—Next news.
Amid the National Pension Service’s announcement that it would suspend payments, former headquarters director Lee Sejun passed away today after a chronic illness.
Director Lee Sejun had served as head of the Fund Management Headquarters for the past ten years, the longest term on record.
Despite various concerns, he reformed the pension fund’s bond-centered portfolio into an aggressive stock-centered portfolio, producing outstanding management results.
As a result, even amid the unsettled political climate, mourners from all walks of life continued to pay their respects.
The ruling party leader, who visited the funeral hall this morning, said, “The deceased was appointed during our administration,” and added, “Despite his exceptional management performance, it was not enough to prevent the National Pension from going bankrupt. Today, the opposition feels even more heartless than usual.”
Meanwhile, the opposition leader, who visited the funeral hall this afternoon, said, “Whenever I spoke with the deceased about pension reform, all he ever did was curse the ruling party,” and added, “How must he have felt when the pension fund he devoted thirty years to went bankrupt? We will hold the government and ruling party accountable for this without fail.”
With the ruling and opposition parties locked in a tense standoff over the recent bankruptcy of the National Pension, their war of nerves had extended all the way to the funeral hall.
As both parties’ remarks suggested, the deceased had led the pension fund regardless of progressive or conservative administrations.
In his first year in office, the pension fund succeeded in reforming its portfolio and recorded a return in the ten-percent range, achieving the highest return among global sovereign wealth funds. Before former Director Lee took office, the pension fund’s average rate of return had been 6.8 percent.
The Fund Management Headquarters team that visited the funeral hall that day said, “Among his juniors, he was always an idol-like figure,” and added, “We are ashamed that we failed to uphold his wishes and allowed the pension fund to go bankrupt.” However, when the management team appeared, members of the Parents’ Association who had been waiting nearby staged a protest, causing a commotion for a time.
The deceased, who had succeeded in reforming the portfolio, was not granted a peaceful final journey.
Meanwhile, today marks the seventh day since the suspension of National Pension payments, and members of the Parents’ Association gathered in Jeonju, where the Fund Management Headquarters is located, to hold a protest of 200,000 people.
Members of the association demanded, “Where did the money you so viciously took from us when we were young vanish to now?” and “Pay us right now, immediately, unconditionally”...
*
“Get up now.”
Gwanghwamun Square, Jongno-gu.
A grim reaper wearing a black satgat and a black dopo spoke to the old man sitting there listlessly. But as if he could not hear, the old man only continued staring at the protesters.
“You’ll be in trouble if you keep letting your mind wander. When the dead cannot let go of their lingering attachments to this life, they become evil spirits.”
“Reaper...”
“Now, now. Didn’t I tell you no? Even your funeral procession is over. It’s time for you to settle your ties as well.”
Gwanghwamun had become pandemonium.
When National Pension payments were suspended, forty million elderly people from across the country gathered to hold an anti-government protest. More than anyone else, they were an active voting bloc, and with their excellent organizational power, today’s protest easily surpassed one million people.
“I can’t believe it... How could this happen?”
Lee Sejun gazed at the chaos that had overtaken Gwanghwamun, tears welling in his eyes.
It was futile. How hard had he struggled to avoid seeing a sight like this...
Thirty years ago, he had joined the pension fund, and with an exceptional rate of return, he had risen to the position of headquarters director in just fifteen years.
Even after becoming headquarters director, his accomplishments continued in succession. Inspired by the Yale fund, which boasted an average return of around fourteen percent, he greatly improved the pension fund’s portfolio.
The result was a double-digit return within two years of taking office as headquarters director.
But it seemed that no matter how hard he had struggled, it had all been nothing more than a storm in a teacup.
As time passed, the population structure came to resemble an inverted pyramid, and the elderly population neared forty million. At that point, no matter how much he raised investment returns, the pension fund’s managed assets flowed away like water from a bottomless jar.
In the end, in his later years, he advocated National Pension reform, and that displeased the political sphere, leading to his semi-forced retirement.
Yet cruelly enough, the world he had feared truly unfolded before him.
“...It’s unfair.”
He shed tears as he looked at the protesters.
“I completely reformed the pension fund’s portfolio! Private equity funds, hedge funds, even activist funds! Even if we were attacked on moral grounds, I entrusted the money to those who were good at investing and maximized the pension fund’s returns! How can someone like me be forced to watch the country collapse before I leave? What on earth did I do wrong?”
Lee Sejun could do nothing but sob his eyes out.
Because his name was written in the ledger of the underworld, and beside it were the words: [Hell confirmed].
Whether he knew how Sejun felt or not, the grim reaper’s face remained indifferent.
“You didn’t do anything wrong.”
“Then?”
“You should have done better.”
“What?”
“I don’t know much about the affairs of this world, but according to the news, the problem would have been solved if you’d recorded returns of a hundred percent each year.”
“Does that make any sense?!”
“Then you should have reformed the pension.”
Lee Sejun’s breath caught in his throat.
