Opinion

  • National Prosecuting Authority is Captured: Pikoli, Breytenbach, Nel

    By Pinky Khoabane

    Vusi Pikoli

    Glynnis Breytenbach, Vusi Pikoli and now Gerrie Nel. They all at one time worked for the National Prosecuting Authority (NPA) and have now joined the opposition.

    Pikoli joined the Democratic Alliance Western Cape as their police ombudsman, Breytenbach as DA Member of Parliament (MP) and Nel has now dispensed his services to racist Afriforum. Those of you who have followed my writings know that I dont camouflage racists by using labels such as cultural or civil society groups. I call them for what they are. It’s interesting times we live in – whether Afriforum will now that it has a private prosecutions unit headed by non-other than former national prosecutor, will take us to court for calling them what they are.

    Yes, they had every right to go and work wherever they please but I’ve decried what happens in this country where there’s no cooling off period for public servants. In other countries, civil servants are paid to stay at home for at least a year and in others, it is a criminal offence to leave public office to join institutions which were part of your stakeholders.

    Reading newspapers however, you’d be forgiven for thinking the NPA is captured by the ANC alone.

    BreytenbachGlynnis Breytenbach

    I have never liked Nel or Breytenbach but when the latter showed her racist tendencies by supporting apartheid nostalgia, she sealed things for me.

    My gripe with Nel stems from the deals he made with some of the most despicable human beings just to get to former police chief and now late, Jackie Selebi.

    Gerrie NelGerrie Nel

    But ultimately I had to come to terms with Pikoli’s role in putting-away a comrade and saving white thugs and then moving-on to work for the opposition. I have absolutely no qualms with charging Selebi and jailing him – it is this double standard in prosecution, law and justice that irks me.

    Pikoli and Nel made deals with the likes of self-confessed drug dealer, Glenn Agliotti, Clinton Nassif  and characters from the apartheid government’s hit squad, the Civil Co-operation Bureau (CCB).

    Nassif and his co-accused, Nigel McGurk, testified how the former had paid him and other hit men, to “take out” people who were causing “trouble” for the Kebbles. They also confessed to killing Kebble in an assisted suicide.

    There’s something repulsive about watching scumbags prancing around like celebrities simply because they happen to be murderers or drug peddlers who had bragged about their deeds to the cops so as to keep their backsides out of jail. Repulsive, not only because people’s lives were affected, but also because these are the kind of incidents which — had the identity of Brett Kebble’s alleged killers not been established — would have been used by the same white people involved in them, as proof that crime in this country was out of control and the black government was doing nothing. Let’s face it: in this country, crime is seen in black and white terms — the victim white, the perpetrator black.

    You only had to watch the swagger of convicted drug trafficker, Agliotti, outside the South Gauteng High Court during Selebi’s corruption trial to feel seriously ill.

    At the time, Agliotti was facing charges of conspiracy to murder and murder. These related to the murder of Kebble (another thug that the media preferred to describe as a mining magnate) — and conspiracy to murder four people who had been instrumental in uncovering the irregularities in the companies that Kebble and his father, Roger, were involved in.

    The information that has since been disclosed following his death in 2005 is ample evidence that Brett is not one to be described in any respectable terms. His name cannot go down in the annals of history alongside highly regarded businessmen and women. To call him a mining magnate is an insult to these men and women. He and his father had been facing charges of fraud, conspiracy and insider trading. On his watch as chief executive of JCI, Randgold & Exploration and Western Areas, 14 million shares had gone missing and Brett Kebble had embezzled at least R2-billion. His personal life was just as ugly. The SA Revenue Service was probing his personal tax matters. At the time of his death, he and his father owed the taxman at least R250- million between them. Shortly after his death, it emerged that he had had unsavoury characters on his payroll: he had a handful of young prostitutes — both male and female.

    Much of the debate and justification  for keeping real bad men out of prison came down to the issue of the state witness programme.

    But when you see the two men who made those decisions go and work for the opposition, you wonder whether they didnt use the NPA to settle scores for their real bosses.

     

     

  • The corporate media has apartheid nostalgia

    By Mxolisi Ka Nkomonde

    The White controlled media cartel in South Africa has been on a campaign to demonise opinions which do not fit the “official” narrative just like the Apartheid regime where opposing voices to Apartheid were labeled “communist” or “terrorist” but they have re-invented new terms such as“paid twitter” and “Gupta acolyte”.

    What is puzzling about this new onslaught is that the corporate media received R6.4bn in advertising for newspapers alone in 2015[1] and R3.7bn for internet advertising.  So how can it suggest that independent blogs and websites controlled by Blacks are “paid twitter” or “Gupta acolytes?

    ”This “Gupta” and “Zuma” scarecrow has been paraded by the bought corporate media to promote this racist idea that Blacks cannot think without some “baas” giving instructions – an Apartheid mindset. The problem with South Africa’s media especially print media was highlighted by the South African Human Rights Council(SAHRC) in 2000 in its report titled “Faultlines: Enquiry Into Racism in the Media” where one of the findings was as follows : “Most of the print publications are owned by a small and limited group of publishing houses. This concentration of ownership can stifle media diversity and prevent the media from properly reflecting the whole South African reality. Even where editors enjoy acceptable levels of editorial independence, it is found that greater diversity in ownership is consistent with achieving a greater diversity of views and opinions. Diversity in ownership will also ensure that the objective of having a representative media is achieved.”

