Free Web NovelAt an old Medici family estate on the outskirts of Florence.
Lorenzo Medici sat behind an elegant mahogany desk, reviewing documents.
Just then, the door opened and his secretary entered.
“Lord Lorenzo.”
Lorenzo stopped working and looked up.
“What is it?”
“Mr. Marx has come to see you.”
A crease formed between Lorenzo’s brows.
Marx had come here?
“Without even notifying me?”
“Yes. What should we do?”
“What do you mean, what should we do? Show him to the reception room. I’ll be there shortly.”
“Yes, Head of House.”
Lorenzo and Marx did not get along.
Their opinions clashed frequently, so that was hardly surprising.
“What could possibly have brought him here?”
As he organized the documents on his desk, Lorenzo fell into thought.
He lifted the large painting hanging behind him, revealing a hidden safe.
After placing the documents inside and pushing his chair in neatly, he straightened his clothes.
Then he leisurely left the office and headed toward the reception room.
When he opened the door, he saw Marx sitting comfortably, savoring the aroma of an espresso.
‘A man who doesn’t even know the taste of coffee.’
Lorenzo frowned at the sight.
Marx turned his head and flashed a white smile.
“Lorenzo! It’s been a while.”
“It has. But what brings you here? You came all the way to Italy without even contacting me.”
“I had business in Rome and decided to stop by.”
“Rome? What kind of business?”
“You don’t need to know that. Sit down first. My neck hurts looking up at you.”
At Marx’s remark, Lorenzo let out a small sigh and sat down opposite him.
“What wind blew you all the way here? Business in Rome? Fine, that’s possible. But that doesn’t explain why you came looking for me, Marx.”
“Come now.”
Marx set down his small coffee cup, the smile disappearing from his face.
“The atmosphere on Wall Street is terrible.”
“I know.”
“And because of that, we’re in danger.”
Marx narrowed his eyes, studying Lorenzo.
“Of course, I understand that investments sometimes lose money. We’ve never succeeded every single time. But...”
He stopped speaking and stared directly at Lorenzo.
A heavy silence settled between them.
Only after quite some time did Marx continue.
“There’s one thing I don’t understand.”
“And what would that be?”
“We’ve always managed risk carefully when investing. Yet this time, you strongly pushed for more aggressive products, even bringing the Elder himself into it.”
Lorenzo nodded as though it were nothing.
“It was a rational decision. We made considerable profits, did we not?”
“We did. That’s why everyone praised you.”
The banks, insurance companies, and securities firms connected to Baltice had all aggressively launched derivatives products.
Everything they issued sold immediately, generating enormous profits.
But the good times did not last.
Sensing what Marx was trying to say, Lorenzo frowned.
“Don’t tell me you came all this way to suggest I engineered this.”
“No. You’re not capable of something like that. Someone must have manipulated you and dragged the rest of us into this.”
The moment those words left his mouth, Lorenzo burst into loud laughter.
Now it was Marx’s turn to frown.
A moment later, Lorenzo stopped laughing and glared at him.
“Marx. Do you really think I’m someone who acts under another person’s orders?”
“I don’t. But the Patriarch seems to.”
“The Patriarch?”
Marx was one thing.
But hearing that Xavier thought so as well caused Lorenzo’s expression to darken.
“I don’t particularly like you. But that doesn’t change the fact that we’re all in the same boat. I don’t want to suspect you. Recently, everyone except the Medici family gathered to discuss this matter.”
“What? They met without me?”
“Yes. Do you finally understand how serious this is?”
Baltice had always operated under a strict principle:
No meeting would begin if even one member was absent.
And yet they had convened without him and discussed this issue.
That was extremely serious.
Lorenzo fell silent.
After a moment, he looked directly at Marx.
“Tell me what I should do. How can this situation be resolved?”
Marx narrowed his eyes and sighed.
“Our problem has gone beyond financial losses. Confidence in the Medici family is being shaken. You need to step forward and resolve this yourself.”
“Me? How?”
“First, you should explain yourself directly to the Patriarch. Clearly explain your intentions and plans. Be completely honest about everything that happened. Then you need to lead an internal meeting and discuss solutions.”
Lorenzo nodded.
“I understand that. But even if I move first, I doubt anyone will trust me.”
“That’s exactly why you need to do it yourself. To prove your sincerity. You must take responsibility for the recent losses and present a plan to recover them. Give us a solution everyone can understand.”
“Is that really necessary? Even if I say I’m innocent, will anyone believe me? It seems the Patriarch and the other heads already think I’m a traitor.”
Marx continued staring at him suspiciously.
“Lorenzo, I’ll be honest. Most people believe you betrayed us. And I feel the same way.”
The blunt admission made Lorenzo’s eyes widen.
“That’s ridiculous! How could I betray the organization? I have no reason to!”
Marx calmly met his gaze.
