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cmxc
Joined: 19 May 2008
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 Posted: Thu Sep 25, 2014 12:15 am Post subject: Korea - Pardon Chaebol heads to save economy??? |
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So Korea wants to pardon convicted businessmen who have embezzled, evaded taxes, and committed fraud, thereby greatly distorting and undermining Korea’s economy in order to save its economy???
What a bunch of bullshit and one of the most disappointing yet persistent recurring themes of Korea.
Finance minister voices support for pardoning convicted biz leaders to help economy
http://english.yonhapnews.co.kr/business/2014/09/25/40/0502000000AEN20140925008051320F.html |
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Steelrails
Joined: 12 Mar 2009
Location: Earth, Solar System
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| Posted: Thu Sep 25, 2014 12:27 am Post subject: |
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| One minister is "Korea"? |
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Mikejelai
Joined: 01 Nov 2009
Location: Seoul
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| Posted: Thu Sep 25, 2014 4:33 am Post subject: |
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| same as ir ever was, same as it ever was..... |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Thu Sep 25, 2014 4:53 am Post subject: |
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"I agree with Hwang's opinion. Of course, businesspeople also should be punished for violating laws, but it would not be helpful in reviving the economy if the laws are enforced too strictly just because they are business leaders," Finance Minister Choi Kyung-hwan told reporters here.
Sounds like the 2008 collapse in the USA; let's not blame these guys, because these guys are the authors of the next collapse. If we don't punish them, they will do it again. Right. |
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radcon
Joined: 23 May 2011
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| Posted: Thu Sep 25, 2014 4:55 am Post subject: |
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| It's similar to the aftermath of the 2008 financial meltdown in the US. The banks used the bailout money to pay bonuses to the execs giving the excuse " Well if we don't pay them bonuses they can leave our bank and we need them now more than ever to get us through this shitstorm." Which begged the question " If these eff heads are so important and smart, why did your bank meltdown in the first place?" |
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trueblue
Joined: 15 Jun 2014
Location: In between the lines
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| Posted: Thu Sep 25, 2014 4:56 am Post subject: |
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| ...nothing new under the sun. |
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wanderkind
Joined: 01 Jan 2012
Location: Japan
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| Posted: Thu Sep 25, 2014 4:04 pm Post subject: |
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This article makes me want to grind my teeth into powder.
Business leaders are transient. Punish the ones that *beep* up. NEW ONES WILL REPLACE THEM, and they'll be aware of why the position became available.
This is so transparently about keeping friends out of jail and in power it's insulting. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Thu Sep 25, 2014 4:53 pm Post subject: |
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| wanderkind wrote: |
| Business leaders are transient. Punish the ones that *beep* up. NEW ONES WILL REPLACE THEM, and they'll be aware of why the position became available. |
This is true.
People in subprime origination/securitization took risks because there was upside, but little downside. If things went bad, they could just move on, and leave the market/company/govt with the losses. They knew there was close to zero chance they would be jailed, or sued.
There is upside for extreme risk taking, and you'll never be held accountable if it goes bad. Thus logical to do it again. |
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radcon
Joined: 23 May 2011
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| Posted: Thu Sep 25, 2014 5:53 pm Post subject: |
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| This is how Eliot Spitzer got Wall Street guys to flip states evidence. These guys were willing to do their 18 months jail time at club fed, but Spitzer said no, we will send you to the New York state pen. Bankers were willing to sing then. |
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Steelrails
Joined: 12 Mar 2009
Location: Earth, Solar System
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| Posted: Thu Sep 25, 2014 8:10 pm Post subject: |
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| radcon wrote: |
| This is how Eliot Spitzer got Wall Street guys to flip states evidence. These guys were willing to do their 18 months jail time at club fed, but Spitzer said no, we will send you to the New York state pen. Bankers were willing to sing then. |
At the same time he was part of a prostitution ring. Power always corrupts. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Thu Sep 25, 2014 8:24 pm Post subject: Re: Korea - Pardon Chaebol heads to save economy??? |
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| cmxc wrote: |
So Korea wants to pardon convicted businessmen who have embezzled, evaded taxes, and committed fraud, thereby greatly distorting and undermining Korea’s economy in order to save its economy???
What a bunch of bullshit and one of the most disappointing yet persistent recurring themes of Korea.
Finance minister voices support for pardoning convicted biz leaders to help economy
http://english.yonhapnews.co.kr/business/2014/09/25/40/0502000000AEN20140925008051320F.html |
Kind of like all those dip $ h!t$ that didn't go to jail when they crashed Wall Street in 2008? |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Thu Sep 25, 2014 8:26 pm Post subject: |
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| radcon wrote: |
| It's similar to the aftermath of the 2008 financial meltdown in the US. The banks used the bailout money to pay bonuses to the execs giving the excuse " Well if we don't pay them bonuses they can leave our bank and we need them now more than ever to get us through this shitstorm." Which begged the question " If these eff heads are so important and smart, why did your bank meltdown in the first place?" |
Considering all those Harvard and Yale educated bums were the ones who them into that mess in the first place. What a great crime that none of these players didn't go to jail. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Thu Sep 25, 2014 8:36 pm Post subject: Re: Korea - Pardon Chaebol heads to save economy??? |
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| Weigookin74 wrote: |
| Kind of like all those dip $ h!t$ that didn't go to jail when they crashed Wall Street in 2008? |
I had the idea once for a system where punishment could index damage to society.
So for example if a peasant stealing a loaf of bread carries a certain punishment based on damage to society (almost no damage), and manslaughter carries some punishment based on damage (to one family), then collapsing markets all over the world would carry some calculated punishment.
Calculated this way, all these guys would be life in prison without parole, or death penalty. Because you just can't go higher than that. If you did the actual calc, it might be 10,000 years in prison, or killed and resurrected 100 times, because the damage done was so extreme!  |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Thu Sep 25, 2014 8:59 pm Post subject: |
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| Weigookin74 wrote: |
| radcon wrote: |
| It's similar to the aftermath of the 2008 financial meltdown in the US. The banks used the bailout money to pay bonuses to the execs giving the excuse " Well if we don't pay them bonuses they can leave our bank and we need them now more than ever to get us through this shitstorm." Which begged the question " If these eff heads are so important and smart, why did your bank meltdown in the first place?" |
Considering all those Harvard and Yale educated bums were the ones who them into that mess in the first place. What a great crime that none of these players didn't go to jail. |
Guess all those elite schools are no better than going to a regular school. Their education isn't more superior as they made mistakes a regular joe with any common sense would have or ought to have known about. |
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atwood
Joined: 26 Dec 2009
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| Posted: Thu Sep 25, 2014 10:22 pm Post subject: |
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I think it's tough to compare embezzling company funds with screwing the pooch the way many at Wall St and European banks did.
As for punishing those who did not uphold their fiduciary responsibility and are libel, now that all the bank settlements are out of the way they are, it has been reported, going after individuals and will be asking for jail time.
The first target is said to be the former CEO of Countrywide.
The remarks in the article remind one of the rehabilitation of some German and Japanese who could help with the rebuilding of those countries. Except Korea is not in a situation anywhere near analogous.
SK is a base, materialistic place. |
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