As the eastern sky turned a deep red with the rising morning sun, dewdrops formed like jewels on the branches of garden trees where fresh green shoots were sprouting, catching the sunlight and sparkling brilliantly.
Amid the chirping of busy little sparrows, Chairman Park Tae-hong rose early, as usual, and stepped out of the master bedroom.
"Chairman, you're up."
He acknowledged the greeting from Mrs. Gunsan, who wore an apron, with a casual nod.
"Bring me a cup of coffee."
"Yes, sir."
Park Tae-hong naturally walked over to the living room sofa and sat down, picking up the morning newspaper that lay on the table.
As soon as he opened the paper and saw the front-page article, he immediately frowned.
[Evidence of Massive Overseas Transfers by Donghae Group Chairman Woo Yong-gap on the Brink of Bankruptcy Revealed; Legal Action Likely Inevitable]
"Tsk, tsk, tsk."
Clicking his tongue at the black-and-white photo of Chairman Woo Yong-gap standing at the prosecutor's photo line, Park Tae-hong was approached by his wife, Jo Deok-rye.
"Why are you clicking your tongue first thing in the morning, making bad luck?"
"It's nothing."
Sitting on the sofa opposite him, Jo Deok-rye glanced at the newspaper her husband had set down and nodded as if she understood.
"I read the article too. This time, it seems there's a high chance he won't get away and will be arrested for investigation, right?"
"The evidence exposed by Congressman Choi Bok-rak is so solid that there's no way around it. It will probably turn out that way."
"The company's already bankrupt, and now he might end up in prison. Poor guy."
"Hah! He couldn't even run his own company properly, and he dared to covet others'—serves him right."
Park Tae-hong snorted and replied gruffly.
Knowing why her husband was being so cantankerous, Jo Deok-rye swallowed her words and chose not to argue further.
***
April 6, New York Palace Hotel, Manhattan.
Dozens of journalists gathered in the spacious hall were taken aback when they saw the executives of Citicorp and Travelers enter together through a side door.
"What's going on? Why is Stanford Powell, Chairman of Travelers, coming in with William Parker, Chairman of Citicorp?"
"I know, right? Something big must be happening."
"Could it be that the two banks are merging?"
"No way."
"Otherwise, there's no reason for the two of them to be here together."
As murmurs spread, the reporters instinctively sensed that a major event was about to unfold. They quickly raised their cameras and began snapping photos.
Click! Click! Click!
Amid the clattering shutters, the two chairmen, accompanied by other executives, walked up to a prearranged podium.
The journalists, sensing a scoop, observed every movement of the two chairmen with sharp, eagle-like focus.
With all eyes fixed on them, William Parker, Chairman of Citicorp, dressed in a finely tailored suit, stepped up to the podium equipped with multiple microphones.
At that moment, an employee standing at the far left brought a microphone to his mouth and announced:
"We will now begin the press conference. Please remain quiet."
Gradually, the noise subsided, and the room fell silent.
Only occasional coughs or the rustling of clothing broke the stillness as everyone focused their attention on the podium.
Everyone was curious about what would be announced.
At the peak of tension, William Parker finally moved in front of the microphone.
Taking a deep breath and exhaling slowly, he met the countless gazes directed at him before speaking.
"I have some exciting news to share with all of you today."
The reporters held their portable voice recorders forward or scribbled furiously in their notebooks, eager not to miss a single word.
"To adapt to the changing international competitive environment, significantly expand our capital base, increase the confidence of investors worldwide, and offer a broader range of financial products and services, the executives of Citicorp and Travelers have agreed to merge the two banks."
As Chairman Parker announced the merger, the sound of camera shutters erupted once again, flashes went off, and a commotion swept through the hall.
Click! Click!
"Through the newly formed bank, we promise our shareholders and customers alike that we will achieve results befitting a global leader in the financial industry."
Once the announcement concluded, reporters raised their arms and unleashed a barrage of questions.
"When will the merger take place?"
"Does this announcement violate the Glass-Steagall Act?"
"Regulators could oppose the merger—how do you plan to handle that?"
For a moment, the hall seemed to tremble as journalists sprang up like a swarm, yet Parker remained composed as he answered.
"Times have changed, and the Glass-Steagall Act, enacted 65 years ago, should be updated or repealed to suit the present day. Additionally, registering Citigroup as a bank holding company with the Federal Reserve ensures there will be no antitrust concerns you might worry about. We will also do our utmost to ensure the merger proceeds smoothly."
His response was smooth, as if he had anticipated every possible question.
The exchange of increasingly excited questions from the reporters and Parker's calm answers continued for some time afterwards.
The shocking news of the Citicorp-Travellers merger immediately hit Wall Street, sending both banks' stock prices soaring.
[Citicorp: 160.23 (+16.43)]
[Travelers: 69.32 (+6.57)]
"Wooooah!"
