FSC chairman speaks prematurely

A financial regulator is suffering from a slip of the tongue for one inappropriate word.

Lee Keun-Young, chairman of the Financial Supervisory Commission, said Saturday night, ¡°General Motors submitted a letter of intent for the purchase of Daewoo Motor in its entirety to former chairman of the Daewoo Restructuring Committee in Hong Kong.¡± Lee was dining with five to six reporters covering the FSC.

At the time when the restructuring programs hit a snag due to the failure in selling Daewoo Motor to Ford Motor Co., Lee¡¯s remark was immediately reported as urgent news Sunday. Officials at the presidential office of Chong Wa Dae hurriedly denied Lee¡¯s remark as totally groundless, saying the FSC chairman made a slip of the tongue, but it was already spilt milk.

Finally, the chairman admitted his error, saying ¡°The content of my remark is true, but I hope (reporters) will reconsider reporting it for the interest of the nation.¡±

Lee even distorted the facts in the course of his explanation.

¡°Oh Ho-Keun (then chairman of the Daewoo Restructuring Committee) did not speak of a ¡®letter of intent¡¯ first in Hong Kong,¡± Lee said. As reporters persisted, Lee countered, ¡°I said first.¡±

He also insisted that he did not utter the phrase ¡°sale in whole¡± but that the reporters present at the dinner meeting recalled that Lee discussed the formula of selling Daewoo Motor in whole.

Lee is the very official who ordered his commission to investigate who is responsible for the failure of the sale of Daewoo Motor last week.

Lee might forget for a moment the situation in which the government¡¯s policy makers repeatedly uttering premature remarks was creating a stir in the market and that the amateurism of his predecessor, who made public that Ford suggested 7 trillion won for the purchase of Daewoo Motor, was cited as one of major causes of the failed sale.

Lee¡¯s counterpart in the United States provides a stark contrast. On Oct. 3, when the U.S. presidential candidates held a TV debate, the two competitively spoke as if Allen Greenspan, chairman of the Federal Reserve Board, were on his side.

George W. Bush said he would set his policy direction after meeting chairman Greenspan. Al Gore said the Mexican crisis in 1995 could be overcome because of his presence.

Why did the U.S. presidential candidates refer to chairman Greenspan one after another?

Immediately after the debate, the U.S. press speculated that U.S. people have confidence in Greenspan¡¯s ability to formulate policies and on the prudence of his remarks, which are accepted as financial Gospel.