If you’re wondering why I came to the Soviet Union while also juggling the pound short-sell and the Barings Bank setup...
‘Well, obviously. The USSR is on the verge of collapse.’
This might be the last chance in my life to see the Soviet Union. There was a bit of a sightseeing motive too.
But the biggest reason? The post-collapse chaos would be absolute madness—and I wouldn’t be able to guarantee my own safety then.
-Give me the money, and I’ll hand over the shares.
-No thanks? Actually, based on communist-style distribution, shouldn’t a bourgeois like you be the one handing them over? I’ll spare your life, so give me the cash and get lost.
-...No thanks from me either?
Hmm... I’m a gourmand, sure, but I have no interest in sampling the blade of a collapsing nation. Pretty sure Choi Yeon-ha would agree.
Not knowing the USSR was going to fall is one thing, but knowing it and still not securing local connections? That’s just dereliction of duty.
Not all Western investors walked away from the Soviet collapse as winners. Plenty of them had their shares straight-up stolen.
All because they lacked the right ties to local power. At this point in time, a few gold bars can fix that.
“Ahem... I’ll accept it for now. But... who exactly are you, miss?”
Yuri Chebrikov’s wary eyes locked onto me, proving he hadn’t landed his CEO title by accident. Gone was the lustful stare from before—replaced by the sharp air of a predator.
“Oh my, I did tell you, didn’t I? Let’s say I’m ◈ Nоvеlіgһт ◈ (Continue reading) a representative... of a company affiliated with Alpha Fund.”
“A representative? Ah, so you’re royalty. For someone to entrust that much money to a young woman like you...”
“Let’s go with that.”
I shook his hand with a smile that felt like a mask sliding into place.
A sticky silence passed between us. Then Yuri Chebrikov exhaled and asked:
“So, you don’t need anything from me directly. You’re telling me to call in my uncle, right?”
He glanced sideways at the gold bars.
-You know I can’t handle this alone, right?
That unspoken look was practically scolding me. And he was right—he’d need help to even move that much gold.
“To be honest, I didn’t know he was your uncle. Haha... Lucky me, I guess. I’ve got time, so no rush. Gold’s not going anywhere, right? Let’s take it slow.”
“Oh, and the one you’re holding? Feel free to keep it. It’s a gift. Between ‘friends,’ you know?”
“No, that’s alright. I’ll just—”
I curved my lips into a smirk and looped my arm around his neck. As my soft skin touched his, Yuri Chebrikov froze, dazed.
Still smiling, I slid the bag into his hand.
“Come on, don’t be so uptight. Just take it. It’s fine, really.”
After charming that naive (in the Russian sense) young man, I returned to the hotel and gleefully recounted the tale.
Soaking in a warm bath, I felt the long-distance fatigue melt away.
“Yeah yeah, so his face turned all red... Ahaha, it was seriously hilarious.”
“Y-yes? Uh, that... s-sounds nice...”
Choi Yeon-ha awkwardly nodded along, trying to please me. I guess she still hadn’t fully adjusted to my personality. She kept missing the beats I actually enjoyed.
Well, I mean, liking it when someone burns with lust while holding themselves back—yeah, that’s not exactly a normal taste.
But I liked it. Watching a person’s instinctual desire clash with reason, leaving them unable to touch me...
If I used force, they couldn’t resist. But instead, it was my social status and the illusion of capitalism that shackled their instincts. That repression? Delicious.
Now I get why dictators get addicted to inspection parades. Bending people to your will offers a heady thrill.
“Oh, and... the document you asked for arrived.”
Choi Yeon-ha rummaged through a bag and handed me a piece of paper.
“Hmm... the terms look good. Just one?”
“Ah, yes. I’ve been meeting people all over Moscow, but the laws and regulations here are... really weird. I spoke with a few officials, but legally things are still...”
“Yeah yeah, it’s still the USSR. Even issuing proper bonds is hard here.”
If bonds are issued, then their creditworthiness can be bought and sold too.
So... what do you think I’m going to do?
After the Soviet collapse, the Russian government delays paying off Soviet-issued bonds. There are a lot of types, and things get complex with derivatives, but basically—they don’t pay.
But Russian government bonds? Those get paid.
What Russia, you ask? Is there more than one Russia?
I flicked the crisp contract copy. One corner, wet from the bath, had torn slightly.