    The finding by SAHRC was just a confirmation of an observation made by former President NelsonMandela in December 1997 in his report to the African National Congress at its 50th National Conference in Mafikeng where he said: “Similarly, we have to confront the fact that during the last three years, the matter has become perfectly clear that the bulk of the mass media in our country has set itself up as force opposed to the ANC. In a manner akin to what the National Party is doing in its sphere, this media exploits the dominant positions it achieved as a result of the apartheid system, to campaign against both real change and the real agents of change, as represented by our movement, led by the ANC. In this context, it also takes advantage of the fact that, thanks to decades of repression and prohibition of a mass media genuinely representative of the voice of the majority of the people of South Africa, this majority has no choice but to rely for information and communication on a media representing the privileged minority. To protect its own privileged positions, which are a continuation of the apartheid legacy, it does not hesitate to denounce all efforts to ensure its own transformation, consistent with the objectives of a non-racial democracy, as an attack on press freedom. When it speaks against us, this represents freedom of thought, speech and the press – which the world must applaud! When we exercise our own right to freedom of thought and speech to criticise it for its failings, this represents an attempt to suppress the freedom of the press – for which the world must punish us!
    Thus the media uses the democratic order, brought about by the enormous sacrifices of our ownpeople, as an instrument to protect the legacy of racism, graphically described by its own patterns of ownership, editorial control, value system and advertiser influence. At the same time, and in many respects, it has shown a stubborn refusal to discharge its responsibility to inform the public.”

    Since the media continues to be controlled by White Monopoly Capital then the conclusion is that former President Mandela’s words remain very relevant 20yrs later

    Source[1] PwC September 2016 Entertainment and Media Outlook: 2016–2020 , 7th annual Edition

  • In joining Afriforum, Gerrie Nel shows true colours

    By Khotso Molekane

    Gerrie NelGerrie Nel

    The most oppressive governments rely on the judiciary to give a veil of respectability to their oppression. The repressive elements derive the legitimacy and instructions from the courts. Apartheid was no different. The apartheid judges were there to enforce and justify oppression of the majority for the benefit of the minority. The courts were the last line of defence against the majority. A few judgements may have gone against the system, but that was the exception – The rule stands. Let us be frank, no one became an apartheid judge thinking that they were going to end oppression. They were the chief enforcers.

    In 1994 the beneficiaries of apartheid were forced to surrender economic power. The Afrikaaners were the most traumatised by this reality. Naturally, they were not going to let go without a fight. Firstly it was to protect language rights and schools hence the introduction of Model C schools. The idea here is that the state continues to fund these semi private institutions while handing over control to the “community”. This project has been mostly led by the Afriforum.

    We also see signs of this attempt to retain control and influence in gated communities, private clubs, university hostels and even hotels and game lodges. where the rules tend to be discriminatory in the name of culture, language or any other justification. Do you think that Penny Sparrow would rent her apartments to black people?

    This project seems to have worked so well that it has convinced its patrons and sponsors that the recapture of the state is within reach. This is where lawfare comes in. Wikipedia defines “lawfare” as ‘a form of asymetrical warfare, consisting of using legal system against an enemy, such as by damaging or delegitimising them, tying up their time or winning a public relations victory’. This is the strategy that has been applied to delegitimise the will of the majority by the will of the courts. Every decision of the elected government (except the national treasury) is subjected to second guessing by the courts. The intention is to regain power lost at the ballot box through the courts. Behind all these cases is the belief that the courts are manned by people who share their view of the world and will decide in their favour.

    Lately the intention is to paralyse the public service by asking the courts to find public servants personally liable for costs that are awarded for decisions they took in their official capacity. This is an attempt to render all spheres of government controlled by the ANC impotent. Incidentally, this demand has never been raised where the DA is in power. Take the Public Protector findings in Midvaal for example. Lastly, these groups would never demand that the CEO of Murray and Roberts be held personally liable for the tragedy that took place at Grayston Road in Sandton. Do we hear similar calls for all the industries where the CEOs and top executives were involved in rigging prices of basic commodities like bread or the construction industry cartel? The answer is no. This is not about accountability, it is about regaining state power. Will the National Treasury be taken to court for misallocation of national resources and prioritising the needs of the rich? They funded the crooked construction companies and ask the poor to pay. Surprisingly, they sing a different tune on nuclear energy.

    So, when former state prosecutor, Gerrie Nel talks about private prosecutions with Afriforum of all  groups, be sure that that it is part of warfare and there are no prizes for guessing who it will be directed at and who will be immune.

    If the courts allow themselves to be dragged into political fight-back campaigns, they should not be surprised when the owners of power, who are the people of South Africa condemn and push them to the margins of society and history.

  • This is No Work of Fiction Mr Rupert – Koorbanally drops some bombs

    AN OPEN LETTER By Jeff Koorbonally

    imagesChris Stals

    Messrs Stals, Mboweni, Manuel, Gordhan and Misses Ramos and Marcus,  please take the challenge to come out on public a platform and defend yourselves on Absa & South African Reserve Bank (SARB) in collaboration with the Treasury’s biggest theft, fraud and corruption.

