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‘Occupy Yeouido’ protest
Financial sector must play far bigger public role
심 상 대
전) EBS방송 강 의, Cable TV(일자리 방송) 강의
전) 호원대학교 겸임교수
현) 남부행정고 시학원 영어전임
현) 코리아타임 스(The Korea Times) 객원논설위원
`1)Korea is second to none when it comes to importing global fads. `2)Yet it is not because Koreans like to blindly imitate anything Western that they are reenacting the cross-Atlantic protests against casino capitalism in Seoul earlier than most other Asian capitals. It is because Korea’s financial sector is as greedy as their American and European counterparts. Little wonder the local protesters’ slogan is ``Occupy Yeouido,” a Seoul district where financial powerhouses and regulators are headquartered, called the Manhattan of Korea. 3Like their Western competitors, Korean banks and brokerage houses are prospering at the expense of their clients ― not along with them. 4The large commercial banks raised lending rates amid the prolonged economic slump, and securities firms imposed high commissions no matter how many individual investors go belly up in roller-coaster markets.
Just as the Wall Street mega banks escaped from the financial crisis they made with taxpayers’ money, Korean banks pulled out of the currency crisis with public funds ― and both groups have since been partying with hefty bonuses and dividends while many become jobless and homeless. There are differences, too. 5)Unlike Western banks that develop risky products and markets, the Korean banks are stuck at home resorting only to the stone-age financial techniques of capitalizing on the spread between deposit and lending rates. About 85 percent of their net profits come from this net income margin, and the rest from various commissions. The financial service firms’ productivity is far lower than that of major industrial companies but their employees receive far larger salaries.
There is only one reason for this: they are working where the money gathers. In Korea, people call large banks and other financial service firms financial ``institutions,” reflecting the nation’s long tradition of regarding them as public organizations. People often compare the financial industry to blood circulating the human body. 6)When most of the blood stays near the heart instead of flowing through capillaries and supplying oxygen to the remotest cell, the body cannot operate normally, and will eventually break down, beginning with the heart’s own stoppage. Both U.S. President Barack Obama and Korean President Lee Myung-bak are surrounded ― or arrested ― by financial power. 7)The difference is, while the former Wall Street fat cats have captured the White House, in Korea the former Ministry of Finance (MOF) bureaucrats, called ``the Mofia,” have monopolized the President’s ears and eyes.
This is why Korean demonstrators, different from their Wall Street counterparts, have an additional demand of the independence of the financial sector in addition to restoring public functions to the industry. 8)On Saturday, protesters will rally loudly against savings banks’ managers who spent clients’ money like their own private funds as well as commercial banks which slapped compound interest on student loans, and refused to chip in 5 billion won in combined total to create a lending facility for the poorest workers while earning 20 trillion won in net profit this year. These are cries the entire Establishment ― politicians, bureaucrats and businesses ― should heed. 9)And they are also the signs the public will no longer endure this unfair and unjust winner-take-all system.
‘Occupy Yeouido’ protest Financial sector must play far bigger public role‘ 여의도를 점령하라’ 시위 / 금융 부문은 훨씬 더 큰 공공의 역할을 해야
1) Korea is second to none/ when it comes to importing global fads. ① 한국은 (②) 단연 첫 번째이다./ ② 세계적인 유행을 수입하는 문제에 관해서라면
2) Yet it is not because Koreans like to blindly imitate anything Western/ that they are reenacting the cross-Atlantic protests against casino capitalism/ in Seoul earlier than most other Asian capitals.① 하지만 그것은 한국 인들이 (② / ③) 서구적인 어떤 것을 맹목적으로 모방하기를 좋아해서 때 문이 아니다./ ③ 카지노 자본주의에 반대하는 대서양 횡단(미국과 유럽) 의 시위를 재현하고 있는/ ② 대부분의 다른 아시아의 주요도시들보다 더 일찍 서울에서
3) Like their Western competitors,/ Korean banks and brokerage houses are prospering/ at the expense of their clients ― not along with them. ① 서구의 경 쟁자들처럼,/ ② 한국의 은행들과 증권사들은 (③) 번창하고 있다./ ③ 고 객들과 더불어서가(더불어 번창하는 것이) 아니라 고객들을 희생하여
4) The large commercial banks raised lending rates amid the prolonged economic slump, and/ securities firms imposed high commissions/ no matter how many individual investors go belly up in roller-coaster markets. ① 대형 시중 은행들은 장기적인 경제적 불황 가운데 대출 금리를 올렸고/ ② 증권사들 은 (③) 높은 수수료를 부과했다./ ③ 아무리 많은 개인 투자자들이 롤러코 스터 장세에서 파산을 할지라도
5) Unlike Western banks that develop risky products and markets,/ the Korean banks are stuck at home/ resorting only to the stone-age financial techniques/ of capitalizing on the spread between deposit and lending rates. ① 위험성이 높은 제품과 시장을 개발하는 서구의 은행들과는 달리,/ ② 한 국의 은행들은 (③) 집(국내)에 갇혀 있다./ ④ 석기시대적인 금융기법에 만 의존하면서/ ③ 예대마진을 이용하는
6) When most of the blood stays near the heart/ instead of flowing through capillaries and supplying oxygen to the remotest cell,/ the body cannot operate normally, and/ will eventually break down,/ beginning with the heart’s own stoppage. ① 혈액의 대부분이 (②) 심 장의 근처에 머물러 있을 때,/ ② 모세관을 통해 흐르고 산소를 가장 멀리 있는 세포로 공급하는 대신/ ③ 인체는 정상적으로 작동할 수 없으며/ ⑤ 결국에 가서는 고장이 난다./ ④ 심장 자체가 멈추는 것과 더불어 시작하여
7) The difference is,/ while the former Wall Street fat cats have captured the White House,/ in Korea the former Ministry of Finance (MOF) bureaucrats, called ``the Mofia,”/ have monopolized the President’s ears and eyes. 차이 점은/ 이전의 월스트리트의 거액 정치헌금자(고액수령자)들이 백악관을 포 획한 반면/ 한국에서는 “모피아”라고 불리는 이전의 재무부(MOF) 관리들 이/ 대통령의 귀와 눈을 독점했다는 점이다.
8) On Saturday,/ protesters will rally loudly against savings banks’ managers/ who spent clients’ money like their own private funds/ as well as commercial banks/ which slapped compound interest on student loans, and/ refused to chip in 5 billion won in combined total/ to create a lending facility for the poorest workers/ while earning 20 trillion won in net profit this year. ① 토요일,/ ② 시위자들은 (③ / ④ / ⑤ / ⑥ / ⑦) 저축은행 매니저들에 항의하여 떠들썩하게 집회를 열 것이다./ ⑦ 자신의 개인적 기금처럼 고객들의 돈을 썼던/ ⑥ 시 중은행들뿐만 아니라/ ③ 학생대출금에 대해 복리이자를 부과하고/ ⑤ 극빈 층 근로자들을 위한 임대시설을 만들기 위해 도합 50억 원을 기부하기를 거 부한/ ④ 금년에 순이익으로 20조 원을 버는 가운데
9) And they are also the signs/ the public will no longer endure this unfair and unjust winner-take-all system. ① 그리고 그것들은 (②) 조짐들이기 도 하다./ ② 대중이 더 이상은 이러한 불공정하고 정의롭지 못한 승자독식 의 시스템을 인내하지 않을 것이라는
