South Korean Party Demands Dismissal of Official Over Market Turmoil, Calls it 'Gambling'

South Korea's People Power Party has sharply criticized the government's role in the recent extreme volatility in the domestic stock market, particularly following the introduction of leveraged Exchange Traded Funds (ETFs) tracking single stocks like Samsung Electronics and SK Hynix. The party argues that the government's actions have turned the market into a "gambling den."

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The cause of all this is the government. They mistakenly believed the KOSPI's rise was their own achievement and rushed into introducing leveraged products. The government is operating a stock-picking room for the public.

Rep. Jung Jin-suk, the interim leader of the People Power Party, directly blamed the government, stating, "The cause of all this is the government. They mistakenly believed the KOSPI's rise was their own achievement and rushed into introducing leveraged products." He accused the government of operating a "stock-picking room for the public."

Jung demanded the dismissal of Kim Yong-beom, the Presidential Office's Chief Policy Secretary, holding him accountable for the "disaster." He argued that mere superficial measures are insufficient and that the president must demonstrate a commitment to stabilizing the stock market through personnel changes. "If the president has even a shred of will to normalize the stock market, they must first show that will through personnel action," Jung stated.

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The policy secretary has caused such a mess, and they cannot simply get away with a few patchwork solutions as if nothing happened. The president must dismiss Policy Secretary Kim Yong-beom. If the president has even a shred of will to normalize the stock market, they must first show that will through personnel action.

Other party officials echoed these sentiments. Supreme Council member Shin Dong-wook questioned whether Kim Yong-beom would be allowed to continue after turning the "Korean capital market into a gambling arena," urging his resignation. Supreme Council member Kim Jae-won went further, suggesting that Kim Yong-beom, along with other top economic officials, should be punished for "opening a gambling house" and "abetting gambling."

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Will you just let the Chief Policy Secretary Kim Yong-beom continue after turning the Korean capital market into a gambling arena and causing countless investors to shed tears? He should apologize first and then resign.

Kim Jae-won recounted his personal experience, stating he lost 200 million won (approximately $145,000 USD) without actively trading after the introduction of the leveraged ETFs. He described the Seoul stock exchange as more of a "speculative playground" than an investment market, surpassing even the notorious Kangwon Land casino.

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President Lee Jae-myung, Deputy Prime Minister for Economy Koo Yun-cheol, Financial Supervisory Service Governor Lee Chan-jin, and Policy Secretary Kim Yong-beom should apologize to the public now and resolve this issue. These are people who gambled with the public's money. I feel like they should be punished for opening a gambling house and for abetting gambling.