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PC Cooling Specialist Zalman Goes Bankrupt Due To Fraud
An anonymous reader writes Zalman's parent company Moneual's CEO Harold Park, and vice presidents Scott Park and Won Duck-yeok, have apparently spent the last five years producing fraudulent documentation relating to the sales performance of Zalman. These documents inflated sales figures and export data for Zalman's products. The reason? Bank loans. By increasing sales and exports Park and his associates were able to secure bank loans totaling $2.98 billion. Someone has finally realized what has been going on, though, triggering Zalman's shares to be suspended on the stock market and the company filing for bankruptcy protection. The questions now turn to how this practice was allowed to continue unnoticed for so long and how the banks will go about getting their near $3 billion back.
Except that, of course, in modern capitalism banks are too big to fail and take these risks because they know it's not their own money that's at stake, but that of tax payers.
But well obfuscated.
So by your definition if I break into a house and steal everything, then sell it at my store... Thats Capitalism.
Sorry, you are wrong. What they have done is not capitalism, it is fraud and IMO Theft.