Taiwan’s First Family Crisis

Chao Chien-ming, the son-in-law of Taiwan’s president, was detained on May 23, 2006 for suspicion of insider trading. This insider trading scandal is not limited to only Chao; his parents, brother, and sister-in-law are also involved.

The whole scandal is a product of greed. Chao is from a middle income family; his parents are now retired from their positions as elementary school principal and teacher. Chao is a medical doctor and is employed in the best hospital in Taiwan. Chao married Hsing-yu, the daughter of Taiwan’s president, about six years ago. After the marriage, Chao has enjoyed the fame and privileges that coincide with high society. He loves to bask in the spotlight of the media, eager to show his wealth and power. Unfortunately, he has enjoyed far too much privilege; he has forgotten who he is. Chao and his father have leveraged their newly gained fame and connections from the marriage to dramatically increase their wealth. His father has acquired quite a few advisory positions and receives a large stipend, the most lucrative being from the government and various corporations. Is he qualified for these positions? Such questions do not even matter. He is now part of the first family. The Chao family is not only guilty of insider trading; they also involved in government land development transactions. Their hands are trying to get into every place where they can gain financial advantages.

Greed and power can corrupt good people. This is a fine example. Chao had a good family, education, and career. His marriage has led him down the road of luxurious indulgence. He was given a taste of money and power, and he and his family developed an insatiable taste for both. The more money he chased, the more crime he performed. There was no turning back.