No need to hold back as banks fall from grace
Banks have gone from hero to zero in a matter of days
The Competition Commission has referred a case of collusion to the Competition Tribunal for the prosecution of local and foreign banks over allegations that foreign- currency traders at these banks conspired to fix prices and divide markets in dollar-rand trading. Move over steel and construction companies, there is a new gang of villains in town. And Ford must be relieved that attention has been diverted elsewhere. FirstRand and Nedbank have not been named in the Competition Commission's probe, but in the court of public opinion that is just an inconvenient fact that should not get in the way of all banks being smeared in equal proportions. Already this week banks have been called a criminal gang by Black First Land First and been condemned by the SACP, and Cosatu is appalled. So should we all be appalled by these people who - already earning high salaries for the job they are employed to do - defraud clients to line their own pockets. But the banks for which they work can't be let...
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