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Businesses

South Korea To Pardon Samsung's Lee, Other Corporate Giants (apnews.com) 34

Samsung's de-facto leader secured a pardon Friday of his conviction for bribing a former president in a corruption scandal that toppled a previous South Korean government, an act of leniency that underscored the tech company's huge influence in the nation. From a report: Lee Jae-yong's pardon is partially symbolic since he was released on parole a year ago after serving 18 months of a prison term that would have ended in July, and critics say the billionaire has remained in control of Samsung even while behind bars. Still, the pardon will allow the heir to the electronics juggernaut to fully resume his management duties and could make it easier for the company to pursue investments and mergers. The Justice Ministry said President Yoon Suk Yeol, who as a prosecutor investigated the corruption scandal involving Lee, will issue the pardon Monday, a national holiday when some 1,700 people are set to receive clemency, including other top business leaders.

Lee, 54, was convicted in 2017 of bribing former President Park Geun-hye and her close confidante to win government support for a merger between two Samsung affiliates that tightened Lee's control over the corporate empire. Park and the confidante were also convicted in the scandal, which enraged South Koreans, who staged massive protests for months demanding an end to the shady ties between business and politics. The demonstrations eventually led to Park's ouster from office. [...] Justice Minister Han Dong-hoon said the pardons of the business tycoons were aimed at "overcoming the economic crisis through encouraging business activity" at a time when South Koreans are grappling with rising prices, high personal debt and a faltering job market.

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South Korea To Pardon Samsung's Lee, Other Corporate Giants

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  • by rsilvergun ( 571051 ) on Friday August 12, 2022 @12:11PM (#62784022)
    He's a member of their ruling class. And we do not spill the blood of kings. Doesn't matter what country your in.

    To stop this we would need a massive education push with strong emphasis on teaching Critical Thinking skills (yes, critical thinking is a skill that can be learned). And, well, you don't think that they didn't notice that? [house.gov]

    Hell, as soon as it looked like the younger generations might actually have enough education and critical thinking skills to see past this bullshit they immediately moved to shut down our Democratic Republic [salon.com].

    They know exactly what they're doing [snopes.com], do you?
    • by Tablizer ( 95088 )

      > push with strong emphasis on teaching Critical Thinking skills

      Representatives who get elected by morons have no interest in increasing critical thinking education. In fact, their incentive is the opposite. It's partly why they push silly religions that value prayer + gut feeling over actually doing research and reasoning. You don't need to exercise your brain if you have Jesusnet + Gutnet to give you answers.

      > He's a member of their ruling class. And we do not spill the blood of kings. Doesn't matte

  • White collar crime pays. If you use a gun to steal, your punishment is time. If you use a computer your punishment is money. Just like Monopoly, you pay your fine to get out and try again.
  • So, the original crime was bribery (of a government official). Then the hugely rich convict gets a pardon (from a government official). The optics aren't great, but being rich somewhat blunts the hurt from those optics.

  • by hdyoung ( 5182939 ) on Friday August 12, 2022 @03:09PM (#62784546)
    I have a soft spot in my heart for South Korea. I want them to succeed.

    Their chaebol strategy is going to cause them problems eventually. Those family dynasties are in the second generation, so all is well and good. But family dynasties almost never last beyond generation 3/4 for a whole bunch of reasons. If they don’t transition their economy beyond a few companies that keep-it-in-the-family, the second half of this century is gonna go downhill fast for their country.

    China is in the same boat because their government is basically a family affair. I’ll stick with old-fashioned, boring, exhausting, argumentative western democracy. It’s infuriating, but the system is constantly bringing in new life and fresh blood.
    • Samsung is especially dangerous on that front. That one company is 20% of South Korea's GDP. They could wreck the country's economy almost at will.

    • Funnily enough, in Japan, companies like Toyota get around the problem by adopting the successor into the family. So it technically stays within the family while still bringing in new blood.

      It used to be the traditional thing to do in China too, thousands of years ago, which is presumably how the Japanese adopted that custom.
      • Interesting. That’s weird to me as an American, but I guess the European royal families would use marriage and adoption for similar purposes. Hey, whatever mechanism works to rejuvenate things. Without something playing that role things go bad fast.
    • by mjwx ( 966435 )

      China is in the same boat because their government is basically a family affair. I’ll stick with old-fashioned, boring, exhausting, argumentative western democracy. It’s infuriating, but the system is constantly bringing in new life and fresh blood.

      Not really, China's big problem is their rising middle class. The Chinese government is designed to rule a country entirely composed of peasants similar to a European feudal model with the lords at the top, a few select nobles and the rest being serfs and freemen. The middle class is a problem because they start to gain power enough to demand things, luxuries, rights, a say in their own governance. Once that happens the feudal system falls over, not just because lords and nobles have to cede power to the mi

      • Oh Im not suggesting inbred governments canâ(TM)t be stable. They can last for a thousand years plus as a backwards miserable place to live. Im saying they wont be able to advance much beyond middle income. The only countries that manage to get beyond that are capitalist democracies, plus a few train wrecks that happened to be lucky enough to be sitting on a mountain of valuable resources which they can tap for a limited while.
  • They seem to believe that money, talent, and strategic assets consolidated into two huge conglomerates (Samsung and LG) gives competitive advantage in international trade. This is actually a well-known recipe for a slow grinding down of the economy.

    Big business invests the vast majority into R&D but small business provides the vast majority of innovation. Big conglomerates suppress innovation within their own ranks, as people are just assigned what to work on, instead of being allowed to take ownershi

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