Seeking Alpha

Korean PM steps down following ferry disaster

  • South Korean markets are set to be on watch tomorrow following the resignation of Prime Minister Chung Hong-won in the wake of his government's much criticized response to the ferry disaster. President Park Geun-hye has accepted Chung's resignation.
  • Over 300 people have died or are missing and presumed dead after the ship sunk on a routine trip on April 16, with most of them being high-school students and teachers. Initially, it was announced that all the pupils had been rescued.
  • ETFs: EWY, FKO, KORU, DXKW, KORZ, HKOR, DBKO
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Comments (3)
  • DougRk
    , contributor
    Comments (1621) | Send Message
     
    Stand up move that you'd never see in U.S. anymore.
    27 Apr 2014, 12:16 PM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (11564) | Send Message
     
    Hopefully, this will be a turning point to clean up dock corruption, gangs, payoffs, and government and regulatory criminal behavior. I agree with dsr70 in commending S. Korea for trying to correct these things in light of catastrophe rather than covering them up as is so often done in other countries. This has made South Korea one of the most dynamic economies in the world, but there is still lots to be done. Where there is government, corruption ceaselessly tries to get the upper hand with little or no ability for anything to diminish its growth.
    27 Apr 2014, 01:29 PM Reply Like
  • King Rat
    , contributor
    Comments (879) | Send Message
     
    That is a great point. Regardless of government or lack of government, corruption exists.

     

    Politicians who would fall on their sword to save the country from scandal seem like a rare breed these days, but we can all be grateful that some are still around. By stepping down, the focus can turn to solving the mystery and hopefully preventing repeat tragedies instead of fault-finding and scapegoating that usually happens. Hopefully closure for the victims, their family, friends, and neighbors, as well as peace of mind for current and future ferry passengers can now come that much sooner.
    27 Apr 2014, 05:17 PM Reply Like
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