“It’s been a while, Director Choe. You look like you’re doing well since I last saw you, hm?”
“It’s all thanks to you, Representative. Haha.”
“What have I done?”
“Oh, come now—Representative, I’m not so ignorant of the ways of the world. You’re the one who strongly recommended me for the Investment Advisory Committee.”
“That’s because of your skill, Director Choe. What, am I the only one you’re close to? You’re on good terms with the President and the Prime Minister as well.”
“How could I be as close to them as I am to you? I always live with a grateful heart toward you, Representative.”
“You certainly have a way with words. Haha.”
Representative Jeong of the Minguk Party was in good spirits from the flattery sweet as candy.
“So, how is the Growth Fund portfolio coming along?”
“Yes, the stock market outlook is so bright that all the committee members are happily agonizing over it.”
“I’m glad to hear it. Then try composing it with stocks that can boost the returns rapidly. Right now, not only the Blue House but also the party is staking everything on the Growth Fund. We’re even thinking of increasing the income tax deduction limit. If you all just produce good returns, I couldn’t ask for more.”
“Ah, yes. But since you brought it up, Representative… there are some difficulties.”
“Difficulties?”
“The advisory committee members aren’t quite in harmony, so to speak…?”
Seizing the opportunity, Choe Hoyeong laid out in detail everything that had happened until now.
Having focused on the conversation for a while, Representative Jeong set down his teacup.
“So you’re saying those two are opposing it right now?”
“Yes. They keep bringing up absurd arguments regarding a fund whose first priority must be profit, and whose second priority must also be profit.”
“What the hell is their reason?”
“Their words are slick. Something about the public role of the Growth Fund… not concentrating on specific industries and making sure the benefits reach vulnerable industries and SMEs too. But that doesn’t match reality at all. It will only harm the rate of return.”
Representative Jeong crossed his arms.
He wasn’t a stock expert. But even to his untrained eye, Korea’s future vision seemed to have nothing but semiconductors.
Hearing the expert’s objective explanation made it even more certain. While almost all industries, including manufacturing, were in the red, the idea that this hard-earned money had to be spent on frivolous things… wasn’t that preposterous?
“Director Choe, then push through with some vigor. If everyone except those two opposes them, isn’t that enough to persuade them?”
“As it happens, one of those two is Division Chief Bak Seongcheol. The head of this Investment Advisory TF.”
“What? Even a layman like me thinks you’re right when I hear this. The TF chief opposes this?”
“Why wouldn’t he? Since we’re on the topic, Division Chief Bak isn’t what he used to be. His instincts have dulled considerably.”
“Oh, dear…”
As Representative Jeong held his head, Director Choe’s demands became even more explicit.
“That’s why I’m asking you to help me, Representative.”
“Help with what?”
“After all, the highest decision-making authority on this matter lies with the Blue House, doesn’t it? It wouldn’t look good if I said it myself. So please raise this suggestion to the President on the party’s behalf.”
“…”
“It’s not even a bad request, is it? It’s something that helps national affairs. Funds should obviously have good returns. So please, offer some words of advice on the party’s behalf.”
Though the words were irrefutable, Representative Jeong’s face remained awkwardly uncertain.
“Director Choe… I’m afraid that would be rather difficult for me.”
“Pardon?”
“I can’t go into details, but truthfully, these days I’m rather distant from the Blue House.”
“But why…”
“Greed, what else. With the administration on its last legs, President Gim’s lust for power is extraordinary. Because of that, I’m quite frustrated myself.”
Director Choe closed his mouth.
He had vaguely heard how fierce the internal strife within the Minguk Party had become recently. With the general election approaching in just a few months, intra-party factional conflict was intensifying.
Thus, yesterday’s friends were becoming today’s enemies, and dog-eat-dog struggles were unfolding where even members of the same family would expose each other’s corruption to the press… The relationship between the party representative and the President, which had seemed unbreakable, had also soured.
“Representative, you still have to do it.”
“What…?”
“The Growth Fund isn’t just the Blue House’s problem. Even after the President leaves office, this fund will continue. When that time comes, this rate of return will become the Minguk Party’s report card.”
“That may be true, but—”
“If speaking directly is difficult, then reveal your intentions indirectly. Is this wrong in any way? That the Growth Fund should focus on returns?”
“Hmm…”
“Representative, I promise you this clearly. If you push Bak out and I take over as TF chief, I will repay you with a portfolio that absolutely cannot be criticized. Please help me on the party level. We just need to weed out the rotten apples.”
After pondering for a moment, Representative Jeong asked.
“Are you really that confident?”
*
The next morning, when day broke, the Minguk Party headquarters was swarming with a flood of reporters.
It was a day like any other, but the reason reporters had suddenly gathered like this was the meaningful SNS post Representative Jeong had uploaded at dawn yesterday.
[The National Growth Fund must focus on returns. The party will take care of it.]
The first part was obvious, but the latter part was quite significant.
He was the party representative who had shouted about nothing but the successes of the Gim Sangcheol administration in the early days of the government. Why would such a man bother to say “the party will do it” instead of “we will help the Blue House”? What on earth was the intention behind this subtle rhetoric that continued to keep distance from the Blue House?
“There he is! Representative Jeong!”
As the protagonist appeared, all the cameras swarmed toward him at once.
