Vavi slams banks, monopolies

2012-10-21 10:07

Johannesurg - Banks and "other capitalist monopolies" are corrupting South Africa and threatening to turn the nation into a banana republic, Congress of SA Trade Unions (Cosatu) general secretary Zwelinzima Vavi said on Saturday.

Vavi said that while Cosatu opposed public corruption, its source was from banks and capitalistic monopolies "who manipulate markets, fix prices and do everything to maximise their profits through the exploitation of workers".

"It is their corrupt morality that is invading the public sector and our revolutionary movement, and threatening to plunge us into a descent into a banana republic."

Vavi was speaking at the a meeting of financial workers' union Sasbo in Benoni.

He argued that the banking industry could create more jobs if it pursued progressive politics but was instead retrenching employees and cutting wages.

While the country was struggling with unemployment and inequality, banking CEO's received large salaries.

"What makes this even worse is that these big banks, several of them now foreign-owned, are not competing with each other but are an effective monopoly, using their vast power to enrich themselves and their biggest customers, the equally monopolised multinational mining companies."

Vavi said banks and mines were the biggest obstacles to implementing policies to help manufacturing and create jobs.

He said they had prolonged South Africa's "over-dependence" on the export of raw materials to the economy. 

  • johann.enslin.9 - 2012-10-21 10:22

    Best form of defense is attack? Really hitting the bottom of the barrel. You and your alliances are the problem.

      Rabbler.Rouser - 2012-10-21 10:56

      Simple minded rhetoric and an argument from ignorance is Vavi's stock artillery. And of course his simple minded followers believe him. Red herrings and the usual scapegoat mentality will never get them closer to solving the real problems.

      grootrot.vanzyl - 2012-10-21 22:26

      Will all the banks in SA listen and not give a Cosatu member an account? It is a win win solution.

  • Karel du Toit - 2012-10-21 10:26

    Banks Do Not create banana republics. Striking workers and disfunctional unions and weak leaders create banana republics!

  • lacrimose.wolf - 2012-10-21 10:30

    Banks, mines, business, media, apartheid. Same old tired, raggedy scapegoats used as reasons for not doing anything.

  • kobus.hattingh.5 - 2012-10-21 10:34

    Will Vavi, Zuma and Co ever come to realize that they THEMSELVES are the one turning this country into a Banana Republic? They have started to destroy the mining industry so next up is the banks and then another onslaught on the white farmers?

      MoaningMan - 2012-10-21 10:48

      When will they ever learn?

  • robes.spear - 2012-10-21 10:49

    Wow - this guy has been smoking some really good weed.

      bless.boswell - 2012-10-21 21:20

      Oh you are so sharp ... :)

  • robes.spear - 2012-10-21 10:50

    Vavi - go to China and see what they pay workers and then come and advocate communism.

  • shane.asselbergs - 2012-10-21 11:24

    Monopoly? I don't think you understand the word; go look it up.

  • ceba.mlandu - 2012-10-21 11:32

    I'm curious to know how much this oke gets paid a month and how much his December bonus is.

  • FUNKMASTERFLEX.AKA.BAIN - 2012-10-21 11:33

    Vavi is not worth listening to,he cant understand how many jobs unions have cost this country and it is so sad that competent people of all races have to put up with the propoganda from him and his buddies

  • Karel du Toit - 2012-10-21 11:42

    just an idea. force the mines to open at least 10 factories each to create products from the raw material they mine. this can create lots of jobs and boost the economy and skills can be developed.

      lacrimose.wolf - 2012-10-21 16:16

      Well there's the small problem of electricity for these factories, the equipment for these factories which will have to be fully-imported, the people with the right skills to work in these factories because there's little or no training available especially not for re-skilling adults. And then of course a mining company is like any other company, their business is mining, not manufacturing much like the ANC is a liberation movement not a government

  • wmutahi - 2012-10-21 13:01

    when are you ever going to talk about and address the biggest problem in this country? - education. Uneducated labour force that thinks salaries fall from the skies?

      themba.thwala.98 - 2012-10-21 20:47

      He does not value education very much. That's the reason why he support a thieving, uneducated president to pillage the country's coffers for another 5 more years.

  • mmaphongwana - 2012-10-21 13:23

    Lol,now his following our footstep, after he had been stoned, you're no longer talking about freezing of wages,but complaining about high salaries of CEO's, you're the one who instructed them to less care for their employee...confused Vavi

  • komorison - 2012-10-21 13:53

    His comments on the "Banksters" is spot on. Go visit is taking the four major banks and SARB to the high court.Banking and central bank shenanigans has being going on for over 100 years, globally. I won't even start on big corporations, big pharma, oil companies etc.

  • punungwe - 2012-10-21 14:22

    Let me understand this - is Vavi following in Malema's footsteps in calling South Africa a banana republic? The only difference seems to be that Malema blames the current political leadership while Vavi is blaming private business.

  • kingsley.mokomane - 2012-10-21 15:28

    I always respected Vavi views but since Cosatu conference he just talk senseless rubish

      themba.thwala.98 - 2012-10-21 20:44

      Zuma has infected everyone with his idiocy

  • SarelJBotha - 2012-10-21 17:34

    Vavi should slam his head on the ground. Perhaps that will knock some sense into him and make him realize that UNIONS create just as many problems in RSA. The sooner they are forced to behave as unions should, or even get banned, the better.

  • SarelJBotha - 2012-10-21 17:38

    So if a driller now get R16500/month, surely an engineer should be paid R100000/month at least? Maybe it is time all engineers and technicians go on strike. They are fewer but will surely show that their value is more than all the drillers and labourers together.

  • JamesMWood - 2012-10-21 20:01

    Well practise what you preach, you embrace capitalism when it lines your pockets, if you didn't you would not be wearing fancy suits and driving nice cars, go ahead and give your money to the poor to help equality like the good little communist you want to be

  • nananatakemehome - 2012-10-21 23:50

    Is he talking off of the top of his head and or hunch, or has he really checked their latest assets and their portion of ownership of our economy? I guess, if he talks just as Vavi usually does, he hasn't, he has a good hunch. And the ironic thing is that, he is dead on the money. He has hit pay dirt. The real question is what is labor going to do about it? Apart from complaining. The fact is that many of these foreign banks have come to South Africa, to among other things (a) generate profits for their almost none performing assets in Europe and North America; (b) they are aware that South African banks own vast amounts of assets that sometimes have not been properly evaluated and priced, and (c) one cannot rule out the fact that the owning class through banks have been trying to control governments and make them subservient to that classes interests. Take the US Federal Bank for example, it is not even Federal but if you did not know you wouldn't know any better. The US government is at its whim and fancy. "Let's go to war, the US government goes to war. Let's reevaluate mortgages (read as transfer the largest amounts of assets from middle class to the 1%), the US government does that too. 'Borrow money from us, and provide the bail out (Stimulus) or the economy will collapse', the US government does that too! So you see, banks are large groups of scammers who are constantly scheming how to concentrate control of economy and exercise power over politicians. So, what to do?

  • ctomose - 2012-10-22 06:32

    A Banana RSA.MALEMA was right if Vavi says so.

  • garreth.rosenberg - 2012-10-22 09:15

    Look who is talking. Unionists are the biggest CAPITALISTS. they are just lining their own pockets. They have so much money invested in the private sector for socialist movements. I just don't get it. STUPID STUPID STUPID.

  • thabani.kunene.9 - 2012-10-22 09:26

    It's private institutions, he will rather come up with proposed solution. Why can't cant SA Gov develop its own National Bank that will be affordable to its citizens.

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