When I stopped and turned around, I saw an old man with white hair walking toward .
“Who are you?”
His face seed vaguely familiar, but I had never t him before.
As I tried to recall, the old man extended his hand first and introduced himself.
“I am Park Younggeun, newly appointed as Chairman of the Financial Supervisory Commission and Governor of the Financial Supervisory Service. Pleased to et you.”
“Pleased to et you. I am Kim Muhyuk. But why would the Chairman of the Financial Supervisory Commission seek out?”
“Should I not at least greet the true owner of Taesan Finance? After all, this falls under my jurisdiction.”
As I released his hand, I frowned slightly. Park Younggeun smiled faintly and glanced toward where Ha Myeonghun and Baek Seongjin stood.
“I am not from the Ministry of Finance. I spent my entire career in the National Tax Service. And I am not MOFIA.”
After Kim Hakgwon beca president, under IMF demands he reduced the Ministry of Finance’s power and demoted it to the Ministry of Finance and Economy.
Thus the Financial Supervisory Commission and Financial Supervisory Service were created.
At first, they had placed forr Ministry of Finance officials in charge, but due to their cartel, real reform never took place.
So Kim Hakgwon chose the man standing before .
Hearing his na, I rembered the information.
He would later beco chairman of Dongseo Group and was capable enough to restore the stumbling conglorate.
“So I will use all the authority I have to oversee and supervise Taesan Finance properly. I will permit no tricks or loopholes.”
It was practically a declaration of war, but I could not help but laugh.
When I suddenly burst out laughing, Park Younggeun looked at with a puzzled face.
“Forgive . It just struck funny... Is it not comical that you must make the effort to tell you will simply do what is natural for you?”
“That shows just how solid the cartel of Baek Seongjin and the Ministry of Finance n is.”
Again he looked over at Baek Seongjin, his expression hardening.
“Even now, the current chairman, once I was nominated as his successor, has refused to hand over duties or even co to work. And that man is sitting right there next to Baek Seongjin today.”
From both his words and his face, I could sense his deep resentnt toward the MOFIA.
Still, beyond his hostility, I was curious why he had sought out.
“But how did you know about ?”
“How could I not? You are the heir of Cheon Taesan, the Loan Shark King. And as I said, I know that you are the true owner of Taesan Finance.”
“I have no intention of interfering in Taesan Finance’s managent. I will own, but managent will be left entirely to Chairman Ha Myeonghun.”
I spoke with a crooked smile.
I had created it out of necessity, but Taesan Finance was, by all appearances, a solid financial company.
I was confident no matter how they dug, they would find not a speck of dust.
“So if you an to issue warnings, they should go to Chairman Ha Myeonghun, not to .”
“I rely wanted to see your face once. To know what kind of man conceived of establishing a financial holding company in Korea, sothing unheard of here—going so far as to push through the relevant legislation hastily to make it possible.”
Now that I thought of it, wasn’t it he who had first conceived the idea of financial holding companies?
Shaking his head slowly, Park Younggeun continued.
“I believe conglorates must never own financial companies. Using the people’s money to defend their own managent rights is absurd.”
At that mont, Ha Myeonghun finished greeting executives and the inauguration ended as he left the hall.
Before the place grew too crowded with people departing, I decided to leave as well.
“Rather than talk here, why don’t we share a al? I would like to hear more from you.”
“Very well.”
“I know a good restaurant. If you brought a car, I can have my aide fetch it. Otherwise, co ride with .”
“No, I ca by subway.”
“Is that so?”
That he had co by subway instead of car surprised . For an official of ministerial rank, it was a frugal act.
“Let’s go then. Allow to host.”
Before getting into the car with him, I quietly gave an instruction, low enough that he would not hear.
“Manager Ma, contact Eva and tell her to co to the restaurant as well.”
The car carrying and Park Younggeun soon arrived at the restaurant.
As he got out and looked at the building, he let out a quiet sigh, then turned to .
“This place seems too expensive.”
“There is no other place nearby as good. And we can speak quietly here.”
“Still, I feel unworthy of such treatnt. I should be the one paying.”
Park Younggeun was the very image of an upright public servant. Perhaps it had been too long since I had t such a man—he intrigued even more.
“Let us go inside first. It would be rude to stand outside like this.”
He hesitated, then nodded. I led him in, and following the staff’s guidance, we entered a secluded room.
“Eva, CEO of Mirae Investnt, will be here soon. That is fine with you?”
“Of course. I welco etings with financiers. I still lack much, so the chance for a good exchange with anyone is valuable.”
His willingness to admit his shortcomings and learn brought a natural smile to my lips.
He was completely different from the bureaucrats I had dealt with until now.
“You are quite unlike other high-ranking officials. You are not authoritarian. And I was especially surprised you ca by subway.”
“I have not even received my official appointnt yet. I cannot use an official car. I already returned the one I had. And with two strong legs, what is there to fear?”
His sheepish smile bore the traces of age. The lines at the corners of his eyes showed he was a man who laughed often.
“Earlier you said conglorates must not own financial companies. But isn’t that already blocked under financial-industrial separation? They cannot own banks.”
Financial-industrial separation.
It began in 1995, when the Banking Act was anded to prohibit companies from owning banks. Later, it even forbade financial firms from owning non-financial companies.
The only exception was the state-run Industrial Bank of Korea.
In the U.S., Jewish financiers and Wall Street elders had lobbied hard to repeal the Glass-Steagall Act, Arica’s version of separation. But Korea still applied strict separation.
