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South Korean Financial Blogger Faces 18 Months of Prison

eldavojohn writes "A South Korean blogger named Park Dae-sung has been arrested and charged with destabilizing foreign markets by blogging about declining companies. This is the same blogger who predicted the economic downturn that has been experienced the world over. The Korean Times offers more information on the community college graduate and the accusations levied against him." Several readers have also sent in news that Omidreza Mirsayafi, an Iranian blogger arrested and imprisoned for his writings earlier this year, has now died in custody.

12 of 177 comments (clear)

  1. News from the future by stox · · Score: 5, Insightful

    Blogger arrested for allowing facts to get in the way of a perfectly good argument.

    --
    "To those who are overly cautious, everything is impossible. "
    1. Re:News from the future by LaskoVortex · · Score: 5, Insightful

      Blogger arrested for allowing facts to get in the way of a perfectly good argument.

      He was arrested, as you know, for "undermining the South Korean economy" with inaccurate ("false") statements on his blog. But if your country's economy can be undermined by a blog, then there is no hope for it anyway. In fact, barring the human rights component of these charges, S. Korea is doing worse harm to its economy by prosecuting this guy and thereby suggesting a mere blog has any influence whatsoever.

      --
      Just callin' it like I see it.
    2. Re:News from the future by lgw · · Score: 4, Insightful

      the problem lies not with the journalist but with the way the markets work. If the traders are so dumb that they cannot think for themselves and cannot decide what to buy or sell on its own merits rather than hearsay, then they are clearly unfit for the job and should be fired.

      You may choose to think of it as a problem, but markets are mostly fashion. Movement in the price of a stock is 80% fashion statement, 20% fundmentals. That's just th nature of the stock market. Geeks often have a very hard time undersanding this, given all the numbers that seem relevent, but facts about a company only dominate stock price over a 15+ year time horizon.

      Inside that timeframe, stock price is mostly about the popularity of companies, industries, and sectors. A good trader is focused on popularity, hearsay, rumors, malicious gossip, and all the other herd behaviours that affect popularity. Trying to determine what to buy on its own merits will *ruin* you in the stock market (if your tradiung with less than that 15-year outlook). Figuring out which way the herd is going and getting there first, completely unencumbered by reality, will make you rich.

      --
      Socialism: a lie told by totalitarians and believed by fools.
  2. Believe It. by Anonymous Coward · · Score: 5, Insightful

    Expect it.

    Expect more of it. Even in the west.

    Its something I dont understand. Blaming companies when you should be blaming the central bank and the government, for creating artifical credit bubbles and the resulting mania thereafter.

    I mean really, they caused the last one, they'll be causing the next.

    Would you give the keys to your new car after your friend rode your last one into the ground, and you couldn't drive for 15 years?

    I think not.

  3. Re:Summary is inaccurate by freedom_india · · Score: 4, Insightful

    Oh, is it so?
    Then how come these moronic South Korean courts don't punish Samsung or Hyundai by imprisoning their execs when they played the markets?
    Just because they are HUGE corporates? Just because their leaders bowed deeply and said sorry to everyone?
    This is just because the blogger is a poor guy who has no money to defend himself with high powered lawyers against a corrupt system.
    While we are at that why don't we throw out democracy? After all the rule of Kings was much better: genetic intelligence versus mob rule.

    --
    "Doing what i can, with what i have." ~ Burt Gummer
  4. Re:South Korea is a tribal democracy by caitsith01 · · Score: 4, Insightful

    Laws which are not followed in a logical way are not laws. The whole point of following laws is to make people follow them even when that is not the most popular or expedient course - otherwise they would be unneccessary.

    You are talking about mob rule. It is an objectively worse and less just way to run a society, and it should be condemned.

    --
    Read Pynchon.
  5. Stupidity by Davemania · · Score: 3, Insightful

    Accurate or not, the arrest of this blogger does more damage than bloggers will ever do. It undermines the judicial code and transparency, I really wonder how foreign investor will feel when a country's judicial and political system acts like this.

  6. Re:last time i checked... by palegray.net · · Score: 4, Insightful

    The USA is a democracy, and we've got this little thing called (ironically enough) the Patriot Act that can be used to make people disappear.

