PETER BRUCE: Big capital steps into the ring against Zuma. Hier kom groot kak
Bruce’s List: A daily guide to informed reads.By refusing to help finance six major state-owned companies Futuregrowth, the biggest fixed-interest (that’s bonds) asset manager in SA, has brought the country’s billowing governance and financial crisis to its latest tipping point. Opponents will see it as white capital refusing to fund “transformation” led by a black government. The more sensible will see it as the inevitable result of the way corruption has crept into the governance of the state sector. Why should Futuregrowth spend pension funds to buy the bonds issued by companies whose executive suites and boards are peopled by men and women chosen by a dysfunctional state and who give contracts to politically connected friends? It would amount to reckless lending. The Futuregrowth decision, announced yesterday, sent the rand further south and will reverberate at home and abroad. It mirrors, in a way, the decisions by all four of SA’s big banks to stop doing business with the Gupt...
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