By A book written by a previous top legal counsel at Samsung is generating some heat in Korea.
SEOUL — Life has been a roller coaster for Kim Yong-chul since he began talking about Samsung Electronics two and a half years ago. He has been celebrated by some as a whistle-blower, but in a culture that emphasizes workers’ loyalty to their employers, he has also been vilified as a traitor driven by personal grudges.
That was before Mr. Kim’s 474-page exposé, “Think Samsung,” hit stores in February. The book makes sensational allegations of extensive corruption by Lee Kun-hee, the richest man in South Korea and the chairman of Samsung Electronics, the world’s largest technology company by revenue.
Mr. Kim accused Mr. Lee and his loyal aides of having stolen as much as 10 trillion won, or $9 billion, from Samsung subsidiaries and stashed it in stock and bank accounts illegally opened in the names of executives.
The book alleges that they shredded books, fabricated evidence and bribed politicians, bureaucrats, prosecutors, judges and journalists, mainly to ensure that they would not stand in the way of Mr. Lee’s illegal transfer of corporate control to his only son, Lee Jae-yong, 41.
In his book, Mr. Kim depicts Mr. Lee and “vassal” executives at Samsung as bribing thieves who “lord over” the country, its government and media. He portrays prosecutors as opportunists who are ruthless to those they regard as “dead” powers, like a former president, but subservient to and afraid of Samsung, which he calls the “power that never dies.”
“I wanted to leave a record of Samsung’s corruption because prosecutors’ investigation turned it into historical gossip,” Mr. Kim said. “I wrote this book because I was afraid that children would grow up believing that in South Korea, justice does not win, but those who win become justice.”
The Grand Prosecutors’ Office has dismissed Mr. Kim’s book as repeating allegations that had been proved “baseless.” [The New York Times]
It is the sad reality. No mistake...
6:29 pm on May 1st, 2010 1
Come on Tom, you go first.
10:11 pm on May 1st, 2010 2
OK, since you asked…
So tell us something we didn't know already…
Nine billion? lol..
Now compare that to how much companies like Goldman Sachs stole and are still stealing? They even planted so many of their former execs in the US government to make sure their interests are taken care of.
And that's just one company that is bankrupting the world… 
Really, US is turning out to be a butt of jokes.. nobody takes you guys seriously anymore..
deservedly so.. You guys clean up your own back yard before you even dare to look this way. You guys, your institutions, your government is one of the most corrupted in history of the world, nobody even compares.
Please.
End of story.
10:15 pm on May 1st, 2010 3
A student listed Lee Gun-hee as one of the heroes Korea needs to continue prospering. I doubt any amount of gossip and fact will jar the young and unemployed that a magic fix is right around the corner. As a matter of fact, as their predicament persists, I bet most young men would knock Lee for getting caught, and dream of how to make his legacy quaint.
11:03 pm on May 1st, 2010 4
Who wrote the book, "Tom"?
11:34 pm on May 1st, 2010 5
Who wrote this thread, ArchieB?
12:01 am on May 2nd, 2010 6
tom seems to think that rampant bribery, and out right stealing is quite acceptable business behavior in Korea. G/S should be prosecuted, but it will be a hard thing, since it wasn't technically illegal. Unethical ( ever heard of ethics tom? ) and probably very close to the line.
12:16 am on May 2nd, 2010 7
The fact that Korean companies are corrupt is not news, but a former exec from one writing about it sure is. I deal with Korean companies every day and I could tell you some really interesting stories. In the defense industry Samsung is considered somewhat clean compared to their competitor LIG/NEX1. A matter-of-fact, LIG is currently involved in a major investigation by the Korean government.
12:17 am on May 2nd, 2010 8
I'm not saying there are no problems in Korea.
But Oh please..
Your entire economy is based on 72% service economy – mostly on pyramid financial schemes, a ponzi economy.
If you think most, if not all American corporations haven't done a little stealing here and stealing there (however they do it, whether cooking the books or lobbying government officials on what we call it as bribing in Korea – it's still stealing), then you're living in a dream world. Take Enron and Madoff and times them by 10000, and you get the picture. Those two are the tip of the iceberg. Save us your moral western judgements and shove it up your you know what. Worry about your own back yard, your entire government stole from your middle and lower class to pay their own rich interest groups (whose greed were the cause of the mess). All the while your population in tent cities are growing by thousands per day. I don't know if that's not the case of country's elite and leaders stealing from their own country and making it go bankrupt, then what is. You should worry about your own future, instead of "worrying" about Korea.
