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Los Angeles Times Profile picture
@latimes
Oct 17, 2021 • 9 tweets • 5 min read • Read on X
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The business card, tossed w/ expert precision from a motorcycle as it sped away, landed at Park Chui-woo’s feet just as he was nearing the end of his wits.

The brightly colored card advertised quick low-interest loans, especially to small business owners.
latimes.com/world-nation/s…
Maxed out on all other lines of credit, Park, the owner of a small chain of coffee shops dialed, the phone number.

With that call 3 years ago, he entered the underground world of illegal private lending that tempts desperate South Koreans.

latimes.com/world-nation/s…
Soon, motorcycle-riding, tatted-up skinheads showed up to talk terms with Park. They dropped off a wad of cash and began coming by his store daily to collect interest, at an annualized rate of about 210%.

latimes.com/world-nation/s…
Debt is the primary motivator for characters in the Netflix hit “Squid Game,” a dystopian drama series in which 456 participants who are heavy in debt fight to the death — literally — for a chance at a life-changing windfall of 45.6 billion won.

latimes.com/world-nation/s…
The South Korean series has resonated worldwide, tapping into growing economic fears and becoming the streaming service’s most popular release to date, with 111 million views in the first 28 days.

latimes.com/world-nation/s…
Official statistics don’t capture the illicit world of private lending turned to by Park & the protagonist of “Squid Game,” when they could no longer borrow from banks & registered lenders, whose loans are capped by law at an annual interest rate of 20%.

latimes.com/world-nation/s…
South Korea’s shadowy lending business is hard to quantify but appears ubiquitous. Cards & fliers advertising quick cash are readily seen on subway cars, bus stops & lamp posts. The gov regulator received nearly 300K reports of illegal lending ads in 2020.
latimes.com/world-nation/s…
Contracts that call for a kidney or eyeball in lieu of repayment are an intimidation tactic of yore and are no longer common.

Now, lenders demand the phone numbers of debtors’ relatives and friends in order to harass them if the debt isn’t paid on time.

latimes.com/world-nation/s…
Park said illegal creditors have been a lifeline to pay his employees and keep his shops open.

Read more from @vicjkim at latimes.com/world-nation/s…

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More from @latimes

Los Angeles Times Profile picture
May 14
For decades, the Stauffer Chemical Co. disposed of thousands of tons of industrial waste near its factory grounds along Richmond’s southeast shoreline.

But the barbed-wire-ringed Richmond site wasn’t Stauffer’s only dumping ground.

Thread 👇
latimes.com/environment/st…
Revelations of possible radioactive dumping around the Bay Area trigger new testing at parks
Warning signs along the Richmond, Calif., site’s perimeter attempt to discourage trespassers from breaching the locked gates, where soil testing has detected cancer-causing gamma radiation more than 60 times higher than background levels in some places.

latimes.com/environment/st…
In the last two decades, the California Department of Toxic Substances Control has overseen the investigation into the extent of contamination, revealing elevated radioactivity underground and at the surface. latimes.com/environment/st…
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Los Angeles Times Profile picture
Aug 24, 2023
South Korea currently recycles close to 100% of its food waste, a remarkable jump from just 2.6% in 1996.

So, how did the nation's composting system become a model for the world?

Let's take a journey!

Thread ⬇️ South Koreans have been required to use food waste bags, seen at top in translucent yellow, for throwing out their uneaten food since 2013. (Jean Chung / For the Times)
The food waste that ends up at Nanji Sewage Treatment Center starts out in a translucent yellow bag, which South Koreans have been required to use for throwing out their uneaten food since 2013. latimes.com/world-nation/s…
South Koreans have been required to use food waste bags, seen at top in translucent yellow, for throwing out their uneaten food since 2013. (Jean Chung / For the Times)
By purchasing them, which are priced at around 70 cents per liter and sold at any convenience or grocery store, residents effectively pay a tax on the food that they are throwing away. latimes.com/world-nation/s…
Read 12 tweets
Los Angeles Times Profile picture
Apr 24, 2023
The decision to fire Tucker Carlson came straight from Fox Corp. Chairman Rupert Murdoch, according to people familiar with the situation who were not authorized to comment. latimes.com/entertainment-…
Murdoch is said to be concerned over Carlson’s coverage of the Jan. 6, 2021 insurrection at the Capitol, where the host has promoted the conspiracy theory that it was provoked by government agents. latimes.com/entertainment-…
Tucker Carlson has called Ray Epps — a Texas man who participated in the storming of the Capitol but did not enter the building — an FBI plant, without any evidence. latimes.com/entertainment-…
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Los Angeles Times Profile picture
Apr 24, 2023
Tucker Carlson is leaving Fox News. The network announced the departure of its top rated and most provocative conservative host Monday with no explanation. His last show was Friday. latimes.com/entertainment-…
Tucker Carlson's departure from Fox News comes nearly one month after a Fox News producer filed a discrimination lawsuit against the network, Carlson and other producers, alleging that the network is rife with sexist, misogynistic and abusive behavior. latimes.com/entertainment-…
Fox News last week reached a $787.5-million settlement with Dominion Voting Systems to resolve a defamation lawsuit. Dominion accused Fox of knowingly making false claims related to the 2020 election. latimes.com/entertainment-…
Read 4 tweets
Los Angeles Times Profile picture
Apr 24, 2023
For four decades, Choi Byung-moon blamed himself for a young girl's murder.

But in the winter of 2020, the truth finally began to emerge.

“I think before, I’d lived with something like a knot in my heart,” he told Seoul correspondent @maxsoeunkim. latimes.com/world-nation/s…
It was May 1980, and Gwangju was under siege.

The junta, which would go on to rule South Korea as a dictatorship for the next eight years, sent about 3,000 elite paratroopers — including Choi Byung-moon — to crush demonstrations.

📷: Sadayuki Mikami/AP
latimes.com/world-nation/s… South Korean martial law tr...
For 10 days straight, the commandos went on a campaign of terror.

At least 165 people were killed – including, Choi suspected, a young girl he handed off to fellow soldiers following a bloody minibus attack. latimes.com/world-nation/s…
Read 5 tweets
Los Angeles Times Profile picture
Apr 23, 2023
Affluent communities with little low-income housing have been among those most targeted by state legislators who have strengthened half-century-old laws requiring cities to plan for growth.

Thread ⬇️ latimes.com/homeless-housi…
In the past, Coronado only had to set aside land for 50 homes to meet state requirements. But this time, it is responsible for 912, 70% of which should be affordable to low- and middle-income residents.
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The allocation derives from a complex formula based on projected population increases and proximity to jobs and mass transit, among other factors. The law doesn’t mandate that cities build or approve new housing, just that they zone for it. latimes.com/homeless-housi…
Read 8 tweets

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