Tuesday Morning, January 2, 1996.
Snow had been falling steadily since last night, blanketing the city in white.
Inside the CEO's office of P&P Partners, located in a high-rise overlooking the New York Stock Exchange, a stocky middle-aged man—John Miller—stood by the window, speaking into his cellphone.
"Are you sure Chief of Staff Huxley is meeting with Speaker Savitz?"
Miller gazed down at the congested streets below as he asked the question.
A deep voice responded from the other end of the line.
[President Clinton has cleared his schedule for the afternoon and will be staying at the White House. Looks like they're determined to settle the federal budget issue today, one way or another.]
Miller gave a slight nod at the words of the lobbyist he had long been working with for insider information.
"Makes sense. The prolonged shutdown has tanked public opinion. If they don't resolve this today, it'll set a new record for the longest federal government closure in history. Neither side wants to keep this tug-of-war going any longer."
[Exactly. It's unlikely, but there are even whispers that the U.S. credit rating could be downgraded if this drags on.]
Miller scoffed, pressing the phone against his ear.
"Downgrade the credit rating of the world's most powerful nation? The issuer of the global reserve currency? That's absurd."
[Maybe so, but it shows just how much uncertainty and anxiety this shutdown is causing.]
"Unfounded concerns, but I bet the White House and Congress are feeling the pressure."
[That's why there's a strong expectation in Washington that the budget will finally be settled today.]
A smirk curled up one side of Miller's lips.
"Keep me updated if you hear anything else."
[Will do.]
Ending the call, Miller slipped his phone back into his suit pocket and turned his gaze toward the massive American flag hanging over the New York Stock Exchange.
His thoughts drifted to Seok-won, the young upstart he had met at a year-end charity gala.
"Cocky little brat. Had a streak of luck and got ahead of himself—now look where he ended up."
Miller let out a dry chuckle before turning away from the window. Taking a seat behind his large mahogany desk, he picked up the intercom receiver and pressed a button.
A husky male voice answered.
[Yes?]
Leaning back in his chair, Miller spoke.
"Nalsé."
Recognizing the voice, the man on the other end responded promptly.
[Yes, sir. What can I do for you?]
"What's the opening price for S&P 500 futures today?"
["615.11."]
Miller nodded at the response.
"As soon as the market opens, buy $500 million worth of futures."
The person on the other end hesitated slightly.
[The market has been stagnant due to the prolonged shutdown. Are you sure about this?]
Recalling his earlier conversation, Miller replied with confidence.
"The uncertainty will be resolved today. Finish the purchases by noon."
Sensing that Miller had access to information they didn't, the caller didn't question him further.
[Understood.]
Miller set down the receiver with a smug grin.
"If a short squeeze wipes out his capital, I wonder if he'll have any money left for that charity bet."
Leaning back in his plush chair, he exuded the certainty of a man who knew he was about to win.
* * *
In a mid-sized office, four televisions were lined up, each broadcasting different channels on mute. A middle-aged White man with dark hair sat at his desk, reviewing documents.
Knock, knock.
At the sound of the door, Michael Bobbitt, CNBC's head of the financial news division, looked up.
"Come in."
"Excuse me."
A woman in a white blouse and slacks entered and stood before his desk.
"You called for me?"
"Yes, have a seat."
Bobbitt gestured toward a nearby couch with a tilt of his chin.
"Thank you."
As Debra made her way to the sofa, Bobbitt stood and walked over to the coffee pot by the window.
"Coffee?"
"I'd appreciate it."
Pouring a cup, he handed it to her before grabbing a thin file from his desk and taking a seat.
"Did you see the ratings from last Prime News?"
"Yes."
Bobbitt offered a satisfied smile.
"That interview with Park Seok-won—the CEO of Eldorado Fund—was a great catch. He's been practically invisible in the media, and the ratings were better than expected."
"Thank you."
"You said you caught him during his morning jog and wouldn't let go until he agreed to an interview?"
"Yes."
Bobbitt nodded, looking highly satisfied.
"That's the kind of boldness you need to land an exclusive."
"Ha-ha...," Debra let out an awkward laugh, shifting her gaze slightly.
Things had gone well, so he was praising her now. But if Park Seok-won had been truly angry and filed a massive lawsuit against CNBC, Bobbitt's smiling face would have twisted into something far less pleasant.
Regardless, the interview with the elusive CEO of Eldorado Fund had been a major scoop, especially since he had openly revealed his short position, predicting the prolonged government shutdown. The buzz surrounding the interview had kept a satisfied grin on Bobbitt's face for days.
"I know you're busy, so let's get straight to the point."
He slid a file folder across the desk toward Debra.
"If I remember correctly, your contract ends around May this year, right?"
"Yes."
Debra instinctively straightened her posture, sensing something important.
"I've been impressed by your dedication and hard work. More importantly, securing that difficult interview proved your capabilities. So, I'd like to offer you a permanent position instead of a contract renewal. What do you think?"
Debra's eyes widened as she stared at Bobbitt in shock.
Though she carried the title of a journalist, her status as a contract employee had always made her position feel unstable. Now, the opportunity she had long hoped for had arrived so suddenly that she found herself momentarily stunned.
