"South Koreans leery of nominees to new Cabinet"
"by Bruce Wallace, Los Angeles Times | February 29, 2008
SEOUL - In his inaugural address this week, President Lee Myung Bak used the story of his own escape from poverty to urge fellow South Koreans to "work hard to realize their dreams." He recalled how, as "a boy from the countryside who could not even eat regular meals," he rose to become a successful businessman and eventually won the top job in the land.
But in recent years there has been a quicker way to get rich and get ahead in South Korea: real estate speculation. The easy wealth has raised suspicions of collusion between builders and the politicians and bureaucrats who approve new developments, creating the perception that anyone with an extensive real estate portfolio must be cutting corners.
So South Koreans were instantly leery when they learned that several of Lee's 15 nominees to be Cabinet ministers held large real estate portfolios, and that the average personal wealth of the would-be ministers was $4.1 million. The questions have caused several nominees to bow out and have embarrassed the new president just three days into the job.
"Big real estate portfolios may not be a big deal for a Western politician, but in [South] Korea it is seen as evidence of speculation and corruption," said Yang Sung Mook, an adviser to the opposition United Democratic Party.
Naw, real estate isn't important in America, and, hey, what is this?
FORECLOSURE NOTICE?
Good thing Americans don't care about corrupt politicians, huh?
"Ask anyone in Korea," said Yang. "With our history of corruption, nobody believes that these politicians accumulated all that wealth through hard work."
The political storm surrounding Lee's nominees was triggered by the new law requiring high-ranking officials to disclose their personal assets. Declarations from the Cabinet nominees and data leaked to the media show most of Lee's Cabinet nominees owned two or more houses, some with extensive tracts of land, suggesting they may have been engaged in speculation.
Now, the appointment of Han Seung Soo as Lee's choice for prime minister hangs by a thread ahead of a parliamentary vote Friday, with the nominee wounded by allegations of property speculation and tax evasion.
And on Wednesday, two people named to the Cabinet withdrew their nominations just hours ahead of what were expected to be deeply embarrassing parliamentary hearings into their appointments.
Real estate is an acutely sensitive issue in South Korea, where soaring land prices are pushing home ownership out of the reach of millions of young adults."Young Koreans just like Americans, except we are getting tossed out of our homes; the Koreans never made it in!
Where did all that money go?
The Koreans really elected this band of thieves?
