President Han and I stared intently at Dimon's face on the front page of the New York Times.
After admiring Dimon's face for quite some time, I finally began reading the article.
"It seems the consortium's acquisition of two oil companies is making waves in the U.S. as well."
"With shale companies continuously going bankrupt, the media's interest in oil firms is hot. Since a saviour has appeared for the collapsing oil industry, they can't help but pay close attention, right?"
Dimon had completed the contract as the representative of the consortium.
Since the head of America's number one financial firm took the lead, the consortium's reputation was intact.
In fact, Dimon stepping forward was more effective than me appearing in suppressing backlash from the American public.
"The media portraying the consortium as the saviour is a bit burdensome. We could always sell again at any time after all."
"But the media has to sensationalise to get people to read the articles. They have to make heroes or villains to attract attention."
"Well, I'm just satisfied that there's no public backlash."
In fact, the U.S. market was somewhat closed off.
But after the Lehman crisis, foreign capital's acquisition of American companies was naturally accepted,
And thanks to that, the acquisition of oil companies proceeded without major issues.
"With $50 billion poured into oil companies, there's no chance of public backlash. The U.S. government is actively pushing it, so the media is following suit."
"Since both the media and the U.S. government are backing it, we should move accordingly. The days of making profits shorting crude oil futures are over. From today, we just ride the upward tide."
Crude oil prices had hit a bottom.
Though it would hold steady for a while at current levels, securing volume in advance would yield greater gains.
"Many employees at Taewoo Securities are buying crude oil futures indiscriminately. Though the purchases will be done sequentially, more than $5 billion will be invested this week."
"$5 billion isn't bad."
"We plan to inject up to $15 billion by early next year."
The price of crude had fallen to $38.
By the first half of next year, there was a high chance it would recover to $50.
Looking further ahead, it could even surpass $60.
But crude oil futures were not something to invest in long-term, so it was better to take profits by the first half of next year and exit.
"With leverage, it sounds like it's still going to be a pretty profitable business."
"We should at least double our money, right? And we are researching multiple ways to generate profits."
While savouring a cup of coffee and planning the next step,
I received a call from David. It was unusual for David to call at this hour, so I immediately sensed something had happened.
"What happened?"
[Boss! The short-sellers have started moving. Chanos has pulled in massive private equity funds, and the money is converging in one place. The attack will start by this afternoon at the latest.]
David's voice was urgent.
Having planted many informants on Wall Street, David could obtain information faster than anyone else.
He must have contacted me immediately after acquiring the information.
But unlike his urgency, I answered leisurely while sipping my coffee.
"Whatever it is, tell them to go ahead with the short selling. We'll show them what it costs to mess with us."
[Are you being too relaxed? Not just anyone, but the king of short selling, Chanos, is moving!]
"The king of short selling, my foot. That title is too much for someone who's already suffered a heavy defeat. After one loss, he should be downgraded from king to noble, don't you think?"
[Seeing you joke like that, it looks like we really are prepared. I guess I was the only one panicking.]
I expected this, but hadn't made any special preparations.
It wasn't arrogance or complacency.
I held 70% of the shares myself; what else was there to prepare for?
"We're well prepared. By the way, how much are Chanos and his group mobilising?"
[There's a rumour they're putting in over $5 billion.]
"Now he should really be downgraded from king of short-selling to noble. Only $5 billion to attack Taewoo Group? The amount is too small."
[The $5 billion is what Chanos is moving, but when he moves, other hedge funds follow. Then reaching $10 billion is just a matter of time.]
$5 billion wasn't a small amount.
It was a staggering sum amounting to six trillion won—more than enough money to launch a massive short-selling attack on a company.
And even if Chanos built his forces to invest $10 billion, it was the same.
Taewoo Group could defend itself even if the amount rose to $30 billion or more.
"Thanks for the information. Contact me anytime if you get anything new."
[I'm not sure you actually need the information, boss, but I'll gather what I can.]
David hung up somewhat bluntly.
It wasn't that I underestimated his ability; it was just that the fight was too one-sided and therefore not very exciting.
"One-sided games aren't fun."
"That's true. No matter how much the short-sellers throw at us, we can absorb it all. When that happens, hedge funds won't jump in."
