Friday morning arrived with dark clouds hanging low and steady rain falling since dawn.
Inside the Saseong Securities branch in Yeouido, the atmosphere was heavy and suffocating.
Every face in the room was tense and anxious.After several days of brutal market crashes, the U.S. market had seemed to be recovering at last—only to collapse again overnight when the new unemployment claims came in worse than expected.
"Damn it. I thought the rebound was real, so I even used margin to buy in. This is driving me crazy."
A man in a thin jacket cursed under his breath and smoked one cigarette after another as if it were the only thing keeping him sane.
Even though smoking indoors was prohibited, no one said a word. It was either because of his intimidating expression or because everyone was too stressed to care.
In fact, several people had cigarettes in their mouths, their hands trembling with nervous energy.
Then a middle-aged man wearing a gray hunting cap spoke to the bearded man beside him with a grave look.
"Hey, did you hear Microsoft is getting split in two?"
Already on edge from last night's U.S. market crash, the bearded man narrowed his eyes and looked at him.
"What do you mean split up? The company's perfectly fine."
People nearby, all tense and restless, pricked up their ears in curiosity.
"You've got a computer at home, right? What do you use?"
"Of course an IBM-compatible PC."
"And your operating system is Windows from Microsoft, isn't it?"
Annoyed by the sudden question, the bearded man replied curtly.
"Obviously."
"When you install Windows, Office gets bundled in with it — with Word and everything. That acts like a wall that prevents users from choosing competing software."
"Well… now that you say it, that does make sense."
Understanding dawned on the bearded man, and he nodded slowly.
"So the U.S. Department of Justice sued Microsoft for antitrust violations. They won the first trial, and now they're trying to force the company to split into two: the operating system division and the Office software division."
"What? They can just do that? It's not even a government agency, it's a private company!"
The bearded man tilted his head in disbelief.
The middle-aged man explained patiently, like a teacher giving a lesson.
"You must not know how frightening U.S. antitrust law is. Even Rockefeller's Standard Oil got torn apart into thirty-four companies because of it. And not too long ago, the giant telecom company AT&T was also broken up under antitrust law."
The bearded man's eyes widened in shock.
"So Microsoft really could end up split into two?"
"That's right."
The middle-aged man nodded, his expression grave.
"The unemployment claims were bad, sure, but that's not the real reason the Nasdaq plunged while the Dow held up a bit. The key factor was the news that Microsoft might be split apart."
The bearded man twisted his face anxiously.
"The market's already a mess. If that really happens, it'll be a disaster."
"Microsoft will appeal, of course, so it'll take a long time before there's a final ruling. But it's definitely not good news for the stock."
Riding the momentum of the dot-com boom, Microsoft had been trading places with Cisco for the top market-cap spot in the U.S.
If a giant like Microsoft started shaking, it wasn't just one company's problem. It would cast a shadow over the entire dot-com sector.
"This is driving me crazy."
The bearded man ran both hands through his hair.
The people around them, who had been secretly listening, began murmuring with even more anxiety, their faces darkening.
A moment later, the market opened. As expected, both the KOSPI and KOSDAQ plunged the instant trading began.
The individual investors packed into the branch stared at the big market board, completely blue with losses, and fell into panic.
"Oh… what do we do…"
"Down ten percent? How is this even possible…"
Some people sank straight to the floor in shock. Others grabbed their heads and screamed.
The KOSDAQ, which held many venture stocks like the Nasdaq, fell even harder, crashing straight downward. Investors who had still held onto a sliver of hope rushed toward the counter to sell.
Dozens of people stampeded across the floor, shoving sell slips at the securities employees while shouting.
"Sell my shares right now! I don't care how much I lose, just sell at market!"
"Hey! Mine first!"
"Sell the Hancom Innovation shares I bought yesterday!"
The crowd fought to get ahead, bodies smashing together in front of the desk.
"Move out of the way!"
"I was here first!"
"Don't push! I need to sell something to save what I can!"
"As if we're not all trying to do that!"
