Investor That Can See The Future

Chapter 142

Chan-Young Han, who was watching the news, burst into laughter.

“Jinhoo Kang won.”

It started when Jinhoo Kang pointed out the insolvency of Hoseong Savings Bank. At first, it was a fight between Kang Jin-hoo and Hoseong Savings Bank, but the president, the ruling party, and the media joined in.

The government must have somehow tried to draw the conclusion that they were right and Kang Jin-hoo was wrong.

But in the end, it turned out that Kang Jin-hoo was right, and all those on the other side became liars.

It was a godsend to open up the insolvency problem of Hoseong Savings Bank.

Eunsung Car is not directly related to Hosung Savings Bank. However, this incident took a toll.

The government announced that it would do its best to support hydrogen cars by designating them as a future growth engine, and planned to organize a new charging station and support for hydrogen cars in consultation with local governments.

However, as the situation unfolded, everything became unclear.

As the ruling powers suffered a political blow, the driving force for hydrogen car development will inevitably weaken. Immediately, the site purchase procedure for the charging station was all-stopped.

Eunsung Motor plans to launch a new hydrogen car as planned, but it will be difficult to receive as much support as promised.

‘Is this what you were trying to do?’

Chanyoung Han was closely watching the movement of OTK Company.

Apart from building a battery factory through TS Company, OTK Company established its own battery research institute. In addition, researchers including Professor Homin Kim of Hankuk University joined.

Professor Homin Kim is well known in the battery industry. However, since the field of research falls under basic science, it was not a talent that companies needed right away. As he is a tenured professor at Korea University, he will not be able to change his position unless he offers good conditions.

However, Jin-hoo Kang personally visited the school and persuaded him to take him as the head of the research institute. Was Professor Ho-Min Kim such a great person?

Chan-young Han muttered as she recalled the appearance of Jin-hoo Kang, whom she met during the X-Cop bid.

“What kind of picture are you drawing?”

* * *

Hoseong Savings Bank was a hotbed of corruption and corruption. It came out endlessly like a potato stalk.

Five auditors from the Financial Supervisory Service who worked at Hosung Savings Bank directly participated in illegal loans and accounting fraud, rather than monitoring the management, and the accounting firms in charge of external audits abused their opinions even though they were aware of accounting fraud.

It was also confirmed how poorly the loans were made, and even the fact that front-line employees made illegal loans worth 15 billion won by stealing names and forging documents. When the investigation began, the employee cut off contact and disappeared.

Many of the presidents and employees of the special purpose corporation were bosses who were seated by executives, and the billions of salaries they received were shared behind the scenes.

In the midst of this, Hoseong Savings Bank said that it achieved record-breaking performance last year, and paid huge bonuses and dividends. Savings banks are suffering from insolvency, and only executives and shareholders are having a money feast.

During the investigation, a ledger containing details of bribes and entertainment provided to public officials and politicians was discovered.

Prosecutors who secured relevant testimonies first arrested and indicted 20 people.

Chairman Min Jeong-ju and President Min Seong-ju were also included. The in-laws of the incumbent president were arrested.

The Financial Services Commission designated Hosung Savings Bank as an insolvent financial institution and entered bankruptcy proceedings.

While collecting the loan, they started selling their assets, but the way for depositors to get compensation for the damage was difficult. The only compensation was that the Korea Deposit Insurance Corporation paid up to 50 million won per person.

Members of the Korean House of Representatives argued that a special law should be made to compensate for all the damage to depositors, but when they heard the opposition party say, “Return the money that lawmakers under your jurisdiction have withdrawn illegally and say such things,” they kept their mouths shut.

If you bail out depositors, what will bond buyers do? Every time something similar happens in the future, should the government step in and pay it back with taxes?

The victims of Dongyoung Securities’ bankruptcy a few years ago were more likely to raise the issue of equity and file a lawsuit asking for compensation.

It was practically impossible, and it was only said to calm the people of the constituency.

* * *

It is the duty of the press and the reason for its existence to tell the truth. However, the media was on the side of the government until the last minute, pouring out false stories.

Then, when the government acknowledged the insolvency, the Cho Joong Ilbo cleverly woven it in such a way that Kang Jin-hoo was also responsible for this.

