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🕑 Added 2025-09-21 05:38:42 +0000 UTCI arrived at Gimpo Airport for my long-term assignment to the United States.
I didn’t go to Incheon, which has the most flight routes, because I would be taking a private jet.
“Everything is ready. You may board now,” said Captain Kang.
“The procedure really is fast. It feels like it took less than ten minutes,” I remarked, handing him my travel suitcase.
Even when flying first class, it usually takes at least thirty minutes to check in at Incheon Airport. But at the private terminal, where there are far fewer passengers, all procedures are handled in a single location, taking less than ten minutes.
“All vehicles and security arrangements in the U.S. are fully prepared. All our staff waiting in the States are assembled at the airport,” Captain Kang reported.
“With all that preparation, is it really necessary for you to accompany me to the U.S.? You still have the company to manage in Korea.”
“Thanks to the efficient system Taewoo Group has built, the company runs smoothly even without me. And what could possibly be more important than the chairman’s safety?”
Captain Kang probably wanted to get some fresh air, too.
So, without further words, I boarded the private jet alongside him.
But there was one person who couldn’t resist pointing out Kang’s situation.
“Does it make sense for someone called ‘President’ to be acting as a bodyguard all the way to the U.S.?”
“Isn’t Mr. Han, who you call ‘President,’ also someone with that title?”
“My situation is different. I have to analyze everything that will happen going forward, so of course I must come along,” Han replied.
Han had also chosen to accompany me to the United States.
I would have preferred to leave him in Korea, but since I couldn’t predict how things would unfold in the U.S., I needed his assistance.
“Don’t exhaust yourselves before even reaching the U.S. Find a seat and get some rest. Once we land, there won’t be a moment to relax,” I advised.
“I’m confident I can sleep before the plane takes off. I stayed up all night analyzing and organizing materials until dawn,” Han said.
“I’ll manage the interior of the plane while you two sleep, just in case anything unexpected happens,” Captain Kang added.
It seemed Kang was enthusiastic about getting back into security work after a long break.
I wanted to tell him that it wasn’t necessary, but I was too drained to argue and soon drifted into sleep.
***
We arrived at Washington D.C. airport.
After checking into the hotel we had reserved in advance, we took refreshing showers and had a light rest.
Once we had fully shaken off our fatigue, David arrived at the hotel.
“Boss! It’s time to go.”
“We can’t be late for the presidential inauguration. Let’s go.”
David, President Han, Captain Kang, and I moved toward the inauguration site with the mindset of soldiers heading into battle.
The outdoor park at the U.S. Capitol in Washington D.C.
Over two million people had filled the park.
David and I had received separate invitations, so we proceeded to our designated seats.
“The level of attention is incredible,” I said.
“Since it’s the first inauguration of a president of color, the attention is on a completely different level compared to other inaugurations. On top of that, yesterday was Martin Luther King Jr. Day, which makes the public interest even hotter,” David explained.
The inauguration proceeded amid enormous attention.
The ceremony began with the oath of office for Vice President Biden.
He is now the vice president, but before I went back in time, he had been president.
Nearly twenty years younger, Vice President Biden’s voice carried much more energy than I remembered.
“The presidential oath of office will now begin!”
Finally, it was the protagonist’s turn.
President-elect Obama placed his hand on the Bible and completed the oath of office.
Soon after, President Obama began his inaugural address.
It was an incredibly long speech, but I focused on every single word, and in my mind, I could compress the address into a single phrase:
Hope and change.
A recognition of America’s current crisis and the need to respond.
Never losing hope, and a call for the entire community to work together for the nation’s progress.
“This is truly an Obama-style inaugural address,” I said.
“He emphasizes hope, but there’s also a strong will to fight for change,” David whispered.
“We’ll soon see how strong that will is,” I replied.
“There’s no meeting with the president scheduled today,” David continued.
“Even if it’s not the president, one of the cabinet’s key members will come to see us. Otherwise, they wouldn’t have insisted on our attending the inauguration.”
The inaugural address was approaching its conclusion.
Then, suddenly, President Obama looked directly at me as he delivered the closing lines of his speech.
“To overcome the current crisis, we must build international partnerships. Collaboration with outstanding overseas companies and foreign investment for companies at risk of bankruptcy are essential to rapidly overcome this challenge. The U.S. market remains a land of opportunity. Do not hesitate. The U.S. government will actively support you!”
He was looking at me while saying this?
Even if he wasn’t literally looking at me, it was clear that his words were intended with me in mind.
David seemed to notice the same, leaning over to quietly whisper.
“It looks like they’re dead set on giving the U.S. auto company to you, Boss. Saying something like this in the inaugural address is a blatant signal.”
“We’ll see once we wait,” I replied.
There was no need to wait long.
As I had expected, the moment the inauguration ended, a person who looked like an aide came to find us. David, familiar with him, whispered something in his ear.
“The Treasury Secretary wants to meet with you quietly, Boss.”
“Just as I thought. Ask if President Han can attend as well.”
David conveyed my intent to the aide in a whisper. After stepping away briefly, the aide returned and nodded.
“President Han may attend as well. It seems your takeover of AIG through Taewoo Securities earned the approval.”
“President Han isn’t someone who can be easily overshadowed anymore,” I remarked.
Together with President Han, we moved to the designated meeting place. Only after arriving did we realize where it was.
“Boss, isn’t this the U.S. Federal Reserve Board building?”