    Let the Truth be known!

    I have much more to disclose on Absa and SARB looting/illicit financial out flows through illegal bond issues underwritten by Sarb which was not limited to public funds & Surtie inheritance, but widespread to include two other known secret blocked accounts with similar antrecodes.

    I also have evidence that the source of funds used to buy shares from Old Barclays by Anglo American to form FNB 1986 was from the same looting of Absa & SARB and not from Anglo American! It is the reason they benefited billions out of that deal when they sold their shares to RMB –  that’s if they sold it or were given it.

    This all amounted to Hundreds of Billions’ gains to Absa and Associates, Fnb and Associates, and all old Sarb shareholders.

    ”Its time to pay back the money”

    I also have evidence of R3,8 billion smuggled out of the country in March 2009 by Steven Booysen (former Absa Ceo) and others  using the SADEC free trade agreement.

    The money was smuggled to Mauritius (Investec Bank) the transaction was done via Johan Koen Forex Cape Town. This was done to reward Steven Booysen for his role in the Absa/SARB collaborated fraud and theft by the Broederbond now known as ( spiderweb).

    The money was returned to the country but Koen was instructed to wait until the Rand/Dollar exchange was R8. This happened a few days before the official opening of FIFA world cup. This constituted to an Act of inside trading by banks.

    The profit they made out of this inside trading was used to form a new private investment bank in Sandton of which Booysen and others from Stellenbosch are the Executives thereof. That bank was launched on the same day of the opening of the FIFA world cup. The record of this Fact is at the Reserve Bank.

    This was reported to both Tito Mboweni & Gill Marcus and as protectors of the looting of the apartheid regime, Absa and SARB, they chose to do nothing about it.

    I call on President Jacob Zuma  to institute a full probe (Commission of inquiry) on SARB, ABSA, and FNB. And this should solely be a commission into the apartheid looting which must include Project Hammer -allegations of the country’s Gold Reserves misappropriation.

    It is my further humble view that:

    The ownership of the Reserve Bank should be reviewed if we are serious about saving this institution and ridding it from the corrupt past.

     

  • Apartheid Israel’s links with Apartheid South Africa and Democratic Alliance (DA)

    Mxolisi ka Nkomonde outlines the links between Apartheid Israel, Apartheid South Africa and the Harry Oppenheimer connection….

    Harry Oppenheimer MuseumHarry Oppenheimer Diamond Museum in Ramat Gan Israel

    Mmusi Maimane’s recent visit to Apartheid Israel has sparked controversy in South Africa prompting Palestine and the African National Congress (ANC) to castigate the Democratic Alliance (DA) and its leader. The visit came weeks after the United Nations Council Resolution 2334 which affirmed that “Israel’s establishment of settlements in Palestinian territory occupied since 1967, including East Jerusalem, had no legal validity, constituting a flagrant violation under international law and a major obstacle to the vision of two States living side-by-side in peace and security, within internationally recognised borders”[1]. Palestine and the ANC have accused the DA of endorsing Apartheid Israel.

    The DA has had ties with Israel since Israel was founded through its predecessors the Democratic Party later called Progressive Federal Party which then merged with Independent Party and National Democratic Movement in 1989 to form the new Democratic Party[2]. The links to Israel for the DA came with its main funder, Harry Oppenheimer who had accumulated vast wealth in South Africa through the exploitation of Black labour and land dispossession throughout colonial rule and later Apartheid.

    C3UsdyPW8AIYU9P

    Oppenheimer used Central Selling Organisation, an arm of De Beers, to help increase Israel’s market share of all cut and polished gem diamonds to more than 50%. All this while funding “liberal”political parties in South Africa which were “anti-Apartheid”[3].

    Oppenheimer did not stop his duplicity with “liberal” political parties but also funded the “anti-Apartheid” movement through the United Democratic Front (UDF) and Urban Foundation[4] while a trustee at South Africa Foundation which funded various propaganda schemes for the Apartheid government in places like the United States[5] as a way of promoting Apartheid as “socially acceptable”.

    Israel’s links to Apartheid South Africa were also solidified by the Afrikaner Nationalists who controlled the state. The steel
    producer Iskoor was 51 percent owned by Israel’s Histadrut Koor Industries through a front company in Switzerland called Talronics and 49 percent by the South African Steel Corporation. [6]

    Histaldrut is a racist labour union based in Israel which also had links to Black labour unions in South Africa.  In 1986, it met leaders of the newly-founded Black Trades Union Federation and the Congress of South Africa Trades Unions including Deputy President Cyril Ramaphosa, who was then general secretary of the powerful National Miners Union in 1986[7].

    On 18th of January 2017, the Central Intelligence Agency (CIA) released 13 million pages of declassified documents online and within those documents there’s a document named “Israel’s relationship with Apartheid South Africa” dated 17 July 1986 which lists the following economic ties:

    • South Africa is Israel’s leading trading partner in Africa with trade between the two amounting to $250million excluding military equipment and diamonds
    • Israel imports almost 60% of its coal from South Africa
    • South Africa’s large and affluent Jewish community is the largest per capita contributor to Israel

    Such are the links between the two countries and the Oppenheimer family, that  there’s a Holocaust Museum in Johannesburg while Israel has the Harry Oppenheimer Diamond Museum.

