The Marmot’s Hole

18 Comments

1. Seth Gecko
   Posted April 17, 2008 at 5:52 pm | Permalink

   For anyone that doesn’t get the “Wheel Chair Season” crack, here you go:

   http://www.ft.com/cms/s/0/c6d4.....ck_check=1

2. Sino
   Posted April 17, 2008 at 6:13 pm | Permalink

   So, what do you think will happen if he’s found guilty? 2 year sentence…suspended for 3 years and pardoned next spring?

3. Seth Gecko
   Posted April 17, 2008 at 8:20 pm | Permalink

   #2 you’re right-on.

4. Leguwan
   Posted April 17, 2008 at 9:27 pm | Permalink

   Well, looking at his frail octogenarian walk for the cameras on BBC News this evening he looks like a sure candidate for the wheelchair and dressing gown for the sentencing bit…certainly does not do much for Samsung’s global brand…like their sponsoring of the Olympic Torch!

5. Sino
   Posted April 17, 2008 at 9:45 pm | Permalink

   And the value of Samsung stocks went up today? Seems odd, doesn’t it?

6. Linkd
   Posted April 17, 2008 at 10:24 pm | Permalink

   I’m in the business of writing hot wind for Korean companies. So is this FT reporter:

   Investors, relieved the four-month investigation had ended, said it may help bring transparency to the murky management structure at Samsung, bringing it closer to global standards.

   My ass.

   Shares in flagship Samsung companies retained strength after the indictments and analysts say the results of the probe may prompt the group to be more open.

   Sure they did.

   ”The indictment is meaningful in that this may motivate the Samsung Group to become more transparent before the eyes of the investors,” he said.

   Blah-biddy-blah-blah-fuckidy-blabity-blah.

   Another tough day at the office for Korea’s financial press corps.

7. CactusMcHarris
   Posted April 18, 2008 at 1:23 am | Permalink

   Does anyone know if the wheelchair he used was kuksan (made in Korea) or did he use the super-light Swiss model?

   Personally, I’d have made him roll up, literally, in white clothes with his hands ceremoniously tied with some rope, but that will have to wait until I’m King of Everything.

8. Sino
   Posted April 18, 2008 at 6:22 am | Permalink

   #5,

   I have an alternate explanation for the gain.

9. parker
   Posted April 18, 2008 at 9:52 am | Permalink

   Am I reading this right? The prosecutors aren’t even asking for jailtime?!

   According to the Korea Times:

   “We are not seeking detention, as the accused mostly admitted the charges and their absence from management may cause huge damage to the group and the nation’s economy,” Cho said, adding he hopes that the group will be reborn as a top global group with a transparent management system in keeping with global standards.

   http://www.koreatimes.co.kr/ww.....22685.html

10. Linkd
    Posted April 18, 2008 at 10:22 am | Permalink

    What part of ‘$200 million slush fund to bribe officials’ don’t you understand?

11. chioboi
    Posted April 18, 2008 at 10:29 am | Permalink

    #9

    If I am correct, I think what they are saying is that they won’t ask for detention up to and during the trials.

12. Zonath
    Posted April 18, 2008 at 10:49 am | Permalink

    “We are not seeking detention, as the accused mostly admitted the charges and their absence from management may cause huge damage to the group and the nation’s economy,

    It must be absolutely lovely to be able to hold your country’s entire economy at ransom (and not only get away with it, but not even have half the country’s populace calling for your head on a platter.)

13. dogbert
    Posted April 18, 2008 at 12:14 pm | Permalink

    I’m in the business of writing hot wind for Korean companies. So is this FT reporter:

    Investors, relieved the four-month investigation had ended, said it may help bring transparency to the murky management structure at Samsung, bringing it closer to global standards.

    My ass.

    Shares in flagship Samsung companies retained strength after the indictments and analysts say the results of the probe may prompt the group to be more open.

    Sure they did.

    ”The indictment is meaningful in that this may motivate the Samsung Group to become more transparent before the eyes of the investors,” he said.

    Blah-biddy-blah-blah-fuckidy-blabity-blah.

    Another tough day at the office for Korea’s financial press corps.

    With that attitude,

    (a) how do you keep clients; and

    (b) why do you want to be in that line of work?

14. globalvillageidiot
    Posted April 18, 2008 at 12:22 pm | Permalink

    The wheel chair act is incomplete without the hospital gown and IV. Like all the other corporate crooks in Korea, he won’t serve a day in jail. Same same.

15. Seth Gecko
    Posted April 18, 2008 at 3:25 pm | Permalink

    “The wheel chair act is incomplete without the hospital gown and IV. Like all the other corporate crooks in Korea, he won’t serve a day in jail. Same same.”

    Seriously, don’t these guys have any self-respect?
    http://english.hani.co.kr/arti.....29028.html

    Can’t find a pic of Chung Mong-koo, but here’s the cloner, Hwang Woo-suk, after he was caught:
    http://news.joins.com/componen.....40-001.JPG

16. Linkd
    Posted April 18, 2008 at 5:28 pm | Permalink

    Oh, gimme a frickin break, Dogbert. When you read the annual reports I’ve written for Hynix, Woori or whoever, at least you know that the company paid me to accentuate the positive, downplay the negative, etc. You better believe the Korean text I get contains a lot of overblown boasts, claims to awards I can’t verify, statements of market leadership that can’t be supported, etc. And you better believe I tone it down for the English version - but still, I write til they’re happy, and they pay me for it.

    So last night I find an article on FT.com, reporting on the indictment of the Chairman of Korea’s largest conglomerate, a man running a $200m bribe fund using money stolen from his investors. And yet, somehow, the article make three mentions about ‘increased transparency’? Even quoting ‘financial analysts’, when any financial analyst knows that Samsung’s governance, transparency and disclosure systems all operate with total cynical disregard for the rights of minority shareholders. It’s a total feudal empire.

    I’d write about their efforts to improve transparency if they paid me to do so. In absence of such payment, all I can say, and all any newspaper should have to say, is that the company has as much respect for transparency as blueballs has for baeksu.

17. Linkd
    Posted April 18, 2008 at 5:38 pm | Permalink

    I also invite you to check out the website of the Korea Corporate Governance Service. Flipping through the award winners, I find 4 conglomerates whose English reports I’ve worked on. Just try to find a Samsung affiliate.

18. stacked
    Posted April 18, 2008 at 9:21 pm | Permalink

    Our entire economy is more of a feudal confucius capitalistic nightmare.