Government ready to launch state bank for South Africa

[SeRpEnT]

Phukk me. Why are they doing this?!

So many things wrong with a state owned bank.
The corruption potential. The taxes that will have to subsidize this ****. Etc Etc.

Any first world country with a state owned bank?

 

[LCBXX]

VBS

The silence from the regulators on VBS, going on 5 years now, is very concerning.

 

[ToxicBunny]

The silence from the regulators on VBS, going on 5 years now, is very concerning.

That is precisely why I wouldn't trust the government not to completely fsck this up and cost many people their entire life savings.

 

[dualmeister]

ANC ...

 

[Temujin]

 

[LCBXX]

That is precisely why I wouldn't trust the government not to completely fsck this up and cost many people their entire life savings.

It's a much broader concern for me. Referring to this article: this investment firm managed to successfully embezzle hundreds-of-millions of retirement savings:

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www.iol.co.za

It speaks volumes on the regulatory competence of the FCSA and FAIS bodies. The only reason this embezzlement was caught, was when one of their insurers got suspicious.

 

[r00igev@@r]

Just in time to appoint Tony Gupta as the CEO.

 

[Flanders]

Lots of convenient real estate available in those holes in the wall where the SAPO branches once were.

 

[yebocan]

Have cash. Looks at mattress...Looks at New State Bank...

best to look at a couch too...apparently handles forex with ease...

 

[Vorastra]

speedrun to destruction continues

 

[LCBXX]

speedrun to destruction continues

With the help of the regulatory institutions who apparently exist to protect South Africans from financial racketeering.

 

[ToxicBunny]

It's a much broader concern for me. Referring to this article: this investment firm managed to successfully embezzle hundreds-of-millions of retirement savings:

Loading…

www.iol.co.za

It speaks volumes on the regulatory competence of the FCSA and FAIS bodies. The only reason this embezzlement was caught, was when one of their insurers got suspicious.

Oh I agree on that front... but in many ways we are "saved" in terms of the big boy banks in that they aren't just beholden to our regulatory bodies... they have international bodies that also give them the beedy eye.

 

[Easter Bunny]

Have cash. Looks at mattress...Looks at New State Bank...

let me know if you need help. i can hold you money for you too. 100% risky free.

 

[Benedict A55h0le]

If they were intelligent, they would just buy out one of the banking startups like Bank Zero, leave its management in place and reap the profits.
But fortunately for society, the government is retarded.

Maybe this is just a Mattress Bank rename and upgrade. They are clever like that, the new state bank will allow fraud by it`s handlers. If only Rama had this earlier...

 

[grok]

**** me, how can any straight-thinking person think that giving our government responsibility over money is a great idea, the ANC is nothing but synonymous with corruption which ever level you look at.

 

[rvZA]

This is not about a state bank. The ANC has known for some time that they would get sanctions at some point in time. They want a central bank where people use cards and they can pay or transfer as much 'money' as they want. They will not be dealing in cash. Their whole plan is to survive sanctions and hyperinflation.

 

[neoprema]

You guys are so negative. It will be different this time!

Lemme guess, you found a way in

I want a ride in that Lamborghini

 

[ShaunSA]

Lemme guess, you found a way in

I want a ride in that Lamborghini

@TheChamp was my way in

 

[Vrotappel]

Next level looting. Exponential level looting.

 

[WollieVerstege]

Oh I agree on that front... but in many ways we are "saved" in terms of the big boy banks in that they aren't just beholden to our regulatory bodies... they have international bodies that also give them the beedy eye.

Problem is with what happened at African Bank. When they almost collapsed, I know of a few ABSA depositors who lost some of their investment because of ABSA's exposure to African Bank. The SARB approved it as well.

So if the big banks are overly exposed to this state bank and it then collapses, you could end up with a cascade effect like we saw in 2008.