Tuesday, 12 August 2014

South Africa Has Bailed Out A Predatory Lender
























An incendiary post at Forbes about South Africa's rescue of African Bank, which was lending far too much money at exorbitant interest rates to poor people who were otherwise shut out of the financial system. How on earth is this a justifiable use of public funds?

Read the whole article here, and weep.

Related reading:

African Bank has not learned its lesson - SABC


2 comments:

  1. I'm not going to weep, I'm going to get a Loan, Duhhh.
    After so many European banks turning one down,
    I understand why some would choose to use the African Bank.

    Many people think some things are bad.
    Except when they do it.

    And, THEY have been doing it for hundreds of years,
    the Europeans.

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  2. Wonderful! I love your writing.I would like to share a little bit.Fizzled banks are not singularly the province of rich Western nations, it appears. South's African Bank has fallen by the wayside and been recovered by the South African Reserve Bank in conjunction with the Ministry of Finance. Thanks all.;)
    ....................................................................................................
    Africa Blog

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