Officials feeling investors' pain

The 38 percent fall in the TAIEX since President Chen Shui-bian (陳水扁) took office in May has hurt more than just mom and pop investors.

According to The Journalist (新新聞) yesterday, a number of Cabinet and top government officials, including the president, have also been hit with huge stock market losses.

In all, the senior government officials have racked up an estimated NT$116 million in stock losses since May, according to the magazine.

The biggest loser was Minister of Economic Affairs Lin Hsin-yi (林信義), who held shares valued at NT$133 million before Chen's May 20 inauguration. By Oct. 13, those holdings were worth roughly NT$60.9 million.

The second-biggest loser was Minister of Foreign Affairs Tien Hung-mao (田弘茂), whose stock holdings decreased by NT$22.3 million.

Third on the list was President Chen Shui-bian (陳水扁); shares owned by first lady Wu Shu-chen (吳淑珍) have lost roughly NT$10.9 million in value since May 20.

But The Journalist's report also found that assets held by the first family have grown nearly NT$70 million since December 1997, when Chen was the mayor of Taipei.

Chen owns three houses worth NT$29 million; deposit accounts worth NT$13 million; NT$38 million in government bonds; an estimated NT$25 million in stock shares; and NT$14 million in other funds.

In all, Chen and his family are worth roughly NT$120 million.

The Journalist based its numbers on figures garnered from a soon-to-be published Control Yuan report, which requires government officials to declare their financial holdings.

In addition to Lin, another financial official who appears to have lost big in the market is Perng Fai-nan (彭淮南), governor of the Central Bank of China. Perng's stock holdings have lost NT$3 million in value since May.

Other economic and financial ministers also had stock market loses, though not as severe. Chen Po-chih (陳博志), chairman of Council for Economic Planning and Development, lost an estimated NT$663,710, while Minister of Finance Yen Ching-chang (顏慶章) had NT$480,401 in losses.

Lin Chuan (林全), head of the Directorate General of Budget, Accounting and Statistics (主計處), lost an estimated NT$7.98 million. Ting Yu-chou (丁渝洲), head of the National Security Bureau, lost about NT$3.3 million.

In comparison, Premier Chang Chun-hsiung (張俊雄) was lucky. Chang had an estimated NT$20,452 in losses, according to the magazine.

In addition to highlighting the stock market losses of government officials, The Journalist provided details of their favorite holdings.

Taiwan Semiconductor Manufacturing Co (台積電), United Microelectronics Corp (聯電), Chinatrust Commercial Bank (中信銀), Cathy Construction (國建), Nanya Technology (南亞), and Chinfon Commercial Bank (慶豐商銀) were all owned by at least three government officials.

Some government officials have avoided the stock market altogether. They include Vice Premier Lai In-jaw (賴英照), Secretary-General of the National Security Council Chuang Ming-yao (莊銘耀) and Chairwoman of the Mainland Affairs Council (陸委會) Tsai Ing-wen (蔡英文). Tsai, however, owns government bonds worth NT$78.7 million.