Story thread · 14 reports / 8 sources

Kim Yong-beom breaks silence on policy controversies after resignation

koreatimes.co.kr · 13dShare

Outgoing presidential policy chief Kim Yong-beom spoke out Tuesday about the introduction of single-stock leveraged exchange-traded funds (ETFs) and the government's controversial housing policies, both of which had made him a target of opposition calls for his resignation. Kim, who stepped down after 15 months in office, said he was unfairly portrayed as the main culprit behind losses suffered by leveraged ETF investors, arguing that the timing of the product's introduction happened to coincide with a global market correction. In a telephone interview with the Hankook Ilbo on Tuesday, Kim emphasized the circumstances surrounding the introduction of leveraged ETFs in late May. At the time, the won-dollar exchange rate had surged above 1,500 won per dollar, putting pressure on the government to stabilize the currency. “At the time, we discussed why Koreans were investing disproportionately in the U.S. Nasdaq,” Kim said. “That led us to discuss differences in financial products available

First report: (URGENT) Presidential chief of staff for policy Kim Yong-beom offers resignation, Lee accepts: spokesperson — en.yna.co.kr, 14d