One of the more lighthearted moments at Eskom's latest crisis-related press conference was the revelation by chairman Jabu Mabuza that he had been called back by Pravin Gordhan while on an investor roadshow overseas. “I’ve now learned never to go on roadshows because I’ve never been on a roadshow to complete it,” he said. Then Gordhan talked a bit about his own infamous recall from a roadshow and noted how this time it was in “good circumstances”. I’m assuming that it was good in a sense that he wasn’t recalling anybody to fire them. But that was the end of the good news. The bad news has already been in the public domain for some time and one often wonders if people will get bored of reading about the subject. But this is probably the one thing we can’t afford to get bored with. Like Nedbank CEO Mike Brown said last week, Eskom “is our too big to fail”. That comment took me back a decade to the collapse of Lehman Brothers. For true believers in free markets and capitalism, the idea...
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