“Representative, please say a word! What is the meaning of the SNS post you made yesterday?”
“There are observations that you, Representative, who emphasized ruling party-government harmony, have been calling for party-government separation these days. Did the party and government have differing opinions during the launch process of the Growth Fund?”
Jeong, a political veteran, let out a hearty laugh.
“Oh my—where have we come to that one can’t speak a single word without fear? Is there anything wrong with saying the Growth Fund should prioritize returns?”
“But the reason you emphasized the party so strongly…?”
“As I’ve always said. The party and the government are one. The KOSPI 6,000 era is the great achievement of the Gim Sangcheol administration that no one can deny. Inheriting that achievement, our Growth Fund will generate good profits, and then more funds will flow into the KOSPI. It was a remark emphasizing this virtuous cycle. It’s not a message against the government, but a statement matching the government’s stride.”
“Representative, but it’s not just because of this message. There are assessments that a subtle rift has formed between the party and the government due to recent nomination rights and personnel appointment controversies. Isn’t emphasizing the party at this juncture a way of distancing yourself from the Blue House?”
Representative Jeong cackled.
“It seems the Daehan Party is quite desperate these days. Their agitation is too severe.”
“Are you saying this is coming from the opposition party?”
“Of course. Certainly, there have been regrettable incidents due to various unsavory matters recently, but compared to the Daehan Party’s former pro-Lee and pro-Park factional conflicts, isn’t this just child’s play?”
“But these unusual incidents keep repeating—”
“Let me make one thing clear through this occasion. There is no conflict whatsoever between the party and the government. The opposition party should stop carrying out political schemes like this and compete through policy. It’s truly shamefully petty.”
At his adamant response, the reporters could no longer ask the same questions.
“Reporters gathered here, please show more interest in livelihood issues rather than political strife. Our Minguk Party, following the Blue House’s firm goal of boosting the stock market, plans to support the Growth Fund with various tax benefits. We are reviewing plans to increase the income deduction amount. How can a party that matches the government’s stride like this be said to be distancing itself from the Blue House?”
“Then how far along is the Growth Fund’s preparation?”
“There has been tremendous progress, and as the Korean stock market outlook is bright, the returns are expected to be substantial as well. The government will soon announce the details, but the principle of first, returns; second, returns remains unchanged. This government fund will record the highest returns in history.”
Representative Jeong didn’t miss the opportunity to promote policy, which he had seized after a long time.
Thanks to that, the day’s news had started with party-government conflict but ended up as perfect viral marketing with the promotion of the highest-return fund in history.
*
“Let me say it again—this National Growth Fund will record the highest returns in history!”
Yeonsu-gu, Incheon.
I savored the Minguk Party Representative’s remarks about “jackpot returns” as I headed toward Celintrio.
It seemed I had now attained a certain level of insight. Seeing the party representative’s sudden mention of returns and his SNS post, I could roughly see what had unfolded behind the scenes.
The financial industry had close ties to the political world even closer than the construction industry, so someone’s influence had definitely been injected. Choe Hoyeong was a man with solid connections across political and business circles, so without even hearing it, I could guess whose instigation the Minguk Party Representative’s remark was.
“It’s a pleasure to meet you, Team Leader! I’m I Jeongseop, representative of Celintrio.”
All of Celintrio’s executives were gathered at the company I arrived at.
Celintrio, the leading KOSDAQ stock, was a company doing so well in Korea that the term “bio downturn” seemed meaningless. While most domestic bio companies generated sales from foreign-made generics, this place was a company that generated sales from independently developed in-house products.
In particular, the antibody biosimilar “Remsima,” which they developed as the world’s first, was evaluated as having higher growth than most KOSPI companies, to the point that it didn’t fall behind global bio enterprises.
“Yes, it’s a pleasure to meet you. I’m Team Leader I Sejun of the National Pension Fund.”
Hardly had I finished speaking when the executives came forward one after another to introduce themselves.
I knew well why they were showing me such excessive courtesy. To companies, the “National Growth Fund Portfolio TF” were even greater VIPs than the President right now. It was an opportunity for tens of trillions of won to be invested stably without a theme craze.
As was the case with KOSDAQ companies, Celintrio too couldn’t avoid the sharp rises and falls caused by theme crazes. Because of that, its stock price had been treading water for nearly ten years.
Thanks to the recent KOSDAQ boom, its stock price had surged, but it still hadn’t recovered to its price from ten years ago.
“First, I sincerely thank you for visiting us like this! Truthfully, the bio industry is undergoing ups and downs due to various internal and external factors these days. Please, just once, hear our blueprint and future vision.”
“Yes, our TF also has high expectations. Among domestic bio companies, none match Celintrio’s technological prowess.”
“Thank you! As it happens, we recently made huge operating profits by selling Remsima directly in Europe, and we’re planning to steadily reinvest that money into Remsima 2.0. Please come this way. Our R&D team will escort you.”
“No, Representative. Rather than technology you’re already ahead in, I’d like to see your next-generation technology.”
“…Next-generation technology?”
“I’ve heard that Celintrio has been pouring enormous research funds into surgical robotics as well as pharmaceuticals these days. So, could we possibly develop a surgical robot like the ‘da Vinci’?”
As soon as my words ended, the conference room, which had been heated with anticipation, plunged into dead silence.