Koreans to Occupy (their) Wall St

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http://blogs.ft.com/beyond-brics/2011/10/14/koreans-to-occupy-their-wall-st/#axzz1alYjcznO

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When it comes to demonstrations, Koreans are second to none. The country’s vociferous civic groups and militant labour unions plan to join the “Occupy Wall Street” movement in the US and hold a massive rally this weekend in Yoido, central Seoul, where most major financial institutions and regulators are based.

Under the slogan of “Occupy Yoido” about 1,000 demonstrators from about 30 civic groups will gather in front of the country’s top financial watchdog in Yoido for a two-day rally. People from all walks of life are expected to show up to press their various causes ranging from regulating the financial industry, cutting rent and tuition fees, to scrapping the free trade agreement with the US and strengthening protection for irregular workers.

Civic groups fume that Korean banks are prospering at the expense of their customers by generating the bulk of their income from interest margins. They also complain about fat salaries and bonuses for bank executives and hefty dividends for large shareholders, claiming that their “speculative” management for short-term high profits have incurred huge losses for many customers.

“We hope that the upcoming event will be an occasion to help financial institutions recover their public role and bring in changes in the bipolarised society,” said Korea Finance Consumer Association, a leading consumer rights group.

[Aerows]

1. It's pretty much the same complaints from around the world

Huge banks are making billions, and the people's wages are stagnant or have dropped. You can't starve your way out of recession, but that's what so many in government are trying to do.