South African Skeptics

Amalgamated Bull Shit Artists

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Offline Mefiante

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“Never attribute to malice that which is adequately explained by stupidity (in this case compounded by greed).” ;)

'Luthon64
"Sensitive" people are now carefully examining the entire universe, trying to find something to be "offended" at. It won't stop until such time as the "offenders" learn to stop apologizing, and saying "freck off" instead. — brianvds, The ShoutBox Classics, 02/07/2018.


Offline Faerie

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Are you thinking malice on the part of a disgruntled ex-IT ABSA employee?

'Luthon64
Not at all most of those who are going have been sitting at home for the past three months. I would guess that the management, devolopment and running of the new system was farmed (tendered) out and this break down might well be partially as a result?

Not just IT, although they were some of the first to be shown the door, ALL staff are affected, and its still continueing,they're doint it in stages.

Irony though about the IT staff - they've got around 40+ odd vacancies now for Analysts and Developers.... and no experienced people want to work for them, so the positions are being filled with junior people... I'm sitting back and just watching the developments, its quite interesting.

“Never attribute to malice that which is adequately explained by stupidity (in this case compounded by greed).” ;)

'Luthon64

I attribute it to Karma. She's a b*tch  ;D


Offline Mefiante

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"Sensitive" people are now carefully examining the entire universe, trying to find something to be "offended" at. It won't stop until such time as the "offenders" learn to stop apologizing, and saying "freck off" instead. — brianvds, The ShoutBox Classics, 02/07/2018.


Offline Faerie

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I saw that.... my silence on the subject indicates my opinion.


Offline Mefiante

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Well, as you probably know, Barclays is currently at the centre of a scandal and ABSA’s association with Barclays doesn’t help much.  The survey was conducted before the Barclays scandal emerged, so one might wonder what Ramos’ rating would be now, given that people, unless expressly cautioned not to do so, habitually adopt a guilt-by-association stance on such matters.  Even so, it would be a bit of an imaginative stretch to believe that Ramos’ silence on the issue was entirely due to her being oblivious of Barclays’ inter-bank lending rate manipulation shenanigans, and hence her being slated seems deserved on this point alone.

'Luthon64
"Sensitive" people are now carefully examining the entire universe, trying to find something to be "offended" at. It won't stop until such time as the "offenders" learn to stop apologizing, and saying "freck off" instead. — brianvds, The ShoutBox Classics, 02/07/2018.


Offline BoogieMonster

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I'm seriously hoping I'm not walking into dangerous territory here.

But lets say, hypothetically, I needed to do some 3rd party work that involved a technical part of a certain bank's assets. And I needed to know a key bit of information to make everything work nicely, for the bank, and they were really keen (read: pressuring) to get it all working. Except they couldn't give me this key bit of information because the team capable of providing me with said information no longer existed. All had been "eschewed" out the business.

Now, knowing what key bit of information it is I needed, and knowing that there is no-one guarding that key bit of information, and moreover knowing my money resides in said bank... That makes me, "lose confidence". However, lets say I had seen situations like this before at numerous other institutions (you've heard of and some you probably haven't) in the country, I often realise just how little choice we have in SA about our particular institutional incompetencies.
"Monkey killing monkey killing monkey over pieces of the ground, Silly monkeys, give them thumbs, they make a club and beat their brother down. How they survive, so misguided, is a mystery. Repugnant is a creature who would squander the ability to lift an eye to heaven, conscious of his fleeting time here" - Tool


Offline Faerie

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Your money is safe, but you're welcome to move it for ethical reasons... I have... and I work for them.  :/

I even closed my Edgars account as ABSA took their lending book over, I am quite happy to pay Steve's competition their dues.

All your investments in ABSA are propping up a UK bank, I'm not a big fan of the colonialists, hence my business is conducted with a purely SA bank.


Offline Mefiante

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Quote from: <a href="http://www.iol.co.za/business/business-news/two-senior-absa-executives-leave-1.1364392#.UDIQ_ttXvXg">Business Report - Two senior Absa executives leave</a>
Less than three weeks after Absa shareholders put the banking group’s management in a corner … an unconfirmed number of senior managers are believed to have been fired by the bank.
Will the full story ever be told?

