The Marmot's Hole Blogger
6/19/2003
 
Thank God I bank at Kookmin

Unionized workers at Chohung Bank began a walkout on Wednesday, closing or limiting operations at 400 out of the bank's 470 branches nationwide. Unionists are protesting the government's decision to sell off the bank to the Shinhan Financial Group; at one time, Big Brother owned an 80% stake in Chohung and the bank has been surviving on 2.7 trillion of the taxpayers hard-earned won since the '97 East Asian financial crisis. Due to the strike, customers have been withdrawing their money from the bank in droves, forcing the Bank of Korea to inject Chohung with a 2 trillion won ($1.69 billion) in order to forestall a liquidity crisis.

President Noh is talking (quasi-)tough - yesterday, the Prez criticized the nation's labor movement, complaining:

"It is deplorable that the labor movement has been losing morality and sense of responsibility recently, although in the past, it pursued justice and the democratization of society."
I'm praying that Noh is finally getting tired of being treated like a bitch and grows a set of balls, but recent history leads me to predict otherwise.
 
Comments: Post a Comment



<< Home
Robert Koehler's completely non-sensical and probably unread blog concerning ex-pat life in Korea, among other things.

ARCHIVES


Powered by Blogger