France’s biggest bank to pay back with a little help from its friends

By Branko Brkic 30 September 2009

BNP Paribas, France’s largest bank, says it wants to raise $6.27 billion to pay off government bailouts. It will likely will be followed by others as global markets begin to resemble a sort of normality again. Some of this government cash, you see, came with limits on executive compensation and close scrutiny of business practices, and banks hope to inch out from under this microscope. BNP Paribas said the G-20’s agreement that banks should raise more capital had influenced its timing, as had a sharp rise in its stock price this year. However, the state’s presence as a shareholder was not connected to the bank’s repayment decision. Analysts were positive, saying it will now be “first come, first served” for banks in attracting funds. Italy’s UniCredit, planned to raise €4 billion in a share sale and Intesa Sanpaolo planned to sell securities. In the UK, Lloyds and RBS are considering raising capital via stock or asset sales and France’s Société Générale says it may begin reimbursing the state “from early 2010.” BNP, in its statement, said, “state intervention to provide equity and liquidity, key in the midst of the financial crisis, has fully achieved its objectives.”

Gallery

Watch Pauli van Wyk’s Cat Play The Piano Here!

No, not really. But now that we have your attention, we wanted to tell you a little bit about what happened at SARS.

Tom Moyane and his cronies bequeathed South Africa with a R48-billion tax shortfall, as of February 2018. It's the only thing that grew under Moyane's tenure... the year before, the hole had been R30.7-billion. And to fund those shortfalls, you know who has to cough up? You - the South African taxpayer.

It was the sterling work of a team of investigative journalists, Scorpio’s Pauli van Wyk and Marianne Thamm along with our great friends at amaBhungane, that caused the SARS capturers to be finally flushed out of the system. Moyane, Makwakwa… the lot of them... gone.

But our job is not yet done. We need more readers to become Maverick Insiders, the friends who will help ensure that many more investigations will come. Contributions go directly towards growing our editorial team and ensuring that Daily Maverick and Scorpio have a sustainable future. We can’t rely on advertising and don't want to restrict access to only those who can afford a paywall subscription. Membership is about more than just contributing financially – it is about how we Defend Truth, together.

So, if you feel so inclined, and would like a way to support the cause, please join our community of Maverick Insiders.... you could view it as the opposite of a sin tax. And if you are already Maverick Insider, tell your mother, call a friend, whisper to your loved one, shout at your boss, write to a stranger, announce it on your social network. The battle for the future of South Africa is on, and you can be part of it.


Comments

Please note you must be a Maverick Insider to comment. Sign up here or if you are already an Insider.

ANALYSIS

Julius Malema, a forever ten percent man?

By Stephen Grootes

ReCaptcha is not just to prove you're not a robot. It also is part of a project to digitise books. So far over 2.5 million books have been digitised this way.