Golden Spoon Investor

The silence in the study was heavy after such a shocking conversation. It felt like a storm had passed through, leaving everyone reeling. Chairman Park Tae-hong reached for his teacup, only to realize the coffee inside had gone cold. He set it down, his voice coming out stiff as he finally spoke.

"So, you're saying the financial real-name system might be enforced as part of a plan targeting the two former presidents?"

Executive Director Park Jin-hyung and Chief Secretary Gil Sung-ho watched Seok-won intently, as if their lives depended on his next words. Despite the pressure, Seok-won remained calm, answering without hesitation.

"That's certainly a possibility, but it wouldn't be the only reason. The financial real-name system was something the opposition had been pushing for, and it was supposed to be implemented last year before being shelved due to the three-party merger. The president-elect might see it as tying up loose ends."

The issue of the financial real-name system, which had been dormant for years, was revived during the last presidential election. Every candidate, including the president-elect Kim Sung-gyu, promised to enforce the law. Even the current president, Noh Ki-hoon, had pledged to implement it by 1991, during his campaign.

'But circumstances changed, and that promise was never kept,' Seok-won thought, recalling the political shift caused by the three-party merger, which flipped the balance of power overnight.

"Critics have linked the delay in implementing the financial real-name system to the three-party merger, so it might be something the president-elect wants to settle once and for all."

"…."

"And if he can also use it as a means to purge officials connected to the previous administration under the guise of anti-corruption, it would be killing two birds with one stone."

At first, the idea seemed outlandish, but the more Chairman Park considered it, the more plausible it sounded. His expression grew more serious. Both Executive Director Park and Chief Secretary Gil began to realize the gravity of the situation, tension filling the room.

'Without the financial real-name system, uncovering the billions in hidden assets belonging to the two former presidents would have been nearly impossible,' Seok-won thought, knowing how crucial this measure had been in revealing those funds.

Chairman Park eventually murmured, his voice heavy, "Dismantling the Hanahoe and enforcing the financial real-name system… either one of those could turn the country upside down."

He sighed deeply, then looked at Seok-won.

"Is there anything else?"

"That's all."

"Thank goodness. My heart is still racing from all this. If you'd had anything more to say, I think I might have lost ten years of my life."

'If I'd mentioned the IMF crisis, he might have had a heart attack on the spot,' Seok-won thought, watching his father rub his temples, clearly exhausted.

The idea of an imminent financial collapse was unimaginable in this time of economic boom, fueled by low interest rates, a strong won, and cheap oil—commonly referred to as the "Three Lows" phenomenon. Any mention of a looming crisis would have been met with disbelief.

'If I didn't know what was coming, I'd never believe Korea could face such a catastrophe,' Seok-won reflected. Many had later criticized the country for celebrating too early, but given the circumstances, it was understandable why no one saw the disaster coming.

'Who could have predicted that the decade-long economic boom would suddenly vanish?'

Of course, the government and corporations were not blameless for their complacency, and failure to prepare for any potential downturns.

Chairman Park's voice pulled Seok-won from his thoughts.

"You can leave now."

Snapped back to the present, Seok-won nodded quickly.

"Yes, Father."

The study had never been a comfortable place, and with nothing left to say, Seok-won was more than ready to leave. He got up and walked out, feeling the weight of his father's gaze on his back until the door closed behind him.

As soon as the door clicked shut, Chairman Park exhaled a deep, troubled sigh.

"Ugh."

The two men remaining in the room looked equally troubled, their expressions reflecting the complex thoughts racing through their minds.

"I just wanted him to get a feel for the company… but now it feels like I've been hit with a bomb I never saw coming," Chairman Park muttered, thinking of his son, who never seemed to follow expectations.

Reaching out, he opened a small wooden box on the table and took out a cigarette. Gil Sung-ho quickly lit it for him.

"Fuuu…."

Chairman Park took a long drag, exhaling a plume of smoke as he turned to his eldest son, who was deep in thought.

"What do you make of what Seok-won said?"

Park Jin-hyung took his time before responding, carefully weighing his words.

"It's hard to believe the president-elect would take such a risky step, but given his decisive nature and the way he tends to act suddenly, it's not entirely out of the question."

Chairman Park nodded slightly in agreement.

"He does have a knack for pulling off surprises."

Kim Sung-gyu was known for his abrupt and unexpected moves in politics, often catching people off guard. Gil Sung-ho adjusted his glasses nervously.

"Even if it's unlikely, if the president-elect does move forward with these plans, it would have a significant impact on the group."

"Indeed. The Hanahoe aside, just the financial real-name system alone would be a nightmare to deal with."

Chairman Park's thoughts drifted to the various shares and funds held under different names, and he frowned deeply.

"Should we try to gather information through Representative Ju Seon-ho or the transition team?"

Representative Ju Seon-ho, a third-term lawmaker from Busan and a key figure in the Sangdo-dong faction, was a close associate of the president-elect. Chairman Park had maintained a strong relationship with him, supporting him with steady donations over the years.

"That might not be a good idea," Park Jin-hyung interjected, shaking his head. "If they're planning something, they'll keep it tightly under wraps. Even if we did manage to find out, it could easily lead to misunderstandings that could backfire."

Chairman Park nodded in agreement, a thin stream of smoke curling from the cigarette between his fingers.

"You're right. Even if Representative Ju knows, he wouldn't share it with us."

Gil Sung-ho quickly backed down, realizing his mistake.

"Yes, I see your point. That was shortsighted of me."

