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Chen vows to abstain from market

President Chen Shui-bian (陳水扁) promised yesterday that his family, in particular first lady Wu Shu-chen (吳淑珍), will not make any stock trades between now and the March 20 election and that his family assets will be put into a blind trust if he wins.

"Although my wife's investments have been handled correctly and appropriately, as the first lady she is too big a target. Even if we stop doing it [trading shares], people would still call our conduct into question," Chen said.

"It's simply not worth it. In order to place ourselves above suspicion, we will, until March 20, stop stock market transactions and stop playing the stock market," he said.

The president made the remarks during a morning radio interview on the UFO Network.

Documents filed with the Control Yuan show that the first lady began extensive stock trading last November. In two months she invested NT$30 million and made a hefty profit.

The opposition has questioned whether Wu engaged in insider trading and attacked the first family's relations and conduct in relation to the business community.

Minister of Finance Lin Chuan (林全) as well as Democratic Progressive Party (DPP) campaign spokesman Wu Nai-jen (吳乃仁) said Wu's stock trading was perfectly legal and that she had neither bought at the bottom of the market nor sold at the top.

Chen said yesterday that Wu has a strong sense of what is right and "does not create obstacles to my political career."

"She has been the reason why, ever since I started out in politics, I have been able to withstand all kinds of tests," Chen said.

"She does not accept red envelopes or construction kickbacks, indeed, never commits any form of improbity," he said.

Chen said he never discusses stocks with his wife and never plays the market himself.

"My wife said that if I were to fall under suspicion because of her stock transactions, that would be unfair and unnecessary," he said.

"My wife tells me that the whole procedure by which she invests is transparent and open and fully declared in accordance with the law," he said.

"The value of her investments, moreover, has regularly been calculated by the outside world. Actually, it's not as high as they're saying," he said.

Chen said many of the stocks Wu purchased were bought when she was a legislator in the 1980s. Some of them were purchased for NT$1,000 but are now worth only about NT$20.

"When she invests in stock, she often loses money," he said.

Chen also reiterated his position that Taiwan need not declare independence because it is already a sovereign state, regardless of whether it is called "Taiwan" or the "Republic of China."

He expressed confidence that he will win the election.

"There is only a 1 percentage point difference between the two sides. I believe the margin of victory will be between 300,000 and 500,000 votes. It will be a narrow victory, but my prospects of winning are getting better and better," Chen said.

The president also called on Chinese Nationalist Party Chairman (KMT) Lien Chan (連戰) to debate public investment with him, saying he hoped the media would help to facilitate this.

He said the more debates there was, the better people would understand the importance of public investment and the differences between the two camps.
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