The president's good deed.

(EDITORIAL from the JoongAng Daily on July 8) -- President Lee Myung-bak has added his name to a list of high-profile philanthropists by donating most of his personal wealth, worth 33 billion won ($26 million), toward the establishment of a scholarship and welfare foundation. In a televised campaign speech on Dec. 7, 2007, the businessman-turned-politician said that all he needed was a place to live and that he would donate the rest of his wealth to society if he were elected president. After 19 months in office, Lee has finally fulfilled his promise. The Cheonggye Foundation, named after the landmark reconstruction project in Seoul Lee spearheaded while he was the city's mayor, will be funded primarily by income from two buildings donated by the president. Income from the monthly rentals is estimated at 1.1 billion won a year. It is not common for a politician to honor his campaign promises, let alone give up most of his wealth. Many have doubted that Lee would prove to be an exception. Philanthropy is still a rarity in mainstream Korean society. Money is not necessarily a prerequisite for acts of charity. There are many donors who leave to charity what little wealth they've managed to accumulate and self-made men who make contributions to scholarship funds. In donating his wealth, President Lee recalled that 'those who helped a kid from an extremely poor family ...