Eldon Is LMB's Lamb
R. Elgin and JD Link exchange some excellent points on David Eldon's remarks at a press conference yesterday on reforming ROK's FDI exposure and regulatory practices.
"When I was asked to work as Lee's adviser, I was a little bit puzzled over why Korea, an OECD country, has not reached the same level of other similar economies. Advanced countries with successful financial centers have a single and independent regulator in common. Korea has tremendous potential. Korean organizations should be more globalized and attractive."
JD Link has this comment to that R. Elgin post:
He's on the right track. You'll have noticed that the biz and economic news for the past couple of weeks has been full of grand ideas. Today's Joongang has many interesting stories. One shows 2MB promising to allow greater cross-shareholding by the chaebol, a couple days ago letting them own banks. Neither are good ideas.
But rather than oppose the individual policy decisions that have strong support among Korea's business leaders, Eldon knows that simply legislating greater transparency will, in time, reveal the weakness of these reforms, should they come to pass. If investors, whether foreign or Korean, could actually see and understand who owns what (and controls what) in Korea, and how the companies use the money, then the investors themselves will force the needed changes. This is a much more powerful and lasting force for change than government tinkering with regulations while the real workings of Korean business stay hidden from view.
Eldon is trying to halt a train accelerating to its wreck, and no amount of press conferences will disguise that. I hope he's earning good money for good services, at least.
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