Ryu Seung-min targets President Lee, saying stock market speculators are in hell while he watches from afar

[Financial News] Former People Power Party lawmaker Ryu Seung-min criticized President Lee and the government’s response to the controversy over the "Samsung Electronics-SK hynix leveraged product."
In a post on social media on the 19th, Ryu said, "The Blue House was responsible for pushing ahead with the single-stock leveraged product, and investors suffered the damage. This is not the time for the president to talk to Lee Chan-jin, Governor of the Financial Supervisory Service, as if he were watching a fire across the river, saying, 'You seem to be taking a lot of hits.'"
He also argued, "In a stock market speculation game that has turned into Squid Game, countless retail investors are crying out that they are in hell. It is irresponsible and detached for the Financial Supervisory Service chief to belatedly say, 'Should I have blocked it even by lying down back then? I regret and feel remorse.' It is widely known that the person who should have been stopped at the time was the Blue House policy chief."
At a briefing at the Blue House on the 15th, President Lee raised concerns about market conditions while mentioning the single-stock leveraged ETF issue to the Financial Supervisory Service chief. In particular, Lee said, "It seems like you have been taking a lot of hits lately," referring to growing criticism and concerns over single-stock leveraged products in the market. The chief replied, "As the market supervisor, I have responsibility, and I am accepting that responsibility with humility."
The controversy over single-stock leveraged ETFs has intensified as volatility in the domestic stock market has recently widened. At a press briefing in June, the Financial Supervisory Service chief said of the product’s introduction process, "I regret that I should have blocked it by lying down."
Ryu also criticized the government’s "measures to supplement single-stock leveraged products," announced last week, saying, "The market’s assessment is cold." He added, "It is already difficult to recover investors’ losses, and since products currently being traded cannot be delisted, the only option appears to be a gradual landing in the market and a fade-out."
He went on to stress, "The cause and responsibility for policy failure must be clearly identified." He added, "In a stock market where two stocks account for more than 50% of market capitalization, the National Assembly investigation must reveal who introduced these high-risk leveraged products and for what purpose."
He also said that, in relation to the National Pension Service’s asset management, "Expanding the share of domestic stocks and keeping the allowable range for Strategic Asset Allocation (SAA) undisclosed undermined the NPS’s rebalancing principles." He argued, "Allegations that the pension fund was mobilized to artificially boost stock prices and defend the won’s exchange rate must also be confirmed through a National Assembly investigation."
He then criticized the first half of the year’s KOSPI market, saying, "Foreign investors realized profits through net selling worth 150 trillion won, while the NPS, which violated its principles, was merely used by foreign investors."
gaa1003@fnnews.com Ahn Ga-eul Reporter