A few days later.
President Han came to deliver a report on the currency swap.
"Chairman, David has been reaching out to political circles, and even Dimon has joined in. They've decided to negotiate directly with the White House. The House members are already on board, and it looks like they'll be able to secure the Senate's support within the week."
"That's no easy task, yet things are moving quickly."
"To be honest, this wasn't such a difficult job. Since the Korea–U.S. FTA has already been signed, the general mood in the U.S. was that they couldn't simply turn their backs on Korea."
"So you're saying the swap might have gone through even if we hadn't stepped in."
I had already known that.
Even before my regression, a currency swap had been signed between Korea and the U.S. after the Lehman crisis.
"David even joked that it was so easy, it hardly felt like work."
"Well, since we've gotten involved, we might as well push to expand the swap. Try for fifty billion dollars."
"Word in Washington is that thirty billion is the upper limit. It won't be easy to raise it to fifty."
"If Taewoo Securities and the fintech bank both provide guarantees, it should be possible. After all, a currency swap is basically like an overdraft account, isn't it? You only use it in emergencies, and we'd never actually touch the full fifty billion."
A nation's foreign reserves could be seen as deposits.
A currency swap was closer to an overdraft account.
And not just anyone could open an overdraft account whenever they pleased.
Only those with solid credit were given one.
It was the same with currency swaps. The U.S. Federal Reserve would only propose such an agreement if they trusted Korea's creditworthiness.
"If the fintech bank also provides backing, then fifty billion might just be achievable. But since we're indebting ourselves to the U.S. government anyway, why not go further and ask for a permanent swap, like Japan has?"
"No, that would be overstepping. Only five countries—Canada, Japan, and a few others—have permanent swap lines. Korea's credit rating hasn't reached that level yet."
The currency swap we were about to sign was only temporary.
It could be extended, but eventually the contract would expire.
A permanent swap, however, was like gaining an unlimited and indefinite overdraft account.
"I spoke too soon. A permanent swap would be difficult, even if the White House itself pushed for it."
"Korea might achieve that someday if it becomes Asia's financial hub. But not yet."
"For now, I'll be satisfied with a fifty-billion-dollar swap. And since this is such an important matter, I think I should go to the U.S. myself."
"Go with peace of mind. Vice Chairman Park Manduk will handle Taewoo Securities while you're away."
I felt a twinge of envy.
Even if Han went to America, Vice Chairman Park was here, and so was I, so he could travel freely.
"When I was on Wall Street, I never understood why you couldn't come to the U.S. more often, Chairman. Now that I'm part of Taewoo Group, I finally get it."
"Thank you for saying so. Still, before the year ends, I'll make at least one trip to the States."
"You mean when it's time to bite into the prize of an American automaker? Please take me with you. That's not something I'd want to watch from Korea."
"We'll see when the time comes. For now, stop wasting time and get going on your trip."
"I'll handle my business and fly straight back to Korea!"
Han practically ran out the door.
Oddly enough, the playful bounce in his stride made him look all the more reliable.
***
Two days after President Han had left for his business trip to the U.S.,
the planning director came to see me with both good news and bad news.
"Chairman, the film directed by Bong and produced and distributed by Taewoo Entertainment is receiving an incredible response. Not only in Korea, but also in the U.S. and Europe, it's drawing a lot of attention."
"So the movie has already been released. It's been so long since I've enjoyed any leisure that I didn't even realize."
"It didn't premiere in theaters, but on an OTT platform. We were worried at first, but the response has been far stronger than expected."
OTT subscriptions were skyrocketing by the day.
Because smartphones had become widespread faster than they did before my regression, OTT's popularity was also taking off earlier.
"Wasn't there also a drama completed?"
"Yes. Early this year, writer Im Heeyoung's zombie drama was released on OTT, and it received an excellent reception worldwide. And in Asia, writer Lee Seohui's romance series was a massive hit—especially in Japan and Southeast Asia, where it became a real sensation."
I hadn't heard any of this, since I had been away on long trips to the U.S.
Compared to the scale of Taewoo Group's major projects, the planning director must have thought it too minor to report right away.
"So I'm only finding out now. Had I known earlier, I would've given the production team a reward."
"The Honorary Chairman instructed us not to bother you unless it was truly important, so I kept quiet."
What could I say when he put it on Grandfather?
Besides, this wasn't bad news—it was a major success. I had no real reason to complain.
"Taewoo Entertainment is doing well. Tell them to keep producing dramas and films. Also let them know not to worry about production costs."
"With larger budgets than other productions, and higher pay for the directors and actors, there have been no issues with production so far."
"No issues so far? That makes it sound like there are issues now."
"There are rumors that film festivals are beginning to reject movies released on OTT platforms."
The clash between OTT and the film industry.
