FSC urges firms to be altruistic

Korea’s top financial regulator called on local financial firms yesterday to move to get rid of their “excessive greed” and step up efforts to reinforce their public roles.

“The finance industry should stave off their excessive greed and moral hazard,” Financial Services Commission (FSC) Chairman Kim Seok-dong told reporters.

The top regulator said financial companies should remember the taxpayers’ money they received in the aftermath of the 2008 global financial crisis.

“Public funds worth 160 trillion won ($138 billion) were injected into local financial firms. But they think their profits are only the results of their excellent management,” Kim said.

The FSC official said it seems inappropriate to dole out hefty bonuses amid the ongoing European financial crisis and stressed that financial firms should step up efforts to beef up their capacity to cope with crises rather than relying on public funds.

Kim’s remarks come ahead of a spate of protests scheduled for the weekend as locals join in the “Occupy Wall Street” movement that is spreading across the world.

Yonhap