1:10 am on May 2nd, 2010 9
"I’m not saying there are no problems in Korea…"
But you gave us the old "glass house" formula where if we're not perfect in a particular regard, we need to shut up. Since you acknowledge imperfection in Korean business practices, perhaps its time to heed your own advice.
4:38 am on May 2nd, 2010 10
As a Korean Tom, you should worry about America too. The thought that Korea's economy could even exsist without a powerful America let alone function in the black is just plain dumb. The american market is the second largest importer of Korean goods. I dont get how you can talk as if Korea doesnt need the American market to continue to prosper. Fortunately, I have met enough Koreans to know that most of them do care how the American economy goes because they realize how much it affects the Korean enconmy.
6:22 am on May 2nd, 2010 11
Basically, many nations in the globe are going to have their sovereign ratings reassessed (Korea not an exception), and many will end up defaulting. So basically we're all doomed.
But if you ask me which country (America or Korea) will have a better chance coming out of this in better shape, I would say it's Korea.
Why? Because:
1) Korea's public transportation infrastructure is far better and small geographical area means that unlike the vast expansive America, Koreans do not need cars.
2) Korean apartment buildings use up far less energy to heat, than big monster suburban homes in the US.
3) Traditional Korean families, despite rapid nuclearization recently, are still intact. Parents will move in with their sons, siblings/family/neighbors/friends will help out or move in with each other in the times of extreme needs. Such cultural group interactions are largely absent in the United States.
4) Americans, like the most Western countries, have extreme feelings of social entitlements. They will riot on the streets if the US government has no choice but to cut off food stamps and stop mailing social security checks. Compare that with Korea where still a lot of people remember the days when they were eating tree barks, and many still have clear memories of 1997 economic collapse. In 1997, Koreans lined up to donate gold for their country. On the other hand…look at Greece for instance. Greeks are angry so they riot on streets because they can't accept the fact that they must cut their living standards drastically. Americans will be no different, except they will be rioting and looting with guns. In fact, most Americans do not even realize how much their country is in trouble. They are in denial, and they are still arrogant to think that they're still number one. It will be a rude, shocking awakening for them.
5) Which leads to point number five, America's multiracial boiling pot will spill over, as each race and ethnicity will try to blame each other – leading to possible deadly racial clashes. Watch as White and Black power movements soar. Even in the best of times, American cities are unmanageable and broken. What will this financial collapse do to American cities? Compare that to Korea's still very much homogenious population.
6) Americans have lost their manufacturing capacity. Their economic structure of spending and consumption are simply unsustainable. Yet that's what your governments continue to stubbornly advocate. Unfortunately for them, the new paradigrim is that paper assets based on printing presses are worthless. We are now going into a new world order where the Western societies are in permanent decline with the rise of Asian societies with far less debt and far better manufacturing capacities. The balance of power has shifted for good. You guys lived beyond your means for so long, and abused your power as a world's reserved currency for far too long, printing money like there's no tomorrow and starting up wars everywhere. You have no one to blame but yourselves.
5)
6:54 am on May 2nd, 2010 12
tom … time for a nice trip to the Korean hospital to see if that brain has any activity ..
6:57 am on May 2nd, 2010 13
Wow, Tom! I can't say I agree with every detail here, but I can't necessarily disagree with the big picture you present. Wish you'd do more of this and less trolling…
7:39 am on May 2nd, 2010 14
Stop making excuses for the Samsung CEO, Tom. He didn't steal FOR Samsung/Korea, he stole FROM Samsung/Korea. That's not someone you should admire.
8:12 am on May 2nd, 2010 15
I'm not making excuses for anybody. All I'm saying is to mind your own damn business, buy a ticket one way out of Korea before you get stranded and have to swim your way home. Not that being stranded in Korea would be that bad considering what's going to happen back home. Why you worry about Samsung when your leaders like Paul Bernake and company at the Federal Reserves and Goldman Sachs are looting your country dry? Who are these guys? Were they even elected? Where are the famous American hunger for justice and fight against corruption? Does that only come out when Samsung and Korea are mentioned? Samsung? Yeah, they stole. But at least they provide 20% of jobs in Korea, how many American jobs Goldman provide and how many American jobs did they wipe out?
8:38 am on May 2nd, 2010 16
Doesn't sound like Tom, too much logic and structure. Maybe he's finally taking his meds.
8:51 am on May 2nd, 2010 17
Tom talks about America's devide and his country is split down the middle. We all know that North korea probably had something to do with the sinking of that ship, again, Korean's fighting Korean's. Korea has the heaviest fortified borders in the world with guns pointed at each other, families fighting families, and he talks about America's issues. Korea is looked at by the entire world as a strange country that is split by war. This country, more so than the U.S., could be turned upside down at any moment. North and South korea are all one people Tom, so how about korean's get their own Country in order before you start talking about how bad the U.S. is. I will take our financial issues any day over being split down the middle and at war against our own people. Good luck… and honestly, keep posting, your posts bring more and more readers to this blog I'm sure.
