http://rokdrop.com/2007/12/08/asias-self-made-billionaires/ Korea From North to South Fri, 10 Feb 2012 13:22:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://rokdrop.com/2007/12/08/asias-self-made-billionaires/comment-page-1/#comment-105553 GI Korea Sun, 09 Dec 2007 07:05:37 +0000 http://rokdrop.com/2007/12/08/asias-self-made-billionaires/#comment-105553 The chaebol system is a great system as long you are part of it. They are almost like modern day yangban. The book Diamond Dilemma for those that are interested is a really good look into the world of the chaebols and how they operate. The chaebol system is a great system as long you are part of it. They are almost like modern day yangban. The book Diamond Dilemma for those that are interested is a really good look into the world of the chaebols and how they operate.

]]> http://rokdrop.com/2007/12/08/asias-self-made-billionaires/comment-page-1/#comment-105333 Brendon Carr (Korea Sat, 08 Dec 2007 19:53:57 +0000 http://rokdrop.com/2007/12/08/asias-self-made-billionaires/#comment-105333 One of the reasons Korea has no billionaires on the billionaires' list is that Korean tycoons don't need to own their companies in order to control them. Hence, they get to sell the shares to others and still exercise control. Plus, their wealth comes from the perversion and usurpation of corporate assets which they control. Who needs billions, and the concomitant tax burden, when you can amass slush funds, spend company money on personal assets, and use company staff as personal servants rather than hiring your own employees? It's brilliant really. One of the reasons Korea has no billionaires on the billionaires' list is that Korean tycoons don't need to own their companies in order to control them. Hence, they get to sell the shares to others and still exercise control. Plus, their wealth comes from the perversion and usurpation of corporate assets which they control. Who needs billions, and the concomitant tax burden, when you can amass slush funds, spend company money on personal assets, and use company staff as personal servants rather than hiring your own employees? It's brilliant really.

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