I had expected this problem, but facing it in reality didn't feel good.
"If OTT subscriptions keep rising, the film industry won't have any choice but to wave the white flag."
"With subscriber numbers increasing sharply every year, I also believe that in about ten years the balance of power will shift from theaters to OTT. So are you suggesting we just wait it out?"
Waiting might indeed have been the answer.
But I couldn't simply sit back when I thought about the directors and crews who had trusted us, premiering their films on OTT instead of in theaters, and releasing their dramas on OTT instead of on broadcast television.
"To bring in more talent—directors, writers, actors—we'll need to take some kind of action ourselves."
"As for foreign film festivals, I don't have any direct line for news. But in the domestic scene, there are reports that films released on OTT are being excluded from competition entirely. Still, when it comes to the Taejong Awards at the end of the year, lobbying might make it possible."
The Taejong Awards were the oldest and most established in Korea.
But they were also the least trusted.
People joked that prizes could be bought outright, and sometimes completely irrelevant works had won. There had even been cases where a film that hadn't been out for more than a week was given an award.
"If our film is excluded from all the other festivals and only nominated for the Taejong Awards, that might actually hurt our image."
"That's true. The prestige of the Taejong Awards has dropped a lot lately. There were even times when actors staged a group boycott. The festival is so swayed by industry veterans and stakeholders that its credibility is in tatters. Which also makes it the only festival where lobbying could work."
Lobbying for an award?
That was only something to consider if our work had failed either commercially or artistically.
But our film had both strong artistic merit and box office appeal, and audiences loved it.
Spending money just to secure a nomination at the Taejong Awards felt like nothing more than a waste.
"If we're going to lobby, let's spend money on a film festival that actually matters."
"By a festival that matters, do you mean the Busan International Film Festival?"
"That would still be small. You need something on the scale of the Academy Awards for lobbying to make sense."
"The Academy? You mean the Oscars? That's the biggest stage in the U.S., and lobbying there is far from easy."
The three major film festivals were Cannes, Berlin, and Venice. The Academy Awards weren't part of that trio, but they were the world's most famous ceremony. As an American event, outside influence such as lobbying or campaigning often swayed outcomes.
"I'm not saying we should buy an award. I just want us to secure the right to be judged on fair terms."
"That might be possible, but it's hard for the planning office here to handle that from Korea."
"Don't worry. I know someone who specializes in this."
The specialist I meant was, of course, David. He had connections across American politics and the film industry. With his network and funding, lobbying was doable.
"I'm sorry. I'll try harder so the planning office can manage U.S. matters as well."
"There's no need. It's more efficient to focus on what each side does best. Have the planning office sponsor one Korean festival so our OTT works can compete there."
"I'll do my best to make contact."
"Don't overreach. Even being nominated at the Oscars would force Korean festivals to stop excluding OTT works."
"We'll proceed steadily and without overreaching."
The planning director left with a determined face. I picked up my phone and called David right away.
[Boss! Please, take President Han with you too. He's driving me crazy. I've been hassling him all day!]
"Does President Han pest you that much?"
[I'm so fed up he doesn't even want to come into the office!]
"Perfect. I'll give you a convenient excuse to get him out of the way."
I told David about the plan to lobby for the Academy Awards.
At once, the groaning tone he had earlier disappeared, replaced by a voice brimming with excitement.
[Boss, this is fascinating. There's no way I'd sit out on something like this. I'll make sure that a film released on OTT gets a fair shot at the Academy Awards.
"Just don't resort to anything illegal. All I want is for the film to be judged fairly. It's strong enough to stand on its own once it reaches the starting line."
[Most Academy members are people I know personally. Not only in the U.S., but also in Europe as well. And with the Lehman crisis, it'll be hard for them to find sponsors. If we step in with substantial backing now, it's entirely possible.]
David's voice carried unshakable confidence.
He had become one of the top lobbyists in America, with skills so exceptional that putting him on this task almost felt like a waste of talent.
[—oh!Boss! Han Sajang suddenly]
[Chairman, good news. The currency swap issue appears to be resolving. The Federal Reserve is expected to announce the swap agreement by the end of this month at the latest.]
It was Han's voice coming through David's phone. He must have snatched it from him.
"What's the figure we're looking at?"
[Thanks to joint efforts with Fintech Bank, we're looking at a minimum of 40 billion dollars, possibly up to 50 billion.]
"Then all that's left is to wait for the Fed's announcement. You've done well."
[And you may need to come to the U.S. soon. Information is pouring in that American automakers are on the verge of a wave of bankruptcies.]
"At last, the fruit is ripening nicely."
The day to harvest the American automakers was almost here.
Others might see them as rotten fruit, but if you cut away the spoiled parts, what remains would be sweet, juice-filled fruit.