Plaza Hotel, New York, USA
— Penthouse
On a bright spring morning, soft sunlight poured into the penthouse. Seok-won sat at a spacious balcony table overlooking Manhattan's towering skyscrapers and Central Park, enjoying brunch while reading the freshly printed edition of The New York Times.
The table, covered with a crisp white tablecloth, was set with fresh fruit, warm croissants, scrambled eggs, thinly sliced ham, cheese, and a steaming cup of fragrant coffee.
As Seok-won flipped through the newspaper and took a sip of coffee, he noticed a presence nearby. A moment later, Landon appeared, dressed in a gray suit, and approached him.
"I see you're in the middle of a meal," Landon remarked.
Seok-won folded the newspaper in half and placed it on the table before replying, "I woke up a little late because of the time difference. If you haven't eaten yet, why don't you join me?"
"I'm fine, thank you," Landon said with a polite smile, not wanting to intrude. "I'll just have some coffee."
At his request, a hotel staff member standing nearby swiftly placed a gold-trimmed cup in front of him and poured freshly brewed coffee from a silver pot.
Landon stirred in a sugar cube with a teaspoon, took a slow sip, and nodded in satisfaction.
"When is Tom arriving in New York?" Seok-won asked as he took a bite of ham.
"I sent the fund's private jet for him, so he should be arriving tomorrow afternoon," Landon replied.
"Vice President Bill is coming with him, right?"
"Yes, that's what I heard."
"Make sure they're comfortable during their stay."
Landon smiled. "Of course. They're important guests who'll be making us a lot of money. Tom seemed to like this hotel last time, so I booked the same suite he stayed in."
"Well done."
"Oh, by the way, did you hear that George Soros is testifying at the Senate hearing today?" Landon glanced at The New York Times on the table.
"They're holding the hearing to discuss financial market misconduct and derivatives regulations, right?"
"Yes. After the Bank of England crisis and the Mexican peso crash, Washington politicians were already wary of hedge funds' unchecked influence. And now, with the recent surge in the Japanese yen, it seems they're preparing to step in with new regulations."
"They called in George Soros because he's a leading figure in the hedge fund world—makes sense they'd target him," Seok-won remarked.
Landon shrugged. "Well, he's the man who took down the Bank of England. And since he was behind the yen's explosive rally, all eyes are on him."
Then, lowering his voice slightly, he added with a knowing look, "Of course, the real final punch in the Tokyo operation came from you, Boss. Looking back, keeping a low profile and just raking in the profits was a brilliant move. If you had been in the spotlight, you might have been dragged into that hearing just like Soros."
Landon looked at Seok-won with renewed admiration.
"Did you foresee all of this and deliberately stay in the background from the start?"
"There's an old proverb," Seok-won said with a faint smile. "A protruding stone gets hammered. The more you stand out, the more you attract jealousy and hostility, making yourself an easy target."
"Jealousy towards those who are more successful than oneself is simply human nature."
Landon nodded in agreement.
Meanwhile, having finished his meal, Seok-won carefully wiped his mouth with a napkin before speaking.
"I didn't intentionally stay in the background, but there was no need to step forward unnecessarily. Drawing unwanted attention would only create enemies, wouldn't it?"
"That's very true."
Landon echoed his sentiment, though his expression carried a hint of concern.
"But if things continue like this, won't government regulations become stricter, making future investments more difficult?"
It was a valid concern—tighter regulations would inevitably restrict hedge funds' investment activities.
However, Seok-won remained surprisingly composed.
"There's no need to worry. That won't happen."
"They even summoned Soros to a Senate hearing. That makes it seem like they're taking this seriously."
"Congress believes hedge funds have disrupted financial markets and engaged in currency manipulation through derivatives trading. But everything was done within the bounds of the law—it wasn't illegal. And if they impose new regulations, it won't just hurt hedge funds. Wall Street will take a major hit as well. They won't push things too far when it affects their own interests."
Landon seemed convinced by Seok-won's confident tone.
"That's true. Hedge funds have made huge profits, but Wall Street has also benefited greatly by backing them financially. They wouldn't want to shut down such a lucrative opportunity."
"Exactly."
Seok-won took a sip of his tea before continuing.
"Once this hearing makes it widely known just how much profit hedge funds are generating, even more capital might start flowing in."
"You mean wealthy investors will start pouring in their money after seeing the high returns?"
"That's right."
Landon imagined deep-pocketed investors rushing in with their capital, and a smile played on his lips.
"That would be an ideal outcome. Though, of course, since we don't accept external funds, it wouldn't directly affect us."
Seok-won chuckled softly and naturally shifted the topic.
"How is the yen's exchange rate movement today?"
"It's hovering at 82.1 yen, up 0.7 yen from yesterday."
"There were favorable remarks for Japan at the G7 finance ministers' meeting, yet it doesn't seem to have had much impact."
"Once a trend shifts, it's never easy to reverse it."
After briefly gauging Seok-won's reaction, Landon continued.
"The market still seems to be betting that the yen's appreciation will continue for some time."
