Chapter 8 |
Jonathan had sent me more than ten desperate emails since yesterday, and I intentionally did not reply to him. Of course, I read his email today, the day when the Sammi Group, which was ranked 26th in the business, filed bankruptcy following the Hando Group on the same day.
- Jonathan: I don’t know when you will check this email. As you said, the attack on the Thailand baht seems to have started. Please contact me as soon as you read this. I have something that you’ll be interested in.
I could see that Jonathan was still hesitating from this email. If he was willing to dive into the currency war with confidence, he wouldn’t have sent me an email like this. He would have been busy day and night establishing his own investment corporation and funding investments through the connections he had created to this day.
However, in the previous timeline, Jonathan actually jumped into the Asian financial crisis when the battlefield had already moved to Hong Kong. Even though he had insight, he lacked funds and acting power. But surprisingly, he had achieved what he called his heyday because he was cautious. In other words, if he had started working as soon as he was certain about the hedge funds’ attack on the Thailand baht, he would have struggled a lot.
In 1992, it took approximately fifty days for a hedge fund to destroy the English pound. Therefore, hedge fund companies would position themselves on the assumption that the Thailand baht would also be brought down the same way, but the baht would not fall with a single strike. In the past, Thailand once had taken the lead and caused great damage to global hedge funds. However, the Thailand baht finally collapsed on July second, which was more than three months from today.
Anyway, I checked the investment product Jonathan attached in the email, and it was what I had expected. The product had bet on the fall of the baht around May. It basically meant, ‘hedge funds would finish their battles within fifty days as they did in 1992, and a glorious victory will be theirs’. The product basically represented the current atmosphere and predictions of Wall Street.
- Seon-Hu: Please contact me again if there is a stock good that bets on the Thailand baht increase.
Apparently, Jonathan must be refreshing his inbox constantly despite his busy schedule because the reply came back in less than 10 minutes.
- Jonathan: Weren’t you expecting the Thailand baht to fall?
***
The investment product that Jonathan sent to Seon-Hu was only given to a few VVIPs. Although Jonathan took a huge gamble, the result was so disappointing that he could not even sigh.
Come to think of it, has the email mentioned that the attackers would win while saying that baht would be attacked? Ah..yeah… it didn’t say anything about it.
Attacking the Thailand baht was bound to succeed. Jonathan and all the corporations on Wall Street agreed that Thailand could never withstand after being chosen as the hedge funds’ prey. How could Thailand last when England failed? That was an honest opinion.
However, Jonathan was disappointed by the last sentence - the investment proposal. How could someone ask fifty-one percent of a company's shares in return for the proposal?
I was fooled by a swindler…What had I been expecting?
Jonathan frowned and picked up the phone. He had wasted so much time on an unknown scam email. It was time to get a hold of himself and call the VVIPs before he lost big accounts to other firms or colleagues. Wall Street had already finished its betting.
Then, suddenly Jonathan lowered the phone again. He had a feeling that something was missing, and if he couldn’t clarify it, he would continue thinking about it.
Clickety-clack. Clickety-clack.
Aggressive sounds came out of Jonathan’s keyboard. His performance had been worse recently, and he felt worse because he was sensing that his deportation time was just around the corner.
- Jonathan: On what grounds do you believe that the hedge funds will fail?
Jonathan bit his nails unconsciously while waiting for the reply. Then, the answer came.
- Seon-Hu: I might have caused another misunderstanding. I’m not saying that the hedge funds will lose, but that the Thailand Bank has many protective measures in May. Malaysia’s Negara Bank would be a good previous example. Also, the reciprocal agreement they created with ASEAN (Association of Southeast Asian Nations) central banks in 1995 and the dual exchange rate system remain as viable options for Thailand Bank. Hence, my conclusion is that Thailand baht will rise in the short term.
Jonathan let out a gasp, and the shock struck him so hard that it made him completely forget his disappointment. Although it looked like he was sitting there not moving a single muscle with his eyes wide open, his brain was whirring like never before. Even he thought that he could hear his neurons firing one by one in slow motion.
I..t…It’s possible!
Then, the investment product manual for the VVIPs grabbed his attention. It was the one that had bet on the falling baht price in May. His colleagues were doing their best to sell this product since everyone knew it was a chance to yield the best outcome, then increase performance and build trust with VVIPs. The empty sets were from those colleagues who had already quit the job to establish their own firms. If the baht did not fall in May, they all would be beggars.