“I still think it is insufficient. The law limits only banks. But what about life insurance and general insurance companies? They use custor money to defend managent rights, and I believe that must be stopped as well.”
Despite his calm deanor, his words were radical.
“Conglorates know only how to enjoy privileges without bearing responsibility. Banks beco their dogs, lending to them. The people scrape together their savings, and the conglorates borrow it without a shred of accountability.”
His voice was heavy with bitterness.
After years of seeing bureaucrats steal taxes, eting one who genuinely thought of the people was striking.
“And so the foreign exchange crisis ca. Whose fault was it? The governnt, the financial sector, the conglorates—all caused the disaster, but the ones who suffered were the people.”
He poured water into his glass and drained it in one go.
“From the gold-collecting campaign onward, the people tightened their belts to overco the crisis. But the conglorates shalessly returned to debt-driven managent.”
Though the crisis ca from reliance on foreign capital, the conglorates had learned nothing, again borrowing heavily from financial institutions and raising their debt ratios.
“Loans to ordinary people have only grown stricter. So they go to the loan market, borrow at high interest, and the vicious cycle repeats. That eats away at the national economy, yet no one acknowledges it. Or they pretend not to know.”
The faces of conglorate chairn who had once co begging my grandfather for loans flashed through my mind.
His ntion of private loans made uncomfortable, so I pushed back.
“If there were no loan companies, where would the common people have borrowed? It was not banks but private lenders who gave money to the jobless, those cast out on the streets, even if they might not be able to repay.”
Perhaps sensing my discomfort, he shook his head faintly.
“Of course, I know of the lending companies you own. Though managent lies with another.”
“Yes. I blocked Japanese capital and conglorate money from entering the loan market. That way I protected not only the lending market, but the economy of ordinary people. Was that wrong?”
At my challenging tone, his face stiffened briefly before he spoke again.
“Legal lending companies, though problematic, can still be handled through regulations. I am talking about the illegal loan market outside the system.”
“Without the shadows, the sunlight cannot exist.”
“I know that.”
He said he knew, yet his face betrayed his negative view of loan sharks.
As silence stretched, he poured another glass of water and drank, then spoke gravely.
“I want to reform the financial sector.”
Instead of replying, I lifted my own glass and drank.
“What do you think, President Kim Muhyuk?”
“About what?”
“Do you think our country’s financial sector is functioning properly?”
Setting the glass down, I shook my head. Money always sided with the powerful.
“Is that really only our country’s problem? The global financial market is the playground of the wealthy. Reforming finance is nothing but idealism.”
“That is precisely why the governnt must regulate strongly and monitor the sector.”
He was an upright man, but too radical. His theory was progressive, yet self-contradictory.
“Director, you do realize that contradicts itself? That is nothing but a call to return to governnt-controlled finance. And yet you despise MOFIA? It makes no sense. We privatized banks to stabilize the economy. Once privatized, you must leave it to the market.”
“I am not advocating governnt-controlled finance.”
“Strong regulation is governnt control. If finance must bow to politics, it will inevitably lead to corruption. In the end, your stance is re idealism.”
At that mont, the door opened and Eva walked in. Our heated exchange ca to a halt.
Seeing his face, she greeted him with a bright smile.
“Pleased to et you, I am Eva Zhu.”
“I am Park Younggeun.”
Collecting himself, he rose and extended his hand.
After the greeting, Eva sat beside .
“How was the inauguration?”
“Chairman Ha Myeonghun seems like he will do well. And Baek Seongjin’s faction?”
“Since he dropped a bomb, cracks will surely form. Do you think no bureaucrat has ever been passed over for promotion because of seniority?”
Eva spoke freely, regardless of Park Younggeun sitting across from her.
“Baek Seongjin may be old, but he is a fox. That is why he rose to lead MOFIA.”
With a slight curl of her lips, she finished. I nodded, recalling Ha Myeonghun’s display at the ceremony.
“Yes. We shall see. And Chairman Ha is not one to be toyed with, is he?”
At my words, Eva’s smile deepened. She clearly liked Ha Myeonghun.
“He is one who devours others, not one to be devoured. And he is cold-blooded enough to truly reform the group’s structure.”
“Right. Korea has stagnated too long. It is rotting, yet only they themselves refuse to see it. Or do they just pretend?”
As the one who exploited that blindness best grumbled, I could not help but chuckle.
Born in Hong Kong, raised between Britain and Hong Kong, Eva disliked the Korean way.
Yet when other foreign investors failed to adapt, she adapted faster than anyone.
That let her seize the advantageous position and use it to bring what I wanted.
“Now that the foundation is set, all the corruption must be cut out. That is Chairman Ha’s work now. My role is done.”
When I patted her shoulder, proud, Eva bead.
Perhaps feeling awkward just listening, Park Younggeun gave a small cough.
“Ah, my apologies.”
Speaking only between the two of us while he sat there was indeed impolite. I quickly apologized, but he shook his head.
“No, it is fine. I understand it was important. But this is my first ti eting Representative Eva. I have heard much about you.”
“I have also heard much about you, Director. Your very first act after being nominated was quite interesting, wasn’t it?”
Eva teased lightly, smiling.
“I heard you criticized the managent of the National Pension Fund.”
“...How do you know that?”
His face stiffened instantly, wariness written all over it.
“Walls have ears. If one wants to know, nothing is impossible.”
“That is not sothing widely known.”
His frozen expression and Eva’s smiling eyes collided in the air.
In a eting intended for good faith, there was no need for such a contest of wills.
“Eva.”
I called her na softly.
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