"So then it's a fight where we just have to defend against Chanos's $5 billion."
"Even if more funds come in, it likely won't exceed $10 billion."
This kind of fight was boring.
Boring fights usually fail to draw an audience, and then the deterrence effect would also weaken.
"We should enlarge the stage a bit."
"What do you mean?"
"At the start, we act like we're not defending properly. Then the hedge funds will swarm in. Some of those funds might even be from financial firms in the Financial Tower."
"They'll do anything if there's money, but surely they won't bite the hand that feeds them?"
"We'll see once we watch closely."
The war against short-sellers.
In truth, it wasn't much of a war.
It was more like a game.
And the most important thing in a game was fun.
I planned with President Han on how to extract the most enjoyment from it.
***
Jim Chanos.
He had been a legendary figure in the hedge fund world, having entered Wall Street in the 1980s.
His firm, Chanos Company Fund, managed massive funds.
Today, several hedge fund leaders had gathered at his company.
"Taewoo Group has overextended itself this time. It hasn't even properly cleaned up what it's done so far, and now it's acquiring large oil companies one after another. It will suffer from severe cash shortages."
"Still, it's Taewoo Group. They can easily overcome the crisis just by selling the stocks they hold."
"That's precisely what I want. Once executives start selling their shares, stock prices inevitably plummet rapidly."
It was more like an explanatory meeting.
Chanos was explaining what he planned to do to the hedge fund leaders and proposing they join him in attacking Taewoo Trading.
"Will it be profitable? If the profits are low, no one will want to make enemies with Taewoo Group."
"Of course, it's profitable, or I wouldn't have gathered you all here. The acquired Hess has not yet fully merged. Although it belongs to Taewoo Trading, it's still listed on the American market under the name Hess."
"So you mean to focus attacks on Hess."
"After Hess, we have plans to attack Taewoo Trading and, eventually, the entire Taewoo Group. If all three phases succeed, I can promise at least a 400% return."
A 400% return.
It was a number enough to tempt hedge fund leaders.
But being seasoned players, they were not entirely swayed by empty promises.
"If the plan is highly likely to succeed, then sure. But plans and reality are always different."
"I gather all the information before short selling. I have been monitoring Taewoo Trading's multi-trillion won annual deficits for a long time. Enormous money are spent on the internet commerce 'Rocket' and underground resource mining. Once the oil company is added, even Taewoo Group can't hold up."
Chanos showed actual indicators as he spoke.
The hedge fund leaders who reviewed Taewoo Trading's financial statements were at a loss for words.
The deficit was worse than expected, and turning a profit anytime soon seemed impossible.
"Judging by the numbers, there's definitely a problem. But thinking of Taewoo Group's strength, it's hard to strike now."
"What if we had insiders? Two financial firms in the Financial Tower have agreed to join us. We're receiving insider information in real-time."
"Hmm, that wouldn't be bad. But even financial firms in the Financial Tower can't fully uncover Taewoo Group's inside information, can they?"
That was true.
So Chanos offered a proposal to gain their complete trust.
"Then Chanos Company will initiate the attack first. You can decide your move after watching the situation."
"So you're giving us time."
"The profits from attacking Hess directly won't be that large. But the moment Hess collapses, Taewoo Trading will fall like dominos, followed by the entire Taewoo Group. So you just need to watch for the first domino to fall before making your move."
The hedge fund leaders nodded.
It was a proposal with no risk for them.
If Hess's stock price fell, they could join forces with Chanos, and if the opposite happened, they could just withdraw.
"When do you plan to strike the first domino?"
"Starting three days from now. Hess is currently being sold to Taewoo Group, and its stock price is rising steeply. In about three days, it should be at its peak."
"To fall, you have to fly high first. We'll watch how Hess crashes."
"It won't be just a scene to watch sadly. You're welcome to join us anytime; just contact me."
Chanos was brimming with confidence.
He had executed countless short-selling campaigns, but had never seen a better opportunity than this.
Worst ever performance, quantitative expansion, and the flow of the times all aligned.
After failing to short Tesla, Chanos had sharpened his blade.
Through this opportunity, he had to restore his tarnished reputation, and he had chosen Taewoo Group as the prey.