"We're checking who among President Lee Jae-myung's Judicial Research and Training Institute classmates there are, and whether the company has any alumni from Chung-Ang University's law school."
These days in the financial sector, the Lee Jae-myung administration's "bar exam + classmates" code appointments are the biggest focus. Several financial public institutions are set to replace their chiefs, and financiers are on high alert to see whether this appointment style will continue.
Financial Supervisory Service Governor Lee Chan-jin is a training institute classmate (18th class) of the president, and Korea Development Bank Chairman Park Sang-jin is an insider but an alumnus of Chung-Ang University's law school (class of '82) with the president. Lee and Park are known to have prepared for the bar exam together in the Chung-Ang University exam study group. Park gave up the bar and joined Korea Development Bank, but ultimately falls under the "bar exam + classmates" code appointment. Even in the financial sector, assessments coexist that call Park "the first insider appointee, yet one tied by school ties."
Expanding to government appointments overall, Ambassador to the United Nations Cha Ji-hoon, Minister of Justice Jeong Seong-ho, Korea Legislation Research Institute Chief Cho Won-cheol, former Senior Presidential Secretary for Civil Affairs Oh Gwang-su (resigned), National Education Commission Chair Cha Jeong-in, and National Election Commission nominee Wi Cheol-hwan are all the president's training institute classmates.
An opposition party figure said, "Among legal professionals, there is mostly a 'legal-elite' notion that those who studied law are the smartest," adding, "The president's code appointments seem to reflect this perception."
This is why it is drawing attention whether such code appointments will continue in the financial sector. The heads of Export-Import Bank of Korea, Korea Credit Guarantee Fund (KODIT), Korea Deposit Insurance Corporation (KDIC), and Industrial Bank of Korea are at the end of their terms, nearing expiration, or vacant. Many believe that at Export-Import Bank of Korea and Industrial Bank of Korea, insiders close to the current administration will be appointed as the next chief executive officers (CEOs). It is said that a list of the president's university alumni is already circulating cautiously among employees.
An employee at a financial public institution said, "It's not fitting in rank for the president's training institute classmates to come in as CEOs of financial public institutions, so we are keeping a close eye on Chung-Ang alumni." Another official also said, "Among employees, we're sharing who from Chung-Ang University's law school is around."
This mood is being detected at private financial firms as well, including Woori Financial Group. Yim Jong-ryong, the Woori Financial chairman who is from the government, ends his term at the end of the year, and attention is focused on whether he will be reappointed. It is already being reported that specific names of former and current executives who graduated from Chung-Ang University's law school are being mentioned inside and outside Woori Financial.