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Korea - Pardon Chaebol heads to save economy???
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cmxc



Joined: 19 May 2008
PostPosted: Thu Sep 25, 2014 12:15 am    Post subject: Korea - Pardon Chaebol heads to save economy??? Reply with quote
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
PostPosted: Thu Sep 25, 2014 12:27 am    Post subject: Reply with quote
One minister is "Korea"?
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Mikejelai



Joined: 01 Nov 2009
Location: Seoul
PostPosted: Thu Sep 25, 2014 4:33 am    Post subject: Reply with quote
same as ir ever was, same as it ever was.....
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KimchiNinja



Joined: 01 May 2012
Location: Gangnam
PostPosted: Thu Sep 25, 2014 4:53 am    Post subject: Reply with quote
"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
PostPosted: Thu Sep 25, 2014 4:55 am    Post subject: Reply with quote
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
PostPosted: Thu Sep 25, 2014 4:56 am    Post subject: Reply with quote
...nothing new under the sun.
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wanderkind



Joined: 01 Jan 2012
Location: Japan
PostPosted: Thu Sep 25, 2014 4:04 pm    Post subject: Reply with quote
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
PostPosted: Thu Sep 25, 2014 4:53 pm    Post subject: Reply with quote
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
PostPosted: Thu Sep 25, 2014 5:53 pm    Post subject: Reply with quote
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
PostPosted: Thu Sep 25, 2014 8:10 pm    Post subject: Reply with quote
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
PostPosted: Thu Sep 25, 2014 8:24 pm    Post subject: Re: Korea - Pardon Chaebol heads to save economy???