Free Web NovelAs befitted a luxury hotel, even the lobby was on another level. The marble floor gleamed beneath the light spilling from the magnificent crystal chandeliers hanging overhead.
As we moved farther inside, posters and banners of Hillary decorated every corner of the lobby.
Following the path covered in red carpet led us to our destination, the grand ballroom.
Staff members checked our invitations and guided us inside.
The interior that greeted us was even more extravagant.
“It's like a work of art.”
At my honest remark, Han Kyungyeong chuckled.
“You don't come to places like this often, so you don't know. This is nothing. There are places even more extravagant.”
I nodded and looked around once more.
I honestly wondered whether it was really appropriate for politicians to hold fundraising parties in such luxurious venues.
But then again, this was America, where money dictated elections. A fundraising party like this suited the country perfectly.
New York, and right in the heart of Wall Street.
Naturally, most of the attendees were financiers, businessmen, and celebrities. I recognized quite a few faces.
“Charlie.”
“Chairman Murdoch.”
“Haha. So you've actually come to a party. What's the occasion? You usually don't attend things like this unless they're truly important.”
Murdoch greeted me loudly before approaching and whispering softly enough that only I could hear.
“You aren't thinking of switching over to Hillary, are you?”
I nodded and answered quietly.
“My heart hasn't changed, Chairman. I've just been so busy with work lately that James suggested we come for a change of pace. I was curious about Hillary as well.”
“I see.”
Only then did Murdoch step back. He stopped a passing waiter and took two glasses of wine from the tray, handing one to me and the other to Han Kyungyeong.
“James, good to see you too.”
“Yes, Murdoch. It's been a while.”
“We're both in New York, yet somehow you're always too busy to show your face.”
“Haha. My apologies. I'll keep in touch more often.”
As the conversation continued, several people started casting heated glances our way.
Those seeing me for the first time all had the same reaction. They kept sneaking glances, curious about who I was.
Those who recognized me reacted in two ways. They were either delighted to see me, or visibly uncomfortable.
“I'll go mingle for a bit.”
“Yes, Chairman. Let's talk again later.”
Murdoch left us and headed elsewhere.
Han Kyungyeong and I walked toward the table closest to the front.
It was the table reserved for him.
One seat beside his assigned seat had been left vacant for a partner.
“My head's going to get drilled through from all these stares.”
I muttered in Korean as I sat down, causing Han Kyungyeong to grin.
“People who know you are uncomfortable in their own way, and those who don't know you are wondering who the hell you are to be sitting at the VVIP table.”
He wasn't wrong.
Just looking at the nameplates on our table was enough to understand why.
Lloyd Blankfein, Chairman and CEO of Goldman Sachs.
John Mack of Morgan Stanley.
Jamie Dimon of JPMorgan Chase.
Charles Prince of Citigroup.
Ken Lewis of Bank of America.
Richard Fuld of Lehman Brothers.
And finally, Alan Schwartz of Bear Stearns.
“So Alan Schwartz came instead of Jimmy Cayne.”
“He announced at the hearing that he'd step down. The handover isn't finished yet, but Alan Schwartz has already been designated as the next CEO.”
“Hm...”
As Han Kyungyeong and I talked, people gradually started arriving at our table.
The first to arrive was Goldman Sachs' chairman.
“James. Long time no see.”
Han Kyungyeong shook hands with Lloyd and introduced me.
“This is Charlie, Dreamhigh's largest shareholder and my boss.”
“Ah, so you're Charlie!”
Lloyd smiled warmly and extended his hand.
“Nice to meet you, Charlie. I've wanted to meet you.”
“Likewise.”
“Is the rumor true that it's not James, but you, who determines Dreamhigh's investment direction?”
He got straight to the point as soon as we finished shaking hands.
“Not at all. I merely offer James some advice.”
“On Wall Street, excessive humility is considered rude, Charlie. Besides, James himself admitted it.”
I glanced at Han Kyungyeong.
He nodded slightly.
“I occasionally suggest broad directions. But James is the one who turns those ideas into reality.”
“I'm not underestimating James. I was curious about the owner of Dreamhigh. More specifically, I was curious about your ability to see the future.”
I almost stiffened but barely managed to maintain my business smile.
“I don't see the future. I simply analyze a lot of information.”
“That makes it sound as though all those people on Wall Street lack the ability to analyze information.”
“If that's how it sounded, then I suppose that's correct.”
“What?”
“Hahaha!”
Lloyd burst out laughing.
“Ah, Charlie. You're really interesting. I like you. We should sit down and talk properly sometime.”
Similar conversations repeated several times afterward.
I exchanged polite greetings with most people, but I spent a considerable amount of time talking with Jamie Dimon.
While we were talking, Alan Schwartz approached the table.
After greeting everyone else, he spoke to Jamie first.
“Jamie, long time no see.”
“Alan, I heard the rumors that you're becoming Bear Stearns' next CEO.”
“Yes. Things just turned out that way. Though it would've been even better if JPMorgan had acquired us.”
“Sorry about that. Things aren't exactly rosy on our end either.”
Jamie answered formally, but Alan kept talking.
“I don't think that's the real reason you rejected the offer. The conditions offered by the Fed were excellent. Even if only half of what the Wall Street Journal reported was true, the risks would've been significantly reduced.”
“That's all in the past. We have no intention of acquiring Bear Stearns.”
Alan showed visible disappointment.
