The Joseon Prince Went To America And Didn’t Return – 66



< Big Sale (2) >

As he had announced two weeks ago Giannini has completely withdrawn from short selling.

Instead I was shopping around for banks across the United States looking through the list of banks that Lee Kang had given me.

“Gianni the president of the BOI.”

“This is Mark Baker owner of Baker Bank.”

His current target was the Baker Bank in downtown Boston.

Fortunately the largest shareholder was traveling in New York so negotiations could proceed without having to travel to Boston.

“Are you going to sell me your shares?”

“Yes that’s right.”

This is my third interview with Mark Baker.

In their two previous meetings he had treated Giannini as a country bumpkin from the West and had scoffed at his takeover proposals.

But this meeting had a different atmosphere from the start.

Because Mark Baker approached the negotiations with a very polite attitude.

“It’s just personal curiosity…”

Giannini raised one corner of his mouth and smiled faintly.

Because I knew why Mark was so eager to put his stake on the market.

But Giannini pretended not to know this and tried to find out what Mark was thinking.

“What made you change your mind? FXXX. Let me hear the reason honestly.”

A foul slang came out of Giannini’s mouth.

Mark who was of British aristocratic descent rolled his eyes for a moment in bewilderment.

“As someone in the industry I believe you know the current atmosphere well.”

“Isn’t it incredibly difficult?”

“That’s right. I won’t deny that either.”

Mark revealed the inside story of the bank he owns.

“Our Baker Bank is also experiencing a liquidity crisis. But that is not a problem. Hasn’t it been repeated every year?”

“….”

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“Every year as Thanksgiving approaches banks in the United States have had difficulty obtaining liquid funds. It’s always been that way so I don’t think it’s a problem anymore.”

But even as he said that Mark Baker never fully disclosed the current financial situation of Baker Bank.

Hide your flaws.

The advantages were overstated and exaggerated.

“Haha… is that so?”

Giannini chuckled at Mark’s shameless excuse.

But despite Giannini’s rude behavior Mark did not get up from his seat.

Because the urgent one was Mark’s side.

“Here is the acquisition price I will offer.”

Giannini handed me a note.

Mark Baker’s eyes widened as he checked the amount written on the note.

“The acquisition amount has been significantly reduced compared to last time.”

“FXXX. You’re making me say the obvious again.”

Do you know who the fool is?

Giannini thought to himself and asked Mark.

“Haven’t things changed? We no longer have to insist on Baker Bank.”

“Why do you say that?”

“That’s because the South Boston Bank located next door to Baker Bank was interested in our acquisition offer.”

For the past two weeks.

The bank stocks were falling day by day.

Because the liquidity crisis was intensifying as depositors withdrew their money from the safe one by one.

The South Boston Bank which was a competitor to Baker Bank was one of them.

“older brother.”

While they were negotiating Miles who was the fourth-ranking official in the BOI approached Giannini and spoke to him.

“Do you have a moment?”

After apologizing to Baker the two left the negotiation room.

Giannini listened to what Miles had to say with his arms crossed.

“Brother I’m talking about the Baker Bank acquisition.”

“okay.”

“Please put it off for a moment.”

“Fuck… It’s almost done and you’re hitting the ground running.”

In response to that question Miles handed Giannini a freshly printed copy of the New York Times.

“Mercantile National Bank? I’ve never heard of this bank before. Where is it located?”

“This is a bank in New York.”

Still Giannini stared at the article with an indifferent expression.

“The Mercantile National Bank has gone bankrupt…”

Miles whispered to Giannini in a small voice.

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“I’m letting the kids loose and looking into the rumors going around Wall Street.”

“So what did you say?”

“I don’t think it will end here.”

“FXXX. Other banks are also risky?”

“Yes sir. Have you ever heard of the Knickerbocker Trust Company?”

Giannini answered Miles’ question with a look of asking why he was asking such an obvious question.

“Well I know that even though I’m from San Francisco way out west. Isn’t that the fucking great trust company here in New York? I heard it’s the second largest trust company in New York?”

“That’s right. There are rumors going around that it’s dangerous there too.”

what?

“The world’s greatest knickerbocker?”

Giannini looked at Miles with a bewildered expression.

“People have been waiting in long lines since morning to get their money back.”

“No why…..”

Giannini tried to ask why but then mumbled something else.

Because I was asking myself this question.

Miles looked at Giannini and told him the details.

“I heard that the Knickerbocker invested a large sum of money in the Mercantile National Bank.”

“ah….”

To say that a bank had gone bankrupt meant that its stocks had become worthless.

What’s more there is no way to recover the money lent to that bank.

“I guess everyone is running to the trust company because of the rumor that they got bitten badly.”

“Yes.”

