Dear editor,

In a Korea Times article titled ``Regulators Kick Out KB Chairman Nominee" on Page 2 of its Jan. 1 to 3 issue, I would like to point out the continuation of Korea's backward policy toward financial institutions.

To be more specific, it must be a part of financial ``socialism" and a plot to put banking institutions under the state, a shameful maneuver which was seen very often in the previous authoritarian governments.

On the surface of it, Kang Chung-won's abrupt withdrawal from KB Financial Group's chairmanship nomination seems to be a personal decision.

But a powerful financial watchdog's unscheduled investigations of his business performance and private life, high-pitched unparalleled to previous ones, have led many to believe that Kang has been branded by the Financial Supervisory Service (FSS) as a ``persona non grata" as the group chairman, which resulted in him giving up his chairmanship candidacy.

The FSS's investigations kicked off on unfounded allegations that Kang abused his power to be nominated as the head of Korea's leading lender group in a conspiracy with a few outside directors. The FSS still has not provided clear evidence to back its assumptions.

Interestingly, the supervisory body is keeping mum about Kang's departure from the chairmanship nomination. Is the FSS always a winner? As long as it stays the ``winner," the people remain the ``losers." Bravo! Congratulations on FSS's win! Hurrah, FSS!

Charles Kim
Jongno-gu, Seoul