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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.
Blogger arrested for allowing facts to get in the way of a perfectly good argument.
"To those who are overly cautious, everything is impossible. "
It's not managers driving their companies to the ground, it's not politics failing to watch over the markets. It's a blogger that warned people about it.
Glad we found someone nobody misses when he disappears. Though, personally, I'd have missed a few managers and politicians less.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
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.
Maybe I shouldn't blog about how bad the popcorn had gotten at the local movie theater since the economy went into the crapper. The movie theater could go out of business. Actors could be laid off. Hollywood could demand a federal bailout. Then I could be arrested for causing chaos in the marketplace of recycled ideas.
Then again, the popcorn really does suck. Maybe I should call a food inspector instead.
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
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.
I am a South Korean, and I'll clarify.
The blogger (Minerva) claimed that South Korean government issued an "official order" for Korean banks not to purchase USD for a certain (short) period. IIRC, the average exchange rate during that particular day was going to be used in a lot of financial charts, so by gaming the system, many companies would look financially better in documents and the government will boast it to the people.
Turns out that there was no official order. Why create an official document when a phone call would suffice?
And, ladies and gentlemen, in South Korea, this is a felony that will ensure 18 months in prison. Only if he had correctly said "phone calls"! (Well, of course the government would've found yet another even more ridiculous excuse to punish him, so it won't matter much in the end. They are immune to logic. Why follow logic, when you can just throw one bullshit argument and another and still have half of the nation vote for you?)
Anyone remember the UA debacle last September? If the markets are sufficiently hysterical, you can make them plunge with a single headline, regardless whether it's correct or not. The wrong reporting about UA was corrected immediately, yet it sent the markets into a nose dive from which they haven't recovered yet. Regardless of whether the blogger is correct with his statements or not, I would call the reaction of the south korean gov't alarming and telling of the economic troubles soon to emerge there.
So what this incident with the south korean blogger tells me:
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.
512 MB RAM, 20 GB disk, 200 GB transfer, five datacenters. $19.95/month.
moderators please mod parent down.
the above statement is clearly unqualified. and no, i am not a korean nationalist.
i would agree that the korean justice system is not as established as it is in the united states. however, to simply state that it's "reason" is emotional response cannot be substantiated in ANY way whatsoever. no justice system can operate on such a weak foundation.
furthermore, simply using a western paradigm to judge an eastern paradigm is also simply wrong.
in all seriousness, though, a statement this ignorant and misleading in most context might even make me believe that this is trolling at its worst. but i think the parent is serious about this though.
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.
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.