“If that’s true, why does every piece of evidence point toward you? The derivatives products you pushed so aggressively. The massive losses that followed. Isn’t it too strange to call it mere coincidence?”
“That... that was simply a misjudgment. Have I ever tried to endanger our organization? I’m suffering those losses as well!”
“But your decisions were too sudden. Too forceful. You even used the Elder to push them through. It’s difficult to dismiss it as a simple mistake.”
The answer came without hesitation.
For a moment Lorenzo looked shaken.
Then he took a deep breath and looked directly at Marx.
His eyes did not waver in the slightest.
“Marx, I have always done my best for our organization. Everything I did was for all of us. Even if I led the initiative, every decision was approved by the Patriarch and the heads of the families. Truly, I am not a traitor.”
Marx remained silent for a moment.
Then he slowly spoke.
“Lorenzo, I want to believe you. No matter how often we argue, that’s a separate matter. But the situation is simply too serious. We need an explanation we can understand. As I said before, the best course is for you to explain yourself directly to the Patriarch and reveal the truth through an internal meeting.”
In the end, they had come full circle.
Lorenzo sighed inwardly.
‘He keeps emphasizing that I should explain myself and present a convincing solution. Are they looking for a scapegoat?’
Refusing here would be a mistake.
For now, it was better to agree and think of a solution later.
Having made up his mind, Lorenzo nodded.
“Very well. I will personally meet the Patriarch and explain everything. I’ll reveal the truth through an internal meeting. I’ll prove that I’m not a traitor.”
Only then did Marx show a faint smile.
“Wise decision.”
Lorenzo smiled faintly as well and rose to his feet, extending his hand.
“Thank you, Marx. Your advice has been helpful.”
“Of course. That’s why I came.”
Marx stood and clasped his hand.
Both men tightened their grip.
After a long handshake, they released each other simultaneously.
“The Patriarch will likely call a meeting soon. Be prepared before then.”
“I understand.”
Outwardly, the atmosphere seemed cordial.
But suspicion and anxiety still lingered in both their hearts.
Neither allowed it to show.
After Marx left, Lorenzo remained seated on the sofa for a long time, motionless as a stone statue, lost in thought.
* * *
A crisis never arrives all at once.
And even when it does arrive, things do not collapse immediately.
The strength of Wall Street erodes gradually.
Slowly.
From the foundation upward.
Quite some time had passed since I left Korea and returned to the United States.
During that period, Han Kyungyeong finalized a deal with JPMorgan to acquire Oakwood Partners for one dollar.
It was an absurd agreement.
One that involved assuming every asset and every liability.
Wall Street was full of rumors about the deal, but neither Han Kyungyeong nor Jamie Dimon made any public statement.
Meanwhile, the bankruptcy of Bear Stearns drew closer with every passing moment.
“It’s time to let go of the last lifeline.”
I asked Chairman Jamie Dimon to hold a press conference.
The moment he received my request, he arranged one.
I headed to the conference room inside JPMorgan Tower where the press conference was being held.
Then I stood at the back among the reporters, arms crossed, quietly watching.
Camera flashes illuminated him from every direction.
Jamie spoke into the microphone with a calm expression and a resolute voice.
“Ladies and gentlemen, I stand before you today with a very heavy heart. JPMorgan Chase has long played an important role in the financial markets, and we deeply understand that responsibility. However, today I must inform you of an important decision.”
His powerful voice instantly cooled the noisy press room.
Every eye turned toward him.
This press conference had been organized solely by Jamie Dimon himself.
Neither Chairman Ben Bernanke nor the Federal Reserve had been consulted.
They were undoubtedly watching it live from a conference room at the Fed.
Just imagining their expressions made the corners of my mouth curl upward.
After glancing down at his prepared statement, Jamie continued.
“After careful consideration of multiple factors, we have decided not to acquire Bear Stearns. This decision was not made lightly. It reflects our commitment to prioritizing the stability of our company and our shareholders.”
The reporters listened in stunned silence.
Dimon continued.
“The situation at Bear Stearns is extremely complex. After thoroughly examining the risks and costs associated with a potential acquisition, we concluded that proceeding under current conditions would not be advisable. JPMorgan Chase remains committed to supporting the stability and development of the financial markets, and we will continue providing whatever assistance and cooperation may be necessary.”
The moment he finished speaking, whispers erupted throughout the room.
Several reporters immediately shot their hands into the air, eager to ask questions.
But Dimon simply bowed his head politely and left the room with firm, deliberate steps.
Before departing, he made sure to meet my gaze.
After he disappeared, only the reporters remained, frantically grabbing their phones.
One after another, they hurried out while making calls.
A short while later, I was the only person left in the conference room.
I remained there for quite some time, organizing my thoughts.
‘Now then... how will the Federal Reserve respond?’
Would they allow Bear Stearns to enter bankruptcy proceedings?
Or would they pour tens of billions of dollars into it and desperately try to keep it alive?
Whatever choice they made, the ending would not be a pleasant one.
