Third-Generation Chaebol

George hadn't come to see me for nothing.

He had an offer—to devour Thailand together.

"Even if we do nothing, Thailand's real estate and financial bubbles are bound to burst. If someone's going to feast on the wreckage, shouldn't it be us?"

I leaned back, considering his words.

"SAVE Investments will drop $15 billion bomb on Thailand."

George grinned.

"That'll turn the place into a wasteland. Quantum Fund is preparing a similar-sized bomb."

If someone was going to profit from the collapse, it might as well be me.

With a currency crisis looming, SAVE Investment needed to expand its war chest,

and Thailand was the perfect battlefield.

"But are you stopping at Thailand? Their economy is deeply entangled with the surrounding nations."

George's eyes gleamed.

"After Thailand, I'll be looking at the Philippines and Indonesia. If you're interested, join in."

"Of course. Once the crisis spreads through Southeast Asia, it'll reach Taiwan, Japan… and Korea."

"Exactly. Asian financial systems are painfully underdeveloped. So many weaknesses to exploit."

George wanted me by his side, shaping the grand scheme.

And I would.

At least, for Southeast Asia.

"I understand, but since I'm Korean, I can't actively move against my own country."

George raised an eyebrow.

"Oh? That means Korea is mine for the taking."

"I'll settle for the scraps. Believe me, I'd love to tear it apart with you, but I have to be careful. I'm running a business in Korea, after all."

"Why not get U.S. citizenship? Someone like you wouldn't have any trouble."

I smirked.

"I'll think about it."

It wasn't about citizenship.

As long as Taewoo Group was based in Korea,

I had to keep an eye on public sentiment—and the government.

George stood, stretching.

"I'm heading straight to Thailand. This dish will take six months to cook."

"A slow-cooked meal always tastes the best."

"Not just delicious—there'll be more than enough to go around."

As we spoke, I could feel the stress melting away.

Meanwhile, the Japanese bank that had suddenly offered Taewoo Group a loan

was likely struggling to put out its own fires.

George had wreaked havoc on the yen and wasn't even stopping to rest— he was already moving to attack the Thai baht.

I just had to fan the flames.

SAVE Investments was already locked and loaded, ready to support Quantum Fund's strike.

Barely a week into January 1997, not just Taewoo Group, but every major Korean conglomerate was feeling the heat.

Even Grandfather, usually a composed strategist, had stormed into the planning office, demanding answers.

"Even the auto unions are striking now? This isn't some annual tradition—why the hell is this happening so often?"

When the economy struggles, companies tighten their belts.

And the first to feel the squeeze?

The workers.

That's why over 170 labor unions had simultaneously launched a mass strike.

"We're deploying backup workers to minimize disruptions."

"I'll go down there myself. They'll at least listen to me."

For Grandfather to personally step in, the unions' momentum must have been massive.

It was a huge blow to Taewoo's automobile and electronics divisions, just as their sales were finally gaining traction.

Yet, I wasn't too worried.

Strikes only matter if the company survives.

The moment businesses start collapsing due to the looming currency crisis, the unions' demands would lose all meaning.

The strike dragged on for 24 days, until the government intervened, declaring the protests illegal and arresting union leaders.

A serious situation, no doubt— but I was already focused on something bigger.

***

January 20, 1997.

I left the office past 8 PM and headed to Myeongdong.

It had been a while since I last met the Gwanghwamun Bear.

"So, you finally show up? I was beginning to think you'd forgotten about me."

"I always keep my promises. I was simply waiting for the right time."

"And now that time has come? Well then, let's go inside—it's still freezing out here."

Snowflakes drifted through the cold January air,

crunching underfoot as I stepped inside.

With a warm cup of green tea in hand, we got down to business.

"The world's getting noisy these days. General strikes, and now I hear that Shin-whatever-his-name-is broke out of prison today."

I chuckled.

"It's about to get even noisier. You've heard about Hanbo Group struggling, haven't you?"

"Didn't you warn me two years ago that Hanbo was in trouble? Still, I never expected them to actually collapse."

"Did you doubt me?"

The Bear let out a hearty laugh.

"If I had, do you think I would've dumped all my Hanbo stocks and corporate bonds?"

Hanbo's collapse was just days away.

They had run out of cash by the end of last year,

barely surviving on last-minute bank loans.

"Today is the tipping point. Hanbo has requested another 300 billion won from the banks."

"Tsk. They act like the banks owe them money. Who's going to keep handing them cash?"

"No one. Hanbo's bankruptcy is inevitable."

The Bear burst into laughter.

"Anyone still holding Hanbo stocks and bonds is about to take a serious beating! HAHAHAHA!"

The Gwanghwamun Bear could feel it—

his time to rule Myeongdong was approaching fast.

"Aside from you, every loan shark in Myeongdong is about to take a serious hit."

"Excellent. I trusted your word and put every cent I had into American IT stocks."

"Having fun with the returns?"

