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.

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

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?

“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.)

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

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