How many months before we announce our BANKS..

Africa were the suckers..
Africa were the buyers, the last few weeks before the fold..??
SOUTH AFRICA was one of the buyers, the last few weeks before the fold..??

Lehman Brothers Holdings inc. cost africa far more than they are willing to admit.
Lehman Brothers Holdings inc. cost SOUTH AFRICA far more than they are willing to admit.
Lehman Brothers Holdings inc. cost the companies making up the financial index on the JSE far more than they are willing to admit.
Lehman Brothers Holdings inc. cost ABSA, STANDARD, NEDBANK and RMB(FNB) far more than they are willing to admit.


Nigeria is the first to surrender...we will follow soon..not willingly...

Nigeria's central bank said on Friday it was providing 200 billion naira (about R10.55-billion) to four banks judged to be facing a grave liquidity crisis and removed three of their chief executives.

The regulator said an audit had found Bank PHB, Equitorial Trust Bank, Spring Bank and Wema Bank needed the funds to continue normal operations.


The latest bailout brings the amount of money injected by the central bank into the banking system to 600 billion naira.


have a suggestion..
everyone must go under debt review..
then you pay only half of your monthly payments..
my guess..
OUR BANKS cannot hold out for 12 months...

another few "SAAMBOU" ventures are on the cards....????

Andrewest i don't want to read your posting any more.
I'm taking three headache tablets.
Start drinking again.

Finishjmn thde jokanhy wlokre.

Huid mioght.

Not the big 4 sa banks I don’t think……..they have all ‘confessed’ to their mistakes I think, and not Lehman specific (the biggest Lehman exposure in SA was to Peregrine I hear, but they must be through it by now) But the others already disclosed eg Investec with this Moti deal (Nondela estate etc), and also Absa (Pinnacle point and all the ‘single stock futures’), Nedbank been a bit coy but everybody prices in a some heartache there!. If anyone not yet ‘come clean’ I suspect its in one of the smaller lenders eg Blue financial still to feel the pinch (see Sun Times yday)………but quite different from the Nigerian banks where they did do major ‘ponzi’ type lending into the equity markets and that blew up properly……..

Old Mutual announced that it had incurred major write-downs of assets, following fund exposure to US mortgage lenders Freddie Mac and Fannie Mae.

Absa has confirmed that it has a "very modest exposure" to Lehman Brothers. "In the current volatile market Absa is proactively monitoring any relevant potential exposures," said David Hodnett, Absa Group Risk director. The bank did not want to quantify the extent of its exposure.

The one bank that we haven't heard much about is Standard Bank, which acted as clearer to failed US investment bank Lehman Brothers. Lehman's collapse reportedly resulted in the single biggest default in the JSE's history.

Expectations of a sharp economic recovery, after three consecutive quarters of contraction, are unrealistic, Standard Bank said on Wednesday.


Reality check.

OM - major write off
ABSA - did not want to quantify the extent of its exposure
STD - silent - recovery - unrealistic
NEDBANK -
RMB (FNB) -
SANLAM -
INVESTEC -


read between the lines...
1. they are all in a worse position than SAAMBOU was..we closed SAAMBOU down.

2. the government cannot bail them out..
3. they have not done sales the last 12 months (bonds, HP's, OD's, Credit Cards)
4. they have no "money" to sell
5. the money they raised via MTN's and BONDS from 2000 till 2006...gone..
6. the expenses are mounting...every month salaries, rent, electricity..
7. they are creating bigger OD for themselves to pay expenses (salaries etc)
8. the government allows them to continue..
9. a miracle by 2016 will see them surface again..

sell all the gold and other minerals.

Went to see my shrink over the weekend and told him that I kept thinking that I was a clock?

he said "no need for alarm"

I mentioned Andrewest posts on the forum and he says I should see a consultant

en.wikipedia.org/wiki/Assisted_suicide

lol

I'k ish shtil pished...me thank so.

stock up on those pills and booze by 30 October Kobus!

www.busrep.co.za/index.php?fArticleId=5191027
SA state reports R11 billion cash flow deficit in September
October 5, 2009

Albeit lower than the mammoth R27.145 billion cash flow deficit in July, South Africa's government recorded a higher cash flow deficit of R11.031 billion in September from the deficit of R8.847 billion in August, the latest Treasury data shows.

A large cash balance surplus of R17.337 billion was reported from the deficit of 6.164 billion in August.

However, domestic long-term loans showed an amount owing of R13.559 billion from a decrease of 1.953 billion in August. Short-term loans also increased strongly to 11.396 billion owing from 4.533 billion before.

The data showed that foreign long-term loans increased by R3.802 billion from a decrease of 47 million in August. Treasury says that the 2019 global dollar bond was reopened. In addition arms procurement loan agreements of R20.5 million redeemed.


Extraordinary receipts of R419 million were received mainly in respect of premiums on loan issues. Extraordinary payments of R29.6 million were made in respect of losses on conversion of foreign currency transactions.

Government's balances in the South African Reserve Bank accounts, mainly sterilisation and foreign exchange deposits, amounted to R73.011 billion.

Operational cash balances with commercial banks amounted to R23.236 billion.

More detailed information on the provisional figures will be included in the monthly statement of the national revenue, expenditure and borrowing which will be released on 30 October.

sounds like the ex wife..
blissfully unaware of the dark side of banking...making deposits..

the guys making the deposits for government:

1.employees paye
2.transfer duty on property sales
3.vat on goods
4.company tax

have all come to almost naught...

however

the guys in government are spending..new cars..houses..holidays.. because..
1. we can
2. it's our turn


go guys...go..keep it up!!!!!!!


in 10 years Namibia will buy South Africa on the Sheriff's Auction..