That's right, people think that president Noh is your average joe. That he made his money legally and such. Well take a look at this:
http://www.koreaherald.co.kr/SITE/data/html_dir/2006/03/01/200603010040.asp
President Roh and his immediate family saw their wealth increase by 12.9 percent or 94.47 million won (about $97,400) with total assets now reaching about 829.3 million won.
The increase mostly came from bank savings and stock investments, according to the government ethics committee.
And then think about how much Noh has been pushing the devaluation of Real Estate. His family is heavily invested in the Stock Market and he is flodding investors into that sector by making Real Estate a bad buy.
maybe his strategy has less to do with the nation's welfare and more to do with his own pocketbook?
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3 comments:
I can't get too upset about this. He did what any smart person is supposed to do: invest wisely. He doesn't seem to have made his money illegally and, indeed,I have similar bank accounts. Thing is, he has more money and thus makes more interest.
I don't know what the Korean presidential salary is, but I'm guessing it's not huge (given the stresses of the job). That said, Roh's probably saving more now than he did in his civilian life because a lot of the president's expenses are covered. Roh, therefore, is able to bank more. In his position, no doubt he has access to better financial managers than we do, too.
As for the real estate issue: I wouldn't be surprised if Roh has some property investments (at the very least in the form of REITs) and a devaluation of property probably wouldn't help him. A devalued real estate sector generally doesn't bode well for a country's stock market anyway. Without knowing the specifics of Roh's investments, though, it's hard to know for certain how much a national property devaluation would hurt him, but I'd venture that it wouldn't help him.
Now, it's a different story entirely if his investments are out of the country...
I too would like to see a breakdown of his investments.
Lol. This is one funny post. Your sarcasm really works.
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