Don't Buy Any Samsung Stock Today

South Korean electronics conglomerate Samsung's Chairman Lee Kun-hee has resigned after being indicted for tax evasion. He'll likely lead a small exodus of other executives out of the building as well. Well, let's give the guy credit for two things, anyway: He didn't think small, as he is accused of evading $113 million in taxes; and unlike the mealy-mouthed non-apologies we're becoming accustomed to here in the United States when a prominent person is exposed as a cheat or a liar, the guy knows how to 'fess up.

"I today have decided to resign from the post of chairman of Samsung Group," Lee told a news conference less than one week after he was indicted following a special independent counsel investigation into the conglomerate's operations.

"We, including myself, have caused troubles to the nation with the special probe," Lee said. "I deeply apologize for that, and I'll take full responsibility for everything, both legally and morally."

After Lee spoke, Vice Chairman Lee Hak-soo, considered the chairman's closest confidante, also announced his resignation as well as that of Lee Jae-yong, the chairman's son and heir who is an executive at Samsung Electronics Co.

Lee, the vice chairman, said Lee Soo-bin, chairman of Samsung Life Insurance, would represent Samsung Group externally. It was not immediately clear if the post of group chairman would remain vacant or eventually be filled.

They should put the guy in charge of the prison they put him in. It will probably run smoother.
Tags:  Samsung, Stock, Sun, MS, amsung, BU, AM, K