"We can't just sit back and do nothing, so keep an eye on the transition team and the president-elect's movements without getting too involved."

"Understood."

Even after giving these instructions, Chairman Park remained deep in thought, silently smoking. Finally, he spoke again.

"And start making contingency plans for how we'll handle our assets if the financial real-name system does come into effect."

"…Yes, sir."

Gil Sung-ho replied with a tense expression, understanding the gravity of the situation.

"We don't know if they'll go through with it, but it's better to be prepared than to be caught off guard."

Feeling the weight of the discussion, Chairman Park rubbed his temples and leaned back in his chair.

"Let's wrap it up for today."

Gil Sung-ho hesitated as if there was still something on his mind.

"We haven't discussed the matter of the inauguration gift…"

Since the military regime, it had become a custom for companies to contribute money as a congratulatory gesture when a new president was elected. The purpose of today's meeting was to decide how much they would give.

"Oh, right. I almost forgot, thanks to that son of mine."

Chairman Park winced as he realized he had overlooked the matter.

"My head's too full right now. We'll talk about it at the office tomorrow."

"Yes, sir."

With that, Chairman Park waved his hand, signaling the end of the meeting.

"You're dismissed."

Park Jin-hyung and Gil Sung-ho rose from the sofa, bowed respectfully, and left the study.

Now alone, Chairman Park snuffed out his cigarette in the crystal ashtray on the table. His face was a picture of deep contemplation as he muttered to himself.

"First he shocks me from across the ocean, and now he's doing it right here at home."

Despite the grumbling, Chairman Park couldn't help but feel a twinge of pride at his son's keen insight. A faint smile tugged at the corners of his mouth.

***

Time passed, and soon it was Christmas, marking the end of 1992 and the start of 1993, the Year of the Rooster.

"Are we loading these, too, sir?"

"Yes, please."

When Seok-won nodded, Kim Hyeong-gi lifted the two large suitcases left by the entrance and carried them outside.

"Why are you leaving so soon? You could stay a few more days."

"I need to get back before the winter term starts."

Mrs. Jo Deok-rye looked wistfully at Seok-won, who was dressed in a long coat, ready to leave.

"You still have two weeks before classes start, don't you?"

"It's my final semester. I need to finish my thesis, so I should go back early."

Seok-won smiled, trying to soothe her worries. Mrs. Jo sighed softly.

"I suppose you're right. Your graduation is in May, isn't it?"

"Yes, are you coming?"

"Of course."

"Then I'll treat you to an amazing steak. Look forward to it!"

"Hoho, alright. But American steaks are tasty, but the portions are so big."

"I think they're just right."

"That's because you're still young and growing."

Mrs. Jo smiled warmly, cherishing even the small talk as if it were precious.

"It's cold outside, so stay in and don't worry about seeing me off."

"Take care of yourself. Don't overdo it with your studies."

"Don't worry, I won't. I'll be going now."

"Be careful. And call us when you have time."

"I will."

Seok-won also gave a warm smile to the housekeeper, Mrs. Gunsan.

"Please take care of my mother while I'm gone."

"Of course, young master."

A glance at his watch told him that if they didn't leave soon, he might be cutting it close for his flight.

"I'm really going now."

He gave Mrs. Jo a quick hug and then turned to leave the house.

Crossing the garden and stepping out the front gate, he saw that Kim Hyeong-gi had already loaded the luggage into the trunk and was waiting. As soon as Seok-won got into the car, Kim Hyeong-gi started the engine and pulled away.

The luxury sedan sped across the Han River Bridge, following the wide Olympic Boulevard toward Gimpo International Airport.

Settling back into the plush seat, Seok-won stared out the window, lost in thought. Catching a glimpse of him in the rearview mirror, Kim Hyeong-gi spoke up.

"Would you like me to turn on the radio, sir?"

"Yes, please."

Kim Hyeong-gi pressed the button on the car stereo, and a news broadcast filled the car.

[At 1:20 AM today, a fire broke out at an apartment complex in XX City, XX District. The cause of the fire is still unknown. While firefighting efforts were underway, an LPG gas explosion occurred, causing the building to collapse. Five people have been confirmed dead, and 44 residents and firefighters are being treated for injuries at six different hospitals in the city. Authorities are currently investigating the incident…]

"It's tragic to hear about something like this happening at the start of the new year."

The nation was abuzz with news of the apartment complex collapse, which had shaken the country.

"I can't believe the entire building collapsed just from a gas explosion. It's like the apartment was made of sand."

"Probably shoddy construction."

The investigation would later reveal that while the gas explosion was the immediate cause, the real culprit was the shoddy construction practices that had left the building structurally unsound.

'With shoddy design changes that exceeded the building's weight limits, substandard materials, and missing rebar, it's no wonder it collapsed.'

When pieces of broken concrete were found to contain wood scraps instead of rebar, the public was outraged.

'Now that I think about it, this was the start of what became known as the era of accidents during President Kim Sung-gyu's administration.'

In fairness, many of the disasters that occurred during his presidency were the result of rapid industrial growth and negligent construction practices, often with the tacit approval of corrupt officials.

These ticking time bombs had been lying in wait, only to go off all at once during Kim Sung-gyu's term.

'While some might call it bad luck, there were also failures in management and response, so it's not like he was completely blameless.'

Recalling the string of major disasters that would follow, a shadow fell over Seok-won's face.

TL/n - 

The Financial Real Name System in South Korea is a regulatory framework designed to ensure that financial transactions are conducted under the real names of individuals.