Chapter 8: Past Life Returner 8

Past Life Returner 8

Jonathan had sent me more than ten desperate emails since yesterday. I intentionally did not answer him back even as the Sammi Group, ranked 26th, filed bankruptcy after the Hando Group on the same day. Of course, I read the emails Jonathan sent me.

-I do not know when you will check this email. The attack on the Thailand baht you have mentioned seems to have started. Please conact me as soon as you see this, as I have something interesting to show you.

I could see that Jonathan was still hesitating by this email. If he was going to dive into the currency war with confidence, he would not send me an email like this. He would establish his own investment corporation and would be busy day and night funding investments through the connections he had made up to this day.

However, during the Asian financial crisis, Jonathan would jump in August when the battlefield had already moved to Hong Kong. While he had a sharp eye, he lacked financial power. On the other hand, Jonathan had achieved what he called the best time of his life because he was so skillful. I mean to say that even I would have a tough fight against him if he had begun to move as soon as he was certain that the Hedge Funds were attacking the Thailand baht.

It took about fifty days in 1992 for a Hedge Fund to break the English pound on Black Wednesday. Therefore, he and others would position themselves on the assumption that the Thailand baht would also be brought down the same way by the Hedge Funds, but the baht would not fall to a single strike. Thailand would hold the advantage at one point and cause massive damage to the Hedge Funds during the protracted struggle. However, the Thailand baht would crumble on July 2nd, which is more than three months from now.

Anyway, I checked the investment product that Jonathan had attached in the email, and it was what I had thought. The product had bet on the Thailand baht falling in May. It basically said that 'the Hedge Funds would finish the battle within fifty days like in 1992 and would emerge as glorious winners.' This Investment Product could be said to symbolize the atmosphere of Wall Street at present. (EN: Investment product is the umbrella term for all the stocks, bonds, options, derivatives and other financial instruments that people put money into in hopes of earning profits. )

-Please contact me if there is a product that bet on the Thailand baht increasing.

Jonathan seemed to have been constantly refreshing his Inbox despite his busy schedule, and the reply came back in less than ten minutes.

-Have you not been predicting that the Thailand baht will fall?

-I'll make a suggestion. If you would establish your own investment corporation, I'll provide my investment proposal. I expect 51 percent of the corporation shares.

***

The investment product Jonathan had sent to Sunhoo was given to only a few VVIPs. While Jonathan had taken on a large gamble, the result was disappointing enough that he could not even sigh.

'Come to think of it, while the email had mentioned that the Thailand baht would be attacked, it did not mention that the attackers would win. Yes, there was no mention of it.'

The attack on the Thailand baht would succeed without fail. Jonathan and the entirety of all the corporations on Wall street agreed that Thailand would not last after being chosen as the Hedge Funds' prey. How could Thailand last when England failed? That was Wall Street's honest opinion.

However, Jonathan had been disappointed by the last sentence. How could someone request 51 percent for an investment proposal?

'A swindler got me...what had I been expecting?'

Jonathan furrowed his brow and grabbed his phone. He had wasted a lot of time because of an unknown scam email. Now was the time to call the VVIPs (Very Very Important Persons) before he lost big accounts to other firms or colleagues. Wall Street had already finished betting.

However, Jonathan lowered the phone again. He felt like he was missing something, and if he could not figure it out, he continued to think about it.

Jonathan's keyboard made aggressive sounds. His performance was low, all the more because his travel date was approaching.

-On what grounds do you believe that the Hedge Funds will fail?

Jonathan bit his nails without realizing as he waited for the reply. The answer came.

-I seem to have caused another misunderstanding. I am not saying that the Hedge Funds will lose, but the Thailand Bank will use many protective measures in May. Malaysia's Negara Bank in 1994 is a prime example, and the reciprocal agreement the Thailand Bank made with ASEAN (Association of Southeast Asian Nations) central banks in 1995 and the dual exchange rate system still remain viable options. Therefore, my conclusion is that Thailand baht will rise for a short period.

(EN: A dual exchange rate is a setup created by a government where their currency has a fixed official exchange rate and a separate floating rate applied to specified goods, sectors or trading conditions. The floating rate is often market-determined in parallel to the official exchange rate.)