Jonathan gulped. He was debating if he should notify the board about this possible scenario and strongly suggest minimizing the risk of the product or not…He thought for a while and then his trembling fingers started typing.
- Jonathan: We don’t have a product that has a bet on the Thailand baht increase, and unfortunately, there are no plans to develop such a project in Wolf.
- Seon-Hu: That’s why I am suggesting you establish your own.
- Jonathan: A fifty-one percent share without conditions means that you’ll control my money and future. This is too much. Who would sign such a contract?
- Seon-Hu: Take your time to think about this. My offer stands until the end of May.
- Jonathan: We should talk in person. As I’ve told you before, my office is always open.
That was it. The communication ended even after Jonathan sent his second email saying that he would be willing to visit me in person.
***
When the hedge funds decided to target the baht with the Quildom Fund in the center, everyone believed the baht would collapse. However, reality said otherwise. Although the hedge funds’ attack on the baht lasted two months, the baht didn’t get pulled down. Jonathan’s company was tense as it had focused on selling the investment product that bet on the Thailand baht crash.
Jonathan was the only fund manager that had not sold the product. The firm wanted to force him to quit and VVIPs turned their backs on him. He didn’t bet actual money like others, but he was betting something even more - his career record and future as a fund manager. Even his assistant clerk condemned Jonathan and threatened that he would quit his job.
Jonathan felt like he lived in another world especially on May fourteenth and fifteenth as he was alone in his office. That was the day when the hedge funds attacked the Thailand baht with all they had. It was enough to turn the tables, and Jonathan’s colleagues got excited and yelled out a cheer as if they had never been devastated. However, it didn’t last long.
“Fuck! Fuck! Fuckkkkkkk!”
“No, this is crazy! This cannot be happening!”
All hell broke loose in the entire office, and the phones didn’t stop ringing. His colleagues’ faces were as red as outraged bulls as they screamed out.
“Jonathan!” Jonathan’s assistant clerk ran into his room, and his face was filled with surprise.
“You were right, Jonathan! You were right! The baht is rising! How did you know…”
The clerk showed printed documents of the ASEAN central banks aiding twelve billion dollars to Thailand.
“Everyone is terrified that they will lose at least three million,” the clerk rattled off.
“All right, leave,” Jonathan said sternly.
“Is..Is there anything I can do?” the clerk asked.
Jonathan waved his hand at the clerk without even looking at him. He was so relieved that he wanted to pee. At the same time, he didn’t want to face anyone who had laughed and looked down on him. The two months he spent being despised as a coward felt like forever.
One of Jonathan’s colleagues stuck his head out and said, “Harry wants you.” Jonathan felt fed up with the jealous looks following him.
Harry was the largest shareholder of the company and its main trainer. Jonathan didn’t want to see anyone, but he wanted to see Harry’s tearful face.
Harry was with three other VVIPs in his office. They were Harry’s long-standing clients and had suffered big losses from this incident. Harry was planning to overcome this crisis by introducing Jonathan as the company's new hope to assuage their anger.
However, Jonathan handed his name card to the clients as soon as he entered Harry’s office and said, “I’m going to establish my own investment firm after quitting my job at Wolf today. My contacts will be the same, so if you want an investment consultation…”
“Jonathan!” Harry hurriedly took Jonathan out of the office.
“Why? You’ve wanted this for so long, so I’m doing this for you,” Jonathan asked condescendingly.
“...Where? Do you already have a sponsor?” Harry was caught off guard.
“I will get sponsors from now on. I’m the only one without a loss, and everyone in Wall Street knows what I had bet on this,” Jonathan said.
“You think this one time will get you anywhere?” Harry asked dismissively.
“When did Wall Street ever need a second success?” Jonathan asked.
“What?”
Jonathan smiled faintly, and Harry’s shout behind him didn’t make him turn back. He returned to the office amid envious and jealous gazes.
While he organized his things, there was one thing he had to do.
- Jonathan: I quit my job. I will accept your nonsense suggestion. I guess I’m crazy. Let’s talk about this in person. Where can I meet you?
- Seon-Hu: Please come to Seoul. Right now.
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