But the fight sent a clear message to other chaebol: no more nepotism as usual.
Most of the Korean chaebol and banks were overleveraged already, on average 3-to-1 and sometimes 10-to-1, or more.
Financial reforms cannot succeed unless there is effective restructuring and de-leveraging of the main chaebol.
For the first time in many years the chaebol have a political wind behind them.
He also bought Daewoo trucks, after the stricken South Korean chaebol had to be broken up.
The Samsung Foundation of Culture, which is backed by the chaebol's companies, funds the museum.
They do not throw money at the chaebol as they did in the past.
Statistics, however, hardly suggest that the chaebol have been feverishly ridding themselves of debt.
ECONOMIST: South Korea��s financial system has been wobbling once more
Just as worrying are the financial transactions between the chaebol, the investment-trust companies and the banks.
ECONOMIST: South Korea��s financial system has been wobbling once more
On the surface, both the banks and the chaebol seem to be on the mend.
ECONOMIST: South Korea��s financial system has been wobbling once more
Kim thinks LG will benefit from being the first chaebol to bow to government pressure.
Japan looks on aghast as the chaebol catch up with more of its large firms.
That means letting firms beyond rescue, even those connected to influential chaebol, go bust.
Worse, the chaebol have switched their debt into foreign denominations over the past few years.
As for the chaebol, although they talk about restructuring, their hearts are clearly not in it.
Recent data show chaebol engaged in more than two-thirds of 76 business categories in South Korea.
Other pro-chaebol diehards in her party continue to dismiss all this as empty populism.
That alone has saved the chaebol millions of dollars by lowering their debt-servicing burden.
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The chaebol may also be the main bidders in the privatisations that the government now plans.
At the same time, Mr Kim is worried about pushing the chaebol too hard just now.
Past governments have coddled chaebol, but the current one says free-market principles should prevail.
Among the big chaebol, only Samsung still claims to be on track with its reforms.
The financial debacle this year at Hyundai, the biggest chaebol, has made the situation even worse.
In the past, banks preferred to lend to chaebol subsidiaries, even at thin margins.
And the stricter the rules, the more creative the chaebol are likely to become.
Yet in general the bloated chaebol are doing little to restructure (see article).
The chaebol are keeping their heads down, hoping that the hubbub will die away.
He is a rare example of a convicted chaebol chairman who spends time behind bars.
Its consolidated-profit margins, at 0.1% of revenue last year, lag behind those of other chaebol.
Hyundai insists, though, that it is not trying to roll back the clock and reassemble the chaebol.
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