    As South Africa rebuilds a new nation the question of relations with rogue states such as Israel should be on the agenda since the governing party given that the ruling ANC’s stance of solidarity with the Palestinians who face similar atrocities South Africa faced 23 years ago. It is after all, former President Nelson Mandela who said: “The people of South Africa will never forget the support of the state of Israel to the apartheid
    regime.”

    Sources
    [1] https://www.un.org/press/en/2016/sc12657.doc.htm
    [2] http://www.sahistory.org.za/archive/democratic-party-dp
    [3] Sasha Polakow-Suransky – The Unspoken Alliance: Israel’s Secret Relationship with Apartheid
    South Africa (Page 71)
    [4] https://www.theguardian.com/news/2000/aug/21/guardianobituaries.davidpallister
    [5] Washington Post,15 February 1984
    [6] http://www.jta.org/1987/08/14/archive/histadrut-leader-orders-all-firms-controlled-by-the-unionto-
    end-all-trade-links-with-south-africa
    [7] Sasha Polakow-Suransky – The Unspoken Alliance: Israel’s Secret Relationship with Apartheid
    South Africa (Page 71)

  • The FICA Bill is ‘legalised’ state capture

    BY Mxolisi ka Nkomonde

    The financial industry in South Africa is centred around the big 5 banks which collectively held 89,2% of the total banking assets as at 31 December 2015[1] seeks to make itself a law enforcement agency through a covert instrument called Financial Intelligence Centre Amendment Bill (FICA).

    The banking cartel in South Africa has been tyrannical in its practices since the dawn of majority rule in 1994 by abusing the lack of competition in the industry with high bank charges, lack of transparency and inability to protect clients from various fraudulent schemes such as the R99 debit order racket. The government which was under the leadership of former President Thabo Mbeki attempted to quell some of the abuses by the banking cartel through a Competition Commission inquiry on banks charges in 2008. The inquiry came to a conclusion that the big 4 banks run a cartel [2] but 8 years later the banking industry in South Africa remains the same with the exception of Capitec which has made inroads on the “lower end” of the market[3].

    The banking industry is regulated by the South African Reserve Bank where Absa (Barclays Africa), Standard Bank, Nedbank and First Rand have shares which effectively means the banking cartel regulates itself[4]

    More powers to be given to an already existing problem in South Africa through FICA

    • The Bill continuously refers to “accountable institution” which includes the banking cartel that regulates itself through ownership of SARB thus its unaccountable to the public
    •  The Bill gives executives and board members of financial institutions including the banking cartel powers to do anti-money laundering and counter-terrorist financing investigations but it is coded as “Risk Management and Compliance Programme”
    •  The Bill disproportionately focuses on public servants on Schedule 3A and Schedule 3B

    The Financial Intelligence Centre Amendment Bill (FICA) is practically a form of policing of Blacks who work within the state and Blacks who do business with government since thats where broad based economic empowerment regulations are religiously followed. The Bill has absolutely nothing to do with combating terrorist funding and money laundering since it disproportionately focuses on public servants where potential criminal transactions were R1.2 Trillion for 2014/2015[5] fiscal year while the private sector had potential criminal transactions to the value of R8.3 Trillion for 2015[6]

    Sources

    [1] Bank Supervision Department Annual Report 2015 (Page 3) [2] The Banking Enquiry Report to the Competition Commissioner by the Enquiry Panel (Page 53 – 84) [3] https://businesstech.co.za/news/banking/138243/capitec-is-now-the-third-biggest-bank-in-southafrica/ [4] South African Reserve Bank Shareholder Index as at 31 December 2016 [5] Statistcs South Africa : Financial statistics of consolidated general government 2014/

  • OPINION: Rating Agency Moody’s pays $864m to settle probe into inflated ratings

    By Pinky Khoabane

    Moodys

    Those of us who live in South Africa know fully well the extent to which our country is beholden to the rating agencies. So petrified we are of this “junk status” concept that even the homeless know that if we continue along this line of economic activity (whatever that is), we are bound to irritate “Moody” (sic). It’s not clear what “junk status” means in practical terms for us ordinary people and the economics and financial gurus dont even think its important to explain it to us. In the absence of what the notion of “junk” really is, we as citizens have decided to conjure-up an image of junk status. It resembles something of a landfill. It suggests we will be thrown onto a rubbish heap and that terrifies the hell out of us. And so whatever it is that is required to keep us off this heap, we shall definately comply with. Perhaps to safeguard ourselves from this constant fear of being junk, we need to shift our mindset to relating better with it. We must see it as recyclable, reusable and from which we can make money.

    But back to the rating agencies…..