It was argued that the bankruptcy of the savings bank and the neglected government were also a problem, but the aftermath of the earthquake that exploded without any countermeasures was also a problem.

As the article went out, the bulletin board flooded with protest posts.

– Haha, these bastards are still out of their minds.

– Do people still look like dogs and pigs?

-I should have gone bankrupt after sucking up more money from the common people. Are you saying it’s my fault for going bankrupt early?

-To sum up, ‘I’m going to eat more hammock because of Kang Jin-hoo, so I couldn’t eat it, so it was Kang Jin-hoo’s fault’. The Chojung Ilbo, which is also trusted and filtered.

– There’s no point in talking here for a hundred days. Abstinence is the answer.

– I paid money to read this kind of newspaper and realized that I was a bitch. Don’t put it in our house from tomorrow.

-If you get caught in a newspaper, your fingers will fly away. be careful.

As the criticism grew, the Cho Joong Ilbo published a correction article the next day with an apology.

However, due to this incident, the three broadcasting companies and the conservative media could not avoid a serious image decline.

* * *

Ha Eun-ji couldn’t eat or sleep properly for several days.

As a local savings bank that has been in business for decades, most of its customers are acquaintances just across the bridge. The customers to whom she sold her subordinated bonds were mostly her longtime acquaintances.

If I had sold it to someone I didn’t know, it wouldn’t have been this painful.

Shortly after the government announcement, phone calls came from several customers. As soon as she received it, screams and swearing poured in, and after that, she turned off her cell phone out of fear.

Ha Eun-ji carefully turned on her cell phone. She and she called somewhere. After several attempts, the call managed to connect.

[Uh, Mr. Eunji.]

“Gee, branch manager.”

Ha Eun-ji burst into tears.

“Heh heh, what do we do now? What do you do when you feel sorry for them? Even if we didn’t sell… … .”

Then Park Jun-sang said nervously.

[No, when and why are you mad at us? Let’s be honest, what did we do wrong? We just did what we were told above. Oh, I’m really going crazy!]

Even if he said that, his voice was trembling badly. He, too, felt guilty.

[Anyway, Eunji too, don’t leave the house for the time being and stay quiet. Because there’s no point in dealing with the victims for nothing. Understand? I just cut it off.]

Tutu!

The phone is disconnected.

Eunji Ha put down his cell phone and buried his face between his knees again. Only her sobs echoed through her dark room.

* * *

In front of Hoseong Savings Bank’s main branch, it was Abi Gyu-hwan.

The depositors sat down on the cold floor, screaming and weeping. Some elderly people were so upset that they were taken to ambulances.

A father who lost money to buy a house, a grandmother who lost money she had worked in the market all her life, a grandfather who lost money for retirement, etc.

what kind of money is that?

This is money earned by working hard without sleeping. It was the money I saved by not eating anything, not wearing anything, and saving even a single coin.

But there was no way to get the money back.

The banks that they trusted and trusted spent their deposits with a lot of money, and the politicians who shouted that there would be no problem took their money and ran away at night.

“As the President and the National Assembly, what have you done so far? It looks like we’re all going to die!”

“All my life, I have been a member of the National Assembly and mayor, and I only voted for the Korean National Party!

“Even if the country collapsed, it was unconditionally the Korean singer party! But how can you do this to us?”

“What the hell did we do wrong?”

“I trusted the president’s son-in-law, so how in the world can this happen?”

“Why do we have to suffer like this?”

An old man shouted as he grabbed a reporter from the Cho Joong Ilbo who was covering the story.

“How do you guys come here? Are you going to reopen soon? You said Kang Jin-hoo was spreading false rumors?”

“Hey, Grandpa. calm down.”

“All this while, I believed in your words and waited. But how about seeing this? Are you upset now?”

“… … .”

The reporter didn’t say anything. It was because he was well aware of what the Cho Joong Ilbo had published so far.

Other victims stopped the old man.

“Stop it, Grandpa.”

“These guys! Better kill me! Whoops!”

The old man who had been shouting eventually fainted on the spot.

A man got up and shouted.

“Do we have to stay here for politicians to listen? No, let’s go to Seoul! So, let’s meet in person, whether it’s the president or a member of the parliament!”

