Banking – The Unacceptable Face of Capitalism

I’ve sat and reflected about banks several times this week, and come to the sad conclusion that come the revolution their head honchos and acolytes should be lined up against a wall and shot.   No messing, pop, pop, pop, all fall down.  It is quite evident that they don’t give a flying fart for their customers or anyone else for that matter.   So why should we give one for them.

This attitude was summed up by the former Head of Risk for African Bank.  After the Bank failed, he stated quite eloquently, among other similar phrases, “F**k the poor, I’m off to  play golf in Scotland”.  Never mind the collapse of the Bank had a significant adverse effect on the lives and prospects of many.  On second thoughts, shooting is too good for him, he should be covered in honey and staked out over a nest of fire ants.

We also saw ABSA acting with the sensitivity of playground bullies in the same matter.  An ABSA Investment fund had invested in African Bank shares, and ABSA decided that it would recover it’s own losses by taking the cash from their customer’s investment portfolios.  No advance warning to the investors, no public statement, just grab the cash.   The predictable outcry was met with a small bubble of spokesman speak, quoting law and “terms and conditions” as an excuse or reason.  A PR fail of epic proportions.   You would think they want to lose business.

I also had an issue with ABSA.

I was asked to come urgently and at short notice to the ABSA Kingsmead branch on the 31st July to sign some documentation.  This was necessary to ensure that the signature date was in July not August, thereby avoiding an extra month of interest and charges. The next week ABSA informed me that an additional R550 or so is to be added to the amount owing because the documents were only processed by ABSA in August.

So, despite my making the effort to come to the branch at their request and at some personal inconvenience, it appears that ABSA have totally ignored the inception date set out on the documents.  In effect by taking the inception date as the processing date and not the witnessed signature  date, ABSA have penalised me for their own inefficiencies.   It also shows their cavalier attitude to legally binding documents.  They mean what ABSA define them to mean, no more no less.

Finally,  Ian Brakspear was thrown into bankruptcy on what has been admitted by the liquidator, Nedbank and their lawyers, ENS, was forged documentation.   What do Nedbank do?  They are asking a judge to regularise the documentation.  Yes, your eyes are not deceiving you, it is the fraudulent order of bankruptcy which they are asking the Honourable Kgomo to condone and sanctify.

How long must we put up with these uncaring, arrogant people, before we light our lanterns, grab our guillotines and tumbrils and march on the houses of the mighty ?  

It must be our turn.  Pass the honey please.

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