Lee Myung-bak as expected has won the presidential election of South Korea in a landslide:

Former Hyundai CEO Lee Myung-bak, known as "The Bulldozer" for his determination to get things done, rolled over all opposition and lingering financial fraud allegations to win South Korea’s presidency Wednesday, ending a decade of liberal rule.

Lee, who turned 66 on election day and has also served as the mayor of Seoul, earned a landslide victory on a wave of discontent for incumbent President Roh Moo-hyun, whom many believe bungled the economy and dragged down the Asian nation’s rapid growth.

The move into South Korea’s presidential Blue House by Lee’s conservative Grand National Party was expected to herald closer ties with the U.S. and a more critical view of relations with communist North Korea, which has been lavished with aid by Roh’s administration.

The National Election Commission said Lee had 48.7 percent of the vote after all ballots were counted. Liberal Chung Dong-young was a distant second with 26.2 percent.

It was the biggest margin of victory in any South Korean presidential election. Turnout was a record low 63 percent of 37.7 million eligible voters.   [Burt Herman - AP]

I was hoping Lee would get over 50% just to strengthen his mandate but it is clear that the voters of South Korea have had enough of leftist politics and want change.  The Korea Times has a good graphic that shows the symbolism of Lee’s victory:

However, don’t for a minute think the election is over because Roh Moo-hyun and his leftist allies still have one card left to play to derail Lee:

Voters apparently wanted change so badly that they were willing to overlook accusations of ethical lapses that dogged Lee throughout his campaign.

Just days before the election, the parliament approved an independent counsel investigation into alleged stock manipulation by Lee that is to be completed before the Feb. 25 inauguration. He has said he will step down if found at fault.

"After all, the people chose the economy over morality," the Maeil Business Newspaper wrote in an editorial for its Thursday editions.

The ruling leftists are planning on trying everything in their power to convict Lee of fraud before he is inaugurated in February:

The runner-up, Chung said he accepted the electoral result. Cheon Ho-seon, presidential spokesman, also said Cheong Wa Dae respected the people’s choice.

Meanwhile, the liberal UNDP was in deep shock as their candidate Chung lost by a record margin.
The party claimed that the President-elect is not legally cleared of his past wrongdoings, including the BBK financial scam. [Korea Times]

Though Lee had been cleared of the corruption charges before, President Roh authorized another investigation of Lee just before the election.  The Korean left has long known they stood no chance of winning this election and thus must have put together an elaborate game plan to stop the conservative Lee from taking power.  If the leftists can indict Lee of fraud then they would force another presidential election where they would be more competitive than against the very popular Lee Myung-bak.  Is anyone still wondering why the North Korean spy chief was visiting the Blue House days before the election?

Other views on the South Korean election:
Nomad says let the canal building begin.
OFK says that their long national nightmare is over.
Andy over at the Marmot’s Hole has some live blogging election commentary.