“No wonder it feels familiar. I never thought they’d ask to meet us here at the Fed.”
“Perhaps because all attention is focused on the inauguration, it’s unusually quiet inside,” David noted.
The Federal Reserve building was silent as if a mouse had been squashed. The Treasury had a reason for choosing this location: the incoming Treasury Secretary had served as the President of the New York Fed under the previous administration.
“Nice to meet you. I’m Timothy, the incoming Treasury Secretary. We’ve met once during the last administration, haven’t we?”
“I didn’t have the chance to formally greet you then. Let me do so now. I am Kim Min-jae, Chairman of Taewoo Group.”
In the heavily secured conference room, we exchanged greetings. I had seen Timothy during negotiations under the previous government. Back then, he hadn’t made any particularly aggressive moves, so his presence was understated. But now, as the incoming Treasury Secretary, he carried a noticeably different aura.
“How did you find the inaugural address? It was quite moving, wasn’t it?”
“It conveyed a message of unity and hope. Judging by the composition of the attendees, it was clear that the unity wasn’t just words.”
“Ah, I see it as a remark aimed at me. Since I, who served as Fed President in the previous administration, have now been appointed Treasury Secretary.”
The conservative administration had been replaced by a progressive one.
Normally, when a new administration takes over, it seeks to erase the previous one, but the Obama administration had incorporated many people from the prior government into its cabinet.
“I understand that not only you, Secretary Timothy, but also many others from the previous administration are included in the cabinet.”
“To overcome the current economic crisis, isn’t it necessary for the ruling and opposition parties to work together? Also, my inaugural address included a request for international assistance.”
“Was that perhaps a remark aimed at me?”
“You could see it that way. How many investors have the capability to acquire a large corporation on the brink of bankruptcy? Among them, the most capable is undoubtedly you, Chairman Kim Min-jae.”
Honestly, I didn’t feel offended.
How could I feel bad when the incoming Treasury Secretary was praising me?
But praise always comes with expectations; given how much he hoped for, it was clear that was why he offered the compliment.
“You flatter me. Ah! Let me also introduce President Han Jung-hoon of Taewoo Securities.”
“Pleasure to meet you. It’s an honor to meet someone so well-known on Wall Street. I’ve also heard that AIG has stabilized quickly. That must be thanks to your ability, President Han.”
“I merely follow Chairman Kim’s instructions,” Han said modestly.
“Hm hm. I think introductions are sufficient. Shall we get to the main topic?”
Secretary Timothy cleared his throat to shift the discussion.
Han and I straightened in our seats, waiting for his words.
“You once mentioned that, while you wouldn’t acquire more financial firms, you might consider acquiring a manufacturing company, correct?”
“Yes, I said that because even AIG alone keeps us fully occupied.”
“I’d like to make a proposal. Please consider acquiring one of the Big Three U.S. automakers.”
He came straight to the point.
I had anticipated such a discussion, but judging by Timothy’s demeanor, it was clear that the situation of the U.S. Big Three was even more severe than publicly known.
“Thank you for the proposal, but in their current state, a U.S. automaker is not worth acquiring.”
“Your words are somewhat blunt.”
“If they sound harsh, I apologize. But acquiring a U.S. automaker means Taewoo Group would have to shoulder both the accumulated and future losses. If that happens, even Taewoo Group cannot remain unscathed.”
Secretary Timothy’s expression turned bitter.
His reaction came from his deep understanding of the chronic issues plaguing the current U.S. automakers.
“If you were to acquire the automaker, the U.S. government is willing to forgive part of its debt.”
“In addition to debt forgiveness, issues like the job bank system, strong labor unions, and plant relocations would also need to be resolved.”
“You’re suggesting I stab the voters who supported?”
“Citizens in the Rust Belt, including Detroit, wouldn’t be pleased.”
The Rust Belt—a term referring to the U.S.’s major industrial regions, historically home to the automotive and steel industries.
The term also implied regions with powerful labor unions. Most unions supported the Obama administration, so as Secretary Timothy indicated, agreeing to my conditions could be seen as turning against his supporters.
“Those conditions are too burdensome for a VIP. There are other ways to prevent the U.S. automaker from going bankrupt besides the method you suggested, Chairman Kim.”
“Of course, if the U.S. government poured in massive bailouts, it could prevent the automaker’s bankruptcy. But merely avoiding bankruptcy isn’t enough. To truly rebuild the U.S. automaker, the vicious cycle must be broken completely. And now—while the President’s approval is high—is the perfect timing.”
Secretary Timothy sighed.
The conditions I proposed could destabilize the Obama administration before it even properly began.
“I’ll need to hear from the Treasury Department, the Fed, and all related agencies before I can provide a definitive answer.”
“Of course, I’ll wait.”
“However, there will be considerable opposition. Some people are obsessively against selling an American company to a Korean firm. Others are skeptical that the situation would improve even if Taewoo Group acquired it.”
The U.S. automotive industry—a source of national pride.
Taewoo Group acquiring an American automaker could strike at that pride.
“If I can attend the meeting, I can handle that problem.”
“Hm, understood. I’ll arrange a session soon.”
The first meeting concluded there.
I never intended to resolve everything today; it was merely an initial reconnaissance.
Tasting the approach of the new U.S. administration for the first time, I found it surprisingly flavorful—salty, but in a way that suited my taste.
