News that Korea had applied to the IMF for a bailout sent shockwaves not only domestically but abroad. Japan’s Nikkei index posted its steepest single decline in a decade — Japanese companies had expanded heavily into Korea, and the fear that they too couldn’t remain untouched by the unfolding crisis drove the sell-off.

That fear became reality faster than anyone expected. Barely a week after Korea applied for the bailout, a Japanese private bank founded more than sixty years earlier collapsed, spreading terror that the towering wave now threatened Japan itself.

The Japanese government scrambled to respond. It pledged unlimited capital injections into the banking sector to calm the markets, and, pointing to its existing currency swap arrangement with the United States, moved preemptively to head off any panic over dollar liquidity. That even Japan showed this much visible tension was proof of just how far the shockwaves from Korea’s bailout application had traveled across the globe.

But nowhere did the impact land harder than inside Korea itself.

Dozens of companies went bankrupt every single day, and tens of thousands of people lost their jobs and were pushed out onto the streets. Parks filled with suited jobseekers; playgrounds meant for children instead filled with adults clutching bread and milk, huddled together scanning newspapers for work. As households collapsed, mothers too were forced into the labor market, and the traditional family structure — father earning, mother minding the home — fell apart. Mothers who once wore rubber gloves and aprons now went out to earn a living, while children wore house keys around their necks and waited alone for parents who wouldn’t return until evening.

The people of Korea were fighting simply to survive.

And amid it all, one point of light shone through.

In a labor market that had gone from a cold snap to a full-blown desert, Ilhyeon Group alone announced a large-scale open hiring drive. Ilhyeon Electronics said it would hire 30,000 new employees on its own; Ilhyeon Construction, refusing to halt its development projects, announced it would take on 5,000 construction workers.

The hiring wasn’t limited to Electronics and Construction, either. Other Ilhyeon affiliates threw their doors open too, welcoming new graduates and experienced hires alike without distinction — announcement after announcement landing like rain after a long drought.

Ilhyeon’s moves weren’t confined to hiring, either. In a Korea where every clock had stopped, the group declared it would push forward with new development projects and new business ventures simultaneously. As Ilhyeon showed its willingness to keep the wheels of a grinding-to-a-halt train turning, however difficult, people praised the group with words of gratitude — thankful, they said, that Ilhyeon existed in Korea at all.

And attention began to turn to what had made such decisions possible: the fact that Ilhyeon had carried out its own restructuring, alone, before the crisis even arrived.

“You may recall, I’ve argued all along that Ilhyeon Group’s approach to restructuring was exactly the path that would save Korea.”

“I do remember. You called it a brilliant choice, didn’t you?”

“That’s right. And look at where we stand now. Thanks to that restructuring, Ilhyeon Group alone has managed to step clear of this entire disaster. And that’s not all — Ilhyeon Group is trying to pull the whole of Korea’s stalled economy forward. All on its own.”

The economics professor on the television spoke with an expression that had moved past admiration into something like genuine emotion.

“Just imagine what things would look like without Ilhyeon Group. How could we possibly handle all those jobseekers filling the streets? Viewers may not be aware, but before this crisis even broke, Ilhyeon Group had already been extending interest-free loans to struggling companies.”

“Ilhyeon Group had?”

“Yes. To companies caught in the credit crunch, they extended interest-free loans against collateral. You should all remember that it’s thanks to that we’re even in as manageable a position as we are.”

“Without that, far more companies would have gone under than have already, I imagine.”

“Exactly. Even now, companies are collapsing in droves — but if Ilhyeon Group hadn’t kept them breathing, we wouldn’t even be able to see the faint, flickering flame we still have left.”

The host nodded along, seeming to share the professor’s sentiment.

“With the bailout crisis leaving no visible hope in sight, I agree that Ilhyeon Group is our one remaining source of it. No — I think every citizen of Korea would agree. That Ilhyeon Group is holding back this wave crashing over our country, essentially alone, is something every Korean already knows.”

“That’s right. And all of this was made possible because Ilhyeon Group carried out its restructuring preemptively. In other words — this is the power of restructuring itself.”

The professor looked into the camera with a solemn expression.

“It’s not too late, even now. Companies — ask Ilhyeon Group for help with your restructuring. That is the only path to surviving the wave upon us. Reach out your hand to Ilhyeon Group.”

Watching the professor on screen, Chang-jong Lee, Vice-President of Ilhyeon Distribution, wore an expression of pure disbelief and switched off the television with the remote.

