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Korean Presidential Election and the Movie, Boiler Room (2000)

Posted by C Moon on December 7, 2007

boiler-room.pngKorean presidential election is slated for December 19, 2007, only 12 days from today. The hottest news for the last two weeks has been the allegations made by Mr. Kyung Joon Kim, who made counterfeit documents in the past and fled to USA after transferring in secret a huge sum of money to his clandestine account in the USA. On December 5, 2007, Korean attorney general’s office indicated that Mr. Kim’s scheme mimicked the tricks in the movie, Boiler Room. Suddenly Boiler Room became the most demanding movie in Korea and a cable TV called CGV aired the movie twice.

I watched Boiler Room October 2006 to complete the assignment from the economics class. In the class, we discussed business ethics in general and the misconduct of the key characters in Boiler Room specifically. One question of the assignment asked “In the movie Seth Davis has to make a decision, he must either sacrifice himself to bring down a unscrupulous company or know that the money he is making is actually ruining other people’s life. If put in a similar situation what would you do?” My answer was “I will either simply leave the company as soon as I know that its practice is unethical, or I will help FBI to bring the company down but I will also try to save friends like Chris and Debbie.”

If you want to learn more about the movie itself, read this post, Boiler Room — Echoes of Wall Street on blogcritics.

It is sad to know that well-educated Mr. Kim mimicked Boiler Room, collecting money from innocent investors, secretly transferring the money to his clandestine account, and fleeing to USA. For the last two weeks, he has been very active, trying to manipulate the media and the Korean political arena. For the most recent development on the situation, read Prosecutors clear Lee Myung-bak.

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Photo Credits: “Boiler Room” by yonhapnews.co.kr

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