The Joseon Prince Went To America And Didn’t Return – 31



< Reconstruction Committee (2) >

After the meeting I immediately returned to my hotel room in Sacramento.

After that he called together the three Irish brothers including Aaron.

“Collect all the information on that guy Abe Luef. I need it urgently.”

“Yes boss.”

Before the trio took over my security they used to roam the back alleys snooping around in other people’s private lives.

The last time I ordered an investigation into Giannini’s personal life they had produced quite satisfactory results so I thought I would have them do the same thing again.

“boss!”

“Oh you’re here now?”

It was two days later that Aaron and his brothers returned to me.

Since I had very little time to research I didn’t get as much information as I had hoped but I was able to glean a few useful things.

“Isa’s job is… a lawyer and a lobbyist at the same time?”

“Yes boss.”

somehow.

From the moment I saw you I felt a little uncomfortable.

‘Is this co-ethnic hatred?’

Ugh-

I swallowed hard and began to look over the materials Aaron had handed me again.

Aaron looked at me like that and summarized only the important points for me.

“Everyone from labor unions to miners to railroads… they’ve all got something to do with it. It’s so well-known in California that if you don’t know it you’re a spy.”

Max continued his brother’s words spitting out the following words.

“They say that if something happens that is too clogged up Lee Ja-ja will show up and solve it. Thanks to that whenever something happens everyone looks for Louv first.”

That means it has considerable influence.

So you got the chairman position?

The mayor and the governor are also just watching this guy.

“Any other information?”

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Aaron opened his eyes slightly and handed me a photo he had taken himself.

“I didn’t have much time to research it but one thing is for sure: the interest rate is very high.”

Max shivered and shook his head.

“Ahh… The rotten smell is so strong that it’s permeating the air Boss. This guy is seriously bad even among bad guys.”

The job of a lobbyist is a very dangerous one that straddles the line between legality and illegality.

Like everyone else when you first take on a job you become cautious.

The same goes for lobbyists.

The reason is simple: if a politician gets caught it will have a huge impact on their main job.

Because if your words don’t work you might be caught off guard and threatened.

Beginner lobbyists do their best to hide their movements.

But once you get on track and really get close to power you can choose one of two options.

Will they openly seize power and manipulate politicians?

Or should I just stay as low as possible and not reveal myself?

‘Ruef chose the former.’

His actions were more daring than I expected.

I don’t know if it’s because he got a taste of power or if he acts this way because he’s confident.

Committing blatant corruption.

They planted their own people in prominent places such as police stations government offices banks etc. and received bribes in addition to legal fees from various interest groups.

‘If you get hit by the tax investigation beam once you’ll get involved in a series of embezzlement and tax evasion cases… You’re acting stupidly.’

Well it’s not the 21st century anymore.

That could be the case.

The lobbying industry has also evolved over time.

Comparing the present day to the 1900s the level of sophistication is quite different.

“First let me do some more background research on Abe Luef.”

“all right.”

Let’s leave the background check to the three Irish brothers.

I had to work too.

‘You’ve branded me as an incompetent person so I guess I’ll have to erase that first.’

It’s simpler than you think.

All you have to do is help Padi get re-elected by achieving overwhelming results in a short period of time.

I quickly called Choi Hyun-woo.

“These are the ones written here. Tell them to meet you in Sacramento in a week.”

“Everyone here?”

“okay.”

“Yes. I will contact the people as instructed.”

* * *

The first thing I did after being selected as Vice Chairman of the Special Committee on Reconstruction was to call together all the insurance companies operating in California.

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All of the small insurance companies in the region have become CEOs.

In the case of companies headquartered in other states or foreign companies branch managers or high-ranking officials from the U.S. headquarters attended.

‘The power of the armband.’

I am a prince but I am also the vice-chairman of the Reconstruction Special Committee.

Everyone complied with my request fearing that if they disliked me they would be disadvantaged in the reconstruction project.

‘These are all familiar faces.’

I slowly looked over the faces of those from the insurance company.

Nearly a third of them had at least one conversation while filing an insurance claim.

“Nice to meet you. My name is Lee Kang and I have been appointed as the Vice Chairman of the Reconstruction Committee.”

Since it was a formal meeting I spoke as politely as possible.

“Hello Your Highness.”

“I never thought I would see you again like this.”

“Your Majesty why have you called us together?”

Insurance company officials unanimously asked the purpose of today’s meeting.

I spoke to them with a rather serious expression.

“Aren’t the displaced people currently surviving day by day on the rations provided by the state?”

They continued their conversation exchanging glances with each other.

“Governor Pardi wants these displaced people to return to their old lives as soon as possible. As the vice chairman I think so too. I think there are a few things that need to be done before that happens. Don’t you need money to start a second life?”

I snapped my fingers and got to the point.

“They say that banks will start operating one by one starting next week but this alone is not enough. So… I hope the insurance company officials here will also help the evacuees.”

