Banks Must Be Nailed For Collusion

by Letters Editor · April 11, 2017

Denzel Harper, Port Elizabeth – I could not agree more with Bishop Abel Gabuza, chairman of the Southern African Catholic Bishops’ Conference’s Justice & Peace Commission, regarding the need to seek proper redress from parliament for collusion among the biggest cartelled banking system in the world (March 8).

In South Africa, the banks are allowed by government to carry on as if nothing sinister, underhand, corrupt or diabolical has happened.

The Competition Commission’s banking industry findings, with the courts of SA pronouncing on major bank collusion shenanigans, must be made to be binding and obligatory on all banks in SA and internationally. This should happen whether or not they are involved in the big banks’ currency pegging and manipulation scandal.

The Parliamentary Standing Committee on Finance must flex its potentially powerful muscles in this regard. I see no reason why they don’t act now already, as the evidence is plain for all South Africans, Africa, and the world, to see. Yes, due process must be followed.

The people who can least afford to be ripped off are the ones who suffer the most in the banks’ collusion.

A South African population-based national civil action, in the form of a class action, involving human rights lawyers and the Hunan Rights Commission, must take these banks to task.

There is ubiquitous colluding to manipulate for gain in already high-profits, private-sector cartels in SA and the Western world, and their directors, CEOs, CFOs, COOs and shareholders must pay dearly in kind and penalty, as they are the chief beneficiaries of these ill-gotten gains.

Companies individually, as living legal entities, be they famous brands or not, must also bear the full brunt of such a national civil suit.

This must be done even at the expense of imploding the SA economy, to truly restructure it fairly for the sake of the transformation so desperately needed here in SA.

This statement sounds harsh and irresponsible, yet did these demeaning and diabolical minds — in these inhumane general businesses, led by supposed captains of industry, partaking knowingly in these evil collusion practices — ever consider that the poor and indigent were the ones being robbed for their extremely high gain?

That to them is not even a blip on their consciences as they have very expensive, imported single- malt whiskeys and the best imported Cuban cigars to put them to sleep every night.

Justice is needed here in SA now!