    Our Finance Minister Pravin Gordhan is an untouchable today due to the fact that he holds a special place in the country which if you temper with, collapses the rand and affects Moody’s mood. An investigation into the finance minister is condemned for it may just affect Moodys, Standard and Poor’s and Fitch. By virtue of his power to “sway” these three rating agencies, Gordhan is allowed to show anybody the middle-finger including those investigating him for one thing or another. “Let me do my job,” is all he has to say and we all understand he’s doing this major job of saving us from falling into junk status.

    And so it came as a major surprise that the three US-based rating agencies which are supposed to provide investors with reliable information of the riskiness of various kinds of debt were defrauding investors by offering overly favourable evaluations of insolvent financial institutions and approving very risky mortgage-related securities.

    S&P paid $1.37 billion in a settlement in 2015 with state and federal prosecutors. Approximately a week ago, Moody’s agreed to pay almost $864million.

    Here’s an article from Bloomberg on Moody’s settlement. 

    New York/Washington — Moody’s agreed to pay almost $864m to resolve a multiyear US investigation into credit ratings on subprime mortgage securities, helping to clear the way for the firm to move beyond its crisis-era litigation.

    Moody’s reached the agreement with the US justice department and 21 states, which accused the company of inflating ratings on mortgage securities that were at the centre of the 2008 financial crisis, the department said on Friday. That penalty is about a third of the $2.5bn that Moody’s earned in the four years leading up to the crisis. S&P Global Ratings, after fighting the US in court for two years, settled similar claims with the US for $1.5bn in 2016.

    While Moody’s says it failed to abide by its own standards in rating some securities, it said the settlement does not contain a finding it violated the law or any admission of liability.

    “The agreement acknowledges the considerable measures Moody’s has put in place to strengthen and promote the integrity, independence and quality of its credit ratings,” the company said. “Moody’s has agreed to maintain, for the next five years, a number of existing compliance measures and to implement and maintain certain additional measures over the same period.”

    Since the financial crisis, the bulk of government settlements have been shouldered by the biggest banks, which have paid more than $162bn in fines and penalties.

    The Obama administration has been criticised for years for failing to hold individuals accountable for misconduct leading to the crisis.

    Still, the settlement over ratings by Moody’s Investors Service helps the administration move closer to wrapping up investigations of Wall Street firms for their actions leading up to the 2008 mortgage meltdown, a catastrophe that the Financial Crisis Inquiry Commission said wiped out $11-trillion of household wealth. The credit ratings industry has been the target of these investigations into Wall Street for years.

    Bank Baulked

    The justice department sued Barclays in December for fraud over its sale of mortgage bonds after the bank baulked at paying the amount the government sought in negotiations. The lawsuit is rare for big banks, which typically settle with the government rather than risk drawn-out litigation and a possible trial. The next day, Deutsche Bank and Credit Suisse Group said they had agreed to pay a combined $12.5bn to resolve similar cases, though final settlements with the government have not yet
    been announced.

    Friday’s settlement calls for Moody’s to pay $437.5m to the justice department and $426.3m to the states. California, an epicentre of the subprime debacle, will get $150m from the agreement, the state’s attorney-general said in a statement.

    An after-tax charge of about $702m, $3.62 per share, will be recorded in the fourth quarter of 2016, Moody’s said.

    Both Moody’s Investors Service, a unit of Moody’s, and S&P played key roles in Wall Street’s making of toxic, subprime mortgage bonds. While subprime home loans typically go to borrowers with the weakest credit, bonds backed by those mortgages received top-flight, AAA credit ratings. The bonds began coming apart in 2007 as the housing market collapsed, contributing to more than $1.9-trillion in losses at financial firms worldwide during a crisis that almost collapsed the global banking system.

    False Top Grades

    Investigators in Congress found after the crash that in some cases, credit ratings firms were giving out top grades to junk deals to win business from the banks preparing the securities.

    In 2007, Moody’s said in public filings that it had ratings relationships with more than 11,000 corporate issuers, 26,000 public finance issuers, and that it had rated more than 110,000 structured finance securities, comprised primarily of mortgage bonds. As housing prices began to tumble that year, Moody’s downgraded 83% of the $869bn in mortgage bonds it had rated AAA in 2006.

    “This crisis could not have happened without the ratings agencies,” the Financial Crisis Inquiry Commission concluded in 2011.

    Moody’s remains the second-largest ratings firm after S&P, and together with Fitch Ratings, the three ratings agencies still have more than 96% market share — a bigger hold than the government reported in 2016. In 2007, the triopoly graded 98.8% of bonds outstanding, according to government data.

    E-Mail Evidence

    In troves of e-mails made public by Congress, S&P executives were caught criticising their own ratings. “We rate every deal. It could be structured by cows, and we would rate it,” read one e-mail exchange between S&P executives. The justice department later included that exchange in its own lawsuit against S&P.

    Whereas many outside observers viewed S&P’s e-mails as severely damaging and an indictment in the public perception, few such e-mails from within Moody’s have emerged. That stoked a broadly held view in the industry that the justice department could have a harder time proving misconduct of Moody’s.

    “We’ve known for years that conflicts of interest at credit ratings firms were a significant factor in causing the 2008 financial crisis,” Senator Al Franken, a Minnesota Democrat, said when Moody’s announced that it expected to be sued.
    “We can’t let Wall Street be above the law,” he said.

