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Ramaphosa thanks Colin Coleman with a banking license

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By Andile Mngxitama

If you are still holding out for a state bank or the nationalization of the South African Reserve Bank (SARB) under Cyril Ramaphosa, you are deluding yourself. Ramaphosa is delivering left, right and center to those who organised the R1 billion for his CR17 campaign to buy the African National Congress (ANC) Nasrec conference. All the donors and advisors are benefiting at the expense of the people of South Africa (SA).

The news that the global giant Goldman Sachs has obtained a banking license in SA is bad for the transformation of the banking sector. Colin Coleman has recently resigned as Sub Sahara African CEO of Goldman Sachs. He was a front man in the CR17 campaign and one of the financial contributors to the slush fund. Once Ramaphosa became President, Colin Coleman started gloating about the banking license for Goldman Sachs.

Coleman’s resignation after achieving his goals is said to give him a mere cooling off period. Ramaphosa is actually planning to give him a big job associated with the economy. Coleman taking a teaching job at Yale, is apparently a mere ruse. Coleman is upfront about wanting to make a “contribution” in South Africa (SA). Don’t be surprised if he comes back soon.

The granting of a license to Coleman’s bank is yet another clear indication of corruption and a conflict of interest situation. Coleman gave Ramaphosa money and now he gets a banking license in return.

The ANC’s resolution on the nationalization of SARB has no hope in hell. There is no way that the backers of the CR17 are going to allow it. That also goes for land expropriation without compensation.

An interesting related connection is that Tito Mboweni, the current Minister of Finance, is a recent International Advisor of the same Goldman Sachs. This explains to some extent why he has been in the forefront of opposing the Radical Economic Transformation (RET) agenda such as the nationalization of SARB. These insidious corporate relationships go much further. The current CEO of Eskom is from Nampak where Mboweni was chairman of the board.

Coleman has now been gifted with a banking license. He joins a long list of CR17 backers who are benefitting. Johann Rupert has increased his wealth by R11 billion in one year! The Oppenheimers scored R6 billion also in one year. Jabu Mabuza seems to have used a proxy to score a whooping R11 billion tender from Eskom where he was both Chairman and CEO.

The entry of Goldman Sachs into the South African banking system signifies the end of the much spoken about transformation of the financial sector.