novelraw Chapter 124 : We Were the Ones Who Held Their Leashes
Chapter 124 : We Were the Ones Who Held Their Leashes
Chapter 124: We Were the Ones Who Held Their Leashes
At last, the floodgates of the money pipeline that had been tightly shut began to open, ever so slightly. The moment that news spread, the entire Republic of Korea, which had been frozen solid, began to boil over.
Even before the bank doors opened, crowds poured in and blackened the streets.
“Ts ts, just look at that mess. At this rate, a few people are going to get trampled to death.”
Cheon Sang-do clicked his tongue and pointed toward the pandemonium outside the window.
“President Baek. Did a god really possess you or something? How did you know so clearly that the government would lift the account freeze? What you predicted on the radio yesterday came out exactly like that. I was so shocked I nearly fell over.”
Instead of answering, I lifted my teacup and savored the aroma. Cheon Sang-do didn’t seem to be expecting a reply anyway, as he continued speaking.
“Thanks to you, I’m about to be sitting on a pile of money. The cash I converted into dollars just like you told me to doubled overnight. Where else would I find a windfall like this!”
The corners of Cheon Sang-do’s mouth shot up toward the sky and showed no sign of coming back down. With the account freeze lifted, the value of the won had collapsed in the black market while the dollar’s value soared, so it was only natural.
“The cash inside the bank vaults will dry up. That’s why they’ve only partially lifted the account freeze for corporations. If they hadn’t done that, most people would’ve gone home empty-handed.”
With the clamor outside the window as a backdrop, I told him that the real war was only beginning now.
“What about the companies? They can at least put out the immediate fire now, so have they had a chance to catch their breath?”
“Catch their breath, my foot. They say they might give you even a single won only if you prove, one by one, exactly where you’ll use it. I hear that process is more hellish than plucking stars from the sky.”
“That’s exactly it. The banks have lost trust, and the companies still have their money lines blocked. So then, where do you think all that money screaming in the streets will go now?”
When I finished speaking, the playful smile vanished from Cheon Sang-do’s face in an instant. Watching his expression turn serious, I opened my mouth again.
“First, President Cheon, you should pull out all the money that was tied up in the banks and immediately exchange the dollars back into won. As time passes, the fever around the dollar will cool, and it’ll eventually lose its inflated value.”
“I already sent my staff to the bank. I even set up an appointment with an old geezer. I don’t want to go through hell again by using some other money changer like last time.”
“Ha ha. You made the right call. How much cash can you mobilize immediately?”
“Well….”
Cheon Sang-do counted on his fingers as he did some quick calculations, then spoke.
“Just under a hundred million won, give or take.”
“That won’t be enough.”
“That’s not a small amount of money.”
“Under normal circumstances, yes. But this isn’t normal. The nest eggs that no longer trust the banks will start flowing into Myeong-dong. We can’t let that money end up in Dan Tae-geon’s hands. You need to lower your greed and take it all under favorable terms.”
I looked straight at Cheon Sang-do as I spoke firmly. He was a money demon. How could I not know what was going through his head?
“Do not harbor any stray thoughts. If you reduce the number of competitors, your profits will naturally increase. If you chase the gains right in front of your eyes, you’ll lose everything.”
“Ah, it’s like you can see straight through me. Got it. Don’t you worry.”
“As I said, starting tomorrow, contact the presidents of the Daegyeong Federation. Begin with President Jeong Ju-hyeok. He seemed quite desperate.”
I had already set the priorities and conveyed them to him.
“Offer half the interest rate Dan Tae-geon charges, but secure solid collateral. Take everything they own as collateral. We’ll loosen their nooses for now, but in the end, we’ll be the ones holding their leashes.”
“Ah, President Baek. You’re truly a scary man. You pretend to save people, then grab them by the leash.”
“If they don’t like it, they can just pay the money back. This kind of business is more your specialty than mine, President Cheon. You know that better than anyone, don’t you?”
Even as he nodded, Cheon Sang-do showed a hint of concern.
“If Dan Tae-geon catches on to our movements, he’ll do anything he can….”
“He already knows.”
“What did you say?”
“I deliberately mentioned your name at the Daegyeong Federation. And the two people who don’t like me know that as well. By now, they’ve probably gone to Dan Tae-geon and told him everything, down to the smallest detail.”
Cheon Sang-do jumped in shock and asked again.