Turning to Jeong-eun, seated beside him, he said, incredulous, “Hasn’t that guy taken money from Kim, or something?”

“Could well be.”

Yeong-su Cha, seated next to Jeong-eun, chimed in agreement.

Chang-jong, without so much as glancing at Cha, said to Jeong-eun, “Sister. Are you just going to sit there and take this?”

Chang-jong covered his face with a hand.

“Do you have any idea how humiliated I’ve been?”

“So what do you want me to do about it?”

Jeong-eun, who’d been quiet, spoke up.

“That’s not what I’m asking.”

“So tell me what you want, then. You think just coming to me produces some kind of solution? Say it. What do you want me to do for you? Hm? What exactly should I do?”

At the sharp reply, Chang-jong had nothing to say. Watching him, Jeong-eun let out a sigh and said, “I know exactly why you’re upset. But what can we actually do? Our brothers are both standing firm, backing Kim, of all people.”

“Why on earth have both of them suddenly taken his side?”

“Are you seriously asking that?”

Jeong-eun looked at Chang-jong with contempt, as though he really didn’t understand.

“How do you think second brother got back into Ilhyeon Construction in the first place? Kim showed him the way.”

“You mean the Seocho Town development… was Kim’s idea?”

“What else would it be? You really think second brother has the brains to come up with that himself?”

Born from the same womb, Jeong-eun knew Sang-jong better than anyone. And Chang-jong, too, having watched Sang-jong run Ilhyeon Construction for years, knew there was no way the Ilhyeon Town idea had come from him. But that it had come, of all people, from Seong-ho was still shocking to hear stated plainly.

“Why would he even tell eldest brother about it?”

“Why do you think?”

Jeong-eun looked at Chang-jong with contempt.

“Because of it, he secured second brother’s support. And eldest brother was already backing him before that too… with both eldest and second brother backing him at once, what exactly are we supposed to do? You, a mere vice-president of Ilhyeon Distribution, your brother-in-law here, a hollow vice-president of Ilhyeon Electronics in name only, and me, holding no title at all — what’s the three of us putting our heads together going to accomplish?”

At Jeong-eun’s words, Chang-jong hung his head.

Restructuring Headquarters staff had descended on Ilhyeon Distribution and turned it upside down. Numerous executives had lost their positions over various forms of corruption — some accused of embezzling company funds, others merely of putting subordinates to private personal use — cutting away Chang-jong’s own network of loyalists one by one. Executives who’d come begging Chang-jong to save them, he’d been powerless to save. The Restructuring Headquarters, now wielding overwhelming authority, couldn’t be stopped even by a member of the royal family like him.

Chang-jong’s resentment toward Seong-ho, who’d shown him no consideration whatsoever, curdled into malice. The humiliation of losing face to some nobody who’d dropped in from who-knew-where was more than he could bear.

Bang!

Chang-jong slammed his fist on the table.

“I can’t take this anymore.”

“Can’t take it, so what? What are you going to do about it alone?”

“If you won’t help me, sister, I’ll do it myself.”

Shouting this, Chang-jong rose to his feet. Looking down at Jeong-eun, still seated and watching him, he said, “Don’t try to stop me.”

“I’m not going to stop you. Do whatever you want.”

“Fine. I’ll do exactly what I want, and you can watch.”

Having said he’d handle it himself, Chang-jong left the room.

Watching his retreating back, Yeong-su Cha spoke to Jeong-eun with a worried voice. “Brother-in-law. Should we really just leave him be?”

“What are you going to do if we don’t?”

“It’s not that I’d do anything, but… I feel like we ought to stop him.”

Cha wasn’t entirely without his own grievances against Seong-ho either. As Vice-President of Ilhyeon Electronics in name, having his own department bypassed while Seong-ho issued direct orders had genuinely displeased him too. But that he’d said nothing wasn’t for lack of anything to say — with Tak-hyeon openly throwing his weight so plainly behind the Restructuring Headquarters, Cha figured there was nothing he could do about it. That was why he’d let Seong-ho’s direct orders to the semiconductor and mobile phone divisions pass without a word.

Cha worried that if Chang-jong, unable to restrain his anger, tried to do Seong-ho some harm, things could go badly wrong.

“It was Father who threw all that support behind my brother-in-law, wasn’t it? If Chang-jong tried something against him and Father found out…”

“If he found out, all the better.”

