Money Games

Chapter 12Sign It or Forget It

I directed the driver to take me to the Kim & Chang office in Jongno-gu District in downtown Seoul. On the short drive from the Grand Hyatt, I passed Gwanghwamun Square; at its center is a statue of Admiral Yi Sun-sin, the sixteenth-century naval hero who repeatedly defeated Japanese invaders. It marks the center of Seoul. So much of the Korean identity was wrapped up in the idea of keeping foreigners out that Korea has been called the “Hermit Kingdom.” The economic crisis was forcing South Korea to open up its market more than ever for foreign investments. Little wonder that Koreans viewed foreign investors with suspicion and distrust.

The car moved slowly through Seoul's evening rush-hour traffic, taking me much longer than usual to get to the office. Hyun and his colleagues were waiting for me. He got right to the point: “I think we have been able to resolve all the issues except one. We need to talk with you about it.”

I let out a barely audible groan. Hashing out deal terms with the FSC was like playing Whac-A-Mole: As soon as we agreed on one issue, another would pop up.

Hyun told me he and his colleagues had spent more than two hours that day negotiating with Chairman Lee. In addition to my explanatory note on our position on various issues and terms, they had also prepared a lengthy note in Korean to argue our case with Lee. In it, they carefully reviewed the FSC's “remaining issues.” Referring to my memo, Hyun pointed out to Lee that ...