Kim Yong-beom breaks silence on policy controversies after resignation
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…
Kim Yong-beom, the former presidential policy chief, has broken his silence on recent policy controversies, speaking out on Tuesday. The introduction of single-stock leveraged exchange-traded funds (ETFs) and the government's housing policies were two issues that fueled opposition calls for his resignation. Kim resigned after 15 months in office.
However, he maintains that he was unfairly blamed for the losses incurred by leveraged ETF investors. Kim argued that the timing of the product's introduction was coincidental, occurring just after a global market correction. He provided details on the circumstances surrounding the launch of leveraged ETFs in late May. At that time, the won-dollar exchange rate had reached a peak of 1,500 won per dollar, prompting the government to seek stability.
Kim explained that discussions began concerning the disproportionate Korean investment in the U.S. Nasdaq. This led to a comparison of financial products available in both countries, ultimately resulting in the proposal for leveraged ETFs. The KOSPI benchmark was already seeing significant fluctuations at this point.
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