Blogger costs his nation $2 Billion

RATM

This story is a bit far out. A South Korean blogger managed to put a lot of panic into the markets and sent their economy reeling, costing them $2bn. The Koreans are so hooked up to the net with their super fast broadband that the story spread like wildfire and damaged the country's currency.

Full story on Al Jazeera: http://english.aljazeera.net/news/asia-pacific/2009/02/20092127211406519.html

An unemployed, self-taught financial soothsayer, armed with little more than an internet account and a pile of text books, had, as the credit crunch took hold last year, risen to extraordinary prominence in this internet-obsessed country.

Writing as Minerva (he named his online alter-ego for the Roman goddess of wisdom), Park accurately predicted the fall of the US investment bank Lehmann Brothers, and collapse in the value of the South Korean currency, the won.

Woven into the economics was a caustic dose of politics – scathing criticism of President Lee Myun-bak and his administration's handling of the crisis.

Then in late December, as far as the authorities were concerned, he overstepped the mark.

'Minerva' has been indicted on charges of spreading false information
Minerva wrote that the government had instructed banks not to buy US dollars in an effort to shore up the won.

Prosecutors say this was false, and cost the country $2bn as it tried to stabilise a currency market Minerva had sent into spasms.

He was arrested on January 7, and charged under a little-used communications law.

His lawyer, a former National Assembly member Park Chan-jong, transmits utter confidence that no court will convict him.

"In general people don't think that this is a crime," he says. "The government is stretching the laws to prosecute Minerva."

I propose an internet rumour that Irish banks are screwing with the public finances and the country is due to collapse soon because of their incompetence and greed.

Oh, no, wait, that rumour will never take off because it's actually true:eek:

SRFC90

Sh*t lads...

Biggins

Everyone should bear the responsibility of their own actions.
After that, its to what degree and what IS a fair reward/punishment is debatable.

galwayrush

I'm sure that guy wishes he was a senior Irish civil servant, the fincial package on his retirement would be collosal.:rolleyes:

RATM

galwayrush wrote: »

I'm sure that guy wishes he was a senior Irish civil servant, the fincial package on his retirement would be collosal.:rolleyes:

Should get some good fireworks for the retirement, surely ?

S.I.R

RATM wrote: »

Should get some good fireworks for the retirement, surely ?

maybe a cheap hyundi and a cheap sanyo t.v which will last about 6 months :mad:


but jasus boys...

you cant say shizz without the man/men gettin all over you... though i know many of you here will enjoy that kinda thing so...

Every considered asia as a change of pace ??