The phenomenon of people rushing to withdraw their deposits is called a ‘bank run’.

If a bank run like this occurs even the most financially sound banks will not be able to survive.

Because banks are places that survive on people’s deposits they are inherently vulnerable to bank runs.

Typically general banks lend out more than they deposit.

What if in that situation only the deposit is lost?

The assets you have will soon be depleted.

In other words if a bank loses people’s trust it is bound to fail.

“Don’t rush just wait. The banks in the West are a little bit out of the loop but the East is not.”

right.

The best time to take over a company is when it’s almost dying.

That way you can buy it cheaply.

Giannini returned to the negotiating table with a knowing expression on his face.

“Oh I’m sorry for keeping you waiting so long.”

Giannini took a deep breath and began to organize the papers on the table.

“And again I’m sorry but I guess we’ll have to call this acquisition negotiations off the table.”

“yes?”

Giannini announced the end of the negotiations swearing as if he was tired of talking any further.

“X what are you doing? Are you going to roll your eyes like you don’t understand because I used a difficult word?”

When the atmosphere at the negotiation table began to turn tense due to Giannini’s harsh words and actions Miles intervened pretending to collect documents and managed to defuse the situation.

“Given the circumstances… I think we should also set aside some cash. I’m sorry about that.”

“Oh no. If the bank president goes this way Baker Bank will….”

I’m going bankrupt.

Giannini said handing Mark a business card.

“If you wish to sell your shares for a lower price than the one I offered today please contact me at this hotel. However I don’t have much time so don’t keep me waiting too long.”

* * *

As soon as Giannini left the negotiating room he rushed to the mansion where Livermore was staying.

“Livermore! Livermore!”

Livermore usually stayed home when the stock market closed.

however….

Livermore was nowhere to be seen.

“Wilson? Charles? Emix!”

Giannini’s spies who had been watching Livermore have also all disappeared.

This sent a chill down Giannini’s spine.

“What? Where is everyone?”

Giannini glanced at Miles.

He too looked puzzled as he did not know Livermore’s whereabouts.

“Brother what’s going on?”

“There’s no Livermore guy.”

“yes?”

The current situation could not be overlooked.

Moreover didn’t Livermore ignore Lee Kang’s advice a few days ago and even touch the credit transaction?

Miles who came with Giannini asked with a cold sweat.

“Oh did you run away?”

“That can’t be…”

Fortunately all the stocks Livermore had invested in are plummeting giving Lee Kang a huge profit.

How can he run away when the commission that will be allocated to him is so much?

“So where are you now?”

Trust funds cannot be withdrawn at will.

Moreover just before stopping by Livermore’s house he visited a securities firm just in case and confirmed that the trust fund was still alive and well.

“I hope nothing bad happened?”

“….”

Did something really happen?

Did someone have a grudge and kill him because rumors spread in the market that Livermore was shorting stocks in bulk?

All sorts of negative thoughts filled Giannini’s mind.

That was when.

“Are you the bank manager Giannini?”

“…Who are you?”

A strange oriental man approached Giannini.

“I am the man of His Majesty the King… that is the prince.”

“ah….”

Miles looked at his face and glared at him.

“The author is the one who appeared in the newspaper.”

“newspaper?”

“Yes. He was active in The Hague with this prince.”

At those words the unfamiliar Oriental Lee Wi-jong nodded in agreement.

“Yes he is one of the three envoys who went to The Hague with the Prince.”

“Yes. Let’s say you are this prince’s man. But why did you come all the way here to find me?”

“Because I know where Livermore is. I’ve been watching him from afar.”

“what?”

At those words Giannini approached the alien and asked.

“Really? What about Livermore? Where is he now?”

Instead of answering Giannini’s question Yiwijong gave a different answer.

“For now I am alive.”

“Are you alive?”

“Yes but we can’t meet right now.”

“Why?”

“Because the big shot that even the bank president finds difficult to touch is currently forcibly putting Livermore under house arrest.”

Giannini clenched his fists in anger.

“What’s his name? My immediate….”

But as soon as the name of a person was mentioned by the second-generation leader Giannini’s whole body froze.

“JP Morgan?”

“yes.”

“Oh why….”

This time Yiwijong did not answer Giannini’s question and gave a different answer.

“Your Majesty is crossing the Atlantic. Judging by the date of departure he will arrive tomorrow at the earliest or four days later at the latest.”

“I know that too.”

Giannini also exchanged telegrams with Lee Kang and had some idea of ​​Lee Kang’s movements.

That’s why he nodded to the other person’s answer.

“Please wait until then Mr. Giannini.”

“….”

“The bank manager can’t do anything right now.”

Giannini clenched his fists and trembled.

But soon I accepted it.

“Okay I understand. I will do as you say.”

