CH156 | Heir

Taewoo IT had been posting tremendous quarterly results, and what had once started as a department with fewer than 100 employees had now grown into a team of over 1,000 experts.

“There are quite a few empty desks.”

“A lot of staff are currently dispatched to various projects, so only about 70% of the employees are in the office right now. However, the employees sent to game companies will be returning soon, so we can proceed with all projects without any manpower shortages.”

Taewoo IT didn't have a strict hierarchy system.

Whenever a project was assigned, anyone who wanted to take the lead could step up and become the project leader.

Of course, there was always someone who stepped up — and that person was usually Yang Young-won.

It wasn't just that he liked taking the initiative.

He was exceptionally talented, which was why I'd already marked him as a future Taewoo IT executive.

Judging by how he clung to my side the moment I walked into the office, eagerly briefing me on the current situation, it seemed he had his own ambitions for power.

“How many people can we mobilize immediately?”

“There are about 100 employees who just finished their last project and are waiting for the next assignment.”

“Call all of them to the main conference room.”

By the time I finished my coffee and returned, nearly 100 employees had gathered, their eyes sparkling with anticipation for a new project.

“First, let me apologize in advance. This project is not about the result, but the process itself. There's a chance that no tangible outcome will come from this.”

A few employees' faces showed signs of disappointment.

Taewoo IT employees received higher salaries than any other Taewoo Group subsidiary.

Base salaries were standard across the group, but their performance bonuses were several times higher, making Taewoo IT the most coveted department.

“However, this is something that must be done — so I'm asking for your cooperation.”

[If the Vice Chairman asks, of course we'll do it!]

[Just tell us what to build! My fingers are itching to start coding!]

Their reaction was far better than I'd expected.

I'd prepared a special incentive to offer, but the employees were already fired up before I even mentioned it.

Were they always this loyal?

Curious, I quickly scanned through their profiles — and sure enough, nearly all of them had exceptionally high loyalty scores.

Was it the power of money?
Or was it simply because the Vice Chairman himself had made the request?

Whatever the reason, the atmosphere was set.

It was time to mobilize the troops.

“The goal is to create a website with the features I describe — as quickly as possible — and file patents for everything. The Patent Division from the Technology Research Center will assist with the patent applications.”

“What kind of features are we building?”

“I didn't have time to prepare documents due to the urgency, so I'll explain using the whiteboard.”

I began scribbling down the list of features on the board:

• Mini homepage
  
• Background music
  
• Friendship networks
  
• Guestbooks
  
• SNS currency systems
  
• Online diaries
  

Every feature that Cyworld was planning to implement in the next 1-2 years — I laid them all out in advance.

Not only that — I even added features from future platforms like Facebook, Instagram, and every other SNS function I could remember from my previous life.

By the time I was done, the whiteboard was completely filled.

“This should be enough.”

The meeting had lasted a grueling four hours.

It took that long to meticulously explain every feature and field countless questions — but by the end, all 100 employees had a crystal-clear understanding of what they needed to build.

“When will you be able to complete development?”

“If each project team takes responsibility for one feature, we should be able to finalize all functions within a month.”

“If you successfully complete this project, all Taewoo IT employees will receive the highest holiday bonus in the company’s history. Additionally, I'm planning to introduce one day of remote work per week for all Taewoo IT employees.”

[Wooaaah!]

Surprisingly, the employees cheered louder at the mention of remote work than they did for the bonus.

Well, who wouldn't love remote work?

No matter how free-spirited a company culture might be, nothing could ever beat the comfort of working from home.

“And by the end of this year, I plan to expand Taewoo IT to 1,500 employees. Once that happens, we'll implement long-term leave and sabbatical programs. Employees will be able to choose between three months of paid leave or a one-year sabbatical — if they want it.”

[Wooooooaaahhhhhh!]

The conference room erupted like they'd just won the World Cup against Japan.

“However!”
I deliberately raised my voice to calm down the excitement.

“To make that happen, our productivity and profits must increase — even more than they are now. If the company shows negative growth, this plan will be scrapped.”

[We'll give it everything we've got!]

[If anyone goes out for a smoke break, I'll kill them myself!]

[Chew nicotine gum instead, you bastard!]

I had originally planned to offer these incentives before assigning the project — as the final carrot.

Honestly, this kind of welfare was probably something the employees wanted even more than performance bonuses — and no other major Korean corporation had ever dared to offer such benefits.

After leaving Taewoo IT...

I headed to Captain Kang's office.

There, I found Dimon sitting by the window, gazing blankly outside.

“David hasn’t come to Korea yet?”

“He's tied up with work in the States. He won't be able to come for a while.”

Dimon replied without turning his head, still staring out the window.

Something about him felt... off — like his soul had left his body.

“Is something wrong?”

“I don't know what I'm even doing here anymore.”

He finally turned to look at me, his eyes empty.

“I came to Korea because I trusted you — because I believed in your promise to make me the CEO of the world's greatest bank. But since I arrived, all I've done is work on things completely unrelated to finance. I feel... hollow.”

Damn...