9:32 am on May 2nd, 2010 18
oh oh … did tom get into the US?
10:59 am on May 2nd, 2010 19
If you guys haven't figured it out yet Tom is just a troll, he deliberately takes the most offensive position possible to get people all riled up. The best way to deal with them is to ignore them and to stop reading their responses, once they know that nobody answers / reads them … they go away.
Cast in point… I haven't read one of Tom's posts in months now… don't plan to start anytime soon.
11:03 am on May 2nd, 2010 20
Oh yeah you read them.
Or else how do you know my posts are offensive?
11:06 am on May 2nd, 2010 21
Typo types this as he is getting evicted from his sub primed house that he has fallen behind on payment.
Enjoy living in that tent, typo. 
2:28 pm on May 2nd, 2010 22
Tom,
Kim Yong-chul reminds me of the scientist(Richard Scruggs) who worked for that cigarette company. Watch the movie "Insider"…
http://en.wikipedia.org/wiki/The_Insider_(film)
The difference is that Americans are thankful for that guy who blew the whistle while Koreans HATE on people who do that because it reveals their true ugly face. Koreans have difficulty seeing that honesty is the best policy and are satisfied with dishonesty.
2:58 pm on May 2nd, 2010 23
Oh yeah, Americans love honesty so much they bankrupted their entire country with everybody taking their cuts. Good honesty there.
How is it that Wall street and Federal Reserves are still running the country after what they did stealing? 
4:41 pm on May 2nd, 2010 24
Tom, you know how to read Korean correct?
I'm sure Samsung requires its employees to watch/listen to sexual harassement tapes preaching against it, yet Samsung condones sexual harassment. You'd be hard pressed to find such an environment within a big American Corp. I'm sure you'd condemn this woman for speaking up about it too right?
http://news.naver.com/main/ranking/read.nhn?mid=e…
10:07 pm on May 2nd, 2010 25
Oh yeah, they're taking actions, so much actions that they're continue getting trillions in bailout money.
What a joke…lol….
In Korea if you're a crook, they pardon you. In America they give you trillions so that they can continue to drive around in Porches.
10:43 pm on May 2nd, 2010 26
Tom, first you claim Americans bankrupted America then correctly differentiated between Americans and Wallstreet. Congrats on the latter, you flunk on the former b/c “Americans” certainly didn’t bankrupt America. If Americans had,(instead of Wallstreet) there wouldn’t be “everybody taking their cuts.” If you haven’t heard there is action being taken against Goldman Sachs, slow as it may be. After that, more could follow. Already, Bernie Madoff still sits in prison. If he were Korean, he’d already be out of jail representing his company/country just like the Samsung Felon/Criminal who sat in jail for a few weeks then was soon seen giving out gold medals and/or Flowers at the Winter Olypics. I promise you that not one Goldman smucks will represent hand out medals/flowers during any ceromonies.
11:38 pm on May 2nd, 2010 27
That is a lame response Tom. You fight your brothers to the North…they are the same blood as you…do you grasp that? Your cousins want to kill you in the North, that is sad. Why don’t you wait until Korea, all of korea, becomes one, then talk trash son.
2:41 am on May 3rd, 2010 28
This is how America solves problems that were known for over two decades or more.
http://www.cbsnews.com/stories/2007/03/01/60minut…
2:57 am on May 3rd, 2010 29
I guess you don't understand what I'm trying to say.
My point is, why should we or anyone listen to moral lectures from Americans who have failed miserably themselves? It's like a friend who was once a prosperous role model for everyone but who is now a homeless drunk bum, telling you that your house looks disgusting because you haven't cleaned it for a while. Don't you think that's funny?
Americans can boycott Samsung all they want, but it doesn't change the fact that Americans have to live with Goldman Sachs, Bank of America, Citigroup, AIG, Wallstreet, Fannie May, Federal Reserves, US government — everyone of them all corrupted and bailing themselves out and stuffing themselves with caviars, while the ship sinks. The captain and his 5 member crew will get on the life boat, while the rest of you swim.
2:32 pm on May 3rd, 2010 30
Tom, you need to get with the times. As of last June, many banks had made efforts to repay TARP funds. 200 billion had already been paid back and I’d say at least 50% has been to date. The U.S. Gov. makes it difficult for banks to do so.