"The merger announcement just dropped!"
"Citicorp is up more than 11%!"
"Travelers' gains have exceeded 10% as well."
"This is amazing!"
On the Eldorado Fund trading floor, the announcement sent the skyrocketing stocks of Citicorp and Travelers fueling cheers and jubilation.
"Hahaha! Did you see that? The boss was right, as always!"
One trader, unable to contain his excitement as the stock climbed relentlessly, threw the stack of papers he was holding high into the air.
White sheets fluttered like pollen across the floor, while other traders hugged each other, clenched their fists, and shouted in celebration.
It was no wonder—their bets were set to yield at least hundreds of millions of dollars.
As the entire trading floor transformed into a frenzy of exhilaration, Landon and Andrew, having heard the news, looked up at the large market boards at the front of the room. They watched Citicorp and Travelers' stock prices displayed prominently and shook their heads in admiration.
"The boss's prediction was spot on again."
"I thought the Glass-Steagall Act would make this difficult, but this is incredible."
Andrew shook his head, his eyes full of awe.
Landon felt the same. As a lawyer, he knew just how risky it was to announce a merger before regulations had changed. With a massive $140 billion merger on the line, even a single regulatory objection could have led to enormous losses.
Because of the scale and the legal uncertainties, no one had anticipated this merger. When the announcement finally came, the market erupted in approval, and the stock prices blazed upward like fire.
"When the two banks merge, their total assets will exceed $700 billion, right?"
"That's correct."
"A bank with $700 billion in assets and a market capitalization of $140 billion… if this merger goes through, it will truly be the deal of all deals."
"Even if we can't know everything, it's certain to send shockwaves through an industry that's been stagnant for years."
"Then other banks will have to scramble to find partners if they want to survive."
Landon's eyes sparkled, and Andrew nodded in agreement.
"Some are probably already moving. Just look at how other financial stocks are reacting to the news of the Citicorp-Travellers merger."
"Exactly."
Andrew, with a look of renewed admiration, shook his head at Seok-won's abilities.
On the trading floor, champagne bottles appeared out of nowhere, popping open as a celebratory party broke out.
"It's amazing enough to have predicted this merger, but to anticipate the ripple effects and position Nations Bank and Bank of America ahead of time… I'm in awe of how many steps ahead the boss is thinking."
Landon nodded in agreement.
"One thing's clear: just from what we've seen so far, he's operating on a level we can barely comprehend."
"Exactly."
Landon turned his gaze back to the large market boards at the front of the room.
With every passing moment, the buying momentum strengthened, and Citicorp and Travelers' stock prices continued to soar, rising by the second.
Landon's face lit up with a wide smile, savoring the thrill of hitting the jackpot on their bets.
On the first day alone, Citicorp and Travelers surged 25% and 16% respectively, and the upward trend showed no signs of slowing.
Other financial stocks also climbed, buoyed by expectations of the merger. A week later, yet another piece of good news arrived at the Waldorf Astoria Hotel in Manhattan, New York.
Bank of America, headquartered in San Francisco with 1,800 branches across the western United States, and the prominent eastern bank, Nations Bank, announced their surprise merger.
Seok-won, dressed in a thin knit sweater and cotton pants, stood by the living room's floor-to-ceiling windows, gazing out at the night view while talking on his cellphone with Landon in New York.
"You may have seen the news reports, but both Nations Bank and Bank of America's boards have already approved the merger, and the name of the new merged company has been finalized as Bank of America."
It was the birth of the now-famous Bank of America.
"As soon as the merger announcement was made, both stocks surged over 10% during the trading session."
"With the combined assets of the two banks totaling $520 billion, it will become the second-largest bank in the U.S. Naturally, expectations are high."
"Hahaha. Exactly. Just a week after the Citicorp-Travellers merger, this massive deal has sent financial stocks soaring."
Seok-won smiled faintly at Landon's excitement and said:
"As I mentioned before, merger announcements will continue for a while, if only for banks to survive."
"I agree with you."
"While interest is high, let's start by gradually closing our positions in Citicorp and Travelers first."
Landon asked, slightly puzzled:
"The financial stocks are still climbing strongly. Isn't it a bit early to sell now?"
"The upward trend will continue a little longer. But we've already made sufficient profit, and more importantly, a much bigger opportunity is about to open. This is the point to wrap things up."
"A much bigger opportunity, you say?"
"Exactly."
If Seok-won was talking like this, it was clear that an even larger bet awaited—far beyond merely profiting from the stock price surge caused by the merger announcement.
Landon, feeling a mix of tension and excitement, asked in a captivated voice:
"Then, what are you planning to bet on?"
"Russian bonds."
Landon's face showed unmistakable surprise at the answer he had never anticipated.
And the moment Seok-won continued, Landon's astonishment deepened even further.
"I'm going to short Russian government bonds."
"!"