"Who just cut in line?!"
Shouts, screams, and desperate pleas mixed together as people shoved each other without restraint.
"I'm about to end up on the street! Process my order first!"
"Argh! Who hit me?!"
"Move!"
In the middle of the chaos, a middle-aged woman finally pushed her way to the front. Her hands, slick with sweat, held out a crumpled sell slip.
"P-please… sell this quickly."
The middle-aged woman looked as if she might collapse at any moment, and the young employee swallowed hard as she took the slip from her.
Phones rang nonstop from every direction with people shouting sell orders, and the chaos at the counter—customers shoving slips at the staff and yelling—left the employees looking completely drained.
Trying her best to stay calm, the young employee checked the stock and quantity written on the woman's slip and entered the sell order.
But a moment later, her expression stiffened as she looked at the monitor.
"Um…"
"Did it sell? Did my stock sell?"
Still being pushed from all sides and barely holding her ground, the woman asked urgently.
"I placed the order, but there are too many sell orders. It's not getting filled."
"Th-then what about my shares?"
"I'm sorry, but…"
Seeing the woman's devastated face, the employee turned her eyes away as if she had no other choice.
"Move!"
Just then, a man next to them shoved the woman aside and thrust his own slip forward.
"Put mine in next! It's already dropped more than ten percent!"
"Y-yes, sir."
His threatening stance made the employee flinch, and she hurriedly took the slip.
But she already knew the truth: this stock wouldn't sell either. Her fingers trembled as she tried to enter the order.
Just days ago, the trading floor had been full of greed and hope. Now, all of it had vanished, replaced by a scene of pure chaos—people pushing each other aside, scrambling desperately to escape the pit they'd fallen into.
By the end of the day, the Korean stock market took the full hit from the shock out of the U.S. Both the KOSPI and KOSDAQ plunged, wiping out the small rebound from the day before.
***
Southampton, Long Island, New York
The study, built almost entirely with heavy oak, had bookshelves filled with rare first editions and professional volumes, stretching all the way up to the ceiling and covering every wall.
Sitting alone on a deep brown buffalo-leather sofa at the center of the room was George Soros, the Wall Street titan and founder of the Quantum Fund.
He was now in his seventies, entering the twilight of his life, but he still carried the solid presence and seasoned aura of a man who had survived the jungle of Wall Street for decades.
Wearing a cable-knit cardigan, George Soros held a thick Cuban cigar in one hand while his eyes rested on an article in that day's Wall Street Journal.
[Quantum Fund Loses 30% in Two Weeks of April, Says George Soros]
It was an article reporting that the Quantum Fund he had created had taken a staggering 30 percent hit in the recent tech-stock collapse.
For a fund founded in 1969 that had delivered a steady annual return of 32 percent, it was nothing short of humiliating.
George Soros clicked his tongue in annoyance, deep wrinkles forming between his brows.
At that moment, there was a double knock, and Rodney entered through the wooden door, dressed in a gray suit.
His expression was stiff. As he stepped closer and bowed his head slightly, George Soros lowered the newspaper onto the table with a sharp tap.
"Sit."
He motioned to the empty sofa on his left with the hand not holding the cigar.
His dry, emotionless voice made their current relationship painfully clear—no warmth, no familiarity.
"Yes, sir."
Rodney answered in an equally flat tone and took his seat. His expression hardened even further when he noticed the Wall Street Journal on the table.
A strained silence settled between them.
In the kind of quiet where even a pin drop might have been heard, George Soros leaned back into the soft sofa and spoke first.
"I'm very disappointed in you."
Rodney had come fully prepared for criticism. He straightened his posture and met Soros's eyes directly.
"As you know, our portfolio holds a large amount of internet tech stocks including Cisco and Microsoft. There was no way to avoid the impact of this crash."
"..."
"But last time, we were down nearly twenty percent before shifting our positions and recovering to end with a thirty-five percent gain overall. It'll be the same this time."
Rodney had taken a considerable loss, but he still hadn't lost his confidence.