"Me?"
"Yes. The details are in that file. Take a look, and if you have any concerns or think something is missing, let me know."
Debra picked up the folder and immediately flipped it open, carefully reading through the employment contract.
Bobbitt, meanwhile, took a sip of his coffee, leisurely waiting for her to finish.
After a while, Debra lifted her gaze from the document, prompting Bobbitt to set his mug down.
"So? What do you think?"
"It all looks good. I don't see anything that needs changing."
Bobbitt grinned as if he had expected that response.
"Then go ahead and sign."
Debra quickly pulled out the fountain pen she always carried and signed the contract.
With the formalities complete, Bobbitt extended his hand first.
"Now keep landing big exclusives like this one and prove that I made the right choice."
"Yes! I'll do my best!"
"Oh, and since your interview with the Eldorado Fund CEO received such a strong audience reaction, why don't you draft a proposal for a similar segment? If it looks good, we might create a dedicated slot for it on Prime News Time."
Debra blinked in disbelief.
"Really?"
"That's right. So, work hard and make the most of it."
Filled with determination, Debra nodded enthusiastically.
"I won't let you down!"
A short while later, as she stepped out of the director's office, her face was visibly flushed with excitement.
Not only had she secured the full-time position she had been hoping for, but there was also a chance—though not yet confirmed—that she might get her own segment on Prime News Time, the coveted golden-hour broadcast. There was no way she wouldn't be thrilled.
"Hey, Debra."
Jan, who had just returned from a quick smoke break, spotted her and teased lightly.
"What's up with you? Why are you walking around grinning like an idiot?"
Normally, Debra would have shot back a sharp retort, but today, she simply beamed at him, her smile wide and unshakable.
"Hehe, is it that obvious?"
"Wha—what the hell? What's going on?"
Jan took a step back, eyeing her up and down as if he had just seen something bizarre.
"You sure you didn't eat something weird?"
"I just signed my full-time employment contract."
"Wait, seriously?"
Jan's eyes widened in surprise, and Debra nodded.
"You didn't see me coming out of the director's office?"
"Wow. Congrats! You finally did it!"
"Hehe. A celebration calls for drinks, don't you think?"
At the mention of alcohol, Jan's eyes lit up.
"Of course! What, were you planning to let this slide?"
"Let's head to our usual spot after work. Drinks are on me."
"Sounds good! I'm really happy for you."
Jan grinned and gave her a genuine congratulatory nod.
Soon, word spread through the office, and colleagues chimed in with their congratulations, making the place lively with chatter.
Still riding high on excitement, Debra sat down at her desk and flipped open her planner to jot down ideas for the segment proposal.
Just then, her gaze drifted toward the muted TVs set up for monitoring market updates. One of them was displaying the closing figures for the New York Stock Exchange.
Dow Jones Industrial Average ▲ 64.31
(5,181.43)
S&P 500 ▲ 5.19
(620.30)
The market had surged on the first trading day of the year, fueled by optimism over the resolution of the federal budget crisis.
"Is this... going to be okay?"
Debra muttered to herself, a hint of concern creeping into her voice as she recalled that Park Seok-won had shorted the S&P 500.
* * *
"Krug Collection 1989."
A neatly dressed hotel staff member held up a tall, black champagne bottle with both hands, ensuring the label was clearly visible.
Seok-won gave a small nod of approval, prompting the staff member to expertly pop the cork and pour the golden liquid into a clear glass.
Lifting the glass, Seok-won inhaled the aroma, a satisfied expression crossing his face before he took a sip.
Observing his reaction, the staff member carefully placed a pristine white porcelain plate on the table and lifted the silver cloche.
A burst of white steam billowed out, revealing a dish of cherry wood-smoked salmon.
Using a fork and knife, Seok-won cut a small piece and took a bite. The fish was so tender that it melted effortlessly in his mouth.
He was enjoying an early dinner alone at the dining table in his penthouse when Baucus approached and extended a phone toward him.
"It's Landon on the line."
Wiping the corners of his mouth with a napkin, Seok-won took the phone and held it to his ear.
"It's me."
[The S&P 500 closed at 620.30, up 5.19 points today.]
Unlike Landon's slightly subdued tone, Seok-won responded calmly.
"The market had a strong start to the year."
[Stocks you shorted also surged, and as soon as the session ended, both Goldman Sachs and Lehman Brothers called, demanding additional margin deposits.]
"How much are they asking for?"
[Five hundred million dollars each.]
A staggering billion-dollar margin call.
Yet, Seok-won remained unfazed.
"There's plenty of cash. Wire them the full amount."
[Understood.]
"By the way, what's the update on Chief of Staff Huxley's meeting with Speaker Savitz?"
[Wall Street was hoping for a last-minute resolution, but since the White House has yet to make any announcements, it seems they couldn't bridge their differences.]
Seok-won sipped his champagne, unsurprised.
"So, we're officially setting a new record for the longest government shutdown."
[It certainly looks that way.]
"The higher the expectations, the greater the disappointment. Let's stay level-headed and keep watching the market."
[Will do.]
After exchanging a few more words, Seok-won ended the call and handed the phone back to Baucus. Then, he leisurely resumed his meal.