Money Games

Chapter 8The Chairman Takes Charge

Director General Noh had thrown a tantrum.

Ambassador Hyun was being characteristically understated when he called me on the afternoon of July 2. Noh had complained to Chairman Lee, saying that Newbridge was insulting the government by issuing an ultimatum, which was how he characterized my suggestion for a meeting in an hour. He was also upset with some legal terms our lawyers put in the term sheet and accused us of imposing such terms on the government. Hearing this, Chairman Lee flew into a rage at Newbridge.

As Ambassador Hyun explained what had happened, I was stunned. I thought both Lee's and Noh's reactions were completely unreasonable. We had not pushed them to meet with us or issued anything close to an ultimatum. We had suggested a meeting in a respectful manner, which seemed a logical next step. Especially when we were both working toward a deadline. I did not know if Noh was simply being capricious or if he was using this as an excuse to scuttle our deal.

In any case, Noh still wanted to meet, and it was a disaster from the start. Suddenly, the attitude of the FSC team had totally changed. Noh used the occasion to dress us down, repeatedly accusing us of “distorting” the words of their chairman. Throughout the meeting, Noh ranted and refused to discuss anything substantive. I was hoping he would calm down after venting and get back to business. But he never did, and went on grandstanding until abruptly declaring the meeting adjourned ...