Had I neglected Dimon for too long?

If I left him like this, he might pack up and leave any day now.

I had to reel him back in — immediately.

“Funny you mention that... I was just about to start.”

Dimon's expression twitched slightly.

“The time I've been waiting for has finally arrived.”

“What time?”

“Opportunity is born from crisis — and crisis is born from opportunity. Right now, the perfect storm is brewing for us to create the world's greatest bank.”

“I don't follow... What kind of situation are you talking about?”

“The U.S. interest rates are continuing to fall, aren't they?”

After the 9/11 attacks, the U.S. Federal Reserve had slashed interest rates to below 2%.

There were even rumors they might drop as low as 1.75% — or lower.

“Yes... I've seen reports predicting rates could fall to 1.75%.”

“When interest rates fall, where does all the money go? Would people leave their money in savings accounts earning almost zero interest?
Or would they throw their money into the dot-com stock market that's already in shambles?”

Dimon furrowed his brows, quickly connecting the dots.

“My guess is that the majority of funds will flow into the real estate market. The housing price surge in the U.S. is already becoming unstoppable"

As expected — Dimon was still Dimon.

I might have the advantage of regression, but this man was predicting the future with his first-life experience alone.

“And what happens when that much money floods into real estate?”

“Madness never disappears. It simply moves on to the next target. It was the dot-com bubble before — now, it's shifting toward real estate.”

“The real estate market is different from the stock market. Especially in the U.S., where the market size is trillions of dollars. No matter how much money floods into real estate, the market can absorb it all. Besides, not all money will flow into real estate — there’s still the U.S. Treasury bonds as a stable investment option.”

Real estate never loses.

That phrase was gospel — not just in Korea, but in the U.S. as well.

Especially in America, where the sheer land size and market scale made Korean real estate speculation look like child's play.

“I heard the Fed is preparing measures to limit profits from U.S. Treasury bonds. If that happens, money will have no choice but to flow into the real estate market.”

“If property prices rise faster than interest rates, people will naturally turn to real estate as an investment... but I still don't think it'll become another dot-com bubble.”

“Not if people are simply taking out loans to invest in real estate, no. But what happens when derivatives get involved?”

The mere mention of derivatives sent a chill down Dimon's spine.

He had personally witnessed how I had collapsed Japan's private loan market using derivatives.

“Are you saying the U.S. real estate market will collapse... because of derivatives?”

“If the dot-com bubble hadn't happened, maybe not. But the bubble left behind a tidal wave of speculative money with nowhere to go.
I'm not saying it will crash tomorrow — the balloon will need at least five years of hot air before it finally bursts.”

The Subprime Mortgage Crisis.

What would eventually blow up the U.S. housing market — and the entire global economy — had actually begun with the dot-com bubble.

After the bubble burst and the 9/11 attacks, the U.S. introduced ultra-low interest rates in the 1% range.

That cheap money had nowhere to go but into real estate speculation.

“Predicting anything more than five years into the future is nearly impossible.”

“This isn't about predicting the future — it's about reading the flow of madness.
When too much money floods into one place... an accident is bound to happen.”

“...I trust you, but you sound like some kind of cult leader right now.”

I chuckled.

“You don't have to believe me right now. Time will prove everything. All I need you to remember is this — I haven't forgotten my promise.
I will make you the CEO of the greatest bank in the world.”

I brought up Lehman Brothers for one reason — to anchor Dimon to me.

If I didn't give him a vision to cling to, he'd eventually walk away.

“Hearing such an outrageous story... somehow cleared all the clutter in my mind.”

“Good. The U.S. housing crash is still years away — for now, let's focus on the madness right in front of us. Korea has its own bubble forming as we speak.”

“I don't understand... Neither the stock market nor real estate in Korea shows any signs of madness.”

“Just watch a little TV. You'll see it right away.”

I turned on the TV.

Commercials flooded the screen — and I quickly found the one I was looking for.

[모두 부자 되세요~!]
(A Korean celebrity in red gloves, smiling in the snow, wishing everyone to become rich.)

It looked like an ordinary credit card ad — nothing strange.

But the next commercial... was from another credit card company.

“Doesn't it feel like every commercial break these days is filled with credit card ads?”

“I know the card companies are in fierce competition. Ever since you sold Taewoo Card to CL Group, the battle has only intensified...
Wait — are you saying the credit card industry is the one swept up in madness?”

“Exactly. They're issuing cards to college students now... even high school students.”

The Card Crisis.

2002 would be remembered as the year of the World Cup fever — but beneath the surface, it would also mark the beginning of Korea's credit card disaster.

A nationwide frenzy where millions of people went into debt without even realizing they were holding ticking time bombs in their wallets.

TL/n -

The "Korea credit card crisis" refers to a significant period of widespread credit card debt defaults in South Korea that occurred primarily between 2003 and 2005, where a large portion of the population overused credit cards, leading to a surge in bad debts and a major strain on the country's financial system; this was largely fueled by aggressive credit card marketing promoting a consumerist lifestyle, resulting in many people taking on more debt than they could manage.