People agreed.

“Yes!”

“Let’s go to the Blue House or the National Assembly!”

“Let’s get our money back!”

The victims went to Seoul and held a protest calling for countermeasures.

* * *

Criticism poured in from the Korean music party.

Most of all, it was a great shock to the fact that Party Representative Choi Myung-hwan took the lead in illegal withdrawals. In addition, there were not only one or two related members of the legislature. Including local lawmakers, there were more than 30 people on the list.

He commented that the illegal withdrawals should be returned, mainly among first-time lawmakers, but none of the parties agreed.

Politicians also value their money.

Rep. Choi Myung-hwan said, “It’s the money of my family, so there’s nothing I can do about it. I have already sent all the money back to my parents, and there is no way to return it.” And Rep. Kim Han-cheol shouted nervously at the continued request for coverage.

“Give me back the money I withdrew. Are you not forcing me, or will you keep pushing me with the word lemming? Doing this to the National Assembly, who is the representative of the people, is a challenge to democracy. If you’re offended by the word lemming, don’t act like a lemming.”

The Korean House of Representatives wanted to do it no more, so immediately a disciplinary committee was convened and Rep. Kim Han-cheol was expelled from the party.

This is not the first time such a crisis has occurred. After all, public opinion will subside over time, and people will vote for it when it comes time to vote.

The Korean singers kept their mouths shut and waited for the storm to pass.

* * *

The aftermath caused by the bankruptcy of Hoseong Savings Bank has spread throughout the financial sector.

In the meantime, other savings banks were also hiding their insolvency because the supervisory authority had been putting their hands on it. With a sense of crisis, banks went into self-inspection.(Read more @ wuxiax.com)

Rumors began to spread around the Internet that other savings banks were also at risk. Then, even decent savings banks showed signs of a bank run.

People did not hesitate to cancel deposits that expired after waiting a month or two.

Divided into less than 50 million won and deposited in several banks, or withdrawn in cash. Cash demand exploded, and each branch ran out of cash.

In home shopping, safes were sold out. Instead of putting it in the bank, it was to keep the money in a safe at home.

Credit was extremely tight, and the Libor rate fluctuated.

As deposits flowed out, the reserve requirement ratio and the BIS ratio fell. Savings banks simultaneously raised loan interest rates, reduced new loans, and began collecting loans.

The damage caused by this was completely borne by the common people and small and medium-sized enterprises.

One way or another, only people without money will die.

The financial instability even showed signs of transferring to the real economy. There were even rumors that a banking crisis was about to happen.

The government continued to shout that it was safe, but the people no longer trusted the government and the banks.

Fortunately, other savings banks did not receive preferential treatment compared to Hoseong Savings Bank, the president’s in-law’s in-laws, and, thanks to that, the scale of insolvency was not so great.

There is only one way to allay people’s fears.

Taek-gyu put his hand on my shoulder and said.

“My friend, you have no choice but to go.”

“… … .”

why me?

General banks are strong and they are fine, and with the exception of five or six savings banks that are already showing signs of collapsing, the rest are sufficient. However, if the anxiety persists, even the intact place will collapse.

Anyway, if the country seems to get better by saying a word, it’s the board that should be taken.

I held a press conference in the lobby of the OTK Company building. Local and foreign media outlets gathered with cameras and microphones.

“… … Except for the above savings banks, the rest are considered safe. Again, there is no need to worry too much as the principal and interest are guaranteed up to KRW 50 million.”

A person should take action rather than words.

I showed the reporters a bankbook in which they deposited 100 million won each at ten savings banks.

“So I made a deposit with my own money.”

In the meantime, the media has either refuted or distorted my remarks. But this time, I actively defended my remarks and put the article on the front page.

?-Let’s listen to the money issue after the earthquake.

– Yes, yes. Are you okay with Jinhoo Kang?

– Even if you can’t believe the government’s words, let’s believe the Gangjinhu word.

-I was also going to bank run, but after the earthquake, I stopped.

-Where is the savings bank that Jinhoo Kang deposited?

Thanks to this, the chaotic financial market has regained some stability.

Since when did my influence grow so much?