Surviving in the political arena of South Korea was quite an extraordinary feat.
It was even more so for opposition figures under the watchful eye of the harsh military regime...
Kim Hak-gwon had been sentenced to death and imprisoned, and even exiled abroad.
He had even been kidnapped abroad and forcibly repatriated to Korea.
But he overcame all these trials and was now a presidential candidate in South Korea.
Now that the summit was in sight, the ship seemed to be swaying again, having hit a reef.
“Haha. We were briefly acquainted in the past.”
Kim Hak-gwon, who had been scrutinizing me, nodded slightly.
“That’s right. I have to go on a campaign soon. Tell me what you need.”
His words implied that he had taken time out of his busy schedule to meet us.
Han Kyung-kyung seemed to have sensed my mood and responded to Kim Hak-gwon first.
“Muhyuk brought me here to meet you and have a good talk, despite my busy schedule... But it seems you’re not pleased to see us. I’ll take my leave now as an uninvited guest.”
Han Kyung-kyung really got up from his seat.
Kim Hak-gwon looked up at him silently.
Han Kyung-kyung, whose expression didn’t change, bowed his head.
“Then, I wish you good results in the presidential election.”
“What are you trying to do?”
“Muhyuk? If you hadn’t asked, I wouldn’t have needed to come here to meet you. I’m a businessman, not a politician. But it seems you don’t appreciate my help much.”
Han Kyung-kyung finished what he had to say, meeting Kim Hak-gwon’s gaze squarely.
“Brother, sit down.”
“Muhyuk. I never do business, no matter how small, with someone who doesn’t know gratitude. I’m an investor. I don’t do deals that will lose money, even if it’s at Muhyuk’s request.”
This brother could have been an actor.
The mask on Kim Hak-gwon’s face, who had been listening to our conversation, broke.
His expression twisted as he glared at Han Kyung-kyung.
“What do you mean by that?”
“I mean exactly that. Unlike in the U.S., giving political funds in Korea is illegal. I know that Muhyuk has been helping you despite the illegality, but it seems you don’t appreciate it much.”
Han Kyung-kyung shrugged, looking at Kim Hak-gwon’s reddened face.
“But I’m wondering if you would be grateful to me even if I helped you now.”
“What?”
“Brother, stop it.”
If it went on, it might really turn into a fight.
“Mr. Candidate, stop it too. I haven’t made any demands, so why are you so openly avoiding me? Honestly, I’m not a machine, and I don’t feel good about it.”
“Hmm...”
“I know well how my grandfather accumulated wealth by collaborating with the military regime. But I’m different from my grandfather. I only think of your victory.”
Kim Hak-gwon, who had been listening quietly, sighed deeply.
“I’m sorry. I’ve been very sensitive lately because of the talks of unification with the other side. If you’re upset, please forgive me.”
Kim Hak-gwon apologized, and I looked up at Han Kyung-kyung.
Han Kyung-kyung also sighed and sat back down.
“If I was rude, I apologize.”
“No, it’s fine. Now, tell me what you need. What’s really going on?”
“Muhyuk wants me to make a statement supporting you. Whether it’s through an interview or another method.”
Kim Hak-gwon looked at me in surprise.
He probably understood better than I did what Han Kyung-kyung’s support meant.
The current economic issue was the biggest controversy in South Korea.
Conservative candidate Sung Daegyu had proposed borrowing money from Japan, despite the majority of the public’s anti-Japanese sentiment, and had received a good response.
Han Kyung-kyung’s support, politically speaking, meant bringing the capital of the legendary Wall Street investment firm Dream High Investment to Korea.
“Hmm...”
“But before that, there’s something you need to make clear. You need to agree to the IMF’s demands. Otherwise, even if I support you, it will be a hollow promise.”
The IMF, despite concluding all negotiations with the government, had not yet provided proper support.
Instead, they were requesting a commitment letter from all presidential candidates.
“I’m a company based in the U.S., so I can’t invest in Korea without following the U.S. government’s instructions. You need to promise to comply with the IMF agreement.”
After a few minutes, Kim Hak-gwon, who had been pondering, finally nodded.