Contrary to Cha’s worry, Jeong-eun’s face showed she was actually hoping for exactly that to happen.

“What?”

“If we could see how Father reacts when Chang-jong butts heads with him, wouldn’t that work in our favor?”

“Still, if something goes wrong and your brother…”

“You think he’d thank me for looking out for him? Do I gain anything at all from helping him?”

“He’s still your brother, though. He came to you asking for help…”

“You think he came to ask me for help?”

Jeong-eun snorted and looked at Cha with contempt.

“Does your head really not work that way? At least Father-in-law has some political sense — he’s managed to land himself a decent seat somewhere. What about you? Do you carry that head around just for show?”

“Am I wrong, though? What I said is the normal thing — a brother comes asking for help, and helping him is what family’s supposed to do.”

“You idiot! He didn’t come here asking for help — he came to get me to butt heads with Father in his place.”

Jeong-eun shouted at Cha. Then she picked up the flower vase on the table and made to throw it at him.

Cha threw his hands up to protect his face from the vase about to fly at him.

Watching him, Jeong-eun let out a sigh.

“Ugh. What’s the use talking to someone who doesn’t even understand that much. You should be grateful you’re still holding onto your vice-president seat at Ilhyeon Electronics thanks to me. Without me, you wouldn’t have even passed Ilhyeon Group’s open hiring exam. You’re sitting where you are because you were lucky with your parents and lucky with your wife — so don’t think, just do as you’re told.”

Jeong-eun set the vase back on the table and rose. Looking down at Cha, still shielding his face, she said, “If you don’t understand, just stay quiet. Don’t go looking for trouble by sticking your neck out. Don’t forget — the only thing you’re good for is standing next to me. Understood?”

Giving Cha one last look of contempt, Jeong-eun turned and left.

Once she’d gone, Cha slowly lowered the hand he’d raised to shield his face. He glared, resentment filling his eyes, at the door she’d left through.

Leaving Jeong-eun’s house, Chang-jong headed straight for Apgujeong.

Arriving before the Apgujeong apartment building, Chang-jong told his driver to wait and moved to go inside.

“Excuse me, just a moment.”

The security guard on duty stopped him.

“Who are you? Who are you here to see?”

Not recognizing his face, the guard had stepped in to stop him.

“Ah, good. Good thing you did that.”

Rather than being annoyed at being stopped, Chang-jong looked at the guard and asked, “Doesn’t a man named Seong-ho Kim live here?”

“Sorry? Who?”

More irritated that the guard didn’t recognize the name than that he’d been stopped in the first place, Chang-jong frowned.

“You don’t know Seong-ho Kim? Ilhyeon Group’s son-in-law.”

“Ah — you mean the Head? I know him. Why do you—”

Finally understanding who Chang-jong meant, the guard trailed off, and Chang-jong looked up at the building.

“Which unit?”

Looking the building up and down, Chang-jong frowned again.

“What was that punk thinking, moving to a place crawling with people…”

Muttering to himself, and still getting no answer, Chang-jong lowered his gaze and asked the guard, “You don’t know what floor he’s on?”

“He’s on the 11th floor, but… who are you, exactly? I can’t let just anyone go in.”

“I came because I’m someone who’s allowed in. Cut the nonsense and get out of my way.”

Chang-jong shoved the guard aside with his hand and went in.

The guard hesitated over whether he should stop him. Since the man clearly knew Seong-ho lived there, he didn’t seem like a total stranger — but his manner and tone hadn’t felt friendly at all.

The guard hurried back into the booth and quickly rang the intercom to Seong-ho’s unit.

—Yes.

Hearing Seong-ho’s voice through the intercom, the guard quickly reported what had just happened at the entrance.

Seong-ho listened and answered with a light laugh.

—It’s fine. That’s probably my wife’s elder brother.

Having identified who Chang-jong likely was, Seong-ho thanked the guard and hung up. Then he turned to Gyeong-eun, whose eyes had gone round.

“Sounds like one of your brothers has come.”

“A brother? …Which one?”

Unable to think of who might possibly come here, Gyeong-eun asked Seong-ho with a face full of confusion.

Finding her reaction amusing, Seong-ho smiled and answered.

“Sounds like it’s your third brother.”

“Chang-jong?”

At the news that the person least likely to visit had, in fact, come, Gyeong-eun’s eyes went even wider — and just then, over the sound of the bell ringing and someone pounding on the door, Chang-jong’s voice rang out.

(End of Chapter 105)