"Just as you predicted. I've made enough to reshape Myeongdong from the ground up."

Rumors were already spreading.

The "Myeongdong Four" had become the "Myeongdong Three."

The Bear had bided his time, moving in silence, amassing wealth.

"Hanbo's collapse will hurt the loan sharks, but it won't wipe them out completely."

"So, you're telling me to wait again?"

"Just a few more months. Soon, dollars will become more valuable than gold. When that happens, every company in Korea will come begging at your door."

"Every company… except Taewoo Group?"

I answered with a smile.

Was there another corporation in Korea as prepared as Taewoo?

Under the guise of joint ventures, most of Taewoo Group's assets had already been converted into dollars.

"When the time comes, we must strike all at once. There's also a chance Japan will pour money into Korea."

"So some companies will try to survive by bringing in Japanese capital?"

"If Japanese funds flood in, even your cash reserves won't be enough."

"Are you offering to help?"

I smirked.

"We can't let Myeongdong fall into Japanese hands."

The Bear had backed me for years, helping me acquire a massive stake in Taewoo Electronics and other subsidiaries.

Now, it was my turn to return the favor.

And honestly? I had no intention of watching Japanese capital take over Korea.

"I'll trust you and wait."

"Increase your dollar reserves as much as possible. And I suggest selling off all your real estate."

"Even my properties? Then I'll have to abandon my 'Gwanghwamun Bear' nickname."

He owned nearly all of Gwanghwamun's prime real estate— hence the name.

But once the currency crisis hit, property values would plummet overnight.

"Gwanghwamun is too small for you anyway. Wouldn't 'Myeongdong Bear' or even 'Seoul Bear' suit you better?"

The old man laughed heartily.

"A step back to take two forward, huh? Fine, I'll sell everything and convert it into dollars."

"Then, I'll take my leave for today."

"When will you visit again?"

"When the Gwanghwamun Bear finally becomes the king of Myeongdong."

***

January 23, 1997.

As expected, Hanbo Group collapsed.

The Planning Office was in chaos, and my chief strategist rushed to deliver the report.

"Hanbo Group has officially declared bankruptcy. They defaulted on a mere 30 billion won in promissory notes."

I chuckled.

"So, the 18th largest conglomerate in Korea fell over just 50 billion won?"

"This was just the trigger. Hanbo's total debt is estimated at over 5 trillion won."

They had been running on pure debt, propping up an empire built on borrowed time.

And the scariest part?

Most of Korea's major corporations were in the same situation.

"With economic growth slowing, debt is swallowing entire conglomerates. This is exactly why I've been insisting on strict debt management for Taewoo Group."

"But isn't 'too big to fail' still a thing? Hanbo was only ranked 18th in the industry, so it fell. But the top 10 conglomerates—surely, the government and banks won't let them collapse."

Too big to fail?

What a joke.

The entire country was on the brink of bankruptcy— what made them think a corporation would be safe?

That theory might hold in the U.S., but in a developing country like Korea, it was nothing more than a fantasy.

"You never know. Hanbo is just the first. Many more will fall before the year is over."

"I've been hearing rumors that Sammi Group, ranked 26th, is also struggling with a liquidity crisis."

"The aftermath of the slush fund scandal must still be hitting them hard."

"The Chairman has been keeping a close eye on Hanbo and Sammi's subsidiaries. Especially since Taewoo Heavy Industries was sold to Hyundai, he seems eager to regain footing in the industrial sector."

I sighed.

"…I need to speak with the Chairman."

There was no way Grandfather would sit still.

We were so close—just a few more months of waiting, and everything would fall into place.

I had to stop him before it was too late.

Confrontation

I stormed into the Chairman's office,

ignoring formalities—no knocking, no hesitation.

Grandfather stood before a whiteboard,

carefully studying lists of Hanbo and Sammi's subsidiaries.

"This isn't your house, boy. You can't just barge in without knocking."

"I came rushing in because of Hanbo's collapse. I apologize for my rudeness."

He cleared his throat.

"Hmph. It is urgent, I suppose. So, Hanbo has finally fallen… And from what I hear, Sammi won't be far behind."

"So, you're planning to buy up their subsidiaries?"

"If there are good ones available, shouldn't we? The employees—this isn't their fault. Someone needs to step in and secure their livelihoods."

I strode over to the whiteboard.

One by one, I ripped down the papers listing Hanbo and Sammi's assets.

"What the hell do you think you're doing?"

"Now is NOT the time for acquisitions. Hanbo has collapsed. We could be NEXT."

"How dare you say that! Do you think Taewoo will crumble as easily as Hanbo? Such nonsense!"

I took a deep breath— and then, for the first time, I told him the truth.

"Chairman—no, Grandfather—

It won't just be a company collapsing.

Soon, KOREA ITSELF will go BANKRUPT."

My voice rose, shaking with urgency.

I had never spoken to him like this before.

But I had no choice— if I didn't stop him now, I might not get another chance.