South Korea's banking subindex plunged to a 17-month low as prosecutors charged 10 executives of SK Global's parent, SK Group, for misrepresenting results. Investors said the scandal raised the specter of Daewoo Group, once the nation's second-largest business empire, which understated its liabilities until its failure in 1999 under $80 billion of debt.
``Some investors are panicking,'' said Lee Seung Joo, a banking analyst at Woori Securities Co. ``They're dropping bank stocks as the SK Global case brings up memories of scandals involving Daewoo.'' _____________
Jer: If everyone in the world is in debt to their eyeballs, who is the debt owed to? Who can forgive the debt? See msg. #94786