Six years ago, a jubilant Chen Shui-bian stood in brilliant sunshine atop the podium outside the Presidential Office in Taipei. His inauguration day showed a man basking in the glow of victory, accepting the plaudits of thousands of supporters and feted by foreign diplomats. He had capitalised on a split in the dominant Kuomintang to engineer the end of 50 years of nationalist rule.
The new Taiwanese president's triumph at the head of the Democratic Progressive Party (DPP) had been all the more remarkable because he had won less than 40 per cent of the popular vote. Mr Chen, dubbed the new hope for the island, vowed in his inaugural speech that he would bring reforms to people tired of the corrupt KMT. Yet today, he is facing his biggest crisis as pressure mounts for him to resign over corruption allegations now embroiling his family and government.
Analysts and domestic media agree that it is unlikely Mr Chen will resign voluntarily, as the former lawyer will do all he can to hold on to power, even at the expense of the ruling independence-leaning DPP.
The public's amazement turned to anger after dirt-digging by KMT legislator Chiu Yi revealed the alleged involvement of the president's son-in-law, Chao Chien-ming, in an insider trading scandal involving millions of Taiwan dollars. The president's wife, Wu Shu-chen, has also been accused of abusing a position of influence, as has Mr Chen's former aide, Ma Yung-cheng.
Taiwanese media alleged that Dr Chao pocketed more than NT$70 million ($16.7 million) by using inside information and dummy accounts to buy shares of property developer Taiwan Development Corp last July. Taiwanese were also stunned to discover Dr Chao's father, Chao Yu-chu, a retired primary school principal, was earning NT$450,000 a month serving as a so-called adviser to several companies - pay eclipsing that of Vice-President Annette Lu Hsiu-lien. Taiwanese media surmised that the monthly fortune earned by Mr Chao senior was due to his connection to the president.
Further probes by prosecutors have shown that Dr Chao, who has been detained since late May for the alleged insider trading, may be involved in other scandals.
