’Occupy Wall Street’ protest hits Seoul

A group of activists rallied in the streets of Seoul Saturday to protest what they called the greed of conglomerates and the widening income gap in Korea, joining the "Occupy Wall Street" movement that began in the United States.

Despite an autumn downpour, around 250 activists in raincoats gathered in front of the headquarters of the Financial Services Commission (FSC), the country's top financial regulator, located in Yeouido, Seoul's main financial district.

The crowd, consisting of civic activists and supporters, carried placards bearing English messages, including ones that read "I am not your automated teller machine" and "Taxes to the financial capital, jobs for workers."

The rally was part of two-day "Occupy Seoul" protests being organized by an association of 30 civic groups on Saturday and Sunday.

Organizers said the rally is aimed at galvanizing "99 percent of Koreans" to stand up against the superwealthy "1 percent" they see in control and benefiting from a toxic financial environment, echoing claims by anti-Wall Street protesters.

"The situation is the same in Korea, where the financial institutions have speculated to earn high profits in a short time,

creating victims," the group said in a statement. The ralliers demanded compensation for victims who lost money due to banks' risky business operations.

The group said it also plans to urge the government to strengthen regulations on financial institutions, create more jobs and curb rampant housing prices and cut expensive college tuitions.

During a "free speech session," middle-aged female protesters occupied the entrance to the heavily guarded FSC building, shouting for measures to compensate individuals who suffered losses from the government's savings bank suspensions.

Some protesters handed out statements that organizers said they later plan to share with demonstrators in the U.S.

"We wish to thank you, our American friends, for inspiring us in Korea to speak up and act to set things right. We want justice. We want our jobs," said the statement, written in both English and Korean.

"Let's put our voices together and shout at those criminal financial capitalists who have devastated the whole globe," it said.

The protesters included some foreigners.

"It's amazing to see Koreans fighting for a change, especially when we in our home have been mobilizing for the same purpose," said Carlos Gomez, a student from Spain. "The whole impression of this, that we want global change, a better world, should play a role in reducing economic disparity."

The 22-year-old said he followed the protest via Facebook.

"I've been to the demonstrations in my country and now I'm following them in Seoul, so it's like all of us are following," he said.

Seoul police warned that they will take stern action against protesters who violate the law during the rallies, such as those who damage public facilities, occupy roads and assault police officers.

"We will arrest those who stage illegal protests on the spot and also seek legal action even after the rally ends," the Seoul Metropolitan Agency said in a news release.

Criticism has been rising over moves by banks and other financial institutions to pay massive dividends. According to financial analysts, local banks are expected to post a record 20 trillion won (US$17 billion) net profit this year on the back of increased interest income.

Earlier this week, FSC Chairman Kim Seok-dong urged the finance industry to rid itself of excessive greed and reflect on moral hazard. He suggested that financial firms should reinforce their public roles instead of simply maximizing profits. (Yonhap)