“I understand. I know I have to agree to the IMF’s demands. It’s just that... I hesitated because I thought it was too much.”
“I understand. But if the negotiations with the IMF break down, South Korea will ultimately have to declare default. Korea cannot survive on its own.”
“Yes, I know that.”
Some economists argue that South Korea should reject the humiliating demands of the IMF, declare default, and pursue an independent economic path.
But that was an opinion with a very low chance of success in our economic structure.
With a food self-sufficiency rate of only 60% and no significant natural resources, Korea couldn’t afford to be isolated.
The conversation between Han Kyung-kyung and Kim Hak-gwon continued.
“If the negotiations with the IMF are successful, I will invest as much as possible in Korea. I’m a U.S. citizen, but I was born in South Korea.”
“Ha ha ha.”
“I’ve never wanted to interfere in politics. If it weren’t for Muhyuk’s request, I wouldn’t have.”
Kim Hak-gwon shifted his gaze to me.
“I want your victory. Not because of any specific purpose, but because I don’t want the conservatives to win. Please don’t forget my help, Mr. Candidate.”
“I’m sorry, I misunderstood you.”
“No, it’s fine. It’s true that my grandfather and I run a loan business. I know that people’s perception of me can’t be good from a general perspective.”
“I appreciate your understanding.”
The meeting with Kim Hak-gwon ended on a friendly note.
On the way back to the hotel with Han Kyung-kyung.
“Tsk, you were right. I lost my composure. Everything.”
Han Kyung-kyung, sitting next to me, shook his head in frustration.
“You still don’t know the scale of Muhyuk’s power. You tremble in front of Kangdshi, but show a high-handed attitude to me and you? Does that make sense?”
“Because I’m Korean. Their perception will never change. Politicians are always the same. What can I do? But there’s no other choice besides Kim Hak-gwon.”
I chuckled, and Han Kyung-kyung nodded.
Soon, all presidential candidates signed a commitment to comply with the agreement.
But the outflow of foreign capital in South Korea, ahead of the presidential election, was already out of control.
* * *
A few days before the presidential election.
Han Kyung-kyung held a press conference.
It was a large-scale press conference, with major daily newspapers and international media in attendance.
This was the first time James Han, who was rewriting the history of Wall Street, made an official statement to the media. It was natural for international media to attend.
“Hello, I’m Han Kyung-kyung. I’m not sure if I’m the right person to hold a press conference.”
The press conference began with Han Kyung-kyung’s greeting at the microphone.
“Please briefly tell us about what happened on Wall Street. It’s not well known in Korea yet.”
“Well... It’s hard to explain in detail, but I bet on people’s fears. The economic crisis that started in Asia inevitably affected many countries, including the U.S. That choice brought me astronomical wealth.”
“There’s a rumor that you attacked Hong Kong with Wall Street hedge funds. What do you think about that?”
Han Kyung-kyung frowned slightly.
“I’m an investor. The word ‘attack’ is too aggressive. It’s true that I invested in Hong Kong. I also suffered significant losses. There’s no right answer in investing. I think it’s a realm that can’t be judged by the logic of good and evil.”
American journalists raised their hands one after another.
“James, why are you coming to Korea to invest? At a time when foreign capital is fleeing?”
The question came in English, and Han Kyung-kyung answered in English.
“I’ve read the reports from investment banks in New York. I agree with the content of those reports. But there’s a saying that crisis is an opportunity. That’s why I came to Korea, my homeland.”
“Aren’t you an American?”
“Yes, I am. I’m an American. But Korea is also my homeland. I couldn’t just watch my homeland in crisis.”
The Korean journalists in the hall buzzed.
“There’s a rumor that you’ll be on the Forbes World Rankings next year. Is it true that the top two spots will be Korean-Americans?”
“I’ll refrain from commenting.”
The American journalist’s question was a good catch for the Korean journalists.
As dangerous questions kept coming, Han Kyung-kyung looked at the moderator.
The moderator picked up the microphone.
— Please avoid repetitive questions. Time is running out. Next question.
The moderator, while trying to control the overheated conference, pointed to a journalist prepared by Kim Muhyuk.