2023-11-03 11:42:56
▲ Rep. Song Eon-seok questioning the National Assembly Inspection Photo: Yonhap News
The People Power Party, which had fun raising the ‘Mega Seoul’ agenda, such as the incorporation of Gimpo City, Gyeonggi Province, into Seoul, is expected to start ‘slamming short sellers’ this time.
On the 3rd, while attending the general meeting of the Budget and Accounts Committee, Song Eon-seok, secretary-general of the People Power Party of the National Assembly’s Budget and Settlement Special Committee, was caught on camera by a media company sending a text message to the party’s floor spokesperson Jang Dong-hyuk, saying, “This time, we are trying to focus on short selling after Gimpo.” .
Short selling is a trading technique that involves borrowing stocks of stocks whose stock prices are expected to fall, selling them, and buying them back later to repay them.
The reason the People’s Power Party began ‘slamming short sellers’ is interpreted as targeting the votes of these small investors.
The temporary ban on short selling is being interpreted as a pre-emptive move to lead the way on issues that will shake up the entire economy about five months before the general election in April next year.
In fact, it is known that the government and the People Power Party will soon announce a temporary suspension of short selling, and there are predictions that short selling will be suspended until around April next year when the general election is held.
Yoo Ki-hong, a member of the Democratic Party of Korea, argued at the plenary meeting of the Budget and Accounts Committee that day, “The text message between Secretary Song Eon-seok and Member Jang Dong-hyuk saying ‘This time Gimpo, next time short selling’ has been exposed, so it can no longer be excused that it was a general election tactic.” I did.
At the plenary meeting of the Budget and Accounts Committee, Rep. Song explained, “I am sorry that the contents of my cell phone were photographed due to my carelessness.”
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