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| Standard Bank Group CEO Jacko Maree |
African Kabuki sent me this article. What's really comical is the South African public's response to it in the comments. Who do they think they are fooling??? -AK
SA banks' ethos stronger than Europe, US — bank chief
"South African banks simpler, better regulated than 'casino banks' in Europe and US, says Standard Bank CEO Jacko Maree."
Standard Bank Group CEO Jacko Maree "In South Africa, it is different... we have banks here with an ethos and culture which is much stronger than in Europe and the USA." - Standard Bank CEO Jacko Maree BANKS in South Africa had an ethos and culture which was much stronger than their counterparts in Europe and the United States of America, Standard Bank's chief executive, Jacko Maree, said in Durban on Saturday night.
He was speaking at the annual Nat Nakasa journalism awards dinner, hosted by the SA National Editor's Forum and the Nieman Society of SA, where South African journalism's highest accolade was given to Press Ombudsman, Joe Thloloe - a leading journalist for over fifty years already.
Referring to the hostility and loss of trust the banking system overseas faced following major financial irregularities, Maree said rebuilding this confidence lay mainly with bank leadership, not necessarily the regulators of banking systems. People would also need to acknowledge the many positives of banks' roles in society
"In South Africa, it is different... we have banks here with an ethos and culture which is much stronger than in Europe and the USA.
"This is partly due to better regulation, and also that we have simpler banks -- not the type of 'casino banks' found in other developed financial systems.
"But it is also due to better governance and leadership values [here]."
At his bank, for example, Mr Maree said a core value was to guard against arrogance, and to balance self-belief with a healthy dose of self-doubt.
COMMENTS
scottyc Jul 30, 2012
How can Mr Maree stand up and lie through his teeth like this? Standard Bank's own words show that the size of the securitisation market in 2012 is set to be R25 billion. They own SA Homeloans for crying out loud - the entire book is funded by derivatives! For 20 years, banks have been playing the "casino" game with securitisation in South Africa, causing hudreds of millions of illegal foreclosures. They have just been sued by the New Economic Rights Alliance for this very reason!!! Jaco Maree, you are DISGUSTING. To make a public comment like this you would have to be either a despicable liar, or you and your banking buddies are more desperate than you want people to know.
waldo Jul 30, 2012
Its only a matter of time ... these fat cats will soon be exposed for what they really are, playing on peoples ignorance. This is a worldwide issue & no large banking institution is innocent as they have all comitted fraud & broken various other laws & gotten away with it for far too long until now.
nayr Jul 30, 2012
Stop lying SA Banks.
bengine Jul 30, 2012
"Referring to the hostility and loss of trust the banking system overseas" - and in SA. The only reason the banks here have not been under the same pressure is that in SA they have (through the media and spin) managed to hide their activities from the general population.
However, writing is on the wall for all bankers. It takes 20 years to build trust and 5 minutes to destroy it - in the case of Standard Bank - they destroyed trust all on their ownsome just through bad service - forget what they were doing in the background.
Securitisation of loans is a small drop in the ocean - their complicity in the exploitation of the population through the creation of money and charging and manipulation of interest must also be addressed and those involved named and shamed and forced to answer for their transgressions that have enriched the few at the expense of the many.
As far as I am concerned if a banker's mouth moves - (s)he is lying.
Con-Tester Jul 30, 2012
What Mr Maree ignores, conveniently so it seems, is that even if SA banks’ lending practices are somehow morally superior to those in the US and Europe, it hardly exonerates the SA banks from the scurrilous activities they’re engaged in locally. It’s like saying, “Hey, look at that lot over there, they steal much more than we do.” In short, Mr Maree is being disingenuous, delusional, deflective or deliberately deceitful — perhaps even all of the preceding.
The bulk of SA debt is in the form home loans. Very few people are able to buy a decent house without a home loan. The home-loan game is thus already doubly rigged in that firstly you don’t really have any choice, and secondly you have no negotiating power whatsoever with the banks. You have to take it or leave it what they offer. Furthermore, the banks and their scumbag lawyer cronies are playing fast and loose with regulations that (1) give the buyer the right to appoint the transferring attorneys, and (2) require them to explain the terms and conditions and the ramifications thereof in plain English. For example, during a leap year the banks collectively defraud their home loan clients to the tune of almost R200 million because they calculate interest based on a 365-day year but charge it 366 days (i.e. they get an extra day’s interest). Not unexpectedly they’ve covered their arses: The National Credit Act allows it and their home loan agreements include relevant terms.
On top of all these slimy shenanigans, the banks in SA exhibit all the hallmarks of a cartel mentality (loan offers are much the same across all the major banks), which according to Mr Maree is a “stronger ethos”.
Mr Maree, you make flat assertions that fail to stand up under scrutiny, and you dodge the burden of proof that sits very squarely on your shoulders. I hope against all reasonable hope that the NewERA court action succeeds. If nothing else, it will serve as an attention-getter/consciousness-raiser. Can you smell the writing on the wall?
Volks Jul 30, 2012
What is Jacko Maree personal liability insurance number ?
We need to make these guys personally responsible for what they say !
It is so blatant, that he tries to restore "confidence" in the banking system of S.A - that is the way they solved problems in the past by creating fake "confidence", but we can not allow lies to go around like that anymore !
Freeman714 Jul 30, 2012
Ah, at last people are waking up to the fact that banksters are fraudsters, and that the banking system is a big con on the people of the world - to enslave them and to enrich the powers that be - in cahoots with the government, which just becomes their puppet. DUH!
To quote Thomas Jefferson in 1802: 'If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks... will deprive the people of all property until their children wake up homeless on the continent their fathers conquered'.
What do you think is happening here? EXACTLY THE SAME.
If not, Mr. Maree, can you explain why your process of securitisation is never revealed to the public?
'...banks with an ethos and culture that is much stronger than in Europe and the USA' - ah, there you have it, what an admission! An ethos and culture of pulling the wool over everyone's eyes, creating money out of nothing, lying to the public - don't say Mr. Maree didn't warn us.
Con-Tester Jul 30, 2012
Er, let’s be a little more forthright and consequent than those who we disdain, shall we? In particular, let’s verify our facts so that we can keep clean hands. It’s probably a myth that Jefferson ever said those words
However, that doesn’t mean those words contain no truth or wisdom. Or that if Mr Maree’s bank has any interest in pursuing truth in advertising, its motto should be changed to “Slithering Forward”.
nayr Jul 30, 2012
I want to pack up in fits of laughter whenever I hear or see bank adverts in the media. It just shows what a brilliant marketing / creative industry we have in South Africa, that they can make you believe that you a) have choice and b) they care about you, your business or families well being.
bane-of-the-bank Jul 30, 2012
Let's test this man's integrity. I have will file my commercial affidavits against 3 lending institutions this week asking them some hard questions that I know they can't answer. I think I will include this 'VIP' in my list and get his response/ lack of response on record and mail it to all the radio/ tv stations and newspaper outlets. Howzat wanker, I mean banker!
Phlarzian Jul 30, 2012
I don't subscribe to this tripe hype. What makes the SA bankster system any different to the global one? You are inextricably linked - part of the failed plan. The people will not tolerate the wool over our eyes any longer - it's been annoyingly scratchy. Don't bother with PR and advertising from now on - unless you wish to continue being laughing stock. Good riddance - you're done. Here's to the genuinely free and natural good life for every living being...
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