'Luthon64
"Sensitive" people are now carefully examining the entire universe, trying to find something to be "offended" at. It won't stop until such time as the "offenders" learn to stop apologizing, and saying "freck off" instead. — brianvds, The ShoutBox Classics, 02/07/2018.


Offline Mefiante

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"Sensitive" people are now carefully examining the entire universe, trying to find something to be "offended" at. It won't stop until such time as the "offenders" learn to stop apologizing, and saying "freck off" instead. — brianvds, The ShoutBox Classics, 02/07/2018.


Offline st0nes

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ABSA demonstrates its amazing compassion. ::)

'Luthon64
It's not just a lack of compassion, it's drooling incompetence on the part of the bank.  Foreclosure should be a last resort because banks often lose money when they auction a property.  I suppose ABSA have fired all their competent managers, and must make do with the lazy drunks that are left.
Tempora mutantur, nos et mutamur in illis

Outside of a dog, a book is man's best friend. Inside of a dog it's too dark to read.--Groucho Marx


Offline Hermes

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It would have been more professional for the journalist to solicit ABSA's side of the story as well.
My thoughts, my beliefs, my feelings are all in my brain.  My brain is going to rot. - Richard Dawkins


Offline Mefiante

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True, but I wouldn’t be surprised if ABSA simply neglected to respond after being approached for comment.  After all, the bank had already done just that a few months ago when it put its true colours on display by auctioning off a repossessed R200,000 home for the princely sum of R1,000.

'Luthon64
"Sensitive" people are now carefully examining the entire universe, trying to find something to be "offended" at. It won't stop until such time as the "offenders" learn to stop apologizing, and saying "freck off" instead. — brianvds, The ShoutBox Classics, 02/07/2018.


Offline Brian

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methinks some corrupt w/banker sees an opportunity to make some money off these auctions: R200000 for R1000 FFS!: who bought it and then resold it and in addition organised a bond for full amount again.
Never let the child in you die!


Offline Hermes

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I have been to these repossessed property auctions.  The bank has its own representative there to bid on the auction in order to ensure that the property does not get sold for too little to someone else.  What must have happened in this instance is that nobody turned up for the auction except the bank's own representative.  Starting at R 1 000 with no counter bid, it would then have been knocked down to the highest bidder, who would have been the bank itself, at R 1 000.  Who bought the property?  ABSA.  It may sound heartless, but they are acting within the law here.  It is interesting to note that in the US the shortfall on a housing bond is regarded has written off in the event of a repossession.  That is part of the reason why US banks ran into trouble with sub-prime housing loans in 2008.  Perhaps SA law should be changed accordingly.
My thoughts, my beliefs, my feelings are all in my brain.  My brain is going to rot. - Richard Dawkins


Offline Mefiante

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Er, there’s usually a reserve on fixed property (meaning that if a certain minimum bid is not realised, the auctioned lot is not actually sold).  If ABSA failed to set a reserve and then proceeded to buy a property at auction to which it already had full legal title, then there’s something very obviously fishy going on.

(I’m ignoring the allegations brought in the Western Cape High Court against Auction Alliance about collusion and kickbacks, as published recently in the Argus.  More importantly, the SA Registrar of Banks has affirmed in writing that a bank loses legal standing over any assets it transfers into Special Purpose Vehicles.  That is, the bank forfeits all legal claims regarding the bonded property when it securitises a mortgage loan.  If ABSA securitised the home loans before repossessing the properties in either or both of the above cases, the bank is guilty of nothing less than fraud and intimidation through misrepresentation, of which it may not even be aware.  Not that that would be any excuse, and this whole murky issue will be clarified in the High Court very soon.)

'Luthon64
"Sensitive" people are now carefully examining the entire universe, trying to find something to be "offended" at. It won't stop until such time as the "offenders" learn to stop apologizing, and saying "freck off" instead. — brianvds, The ShoutBox Classics, 02/07/2018.