  7. I'd buy you a beer, if you were near! by rts008 · · Score: 3, Insightful

    That's the problem with basing the economy on IP, it's all smoke and mirrors, nothing tangible to base it on...when it's all just 'numbers' somewhere, those numbers can be easily manipulated.[as per your post]

    Then you have to license thoughts and ideas...How soon before your kid's DNA/genome/*sequence is violating some MegaCorp.'s IP?(do some research here, it's scary already)

    [Not a bash on the U.K., it's arguably far worse here in the U.S.A.]

    You can only trade /sell/buy speculations and play numbers for so long until it all has to be backed by something material.(collateral)

    No one should be surprised by all of this. It was set up decades ago...added onto, and added onto- never looked at head on and fixed.
    White-washing a mud fence only works for fair weather...what could you realistically expect otherwise?
    The rains have come....[get your hip-waders!!]

    --
    Down With Slashdot BETA!!! I've been around the corner and seen the oliphant; you can only abuse me from your perspecti
  8. Re:South Korea is a tribal democracy by iwein · · Score: 4, Insightful

    The grandparent just offers his analysis. No judgement is expressed if you read carefully. You may disagree, but from your post it seems that it was a good post sparkling an interesting discussion. I'm confused why you think that is "trolling at its worst".

    Further more, you write about the statements being "unqualified" and "cannot be substantiated in ANY way", while you offer no arguments to back this up other than "no justice system can operate on such a weak foundation" and "is also simply wrong".

    I'm reading: parent is so clearly wrong that I won't bother to give arguments, and because he is wrong he must be trolling.

    I'd like to see grandparents claims substantiated or refuted. Modding grandparent down will lead to less readers, and therefore the chances of someone offering more information, or refuting the claims will go down.

    --
    Show a man some news, distract him for an hour. Show a man some mod points, distract him for the rest of his life.
  9. News is what isn't expected by mangu · · Score: 3, Insightful

    their son's death was only deemed to merit a footnote... on another guy's report of imprisonment

    Imprisonment and death in Iran are more or less common things, Iran's theocracy is one of the harshest regimes in the world, but South Korea is considered a democracy, therefore someone being in prison for publishing a blog in South Korea is more newsworthy than someone dying in prison in Iran.

  10. Re:Summary is inaccurate by ihavnoid · · Score: 5, Insightful

    I am a native South Korean who live in Seoul, and maybe I can (sort of) explain a bit about the law.

    Yes, the websites hate the law pretty much (because it requires the companies to add 'ID authentication system', which isn't cheap in a market with razor-thin profits), and many Koreans who do care about privacy also hate it, too. I also feel sort of sad when that law passed.

    Well, the reason behind this law was something like this. In slashdot, if you see a troll, you simply moderate that reply a '-1, troll', and move along. In Korea, people start 'feeding' the troll in more cruel ways, e.g. track down the real-world identy of that guy, bomb his personal website with hate spams, bomb his e-mail, and in some occasions, even e-mails of people close to him. Yup, the replies on that troll became the real-world identy of that guy, rather than another troll, or any reasonable reply.

    The horrifying thing was that this phenomenom wasn't limited to real-world celeberities. It could be you, or me, or anybody on the net. Yes, being a troll, or saying something stupid isn't a good thing to do, but we all do make mistakes. I've seen people ranging from teenage girls to senior citizens getting horribly bullied by anonymous mobs. Occasionally, there were news reports on people commiting suicide because of the mental horror they had to undergo. It got so serious that people needed to stay completely anonymous on all occasions, or having some way to stop this maddness.

    Yes, I feel that many of the Korean people don't think political freedom is such an important thing compared to things such as security or wealth. This may be because their history of democracy has been so short, and they have been living a hard life for many years suffering from poverty, hunger, and North Korea. Republic of Korea is merely some 60-years old, and approximately half of that period was under the rule of dictators. In such a society, it is difficult to teach why political freedom is important and dictatorship is bad, because those people who benefited a lot from the dictatorship still exists in many core positions of the society. I believe it may take some time, patience, education, and continuous struggling.