The grim reaper sighed and shoved the ledger at him.
“Look here. If anything, I’m the one who wants to argue with you. See this?”
“...”
“It’s the list of old folks who are going to starve to death from now on because that pension or whatever went bankrupt. I’m going to be worked to death because of this.”
“Reaper, how can that be considered my fault?”
“Look at you. No remorse at all. You’re exactly the sort of bastard who belongs in Avici Hell.”
“A-all right. I admit I bear moral responsibility. But...”
“Moral responsibility is still responsibility. Stop talking and follow me!”
At that very moment.
Lee Sejun shook off the grim reaper’s hand and snatched the ledger of the underworld.
“Ack!”
The grim reaper, who had fallen flat on his back, rose to his feet with a murderous look.
“Wh-what do you think you’re doing...?”
But he could not harm Sejun. Because Sejun had taken a stance as though he were about to tear the ledger apart.
“What happens if I tear this?”
“Y-you, you, you bastard! Do you even know what that is, that you’d tear it?”
“It’s unfair. I didn’t do anything wrong, so why am I going to hell?”
“Y-you did do wrong. There are truckloads of old folks who are going to starve to death. Their deaths are partly your fault too.”
Riiip...
“A-all right! Calm down. You mustn’t tear that ledger recklessly! If the order of life and death is shaken, this world will become a living hell!”
Riiiiip—
“All right! All right! I’ll speak well of you to King Yeomra. Looking at it, you did build up quite a lot of virtue in this life. Don’t do this. Let’s go quietly.”
“I’m sorry, Reaper. But it’s far too unfair for me to go to hell like this!”
As the ledger of the underworld was torn apart, Sejun’s soul began to melt away like snow.
*
The headquarters of the Fund Management Headquarters located in Jeonju.
The conference room where they had gathered for emergency countermeasures was filled with pitch-black silence.
“I’m sorry... Reaper... But it’s so unfair.”
Aside from the occasional sound of someone talking in his sleep, there was nothing unusual.
Oh Taeseong, the head of the Overseas Equities Office, looked at Sejun and spoke in an irritated voice.
“Team Leader Choi. No matter how much we deal in U.S. stocks, shouldn’t we still keep our time difference aligned with Korean time?”
“...I apologize.”
“How many times has this been? Is Lee Sejun standing night watch over the Nasdaq before going to sleep?”
All the members of the Overseas Equities Office lowered their heads to the floor.
This was already the third time... Assistant Manager Lee Sejun, in his second year at the company, had talked in his sleep in front of the office head three times already.
—No... It’s not my fault...
“Even the pattern of his sleep-talking is always the same. What the hell is this guy doing that he’s always begging a grim reaper?”
“...I apologize. I’ll make sure to caution him properly.”
“Forget it. Don’t wake him. I don’t even want to look at him.”
Oh Taeseong irritably threw the documents down.
“This is exactly why our company needs to move back to Yeouido.”
“...”
“When we were in Seoul, we picked and chose from the best of the best, but ever since we moved to Jeonju, only people like this show up. Honestly, I’m speechless.”
“...I apologize.”
Oh was usually taciturn and rarely showed emotion, but today he could not hide his anger.
It was not only because a second-year assistant manager had dozed off in front of him for the third time.
“Enough. Continue the report on Silicon Bank. How much have we invested there right now?”
“Yes. Combining both stocks and bonds, the total is about forty billion won.”
“And the losses?”
“Compared to our purchase price, it’s down about twenty percent.”
Oh’s expression turned grave.
“What was the overseas team’s conclusion? Their financial statements were a mess. Will they go bankrupt?”
“We did focus our meeting on that very issue... but we believe that possibility is almost nonexistent.”
“Why?”
“Their financial statements are indeed a mess... but it’s still a bank worth three hundred trillion won. If it goes bankrupt, that will lead to distrust in the financial system and then to a bank run. There’s no way the U.S. government will simply stand by and watch that happen.”
As if trying to make up for Sejun’s sleep-talking, Team Leader Choi continued his explanation, presenting various indicators and the Federal Reserve’s movements as evidence.
When the explanation ended, Oh pushed his glasses up.
“Yes, it makes no sense to me either. The Fed won’t easily let a giant die.”
“Yes. That should be the case. Especially since it’s a bank, no less.”
“Then is the overseas equities team considering additional purchases as the price falls?”
“We’ll have to monitor the trend, but if the price drops too much, we intend to consider taking a buy position. Whatever happens, we won’t be disposing of the bonds or stocks right now.”
Oh’s face softened considerably compared to the beginning. But when his gaze landed on Sejun again, it grew even sharper.
“He’s the one in charge of managing this, isn’t he?”
“...I apologize.”
“When he wakes up, warn him clearly. If he dozes off during a meeting one more time, I’ll really put him on Nasdaq night watch.”
Team Leader Choi bowed his head ninety degrees.
“I’ll make sure to caution him sternly. I apologize.”