The People Power Party criticized the resignation of Kim Yong-beom, the chief policy officer at the Blue House, on September 1, calling it a "cover-up." They argued that due to significant investor losses from single-stock leveraged exchange-traded funds (ETFs), a national investigation and special prosecutor should follow.
Party leader Jang Dong-hyuk emphasized on his Facebook that "cutting off the tail does not eliminate the body," noting that the losses to the public amount to 54 trillion won. He stated, "Resignation does not erase responsibility."
Jang pointed out, "The stock market has become a gambling den, citizens' accounts are being drained, and only securities firms are profiting, while Kim Yong-beom's son works at a securities firm. Isn't this a clear target for investigation?"
After a meeting, Jeong Jeom-sik, the party's floor leader, told reporters that he views Kim's resignation as a "tail-cutting measure" and speculated that it might be a desperate attempt to distract from negative public opinion regarding the upcoming cabinet reshuffle. He remarked that this indicates an acknowledgment of failure in the reshuffle.
Jeong insisted that the changes in the economic leadership of the Blue House and the cabinet should not be mere token gestures but should lead to substantial policy shifts. He added that regardless of Kim's resignation, a national investigation and special prosecutor are essential to clarify the hasty introduction of single-stock leveraged ETFs, and he called for the dismissal of Financial Services Commission Chairman Lee Ok-keun and Financial Supervisory Service Chairman Lee Chan-jin.
Other senior party members echoed that Kim's resignation is not the end of the matter. Lawmaker Na Kyung-won stated on her Facebook that "this is not a light penalty that can be covered up with a single resignation" and called for an investigation into the higher-ups behind the rushed launch of leveraged ETFs, as well as verifying any economic benefits gained by Kim and Lee's children from this situation.
Lawmaker Ahn Cheol-soo also criticized the single-stock leveraged ETFs, describing them as a hasty failure that turned the South Korean stock market into a "rollercoaster" and insisted that Lee and Lee should also be held accountable.
Lee Seong-gwon, a member of the party's youth faction "Alternatives and Future," urged that Kim's resignation should prompt a change in national governance, warning that a decisive action is needed to dispel suspicions surrounding President Lee Jae-myung's attempts to "erase crimes." He cautioned that without addressing these doubts, President Lee's governance cannot proceed smoothly.
Party leader Jang Dong-hyuk emphasized on his Facebook that "cutting off the tail does not eliminate the body," noting that the losses to the public amount to 54 trillion won. He stated, "Resignation does not erase responsibility."
Jang pointed out, "The stock market has become a gambling den, citizens' accounts are being drained, and only securities firms are profiting, while Kim Yong-beom's son works at a securities firm. Isn't this a clear target for investigation?"
After a meeting, Jeong Jeom-sik, the party's floor leader, told reporters that he views Kim's resignation as a "tail-cutting measure" and speculated that it might be a desperate attempt to distract from negative public opinion regarding the upcoming cabinet reshuffle. He remarked that this indicates an acknowledgment of failure in the reshuffle.
Jeong insisted that the changes in the economic leadership of the Blue House and the cabinet should not be mere token gestures but should lead to substantial policy shifts. He added that regardless of Kim's resignation, a national investigation and special prosecutor are essential to clarify the hasty introduction of single-stock leveraged ETFs, and he called for the dismissal of Financial Services Commission Chairman Lee Ok-keun and Financial Supervisory Service Chairman Lee Chan-jin.
Other senior party members echoed that Kim's resignation is not the end of the matter. Lawmaker Na Kyung-won stated on her Facebook that "this is not a light penalty that can be covered up with a single resignation" and called for an investigation into the higher-ups behind the rushed launch of leveraged ETFs, as well as verifying any economic benefits gained by Kim and Lee's children from this situation.
Lawmaker Ahn Cheol-soo also criticized the single-stock leveraged ETFs, describing them as a hasty failure that turned the South Korean stock market into a "rollercoaster" and insisted that Lee and Lee should also be held accountable.
Lee Seong-gwon, a member of the party's youth faction "Alternatives and Future," urged that Kim's resignation should prompt a change in national governance, warning that a decisive action is needed to dispel suspicions surrounding President Lee Jae-myung's attempts to "erase crimes." He cautioned that without addressing these doubts, President Lee's governance cannot proceed smoothly.
* This article has been translated by AI.
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