“Then isn’t this a big problem? What if he strikes at us first?”
“He won’t move right away. Jeong Tae-soo, who backs him, has an important matter ahead of him right now, so he won’t want to make things bigger than necessary.”
“Then I’ll just trust President Baek and do what I need to do.”
“Yes. I’ll prepare the rest of the cleanup.”
I looked in the direction of Dan Tae-geon’s office and drew a gentle arc at the corner of my lips.
Dan Tae-geon’s office.
“President. President Lee Jang-ho of Dongbang Cement has come to see you.”
“That stiff old man? What brings him here?”
Though he asked, Dan Tae-geon didn’t need to hear the reason to guess it. Just like the others, he must have come because he was desperate for money.
After deliberately making him wait for quite a while, Dan Tae-geon waved his hand as if annoyed.
“Let him in.”
A moment later, Lee Jang-ho entered the office alone, his face stiff.
Dan Tae-geon didn’t even rise from his seat, greeting him with an arrogant attitude.
“Oh my. To what do I owe the honor of you coming all the way to this humble place, President Lee?”
“President Dan. It’s been a while.”
Lee Jang-ho tried to hide his rigid expression and offered a handshake, but Dan Tae-geon didn’t even look at his hand and instead put a cigarette in his mouth.
“Have a seat. From the looks of it, you came because you’re desperate for money, so let’s hear it. How much do you need that you came to see me in person?”
At his haughty attitude, Lee Jang-ho’s face flushed red with suppressed anger.
“President Dan! Do you think I came here because of money?”
“Then what did you come for? To have a cup of tea with me? You’re the one who used to call me a lowly bastard who only plays money games.”
Dan Tae-geon spoke mockingly and burst into coarse laughter. That laughter mercilessly clawed at Lee Jang-ho’s pride.
But the one who had business to attend to right now was himself. In the end, he swallowed his anger and brought up the main point.
“Do you know a bastard named Baek Min-woo?”
At the name Baek Min-woo, Dan Tae-geon’s laughter stopped. His gaze sank coldly in an instant.
“That bastard…… that bastard is trying to screw all of us over right now!”
Lee Jang-ho laid out everything that had happened at the Daegyeong Federation General Meeting, piece by piece. How Baek Min-woo had humiliated him, and how he was trying to jump into the private lending market by putting Cheon Sang-do out front.
“That bastard didn’t give us an opportunity. He gave us humiliation!”
Unlike Lee Jang-ho, who raised his voice in fury, Dan Tae-geon remained quiet. After hearing the entire story, Dan Tae-geon’s expression grew serious.
Erasing the mocking tone with which he had been speaking casually, Dan Tae-geon asked in a grave voice.
“You’re saying he offered to lend money at half the interest I charge?”
“Yes. I heard it clearly. If things go on like this, every single member of the Daegyeong Federation will go to borrow money from Cheon Sang-do.”
“Cheon Sang-do, that bastard? The one who ran Mando Securities into the ground? With what money does he think he can lend to the companies of the Daegyeong Federation?”
“That’s what I’m curious about as well. On top of that, Baek Min-woo knew in advance that the account freeze would be lifted, and he even rushed at us like a madman, telling us to gamble our companies against him.”
The fact that the account freeze would be lifted was something even Dan Tae-geon had only heard from Jeong Tae-soo a few days ago. How had Baek Min-woo known? After thinking for a moment, Dan Tae-geon met Lee Jang-ho’s eyes.
“Hm…… so why did you come to me and tattle all of this in such detail?”
“Well…… lend me some money. I really don’t want to go to Cheon Sang-do through that brat’s introduction.”
No matter how it was dressed up, it all came down to asking to borrow money. When Dan Tae-geon didn’t answer, Lee Jang-ho spoke a bit more urgently.
“I’ll bring you customers. I’ll send everyone I do business with to you, and I’ll try to persuade the other presidents in the Daegyeong Federation as well.”
“How much do you need?”
“About twenty million won, President Dan.”
“……That’s a larger sum than I expected.”
Dan Tae-geon stroked his chin, pretending to deliberate. Then, as if he were showing great generosity, he declared,
“I’ll make it a special rate of twenty percent per month. You know that I usually charge corporations twenty-five percent per month and even deduct the interest in advance. This time, I won’t take advance interest.”
It was still a murderous interest rate, but Lee Jang-ho had no other choice.
