Lehman Preferred Series "J" Preferred (fka LEHJQ)

[MARKETEDGE]

Popular Internet Financial Pundit Arrested In South KoreaLast update: 1/8/2009 5:31:01 AMSEOUL (AFP)--South Korean prosecution authorities said Thursday they had arrested a popular Internet pundit on charges of spreading "groundless" allegations that the country's currency, the won, was imperiled. The Internet user, under the alias "Minerva," caused a stir in recent months with more than 200 postings about the country's financial crunch and the global economic crisis. A prosecutor said Minerva - who was rumored to be a retired financial market worker - is in fact a 30-year-old jobless man who only learned about foreign exchange markets through self-education. Earlier, news reports had speculated Minerva was a retired financial executive in his 50s or 60s, with a foreign academic degree. Prosecutors said they would disclose more information about the suspect when he is charged, probably Friday, but news reports didn't make clear when he would appear in court. Minerva drew a large Internet audience with postings that accurately predicted the collapse of Lehman Brothers in September, the won's sharp depreciation and the local stock market's crash. His writings irritated authorities with their sharp criticism of the government's economic policy and its intervention in the foreign exchange market. On Dec. 29, Minerva said the government had forced key financial institutions and exporters to stop buying dollars in an effort to prop up the won. The claim prompted the Ministry of Strategy and Finance to issue an angry denial. (END) Dow Jones NewswiresJanuary 08, 2009 05:31 ET (10:31