What to expect from South Africa’s first state-owned bank

[BusinessTech]

What to expect from South Africa’s first state-owned bank

The proposed amendments to the South African Banks Act, published on 7 May 2018 for public comment, will pave the way for a state-owned bank to be established on equal footing with privately owned banks.

 

[genetic]

What to expect from South Africa’s first state-owned bank

Looting and corruption?

 

[Temujin]

Same thing that happens in every state-owned entity, endless looting and bailouts

 

[ToxicBunny]

Yeah... The only thing I expect is that they won't ever see my. Business.

 

[HennieWelkom]

“BASA has also noted that adequate safeguards should be put in place to ensure that a state-owned bank did not suffer the same fate as other state-owned entities in South Africa, which have battled with years of maladministration.”

It should, but it won't. I guess the average cadre is liking his lips at the looting that they are looking forward to.

“While these proposals have been well received in certain respects, they require more debate and deliberation to ensure that the interests of all stakeholders have been considered and that accurate safeguards are in place to properly regulate the proposed new bank.”

It should but it will not, the ANC will do what they always have and that is whatever it wants with no consideration to anyone or anything but it's own self-enrichment.

 

[Lew Skannen]

Agreed.

The ANC has proven, over a period of almost 30 years that everything that belongs to it or it is associated with turns into s**t. Everything is synonymous with fraud, corruption, bribery, looting, mismanagement, maladministration and everything is run into the ground with the general public suffering the consequences. There is not a single thing that turned out a success for the ANC. The same will apply to any state owned bank.

 

[supersunbird]

Agreed.

The ANC has proven, over a period of almost 30 years that everything that belongs to it or it is associated with turns into s**t. Everything is synonymous with fraud, corruption, bribery, looting, mismanagement, maladministration and everything is run into the ground with the general public suffering the consequences. There is not a single thing that turned out a success for the ANC. The same will apply to any state owned bank.

24 years is not almost 30, did the ANC associate with your maths?

 

[itareanlnotani]

24 years is not almost 30, did the ANC associate with your maths?

You do realize that the ANC didn't magically pop into thin air 24 years ago, right?

There is indeed at least 30 years of corruption, fraud, bribery, mismanagement etc. Possibly quite a lot longer.

 

[Scooby_Doo]

Who wants to make a deposit?

 

[R13...]

You do realize that the ANC didn't magically pop into thin air 24 years ago, right?

There is indeed at least 30 years of corruption, fraud, bribery, mismanagement etc. Possibly quite a lot longer.

What did they loot prior to winning he '94 elections?

 

[itareanlnotani]

What did they loot prior to winning he '94 elections?

Both Mandela and Gadaffi are dead, but there were a few years of suitcases of dollars in the early 90's (pre 94)
The world bank were also funding things behind the scenes in various ways.

You think there wasn't any money floating around pre 94?
There was money floating around even before the ANC became 'legal' in 1990.
They were getting funds from a number of places, in the expectation that when they became legal, favours would be returned.

The soviets cutting off funds to the ANC when Soviet Russia dissolved meant there was a lot of running around and looking for extra money., lots of illegal smuggling went on for a start, and the ANC planning to / or robbing banks.

More political deaths in the 90-94 time than all the other deaths put together. The ANC were literally killing each other for control.

Found a link which lists at least some of the incoming money, although it mostly concentrates on the >90's

https://inside-politics.org/2013/05/08/the-ancs-dubious-donors/

Even some tangentally mentioned stuff in the ttrc files.

i.e. SAP were aware of the ANC's "dissatisfaction" with Griffith Mxenge's handling of funds sent to him from abroad. The clear inference was that the ANC was responsible for the murder of Mxenge.

http://www.justice.gov.za/trc/hrvtrans/submit/anctruth.htm

 

[itareanlnotani]

''The A.N.C. is pained immensely by stories of corruption,'' said Cyril Ramaphosa, the party's secretary general, who led the efforts to write a new constitution. ''We are highly conscious of the damage that corruption does to a party and a country.''

https://www.nytimes.com/1996/10/08/...arafina-spotlights-corruption-in-the-anc.html

The irony.