Securitisation: The Banking Scam – Who Owns Your Debt?
Thanks to Erica.
This is big news in South Africa right now – and the outcome has global ramifications for all banks.
A Johannesburg High Court Judge, Selby Baqwa, has just handed down written reasons for a verdict that opens the way for criminal charges being laid against South African banks and their senior office bearers. The judge ruled that the banks’ securitisation vehicles are “subsidiaries” of the banks. This doesn’t sound like a bombshell judgement, but it confirms that banks’ securitisation vehicles are subject to the same laws as the banks themselves.
This video below is from Special Assignment, a major news program that’s just gone to air in South Africa on SABC-TV. In it the investigative journalist, Peter Moyo, explains what securitisation is and gives a full picture of what is going on – no doubt across the worldwide banking sector. Please note: his accent is a little hard to decipher at times but persevere, because there’s a lot of solid information in this report.
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