You probably figured it out before the meeting started.

Because my position is Vice Chairman of the Reconstruction Committee.

But when I actually said this out loud the insurance company representatives started to make expressions like ‘This is what was coming.’

I looked at those people and tried to convince them again.

“I don’t want anything else I just want the insurance money to be paid to the evacuees quickly.”

“….”

“The sooner the better. As a member of the reconstruction committee and vice-chairman I beg you to do so. If there is any way I can help you with this I will do so.”

“….”

“….”

quiet.

This is because due to the nature of insurance companies they try to delay paying out insurance money to customers as much as possible even if they receive insurance premiums regularly.

“Ahem…..”

The eyes of insurance company officials are focused on one person.

I wasn’t.

Because right now they and I are on opposing sides.

‘William Hunt.’

They were only looking at William who could be seen as their representative.

He was currently the head of Lloyd’s the world’s largest insurance company.

“Representative William. What do you think?”

I also knew very well what was going on so I pointed to William and gave him the floor.

“Are you asking for my opinion and that of our company?”

“Yes.”

Other insurance company officials all look at William with eyes full of anticipation.

It seems like there is a strong desire to delay insurance payment as much as possible.

“I agree.”

But contrary to the expectations of each insurance company representative an unexpected answer came out of William’s mouth.

“As the prince suggested we at Lloyd’s will pay the full amount of insurance money to the earthquake victims. I hereby promise to do our utmost to provide convenience to the evacuees.”

* * *

10 hours before the meeting.

I contacted William the representative of Lloyd’s of London separately.

I wanted to talk to him first and ask for his cooperation before meeting with other small insurance companies.

‘You’re here.’

A representative from Lloyd’s Insurance appeared at the appointed location.

We haven’t even talked yet but I have a rough idea.

Because at first glance he looked like a British aristocrat.

‘If he were a normal person it would have been difficult to deal with him.’

Whether it be in the past or present people like that are very proud of their origins.

These people usually do not back down at all from those they consider to be inferior to them.

‘But I am a prince.’

Regardless of skin color royalty in this era receives treatment beyond imagination based solely on their status.

Moreover William was a British nobleman.

His ignoring me is an act of ignoring his own caste system.

So if I want to continue to promote my noble status he’ll definitely treat me well too.

‘Shall we start cooking?’

I slowly and politely asked to shake hands.

“Welcome Sir William.”

“It is an honor for the family to meet this prince of rumors.”

“I am honored Sir William. Please take a seat here.”

I too spoke to him in a strong posh accent a tone used by British aristocrats.

Then William’s eyes widened.

“Oh! Your Majesty. Did you study in England before coming to America?”

“No it’s not. I just learned some English from a British private tutor when I was in Joseon.”

“Aha so that’s why you speak perfect English.”

I had a hope and it was as expected.

From the first greeting you can feel his pride.

Isn’t American English subtly mocking itself by saying that it is not perfect English?

“I heard the prince was in America so I thought he would speak American English.”

“If you were born into royalty shouldn’t you maintain your dignity? I’ve been working hard to learn my British English.”

“Hahaha. As expected of someone born with noble blood. If you learn even one secret you must learn it properly.”

William glanced at me and congratulated me.

“Oh I heard you became the vice-chairman of the reconstruction committee this time?”

“Yes.”

“It’s only been a year since you settled here and you’re amazing.”

There is a lot of pointless conversation going on.

But before we get to the main topic there had to be a give and take.

This is because it allows you to better understand the nature of the interest and how impatient it is.

“I guess you have called me here because you have a favor to ask…”

Time passed quickly as the pointless conversation continued.

William seemed a little bored and asked me why we met today.

“Did you call me for personal reasons? Or was it a public matter?”

“Both apply but let me start with the official request.”

As we bring up the main topic William’s expression becomes increasingly hardened.

He listened with narrowed eyes continuing to calculate something.

“Pay the insurance money to the victims quickly…. Did you say you would propose this at the meeting tomorrow?”

“Yes.”

William is silent for a moment.

Has it been about a minute?

He opened his mouth which had been tightly shut.

“By any chance Prince are you aware of Lloyd’s current situation?”

“Isn’t Lloyd’s suffering a huge blow from the sudden influx of insurance claims?”

“That’s right. The damage caused by this earthquake is enormous.”

It’s modern but Lloyd is still huge.

The damage caused by this earthquake was just as big as its size and CEO William revealed that the amount of compensation that must be paid to customers is a whopping 50 million dollars.

‘This is crazy.’

If we roughly calculate that the price difference between the 1900s and 2000s was simply 20 times that would be equivalent to 1 billion dollars in modern times.

About 1 trillion won was lost in one fell swoop which was equivalent to 40 years of Lloyd’s Insurance Company’s operating profits.

When I opened my eyes wide in surprise at the larger-than-expected amount William’s expression slightly softened.

