Pig-greedy Bankers

I’ve a problem with our tax money being used to bail out African Bank. In fact, I feel the whole debacle has been swept under the carpet when it should have been left in its full glory on top of the rug like the big smelly dog turd which it is.

Only than can we properly clean up the mess.

Of course I’m not a banking whiz myself, but come to think of it, neither are the over-paid bankers making all the stupid decisions in the first place.

What I am a whizz at, is detecting when bullshit is trying to baffle brains.

Lets consider the African Bank lending model, because its quite simple: lend tons of cash to poor people and then charge them tons of interest when they pay it back. Oh it’s a great model because they can even harp on about serving the neglected poor people of South Africa who have been sidelined for decades from the wonderful world of banking and the glorious world of credit.

Hey, we’re practically a charity! (never mind that we charge 30% interest.)

Now which pig-greedy banker made such a stupid decision? Come on, own up and lets send you to jail where you belong.

And now to my real issue, ignoramus that I am. I know that the African Bank customers (and Ellerines eta al) have been told to continue repaying their loans or else . . .

Or else what?

How about a more practical solution. How about African Bank returns that 8 or 9 billion TAX PAYERS bailout and they instead tell their customers to repay their loans at a more affordable interest rate – like 0%.

This way the greedy bankers make nothing and the government can use our tax money to try and solve the appalling math literacy problem in South Africa. Then Joe Soap will be able to calculate for himself how much he is being shnide.

MemeMartin 2014/08/26 01:28:25 PM
African bank is a Ponzi scheme built on greed. How they were even allowed to operate is a mystery. Then again, the whole setup was probably another money laundering front for the Rooling Putty!
Billiebee 2014/08/26 01:28:52 PM
good idea but we know it will never happen. As with all the free stuff grants the borrowers will not pay back now anyway. I see it in most so called poor areas where they toyi toyi and burn buildings but do not pay rates, water and electricity but steal electricity to run 52 inch tv sets and /or DSTV.
sxp 2014/08/26 03:15:23 PM
The money system is the problem. It is evil to the bone. We need to get back to lawful money such as gold and no paper that is not supported by real resources of resources and or gold.
Peter Stevens 2014/08/26 03:16:25 PM
The country is not just loosing money, paid by taxpayers, which could be put to more constructive use but the savers are also loosing, over and the above the investments lost due to the collapsed African Bank shares, Standard Bank, which is involved in the African bank bailout, has taken funds from our investments and is freezing them for at least six months! Stanlib have done both to our Money Market investments which we rely on to add to our pension and for emergencies! To cap it all the Financial Services Board has approved it! It would be interesting to know how the Banks, other than Standard, are collecting the funds for the African Bank bailout.
Drew Wicher 2014/08/26 03:33:19 PM
Has anyone ever tried settling an African Bank account? I needed some cash and the only place that would lend it to me was African Bank. Yay I thought, but my repayments were barely covering the interest and very little on the capital. Then oh my soul, my partner was without work, and oops didn't have enough to pay the full amount. Well after contacting them and expalining that yes when I applied I could afford the payment, my siutaion has changed, but I would pay as best as I could afford. After many months I was still truggling, my partner and I went our sepreate ways and I received a windfall from my late Dad's pension. Wow I now had some money, I could bargain with everyone and pay off ALL my debt. Well so I thought, my strategy was effective with most of the places I owed money to, except African bank. They give me a settlement figure that is higher than the last statemnt I recevied from them the day before. Their explanation they need the interset paid up fornt plus the future interest that the loan would have generated. Needless to say I still owe them and I am only paying the bare minimum. Becasue they were greedy they could have had the loan paid in full plus intreest calculted to date. But no they wanted more. If and when I am contacted by the new people, I will ask for the loan to be recalculated at a decent rate of interest and make the payments accordinlgy.
Clayton Hotten Stiemie 2014/08/26 06:06:27 PM
I am not sure about this so correct me if I am wrong... I was under the impression that the Reserve Bank is a privately owned company? If it is private, then how is tax money involved? What I do know is that you have to charge high-risk customers more interest to compensate you for taking on that risk. Blaming banks for defaults is the same as blaming the SABmiller when you are caught drunk driving.
GustavMahler 2014/08/26 11:02:28 PM
“You know, people act like we're crack dealers. Nobody put a gun to anybody's head and said, "Hey, nimrod, buy a house you can't afford, and you know what? While you're at it, put a line of credit on that baby and buy yourself a boat."”
Mark Sake 2014/08/27 07:50:57 AM
The problem is that the banks create a bunch of imaginary money, lend it to people who can not pay it back, then when the fake bubble bursts the tax payers have to pay real money for all the fake money that was created. Hopefully all the share holders and management have also had their assets seized and can have a nice letter of foreclosure form their own bank.