Although Giannini cherished his family very much he could not help but feel small in front of JP Morgan.

Giannini felt defeated once again and waited for Lee Kang to return.

* * *

Back in New York.

It was only four months since he left for The Hague after receiving a secret order from Emperor Gojong.

‘This atmosphere….’

The scenery of New York was so different that it felt like it was the same city.

“Boss New York seems a little strange.”

“Just like you said I feel gloomy and uncomfortable for some reason boss.”

It might be even worse because the autumn rain is falling steadily.

The overall atmosphere of the city was a bit like that.

“Please give me just one cent.”

“I have only eaten one piece of bread in three days. Please have mercy on me.”

First of all there were many homeless people and beggars on the streets.

Beyond imagination.

When the economy is bad companies tighten their belts.

American workers have a lifeline that is worse than that of ants and can be fired overnight depending on the company’s circumstances.

In other words the fact that they are overflowing means that the current situation in the United States is very bad.

“Let’s get out of here for now.”

All educated people in this era wore hats.

Among them the men wore bowler hats on their heads but I pressed them down deeply to cover my face as much as possible.

‘I have to get out of here quickly.’

When one’s finances get worse people’s hearts also become colder.

Even those who had been tolerant and laughing all along started to lose their temper over small conflicts and even attacked each other for dear life.

Meanwhile I am a foreigner.

Asians are also treated worse than black people.

I was trying to get out of here as quickly as possible because things could get complicated if some crazy guy suddenly started a fight.

“This prince.”

oh.

I didn’t know it when I saw it from afar but Giannini was waiting for me near the port.

It was raining and it was hard to catch a carriage so this is a good thing.

I approached Giannini with my face covered.

“Nice to meet you. I didn’t expect you to come out to greet me.”

“Because I knew the expected arrival date. I sent someone to check X to see when this prince would arrive.”

“Oh I see.”

“yes.”

“Is there anything else you need to report? I’ve been in the Atlantic for a while and haven’t heard from you.”

Giannini opened the carriage door and offered me a ride.

“I’ll tell you everything in the carriage.”

“Okay.”

Inside the carriage Giannini began a serious conversation.

“Livermore is gone?”

“Yes. Thank goodness his oracle is still intact.”

That was expected.

Even in the history of the original Livermore was dragged to JP Morgan and threatened to stop short selling.

but….

I believed that this time since I had given you advice you wouldn’t have pushed yourself too hard.

also.

It seemed to me that the variable called people was something I couldn’t control as I pleased.

“The three special envoys who accompanied the Prince in The Hague last time.”

“okay.”

“Are all those people working in New York?”

“That’s right.”

Since the surveillance task was assigned secretly Giannini was not informed.

Giannini spoke to me with a slightly disappointed but understanding expression.

“One of them said that Livermore is currently at JP Morgan’s mansion.”

As expected.

“I thought about going and seeing him right away but he strongly advised me against it.”

“I guess you advised me to step forward in this matter.”

“Yes that’s right.”

Well this is what I ordered too.

Even if Giannini steps in it won’t be able to solve the problem and it will only make things more complicated.

“When exactly did the incident occur?”

There is no information.

I asked Giannini to get more information.

“It’s been about three days.”

If it’s to the point of forcibly putting people into retirement.

I guess that means the situation has gotten significantly worse since three days ago.

“Any other information?”

“Rumors are going around the city that all the banks in New York are going to fail. Everyone is scrambling to get their deposits back.”

“Since when has this been happening?”

“It’s been four days since then.”

It would be a huge blow to JP Morgan.

In some ways New York is like JP Morgan’s fiefdom.

That New York is now falling apart.

Moreover it must have been most frustrating for Morgan who had all his assets concentrated there as the entire financial system was losing trust.

“The Dow is breaking through 60 and heading towards 50. Damn it. The problem is the rate at which it’s falling is just too fast.”

The stock price continues to fall.

It was falling endlessly to the point where no support line was formed.

“The boss has arrived.”

“Okay. Let’s pack our bags first and then think about what to do next.”

“yes.”

Giannini handed me the key he had previously given me.

“I’ve already reserved the prince’s room. Since the prince likes the number 7 I’ve reserved room 707 on the 7th floor.”

“Thank you.”

I can’t walk up to the 7th floor.

Since the hydraulic elevator was invented and popularized in 1903 we planned to take it and go up to the 7th floor.

“Uh… Wait a minute.”

Exactly-

As our group was about to get on the elevator a man thrust his cane in and stopped the elevator from going up.

“Oh my – I almost missed it.”

“Holy shit! And you?”

Giannini looked at the man blocking our way with a trembling expression.

I too glared at the man who was smiling faintly with his eyes narrowed.

< Big Sale (2) > End