[Editorial] Reforming lending practices
Dec 28, 2011
More than 30 years ago, Kim Seok-dong, chairman of the Financial Supervisory Commission, tasted the bitterness of business failure. In 1978, he started a leather jumper exporting business after working for a trading company for a year. Kim’s company ran into trouble when the second oil shock hit the nation in 1979. As business soured, he faced funding problems. To keep his company afloat, he went to his bank to get trade financing. But the bank demanded that all his family members, including eve