“We at Lloyd’s are both primary insurers and reinsurers. That’s why we are losing more than other insurers.”

The term ‘original insurance company’ refers to the insurance company we are familiar with.

A company that receives insurance premiums after signing a contract with a customer and pays out insurance money later.

In this process the original insurance company is racking its brains to reduce this risk as a major earthquake like today’s can occur.

This is done by splitting up their insurance into stocks and selling them to other companies.

The companies that acquired it are reinsurance companies like Lloyd’s.

In modern South Korea Korean rice can be considered to belong to this category.

“Let’s say our company claims insurance money from all the victims as the prince says. What will be the benefit to our company then?”

William sighed for a moment and then asked me.

He asked himself what would be gained for himself and Lloyd’s company if he behaved in that way.

That was when.

Knock knock-

“It’s Yeojin.”

“Come this way.”

A small earthquake though not as strong as a major one struck Sacramento.

For a moment the two of us were startled and hid under the table but we were soon able to return to our seats.

“Whew… this damn earthquake.”

“It can’t be helped it always happens after a big earthquake.”

I looked at William and answered the question he had just asked.

“Ah! Did you just ask what the benefits are to Lloyd’s?”

“yes.”

I smiled brightly and answered William’s question.

“We will be able to have the American and global markets.”

“Are you talking about our Lloyds?”

“Yes. Because of this incident… interest in fire insurance has increased significantly in the United States.”

Even just now it was the same.

Doesn’t that sound like a command from heaven to please get some fire insurance?

I don’t know about the East but the people in the West were traumatized by this earthquake.

That’s why everyone without exception was looking to get new insurance.

“Isn’t that all? Everyone is starting to pay attention to the newly emerging automobile insurance as well as health insurance. If Lloyd’s pays the insurance money according to the terms and conditions what will happen if they pay the insurance money this time without regard to the terms and conditions?”

What happened?

Lloyd’s will gain an intangible asset: customer trust.

‘It may be a big loss in the short term but it will be a big gain in the long term.’

Moreover Lloyd is physically fit enough to handle the current damage.

“If Lloyd’s pays out the insurance money other companies will also have to pay out the insurance money crying and eating mustard. If that happens… many weak insurance companies will surely go bankrupt.”

What better marketing strategy could there be than eliminating your competitors?

“Furthermore all the companies that did not contract with Lloyd’s will disappear from the market. The other companies that survived will watch this and think that they should contract with Lloyd’s. Isn’t this an opportunity for Lloyd’s to occupy a dominant position in the United States?”

I quickly added my remarks.

“Of course other measures will have to follow. We will have to unify the terms and conditions that are in disarray and establish standard terms and conditions. We will also have to draw on some of the assets we have accumulated to pay this insurance money to customers. If that is not enough… we will be able to easily issue corporate bonds since we have built up credit so far. If that doesn’t work out we will have to issue convertible bonds.”

Convertible bonds are a very unusual type of bond.

Because as maturity approaches the creditor has two options:

Whether to receive the money you put down when you first signed the contract or to receive it in the form of stocks.

“Am I wrong Representative William?”

William of Lloyd’s looked at me with a rather surprised expression.

Then he asked me.

“So… you mean we should pay out the insurance money to the customers?”

“Yes that’s right.”

Personally I plan to use the insurance money I will receive this time to purchase convertible bonds that Lloyd’s will issue in the future.

Because I am confident that the number of new insurance contracts at Lloyd’s will increase ridiculously over the next six months.

The stock was worth investing in Lloyd’s because it was a piece of paper proving future value not just the present bad situation.

“Heh heh… I see.”

“If you accept my proposal at the meeting I will try to accommodate Lloyd’s company as much as possible. The governor may create a new law separately so wouldn’t it be possible to include one law that Lloyd’s company wants?”

William made an incomprehensible expression then pretended not to be able to resist and accepted.

I laughed to myself as I looked at William like that.

‘This guy was planning to pay out the insurance money from the beginning.’

If you act as I suggest you will suffer huge losses in a short period of time.

And you accepted my offer in just five minutes?

‘You seem like a mischievous guy… That’s why I can’t trust the British easily.’

There are times when you have to pretend not to know something even if you know it.

Besides isn’t William’s decision beneficial to me too?

I smiled broadly and shook William’s hand.

“Ah… and.”

“Is there anything else you would like to ask?”

Yes.

Me and my fellow Koreans.

And I’m thinking of sneaking in a little bit of insurance payment for the minorities that Aaron asked me to do.

Wouldn’t it be beneficial if you could receive it faster than others?

“It’s just this much… I can handle it within my capabilities. Don’t worry too much.”

“Thank you.”

Shake hands with William.

I found this conversation quite useful as it gave me another connection with the British elite.

‘I’m looking forward to the meeting.’

I could already picture in my head what the other insurance executives would look like.

< Reconstruction Committee (2) > End