    Franken has proposed doing away with the rating industry’s payment model, and in the writing of the 2010 Dodd-Frank Act targeted the way that bond issuers pay for their own debt to be assessed. The Securities and Exchange Commission, in its consideration of reform proposals, decided to keep the same business model for the industry in place. Since then, complaints have persisted that ratings shopping is alive and well in mortgage-and asset-backed bond markets.

    Bloomberg

  • Media goes into overdrive in the ever-changing story of Absa’s apartheid looting

    By Pinky Khoabane

    Anybody to blame but ABSA as media goes into overdrive……

    images

     

    After a fortnight of scurrying around in an attempt to “expose” every reason why ABSA shouldn’t pay back the money, South Africa’s media can no longer deem itself a fourth estate whose role is to hold the rich and powerful to account – without fear or favour. Not that it needed this particular event but this is one that has exposed all our guardian angels including our usually very vigilant civil society groups such as the Helen Suzman Foundation, De Klerk Foundation, Corruption Watch, Freedom Under Law and others. Their silence on the corruption involved in the Bankorp lifeboat – which was bought by ABSA – is deafening.

    The common thread among these guardian angels is corporate capture. Their donors are powerful corporations to which they are beholden for survival. We’ve written several articles which show which corporates have captured which NGOs.

    Busisiwe-Mkhwebane-2

    Since the Mail & Guardian’s leak of Public Protector Busisiwe Mkhwebane’s preliminary report into ABSA’s apartheid looting a fortnight or so ago, SA’s media has gone into overdrive with reports which have tried to discredit Mkhwebane, her report and the sources of her report – the ultimate goal being to remove culpability, and accountability from Absa. The media has been waging a campaign to blame everybody but Absa. Interestingly, however, are the contradictions among journalists and editors on the events surrounding the Absa lifeboat. Did it happen, did it not, should Absa pay and indeed some of the latest reports seem to  suggest Absa may have paid interest on the Bankorp loan. And this may answer the question we asked on how the Public Protector came to R2.5 billion when Ciex had it at R3.2.

    But all of this confusion is in the context of very crucial information which should not be overlooked and I’m of the view it’s being overlooked deliberately to confuse readers.

    The first to unleash the campaign was Ray Hartley in a column that sought to attribute Mkhwebane’s findings to a plot hatched by President Jacob Zuma in retaliation for the four banks’ decision to close the Gupta bank. Under the headline: New public protector guns for bank that dumped the Guptas, he later changed it “it was pointed it out this was stretching the point.” http://www.businesslive.co.za/rdm/politics/2017-01-13-politics-live-new-public-protector-guns-for-bank-that-dumped-the-guptas/

    Next was Karyn Maughan of eNCA who tweeted that Mkwhebane may have altered the original draft by former Public Protector Thuli Madonsela.

    “It appears that @ThuliMadonsela3 findings/remedial action in Ciex investigation may have been altered by Mkhwebane. No clarity as to why.

    — Karyn Maughan (@karynmaughan) January 13, 2017

    She wouldn’t go into details of why she had come to this conclusion and wouldn’t respond to a direct question I asked on whether she had seen the original report by Madonsela. The idea that the former public protector could have leaked the original report is not a far-fetched idea. She, after all leaked the audio recording of her interview with President Jacob Zuma to the same eNCA.

    The usage of the word “altered” suggests something sinister on the part of the PP when in truth she was within her mandate to analyse the report and amend it as she saw fit. Madonsela had not finalised the report after all. It had taken her almost six years and she still was unable to complete it by the time she left office.

    In what can only be described as bravery by Editor of Huffington Post, Verashni Pillay  interviewed one of the researchers that had been investigating the apartheid’s economic plunder, Hennie van Vuuren, who pointed to a piece of information in the report which confirmed former Governor Chris Stals had information to the effect that ABSA had agreed to pay back the money. http://www.huffingtonpost.co.za/2017/01/16/dont-let-the-politics-get-in-the-way-of-understanding-this-expl/

    It wasn’t long thereafter that for the first time, Stals was interviewed and he denied having said ABSA was willing to pay back the money. He, in contradiction to findings by Judges Heath and Davis, says there was nothing unlawful about the lifeboats.

    Next up was the attack on Ciex Ltd –the London-based intelligence agency whose chairman is Michael Oatley, a former M16 intelligence agent. Media hardly questioned Ciex as an organisation in the early revelations of massive looting pre-1994. A few months ago, however, forensic expert Jeff Koornabally, publicly challenged the complicity of the democratic dispensation in the matter, in particular he pointed out former President Thabo Mbeki, former Governor Tito Mboweni, former Finance Minister Trevor Manuel and others. The notion of discrediting Ciex on the basis that Oatley was an M16 was started by Mboweni when in a Twitter post suggesting Oatley was a former M16 agent whose goal was to ruin SA’s banking system.

    The narrative that Mkhwebane relied on British spies and questions around allowing spies to determine our economy and banking system have taken hold. The truth is, as Oatley responded in questions put to him and his South African representative by UnCensored: As a member of the ministerial group (set up by Mbeki into apartheid looting), Mboweni was perfectly aware of the terms on which CIEX Ltd was employed by the SA Government, and also aware that at all times the operations of CIEX in these  matters were monitored and controlled by the Deputy President through the Director General of SASS Billy Masethla.

