In one corner you have the guys who head the top banks and IBs in the world. In the other corner, you've have men who head a small (even by Afrika's standards), but recently growing bourse.
The so-called masters of the universe have spent two days apologising, grovelling and pledging to do all they can to restore their businesses' reputation. Vikram @ Citi has basically said he wants a $ per year until Citi is making money. No matter he has been getting a mean pay packet in the past.
On the other corner, are dudes who have basically grown up in New Stanley picking prices of shares et al. And couldn't care for any changes. The Chairman of the NSE basically dismissed what seems to me to be a fairly complete piece of audit as BS. No word about poor investors still waiting for their bucks almost 15 months later. So isn't the difference between Wall Street and NSE just the attitude rather than poverty etc?
How does a broker that basically buys and sells shares making commission at source have liquidity problems? CMA has a broker rule against executing without the cash cover from the client so why would Nyaga or any broker (as opposed to an IB) need overnight lending facility?
1 comment:
You're asking the right questions. But these are the questions no one at NSE/CMA wants to hear.
If the Gov doesnt act, the blame will fall squarely on them when the next scandal erupts. We need legislation PRONTO!
Post a Comment