Word: lees
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...Lee's experience shows how one family answered a common question facing wealthy (and some not-so-wealthy) parents: When children grow up amid plenty, how can they be taught to be sensible about money? We're not talking about checkbook-balancing skills. There is a plethora of practical advice for that, just as there's no shortage of guidance when it comes to transferring assets from one generation to the next. Harder to come by is advice for parents on how to bequeath to their children not just a fat inheritance, but also the values and work ethic that...
Christabel Lee was 12 years old and had just saved up $90 for a new bicycle when her wallet disappeared with all her cash in it. She asked her parents if they would buy the bike for her, but they refused. It's not that they couldn't afford to help. Lee's father is vice chairman of a major Hong Kong conglomerate; her family is rich. Lee, now 36 and the managing director of a printing company, remembers crying about the injustice of it all. But today, she recognizes that she gleaned a valuable lesson from the incident: money...
...with reporting by William Lee Adams / London...
...workers, too ashamed to tell their families they had lost their jobs, donned business suits each morning only to hide out in the mountainside parks around Seoul. Middle-aged women turned over their gold jewelry to the government in a futile attempt to restock its empty coffers. Today, President Lee Myung Bak has called on that same spirit of self-sacrifice to pull the country through the current crisis. At a meeting of his Cabinet in October, Lee said that the public should "join forces with one mind to tide over the trying times...
...Tall Order The economic problems quickly became a political challenge for President Lee. A former CEO of Hyundai's construction company, Lee triumphed in the country's 2007 election on a platform of reform aimed at returning South Korea to rapid growth. Not only did the economic crisis make his campaign promises sound hollow, the President and his policy team came under heavy criticism for reacting too slowly to stem the turmoil. "The problem has become deeper than necessary," says Charles Chang, managing partner of Seoul-based boutique investment-banking firm Accolade. "It is the failure of the government." Chang...