    The attacks on Ciex as a group run by a British spy are disengenous. The media uses Paul O’Sullivan extensively, himself a self-confessed former M16 agent who it could be argued is wreaking havoc in SA.

    Thabo-Mbeki

    The fingers are now pointing to the ANC – that the people we should be looking to for answers is the Mbeki-era cabinet and this is a fair assessment. In an audio recording of an interview with the former public protector, he asks her to approach Manuel and Mboweni for answers on why the ANC didn’t collect the money. And it is within this narrative that the word corruption is beginning to surface.

    Ultimately, the story about how, through corruption, ABSA benefited from a “gift” given to members of the broederbond on the eve of democracy, has taken so many turns that it has now become an ANC issue. If its not Mbeki, it is Zuma – Anybody but ABSA.

  • Ciex no work of Fiction: Koorbonally to Johann Rupert

    OPEN LETTER TO JOHAN RUPERT

    Rupert-Johann-2004

    Ref is made to:
    Ciex Investigation & findings.
    Operations on behalf of RSA Government Aug 1997-Dec 1999.
    Commissioned to Judge Willem Heath(Heath Commission)

    Discovery of fraud:

    (1) The existence of illegal gifts to Absa/Bankorp, Bankovs, Fnb & Nedbank dressed up as Lifeboats and organised by Chris Stals in concert with Marius Darling (Sanlam), Danie Cronje(Absa) and Anton & Johan Rupert (Rembrandt)” was discovered by Ciex during 1995 while working on behalf of a UK Investor in Toll- Gate who had been defrauded by Absa Management, with the collaboration of Chris Stals & Senior Sarb Managers.

    (2) Similar Fraudulent schemes were discovered to be operated by Officials & Ministers in relation to “Bond Issues”.
    The Sarb issued undisclosed trenches of bond issues to Absa, in dollar denominations, stock numbers are:
    #RSA 150:12% maturity date 28.2.05
    #RSA 153:13% maturity date 31.8.10
    “These unrecorded transactions represent potentially heavy liability for government”

    Similar Bonds worth R750m were issued to Absa as part of the soft loan/ Lifeboat, which was nothing but a gift @ 16% yield of which Absa was allowed to pocket the difference between so called loan was at 1% and they pocketed. In layman’s terms, this means whatever amount allegedly paid back to Sarb on this bogus lifeboat was paid back to Absa in the form of the gains from these Bonds @15% Yield. The argument that this was done as collateral for the protection of depositors is an insult to the financial/accounting profession, as the shares should have been used as collateral.

    Danie Cronje was recorded in 1998 as saying to a bank official in the UK:
    “We are getting the S.A. Government pretty much under control in this matter & might well get away with no more than a warning”.

    Chris Stals is nothing but a crooked human being who cannot be trusted with whatever he says.
    His defence statement to former Public Protector is a conscious and deliberate obfuscation and distortion of the truth, he continues to lie.
    Ref is made to November 1997, South African Supreme Court judge Mr Justice HC Nel issued a damning report on Mr Stals’s reign at the Reserve Bank and called for his influence on the South African business community to be “eradicated”.

    Further ref is made to:
    Chris Stals in speaking to the Parliamentary inquiry into Cape Investment Bank (CIB) to Mr Justice Rabie`s secret arbitration and to the 417 inquiry into Toll-Gate, Stals provided different accounts of justifications for supporting Bankorp’s so called lifeboat and causes of Bankorp problems.

    All the key participants in this financial crime were members of a secretive organisation (Broederbond) dedicated to the maintenance of white minority rule and to maintain and preserve the Afrikaner nation’s dominance in an overwhelmingly non-Afrikaner society.

    Stals was a prominent member of the Broederbond. His father was a leader since 1918 .
    Leading executives of Absa and the banking group’s two chief shareholders, the Rupert Group and insurance giant Sanlam, were also Broederbond members.

    The same broederbond were the funders via Absa of a then secretive organisation with the deceptively bland title of Directorate of Covert Collections (DCC) which was established in the dying days of apartheid. The DCC set up a network of front companies to facilitate the grisly work of apartheid’s death squads around the world.
    This constituted to the Act of Terrorism Funding, also regarded as one of the most serious international offences or “act of war”.

    Officially the Broederbond no longer exists, but this particular leopard changed its spots and started operating under Project Grapevine which later changed to Project Spiderweb and still continues its operations & objectives .

    My name is Jeff Koorbanally a Private Forensic Investigator and I have been investigating allegation of fraud,theft against SARB,SANLAM,ABSA/BARCLAYS,FNB, since 2009. for fraud & theft, money laundering since 2009.

    Findings:
    The Bonds were traced on Absa International banking data base (Forex) A Dormant account came up in the search as: Account dormant antrecode 0000/4444, this antrecode was linked to UBS.

    Account type Catogory “S” Account name A(MM) Surtie. Account preferred centre Absa Towers Jhb, Transfer Inheritance, Amount $36 billion dollars, date 1984.12.10 from UK to Barclays S.A. Ltd.

