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Does anyone have any more info? The article only says that he died, and then nothing else. It’s two sentences long. Whoever he was, he at least deserves a summary of his achievements.
Earlier quoted context omitted.
According to many he’s been dead since then, and his heir has just been trying to keep it all hidden because SK’s inheritance taxes could threaten the family’s majority stake in the business.
So is this the heir "buying the dip"? Staging the death at the moment in which the inheritance is likely to have the lowest market value?
What a brutal way to go. It has been widely speculated that he has been in a vegetative state since 2014, kept on life support to give the company time to restructure its assets and consolidate power under Lee Kun-Hee's son, Lee Jae-yong, so that their family's power persists even in the wake of paying South Korea's enormous wealth taxes. Samsung undoubtedly played a key role in South Korea's economic ascendance, but…
Earlier quoted context omitted.
I'd expect them to be able to finance paying the taxes with an equity collateralised loan. If not the entire tax bill, at least a big chunk of it.
Seems that more leverage and more debt is in fact the answer to everything. BRB, need to take a second mortgage to buy more equity index funds. I will then use the fund shares as a collateral for another loan, and you get the idea. I wonder why hasn't anyone thought of it yet! Time for a YC application!
Step 2 - spend all the cash to buy bitcoin
Step 3 - bankruptcy
https://www.nytimes.com/2020/10/24/obituaries/lee-kun-hee-di...
Interesting, in a documentary (puff piece) by Singapore-based news organisation CNA, I heard a near identical story about faulty fridges made by the China-based manufacturer Haier [1] being smashed by their workers in a similar way in 1984 after an order by CEO Zhang Ruimin: https://youtu.be/WK7mxBy1fNw?t=594
Sounds like it's a a common strategy for low-quality manufacturers trying to improve themselves (other than Kaizen / The Toyota Way)
Earlier quoted context omitted.
I'd expect them to be able to finance paying the taxes with an equity collateralised loan. If not the entire tax bill, at least a big chunk of it.
Seems that more leverage and more debt is in fact the answer to everything. BRB, need to take a second mortgage to buy more equity index funds. I will then use the fund shares as a collateral for another loan, and you get the idea. I wonder why hasn't anyone thought of it yet! Time for a YC application!
Does anyone have any more info? The article only says that he died, and then nothing else. It’s two sentences long. Whoever he was, he at least deserves a summary of his achievements.
This reminds me of this tweet: https://twitter.com/oniontaker/status/1214540491577942017
50% Inheritance tax would do wonders in the US. Honestly if you want the best people at the top then no one should start with a billion dollar advantage.
This reminds me of this tweet: https://twitter.com/oniontaker/status/1214540491577942017
Wow - "Enter Korean tax code. Korea has 50% inheritance tax on assets above $2.5m. When Lee Gunhee dies, his family will owe the government $7b. The family will have to sell personal stakes of Samsung-controlled assets, weakening the strong, complex investment structure they built." That's pretty impactful in terms of potentially forcing the family to sell off control, isn't it?
Earlier quoted context omitted.
50% Inheritance tax would do wonders in the US. Honestly if you want the best people at the top then no one should start with a billion dollar advantage.
Or you could have the unintended consequence of zombie executives wandering the earth until it's in their family's economic interest to declare them dead and bury them in the ground.
Worth watching: https://www.youtube.com/watch?v=jRzysFhyZ8Y (@11:45 they talk about TBTF)