“President Dan, that’s too—”
“If you don’t like it, then don’t do it. Even right now, there are people lined up outside my office begging to borrow money.”
At those words, Lee Jang-ho could say nothing more. Enjoying his state, Dan Tae-geon put forward his final condition.
“In return, the collateral must be solid.”
“Collateral? Is my credit not enough?”
“Come on, it’s not a trivial sum. I need some safety measures too.”
Dan Tae-geon’s snake-like eyes swept over him. Under that cold gaze, Lee Jang-ho shrank back.
“I’ll take all of the Dongbang Cement shares you own as collateral.”
“W-What? All the sh-shares……?”
“Why? Were you planning not to pay it back? It’s just collateral. As long as you pay the interest on time, there won’t be any problems.”
“Still, the entirety of the shares is excessive. Do you know how much our company is worth?”
Dan Tae-geon picked up one of the cigarettes on the table and spoke coldly.
“If you don’t like it, go find Cheon Sang-do. Or crawl under Baek Min-woo’s feet, that brat.”
After a long silence, Lee Jang-ho answered in a trembling voice.
“……All right. Let’s do it that way.”
Dan Tae-geon put the cigarette down and called to one of his subordinates waiting outside.
“Bring a loan contract.”
“Yes, President.”
What the subordinate brought was a basic, blank loan contract with nothing written on it.
Dan Tae-geon took out a well-maintained fountain pen from the drawer. Then, as if creating a work of art, he began swiftly filling in the blanks with precise handwriting.
“Loan amount: twenty million won.”
Only the sound of the fountain pen brushing against the paper cut through the heavy silence in the office.
“Loan date is today, July 14, 1962. Repayment date will be a generous three months later, October 13. Interest rate, as promised, twenty percent per month. Now, sign here. Dongbang Cement, Chief Executive Officer Lee Jang-ho. Write your home address clearly as well.”
After finishing his words, he nodded toward the space for the borrower’s name and address.
Lee Jang-ho took the fountain pen with a trembling hand.
Hands that had signed countless contracts throughout his life were now shaking like aspen leaves before this single sheet of paper.
‘……Is this really the right path?’
Belated regret came crashing over him like waves, but he steadied his heart by recalling the humiliation he had suffered at Baek Min-woo’s hands at the Daegyeong Federation General Meeting and that mocking face.
As if carving them in, he wrote his name and address one character at a time, biting down on his dry lips.
Dan Tae-geon watched the scene with evident enjoyment, then tapped the collateral clause at the very bottom of the document with his finger.
“And the most important part.”
Like a judge reading out a verdict, he quietly recited the contents of the clause.
“As collateral for this loan, the borrower shall provide all shares of Dongbang Cement Co., Ltd. owned by the borrower to the lender as a transfer collateral. In the event of repayment default, all ownership rights of the collateral shares shall revert to the lender.”
Lee Jang-ho let out a small, hollow breath. Each word from Dan Tae-geon felt like it was pressing down on his body. Lastly, Dan Tae-geon slid the ink pad over in front of him.
“Write the number of shares you own next to ‘all shares,’ then stamp your seal.”
Lee Jang-ho squeezed his eyes shut, then opened them. His fingers, having resigned themselves to everything, moved toward the red ink pad.
A vivid red imprint was pressed firmly next to his name. In that moment, his entire life—his pride—was mortgaged away on a single sheet of paper.
Dan Tae-geon watched the scene with utmost satisfaction. He placed the loan contract into a document envelope and wrote ‘Dongbang Cement’ on it.
Holding it, he opened one of the safes inside. He casually tossed the loan contract on top of other document envelopes piled inside, then closed the safe again.
“Now we’re in the same boat, President Lee Jang-ho.”
“The money…….”
Lee Jang-ho barely managed to ask in a hoarse voice.
“In 500-won bills, that’s forty thousand notes. Where should I send it?”
“Send it to the company.”
“If you go and wait, I’ll have it delivered within the day.”
“……I’ll wait.”
After finishing his words, Lee Jang-ho rose with difficulty.
After he left, Dan Tae-geon, now alone, lit the cigarette he had left unfinished earlier and muttered,
“Dongbang Cement, huh…….”
The wavering smoke softly veiled Dan Tae-geon’s face. Thinking about the day Dongbang Cement would fall into his hands, he smiled.