    The next screen reveals the trenches of Govt Bonds in USD totaling the $36billion. It also revealed that the bonds were issued between Jan – June 1985 (to be specific last date was 7.6.1985).

    My conclusion is that this case is the biggest fraud, theft & money laundering ever committed by any country and the amount involved is in access of over R2,5 Trillion. These actions started in 1985 and continued in post 1994  todate.
    The Lifeboat/Gift to Bankorp revealed by British Ciex report is part thereof.

    This crime was committed by issuing Open Ended, Tap base & Bearer type, Government Bonds, issued in several trenches in USD denominations, with the grand total of $36 billion Us Dollars in 1985.

    It was Masterminded by the under mentioned trio:

    • Dr Gerhardus Petrus Christiaan de Kock (Then Governor Sarb)
    • Dr Christian Lodewyk Stals ( Then DG Treasury)
    • Barend Jacobus du Plessis (Then Finance Minister).

    The main beneficiaries of this crime are:

    •  Rupert Family and shareholders through Remgro & Associates
    • Oppenheimer Family through Anglo American & Associates
    • UBS (Bankorp shareholders)
    • Absa/Barclays (Executives & Shareholders
    • Fnb bank (Executives & Shareholders)
    • Sarb ( Old Executives & shareholders)

    Main Accomplices to the crime in the Democratic Government era, in terms of their knowledge and failure of disclosure & cover up thereof are:
    #Thabo Mbeki
    #Trevor Manual
    #Tito Mboweni
    #Gill Marcus
    #Maria Ramos
    #Elex Erwin
    #Pravin Gordhan
    #Nhlanhla Nene
    #Mcebisi Jonas
    #Ronnie Kasrils

    This crime is currently holding our Democracy at ransom, with the potential of taking the country down to zero. This crime was a serious crime of money laundering into world stock markets in total violation of the Stock securities Commission Act, Penalties for such crime is total suspension from Sovereign bond markets, in addition heavy fines can be imposed with the Max of 4 times the value of the crime ($36bn x 4 =$144 billion)

    Am on record with all the under mentioned institutions on this matter,and the facts cannot and have not been disputed.

    *SAPS (dpci)& NPA (request for full investigation & prosecute was requested)
    *SARB (request to access to info was requested & denied), *ABSA(request for cooperation was denied),
    *NIA (Recoveries approved by the President failed due to lack of capacity & jurisdiction issues), *SASS (Matter was referred to back to NIA due to being domestic matter, as SASS deals with Foreign matters only)
    *SCOPA &,AUDITOR GENERAL (Both institution were awaiting For PP findings).
    *FW De KLERK FOUNDATION (They did not dispute it, but claimed that De Klerk would have not known about it as he had other Presidential duties),
    *FINANCE MINISTRY/TREASURY (Request for a complete audit on bonds issued from 1985-1999 & request to access to info, and claim was lodged all was ignored ) *FIC (Access to info ignored,
    * OPP( Complaint of mal administration was reported 2010 alongside Adv Paul Hoffman, she undertook to complete before her end of term and  never did. Since found out that the complaint was down washed to exclude the Bond Issues and Excluded Sanlam & Remgro).
    *FSB ( request for Full Probe of inside trading by Absa/Barclays with these said bonds, was denied stating only parliament could request such)

    This is a shortened version of Jeff Koorbanally’s letter. The views and information contained in this letter have not been confirmed by UnCensored. We publish this letter with the hope that those implicated will respond to Koorbanally. 

     

  • Today’s education is captured by capitalists

    By Sizwe – an UnCensored Reader

    matric-results

    Sizwe argues that today’s education is not meant to produce products of mainly educational philosophies but a workforce which can maximise the profits of capitalists…

    The subjection of basic, even more of tertiary education to private industry and business interests is a worldwide trend since the triumphal procession of neo-liberalism around the globe. Capitalists are interested in a workforce who are qualified in content, ways and modes so as to maximise their profits. Gone are the days when primary and secondary schools existed to give children and young people a good educational background or solid general education as well as the capability for critical thinking.

    Specialisation came with tertiary education.
Today the Humanities (social studies, languages, philosophy etc.) tend to be rated lower whereas subjects connected with business admin as well as IT and/or engineering etc. are rated higher.

    Capital seeks to influence their prefered kind of employee much earlier, possibly already in the primary school phase. They are not interested in people with socially critical minds.
The 19th century German liberal economist Friedrich List once wrote that raising or breeding pigs is seen as a productive economic activity whereas raising children is seen as economically un-productive. Indeed, in capitalism everything that cannot be marketed to maximise profit is seen as un-productive. There’s therefore a tendency that professions connected with the care for people and their surroundings, including for example, children, senior citizens, the physically and mentally challenged, and even cleaning and gardening, are seen as un-productive, hence jobs in these fields are very badly paid.

    Despite the neo-liberal interventions in education systems however, critical thinking is produced just the same. Also due to good teachers and more and more learners coming from poor as well as conscious working class backgrounds.

    Most importantly the contradictions in the education system itself, as a reflection of society’s contradictions, will in every generation produce critical and consequently rebellious learners and students.

     

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