Where was the FSB in currency scandal?
THE revelations by the Competition Commission about currency fixing by major banks, in “Bust!” (February 19), exposed a litany of corruption in the financial sector that escaped the Financial Services Board for years.
It is obvious that the banks are going to wage a protracted legal battle challenging the findings, to buy time for the storm to subside.
And the law allows such manoeuvres, despite being a foolish waste of time.
With general elections around the corner, parliament ought to convene a parallel process and haul the FSB before it to explain how the collusive arrangement slipped out of a frontier control under its watch.
It may come to light that the FSB was aware of the currency manipulation but its members abdicated their fiduciary responsibilities to raise an alarm, making it possible for the fixing practice to easily pass scrutiny.
From a layman’s point of view, it defeats common sense that the abuse went on for such a long time.
It clearly hindered the stability of the financial system.
Parliament is duty-bound to demonstrate greater oversight in addressing and finding solutions to the collusive dealings in the financial markets.
The aftermath of this process should also recommend tight regulations with reforms to the FSB to make it a financial services commission with teeth. — Morgan Phaahla, Ekurhuleni
Trailing clouds of Gupta
THE signs are that Mr Brian Shebeen Molefe is already on the red carpet, making his way towards Finance Minister Pravin Gordhan’s desk.
Rumour has it that Pravin’s old office door is being labelled “Welcome to the New Age of finance”.
The government’s unwillingness to keep this Oak at Bay has become a Sahara sandstorm in Luthuli House.
Maybe a landline prepayment deal could solve Brian’s cell-tracking woes?
The Apprentice minister should now be able to quench his thirst at ANN7, 24/7. — Sipho K Chipiwa, Randburg
Are we set to be Zimbabwe?
I READ the article “More are spending tomorrow’s money today” (February 19) with interest.
I have saved for my pension. I recently retired and am still working. It is possible I may live to be 100.
My main concern — which may be similar to that of workers who are cashing in their pensions — is that this country seems to be moving towards a Zimbabwean economic model under President Jacob Zuma. When the Zim dollar crashed, Zimbabweans lost their pensions.
Zimbabweans today who work for the government do not get pensions when they retire. Municipal workers do not get paid each month. Is this the economy we want?
South Africans definitely need the government to show it is responsible. — Di Sharp, Pretoria
Foreigners not the problem
THE belief that chasing foreign nationals out of South Africa is the solution to our problems is wrong and has no place in any society.
People who champion xenophobic attacks on foreign nationals need to realise that this will not solve any of our problems.
The economy would not suddenly grow if foreigners were to leave.
One of the uncomfortable truths is that crime has no nationality or ethnicity, hence labelling all foreigners criminals is morally unacceptable.
There are foreign criminals as much as there are local criminals.
Chasing away foreigners will not create more jobs or eradicate crimes such as corruption in South Africa.
We must strive to work together with foreign nationals to solve our collective problems as they severely affect all of us, irrespective of nationality.
Attacking them is a case of misplaced anger that has the danger of diverting our attention to the wrong remedy in our quest to solve our problems. — Tiyiselani Mathe, Malamulele, Limpopo
Protect us from foreigners
I HAVE said time and again that most foreign nationals don’t respect the citizens of this country — and they are aware that the police, immigration and government do not care about the citizens either.
There is no war in Africa, so they must just go back to their countries. We are short of water and jobs. Also, they bring in plenty of drugs.
Just ask those who have permanent residence if they are still with their South African spouses. Then you will realise how they use citizens.
The government must protect us like US President Donald Trump is protecting his subjects. — Lindi Zantsi, Worcester
Bitter truth about sugar tax
THE article “Cut diabetes, obesity down to size” (February 19) refers.
While a sugar tax is one way to combat obesity and is welcome, I am sceptical about how effective it can be.
If sugar is an addiction like alcohol and cigarettes, we must assume sugar will also have an inelastic demand curve.
Therefore, a sugar tax, like sin taxes, will not affect the demand for sugar.
I think the greatest motivator for one to realise good health comes from within. It takes self-discipline. — Mike Idagiza, Katlehong
Say one thing, Mbeki: sorry
BARNEY Mthombothi is always on point and keeps tabs on current events. You could call me his groupie. But this was shattered with his piece “Mbeki must break with party custom and speak his mind” (February 19).
The selfless cadre he refers to is responsible for the Zuma mess.
Thabo Mbeki was and is all about his legacy. His talk about third terms ended up with the Polokwane mess, which culminated in his humiliating recall.
The only thing the cadre should be penning is a well-crafted apology to the nation and possibly compensation to us, the victims of his grand plans. — Sentle Lehoko, Germiston