George Soros, however, looked at him with clear dissatisfaction and spoke sharply.
"You took the wrong position back then too, and that's why we took the loss. If I hadn't ordered you to shift the positions quickly, we would have completely missed the timing."
Rodney pressed his lips together and stayed silent.
It stung to hear Soros push all the blame onto him while taking all the credit. Anger welled up in his chest, but he forced it down by clenching the fist resting on his thigh.
He felt a pang of disappointment and betrayal again, but he refused to let it show.
"Because of you, we've damaged the reputation the Quantum Fund has built over decades. How do you intend to take responsibility for that?"
Rodney stayed quiet for a moment, then set his jaw and spoke with resolve.
"I'll take responsibility."
"How?"
Soros snorted lightly as he asked.
"As you said, my poor investment decision caused significant losses. I'll step down as CIO and leave the fund."
Soros's eyebrows twitched, as if he hadn't expected such an answer.
"Are you serious?"
"Yes. I thought about it for a long time before saying this."
George Soros took a long drag from his cigar, then slowly exhaled while staring at Rodney.
After a moment, he nodded.
"Very well. If that's your decision, I'll accept it."
Rodney had secretly hoped for even a single word of hesitation or an attempt to stop him. Seeing Soros accept his resignation so readily made him feel foolish for agonizing over the decision for so long.
Unable to hide his disappointment, Rodney bowed his head slightly.
"...Once a successor is chosen, I'll hand over the duties so the fund's operations won't be disrupted."
But Soros waved his cigar-holding hand dismissively.
"No need. I'll take back the fund myself."
Hearing that, Rodney let out a faint, bitter smile. So this was what he'd wanted all along.
Originally, Rodney had hoped to repair the losses before stepping down. But now, even though the words had slipped out impulsively, he felt oddly relieved. Quitting today had been the right choice.
"I'll continue paying your salary for the next six months, so take some time to cool your head."
George Soros said it as if he were doing Rodney a favor.
"...Then I'll take my leave."
With nothing left to say, Rodney rose to his feet with a blank expression and walked out of the study.
George Soros watched his departing back through a haze of cigar smoke, his gaze indifferent and unmoved.
TL/n -
U.S. antitrust law exists to stop any one company from becoming so powerful that it can crush competition or control an entire market.
+++
Standard Oil was an oil company founded by John D. Rockefeller in 1870. It became the most powerful and profitable company in the United States.
How it became so big
- Rockefeller used several strategies:
Bought out competitors
He often acquired smaller oil companies, sometimes at prices they couldn't refuse.
- Controlled transportation
He made special deals with railroads so Standard Oil paid far less than competitors.
- Cut prices aggressively
He lowered prices to push rivals out of the market, then raised them after gaining control.
- Vertical integration
The company handled everything: drilling, transporting, refining and selling.
By the 1880s, Standard Oil controlled about 90 percent of all oil refining in the U.S.
Why it was a problem
People believed Standard Oil had too much power.
It could:
Set prices however it wanted
Block new companies from entering the market
Influence transportation and banks
Control almost the entire oil supply
This was seen as a threat to fair competition.
What the government did
In 1890, the U.S. passed the Sherman Antitrust Act, the first major law against monopolies.
After years of investigation, in 1911, the U.S. Supreme Court ruled that Standard Oil was an illegal monopoly and ordered it to be split up.
The breakup
Standard Oil was divided into 34 independent companies, including future giants like:
Exxon (Standard Oil of New Jersey)
Mobil (Standard Oil of New York)
Chevron (Standard Oil of California)
Amoco (Standard Oil of Indiana)
Conoco (part of the breakup)
Ironically, many of these companies later became huge again.
What happened to Rockefeller
The breakup didn't hurt him financially. He owned stock in all the new companies. When their share prices rose after the breakup, Rockefeller became even richer.
Summary
Standard Oil grew so powerful that it controlled almost the entire oil industry. The government used antitrust law to break it into 34 companies in 1911 to restore competition.