There, in bold letters, it read: Imperial Russian Bonds.
“Um... Miss. But... are you serious about this contract? Sure, once the USSR collapses, the Russian government will take over, but...”
Choi Yeon-ha trailed off.
She was asking me if this was for real.
“Are you wondering if the Russian government will repay old debts? They will. They have to.”
Yeah. The Russian government repaid the Imperial Russian bonds. Debts over 80 years old.
It was a rational move, really. They didn’t adjust for inflation.
Russia’s traditional disasters—crushed economy and massive debt—applied to the USSR too. If you’re going to repay one, then better go with Imperial debt, right?
“It’s a solid contract. I’ll buy Russian bonds for cheap and short the Soviet bonds.”
Not that weird of a deal.
I’d invested in shaky Soviet firms. If I took out CDS as insurance, even if the USSR fell, I’d be hedged against risk.
More companies had entered the USSR than in the original history, and it’s probably thanks to CDS contracts.
They hedged against communist rollback, nationalization risks after collapse, and other uncertainties. CDS made the Soviet market a surprisingly appealing entry point.
Buying Russian bonds, though... That’s straight-up maniac behavior.
Even the French government—who held most of the Russian bonds—was like:
-You’re buying that? Seriously?
Naturally, the French investors who held out for 80 years weren’t about to just hand them over. I didn’t have the cash to pay full price either.
“I paid around 5 billion won for bonds with a face value of 100 billion. If my guess is right, I’ll net at least 50 billion.”
That 100 billion was based on the value 80 years ago, so adjusted for inflation, it’s worth in the trillions—but hey, I’m not that heartless.
Besides, those French investors were exhausted after holding out for eight decades. This wasn’t a delisting. The whole country collapsed.
Most of them hadn’t so much held on as just forgotten. And the original bondholders were long dead—these were third- or fourth-generation inheritors.
“...I envy someone who can toss 5 billion won around just for fun.”
For a second, Choi Yeon-ha couldn’t hide her envy. I smiled sweetly and stood up from the bath.
“I like it too—being able to spend this kind of money however I want. So let’s work harder, yeah? Let’s make some real money.”
It was about time to meet the next person. Getting in touch with the KGB would take time, so I had to make the most of it.
Thanks to Grandpa’s permission, going abroad had become a breeze.
If this were before, I’d have sent Yoo Seon-jun or Si-hyun. But now that I didn’t need to worry about Grandpa’s approval? Of course I’d go myself.
I tossed a towel loosely over myself to cover the essentials, then handed my dripping hair to Choi Yeon-ha. The blow dryer blasted warm air over me.
I gazed into the mirror, lost in self-love. Long hair’s a hassle, sure, but goddamn, it looks good.
“Ahh, yeah. Feels nice... Haa...”
As I spent a moment in communion with my truest love—me—I noticed my flustered secretary reflected in the mirror.
Time was running out.
With a faint smile, I turned to Choi Yeon-ha.
“Yeon-ha, can you do my makeup?”
Her gentle hands brushed my face. True to her pretty looks, she did professional-level makeup. If Si-hyun was naturally talented, Yeon-ha was the type who worked hard at it.
With a light touch of makeup added, my face now had a more mature aura.
“All done, Miss. Wow... You’re seriously beautiful. I mean it. Really.”
“Mm, of course I am.”
I’d fooled enough people by now to know—I didn’t look like a child at all.
‘I always matured early, and I’m a January baby...’
Add some makeup, the right clothes, and the aura of a chaebol heiress, and now I easily looked like I was in my late teens or early twenties.
And most men would assume I was in my early twenties. It’s not like anyone wants to admit they’re into teenage girls, and no one expects their business partner to be a teenager.
“He said to meet in the hotel room, right?”
“Yes! I’ve booked a room next door—you can meet him there.”
“Okay, thanks. Get it ready.”
I buttoned up my dress shirt and straightened my black tie, preparing to meet a historical figure.
Nick Leeson had arrived in the Soviet Union.
A different room in the hotel.
A young white man in round glasses was waiting for me.
Just 24 years old, he welcomed me with a charming smile and an air of confidence.
“Oh, are you from Daehwa Investment Bank? The one that invented CDS?”
“Ahaha, that’s right. Hello, Mr. Leeson.”
I smiled warmly and greeted the legendary con man.