Jonathan actually let out a gasp and the shock that spread through him made him completely forget his initial disappointment. While he looked like he was sitting without moving a muscle, his brain was whirring like never before. He thought that he could hear his neurons firing one by one in slow motion.

'It, it is possible!'

Jonathan's eyes caught the investment product manual for the VVIPs, which had bet on the baht price falling in May. His colleagues were doing their best to sell this product, since everyone assumed the outcome was a given, this was a sweet opportunity for them to increase performance and build trust with VVIPs. The empty pages here and there were those of colleagues who had already quit to establish their own firms. If the baht does not fall in May, they would be beggars.

Jonathan gulped. Should he notify the board that this scenario may be possible and strongly suggest that the risk should be minimized?

He thought things over for a while and then typed with shaking fingers.

-We have no investment products that have bet on the Thailand baht rising, and unfortunately, we have no plans to develop such a product.

-That is why I am suggesting you establish your own firm.

-A 51 percent share without conditions means that you will control my future and capital. It is too much. Who would sign such a contract?

-Think things over. My offer stands until the end of May.

-Should we not talk in person? As I said, my office is always open.

That was the end. Their communication ceased even after Jonathan sent his second email saying he would be willing to travel to meet in person.

***

When the Hedge Funds decided to conquer the Thailand baht, the baht falling was considered a given. However, reality said otherwise. Even as the Hedge Funds continued to attack the Thailand baht, it would not budge. Therefore, Jonathan's company was tense as it had focused on selling the investment product that bet on the Thailand baht falling.

Jonathan had been the only fund manager that had not sold the product, and the firm wanted him out and away from the VVIPs. While Jonathan had not bet actual money like others, he was betting something even more. Jonathan had bet his record and future as a fund manager. Even his clerk criticized Jonathan and asked to leave him.

Jonathan felt like he lived in another world on May 14th and 15th, as he was alone in his office. Those were the days the Hedge Funds had attacked the Thailand baht with everything they had.

It had been enough for a fall, and Jonathan's colleagues had been shouting screams of joy in excitement. However, as time passed, their joy turned to something else...

"Damn! Damn!"

"It's insane! This cannot be happening!"

The entire office erupted in chaos. The phones did not stop ringing, and Jonathan's colleagues were red-faced as they screamed out.

"Jonathan!"

Jonathan's clerk came in, running through the door, and his face was full of surprise.

"You were right! The baht is rising! How can this be..."

The clerk showed Jonathan the record of the ASEAN central banks aiding Thailand by 120 million dollars.

"They are scared stiff that there will be a loss of at least 3 million."

"All right, leave."

"Can, can I do anything?"

Jonathan did not even look at his clerk as he waved his hand. He was about to faint from relief and also did not want to face anyone who had looked down on him and laughed. The two months he had spent being criticized and despised as a coward had felt like forever. One of Jonathan's colleagues showed his head through the door.

"Harry wants you."

Jonathan became exhausted at the jealous gaze. Harry was the largest shareholder of this company and its main trainer. While Jonathan did not want to see anyone, he wanted to see the face Harry would be making.

There were three VVIPs in Harry's office, with whom Harry had worked for a long time, and they had suffered big losses due to this incident. Harry planned to introduce Jonathan as the company's new hope to assuage their anger and overcome this crisis.

However, that was Harry's idea. Jonathan handed his name card to the clients after entering Harry's office before speaking.

"I'm going to establish a new investment firm after leaving Wolf, and my contact address will not change. If you want an investment consultation..."

"Jonathan!"

Harry hurriedly took Jonathan out of the office.

"Why? Didn't you want me to go? I'm doing what you wanted me to."

"Where? Do you already have a sponsor?"

"I do now. Everyone in Wall Street knows that I'm the only one without damage, and what I had bet on was this."

"You think succeeding once will get you anywhere?"

Only

"When did Wall Street ever need a second success?"

"What?"

Jonathan smiled faintly, and Harry's shouts behind him did not interest him anymore. He returned to the office amidst jealous and envious gazes. While he was organizing his things, there was one thing he needed to do.

-I quit my job, which means that I'll agree to your terms. I must be going insane. Let's talk about specifics in person. Where can I meet you?

-Please come to Seoul immediately.

Editor and complete ignoramus in finance: Userunfriendly