“That's unfortunate. We could've worked together. By the way, the gentleman beside you is...?”
After confirming that Jamie had absolutely no intention of changing his mind, Alan finally turned his attention toward me.
“Charlie. Head of Dreamhigh's Korean branch.”
“Ah, Charlie!”
Apparently, Alan knew who I was.
“I've heard the rumors that you're Dreamhigh's largest shareholder.”
“That's right.”
“Pleasure to meet you. I'm Alan Schwartz, head of Bear Stearns' securities division.”
“I've heard rumors you'll become the new CEO.”
Alan nodded readily.
“That's right. That's one reason I'm here tonight.”
“So Chairman Cayne is stepping down?”
“He'll keep his position as Chairman of the Board.”
Just as I thought. Jimmy Cayne had stepped down as CEO with the intention of retaining the board chairmanship.
“Acting as though he was giving up everything, yet holding on to the chairman's seat until the very end. Long time no see, Alan.”
Han Kyungyeong stepped between us and greeted him.
“James. It really has been a while.”
Alan was genuinely pleased to see him, and Han Kyungyeong spoke to him with surprising familiarity.
“So you're volunteering to become the sacrificial lamb in Cayne's place?”
“Haha...”
“You should've joined us when I tried to recruit you.”
That was news to me.
“You tried recruiting Mr. Alan?”
“Yes, Boss.”
“If James wanted him badly enough to recruit him, he must be talented.”
“He specializes in mergers and acquisitions. He's successfully led corporate finance projects and restructuring efforts after acquisitions. He's done it many times. Then suddenly he moved to head the securities division, so I tried recruiting him.”
The Alan Schwartz I remembered was the man blamed for failing to save Bear Stearns.
But Han Kyungyeong's evaluation of him was surprisingly positive.
Looking at Alan Schwartz, I made him an offer.
“Then you're exactly the kind of person we need. Mr. Alan, come work for us. We'll offer you a better package than Bear Stearns.”
“I'm grateful for the offer, but I have no plans to change jobs right now.”
I had expected the rejection, so I simply nodded.
“If you change your mind, contact James. If we still need you then, we'll hire you.”
After Alan Schwartz sat down, everyone at the table had finally gathered.
Not long afterward, Hillary appeared.
Wearing a black dress, she entered the ballroom.
Every eye turned toward her.
Cheers and applause erupted throughout the hall.
Smiling calmly, Hillary waved as she crossed the ballroom, never forgetting to greet the distinguished guests she passed.
“Thank you all for coming.”
Standing at the front, Hillary picked up the microphone.
“We are going through very difficult times. The economy is unstable, and many people are anxious about the future.”
She spoke calmly and at great length.
Throughout her speech, she looked each person in the eye as though conversing with them individually.
“Without your support and contributions, none of this would have been possible. Because of all of you, the American economy can dream of a brighter future. When Wall Street and I, Hillary, work together, we will overcome this crisis wisely.”
Once again, the hall was filled with applause.
'She's a pretty good speaker. I don't know about her true intentions, though.'
I didn't believe everything politicians said.
And Hillary had spent more than half her speech saying exactly what Wall Street wanted to hear.
Receiving the applause and cheers, Hillary smiled brightly.
After handing the microphone to an aide, she headed toward our table first.
“Hello, everyone. I recognize most of these faces. Jamie, it's been a while.”
She greeted Jamie Dimon first.
“Yes, Senator.”
“I've heard JPMorgan won't escape this crisis unscathed. Is that true?”
“Ah...”
Jamie looked troubled and hesitated.
“It's alright. Tell me honestly.”
She pressed him with a serious expression.
Jamie let out a deep sigh.
“To be honest, without support from the government and the Fed, overcoming this crisis won't be easy. We're among the fortunate ones. We also have a good partner.”
“A good partner?”
“Yes. We've decided to get through this crisis through a partnership with Dreamhigh Investment.”
“Dreamhigh Investment?”
Hillary's gaze shifted toward Han Kyungyeong and me.
“Yes. Dreamhigh's financial strength can provide support comparable to a bailout package. Of course, we'd have to pay a price for it.”
Hillary paused briefly.
But Jamie continued.
“The other banks won't have it so easy. Most of the banks gathered here.”
She looked around the table at the CEOs.
“The root cause of this crisis was the reckless issuance of mortgage loans. And that's only the tip of the iceberg.”
Jamie honestly laid everything out.
After hearing him out, Hillary's expression grew even more serious.
“Then what do you think will happen?”
“It's difficult to predict exactly...”
Jamie trailed off before continuing.
“But even the major banks won't be able to guarantee their own safety. Just look at Bear Stearns.”
Hillary turned toward Alan Schwartz.
“Alan, is Bear Stearns really in such dire straits? How are the hearings going?”
“Two of our hedge funds have collapsed. As a result, liquidity has become critically—”
Apparently not interested in hearing the whole explanation, Hillary cut him off firmly.
“People are saying your excessive leverage and reckless risk-taking caused this.”
“We made mistakes, certainly. But this all started because the government loosened mortgage lending standards too much.”
Alan answered defensively.
But Hillary clearly disagreed.
“Wait a moment! Alan, Wall Street's greed is the main culprit behind this crisis. Don't try to hide behind the government.”
Every CEO at the table immediately stiffened.
'This isn't the picture I expected.'
This wasn't what I had envisioned.
Hillary was openly criticizing Wall Street.