"The situation will change soon. Let's just wait and see."
"…Understood."
Realizing that Seok-won had no intention of altering his short position on the yen, Landon pressed his lips together.
"Perhaps due to the current market sentiment, more Japanese companies are showing strong interest in the options we're offering."
"Is that so?"
"Just yesterday, we signed a new $500 million options contract with Nissan Motors."
At that, Seok-won flashed a broad smile, revealing his white teeth.
"That's great news. If they want to buy options, accept every request, no matter the amount."
"Understood."
"Oh, and make sure to strictly follow the rule—do not sell options to companies with annual revenue under 50 billion yen, even if they ask for it."
Landon responded immediately, having heard this instruction multiple times before.
"Rest assured, we always verify that before signing any contracts."
While selling more options was beneficial, Seok-won imposed this revenue restriction because, if the exchange rate plummeted, smaller companies could go bankrupt due to their contracts with Eldorado Fund.
'As long as we focus on major corporations like Toyota and Nissan, we can make enough profit. There's no need to be greedy over small change and risk ruining our reputation.'
Even George Soros had made a fortune by successfully betting against the yen, but he was now labeled the "Black Jewish Mafia" by the Japanese media and had been summoned to testify before Congress.
Later, in Korea, the infamous KIKO (Knock-In Knock-Out) scandal became a major issue because banks sold options to financially vulnerable exporting SMEs without properly informing them of the risks.
'I have no interest in triggering a mass bankruptcy and getting summoned by the Japanese government or Congress.'
With that thought in mind, Seok-won leaned back comfortably in his chair and sipped his coffee.
***
Washington, D.C.
In front of the Capitol Building, its grand white marble walls and massive dome radiating authority, a large group of reporters had gathered.
They were waiting to interview George Soros, who was attending a Senate hearing as a witness that day.
Among them were not only American journalists but also foreign correspondents, including a noticeable number of Japanese reporters—likely still bitter after their recent defeat at the hands of Soros and the hedge funds.
Before long, the moment arrived.
Dressed in a deep navy suit, George Soros exited the building with his aides.
"There he is!"
As soon as someone shouted and raised their arm, the waiting journalists rushed toward Soros in a frenzy.
More than thirty reporters instantly surrounded him, shoving microphones and cameras in his face while bombarding him with questions.
"What are your thoughts on today's hearing?"
"Hedge funds like yours have been accused of predatory practices, making enormous illicit profits. What do you have to say about this?"
Even amid the flashing cameras and rolling TV footage, Soros remained calm—until he heard that question. His brows knitted slightly as he turned toward the source of the voice.
A Japanese reporter was glaring at him, microphone extended aggressively.
"My firm, Quantum Fund, operates within the legal framework, following the rules. Generating profits through investments is simply my job."
His response—essentially "I was just doing my job"—only provoked the Japanese journalist further.
"But isn't it a crime to conspire with other hedge funds, deliberately manipulate the yen's exchange rate, and make enormous profits at the expense of the Japanese people?"
Though the reporter was clearly launching a direct attack, Soros remained composed.
"The foreign exchange market sees over one trillion dollars in transactions per day. In comparison, Quantum Fund manages only a few hundred billion dollars. Anyone with a brain knows it's impossible for us to manipulate the exchange rate."
"That's why you used leverage—a deceitful and unethical tactic!"
The Japanese journalist shot back immediately, but Soros's lips curled into a cold smirk.
"Japan is an economic powerhouse with over $1.2 trillion in foreign reserves. If its currency collapsed under an attack worth mere hundreds of billions, that only proves there were fundamental flaws in the economy and financial system to begin with. My hedge fund simply identified those weaknesses and placed bets where we saw the highest probability of profit."
Soros then fixed the journalist with an icy stare.
"And leverage is not a scam or a dirty trick—it's a standard investment strategy used in financial markets. If you're going to report on this, at least educate yourself on basic financial principles before asking such questions."
"You… you!"
The Japanese journalist, humiliated in front of everyone, turned bright red but was unable to utter another word.
He had intended to frame Soros as a reckless financial speculator, yet the tables had turned, leaving him utterly embarrassed.
'That's Soros for you.'
'There's a reason he's been a dominant figure on Wall Street for so long. He's no easy opponent.'
As the other reporters absorbed the exchange, a blonde journalist holding an NBC-branded microphone quickly seized the opportunity to ask a question.
"You forced the Bank of England to surrender, and now the Bank of Japan has followed suit, earning you the highest profits. Could you share your thoughts on this?"
George Soros paused for a moment before responding.
"It's true that we made significant profits from this investment, but the claim that Quantum Fund made the most money is incorrect."
"Pardon?"
The surrounding journalists exchanged puzzled glances.
"Despite all the noise, we only made $900 million. Meanwhile, there's another player who walked away with over $1.1 billion. That's the true winner of this game."
The reporters, caught completely off guard by this revelation, immediately bombarded him with questions.
"Someone made even more money?"
"Who was it?"
With a cryptic smile, George Soros finally satisfied their curiosity.
"Eldorado Fund."