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Fred Mweni joins Njonjo, Kiereini etc etc
Rank: Veteran Joined: 10/11/2009 Posts: 1,223
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Security markets trader barred from holding office including in the firm he founded., Tsavo Securities. http://www.nation.co.ke/...88/-/ekcw11/-/index.htmlHistory will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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[quote=BGL]Security markets trader barred from holding office including in the firm he founded., Tsavo Securities. http://www.nation.co.ke/...8/-/ekcw11/-/index.html[/quote] Wow...
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Good riddance to bad rubbish Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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Mweni is a very small fish, what could he be acused of. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Obi 1 Kanobi wrote:Mweni is a very small fish, what could he be acused of. ...ouch...I knew this day would come. possunt quia posse videntur
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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Someone has to carry the cross, just connect this story to this http://www.businessdaily...0/-/ecvc75z/-/index.html
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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[quote=the deal]Someone has to carry the cross, just connect this story to this http://www.businessdaily.../-/ecvc75z/-/index.html[/quote] ...the fixed income market needs a complete restructuring it was a matter of time before such issues came up... possunt quia posse videntur
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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Hail NBK for mark-to-market  Watch out...super profits coming your way! ;-)
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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Furthermore, probably thankfully, the high interest regime has since unwound a great deal compared to these latter regulatory responses, thus, may a favorable outcome for all be arrived at. Hail S-B-B!
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Im sure all those bankers/fund managers on his payroll are now orphans... Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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KulaRaha wrote:Im sure all those bankers/fund managers on his payroll are now orphans... ...@kularaha true but most likely jump ship to other guys,btw there was a point in time the CMA or CBK wanted to introduce a market maker jst like the GEMMs in the UK...all govt bond issues would be placed with the market maker first before distribution to investors. possunt quia posse videntur
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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maka wrote:KulaRaha wrote:Im sure all those bankers/fund managers on his payroll are now orphans... ...@kularaha true but most likely jump ship to other guys,btw there was a point in time the CMA or CBK wanted to introduce a market maker jst like the GEMMs in the UK...all govt bond issues would be placed with the market maker first before distribution to investors. Definitely, those corrupt guys will be scrambling for new jobs as they have saddled their banks/funds with lousy bonds in exchange for Mweni's handouts. The time has come to remove bond trading from brokers and make it purely OTC. Business opportunities are like buses,there's always another one coming
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Rank: Member Joined: 2/20/2007 Posts: 767
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Please explain to 'wanjku'. What are these SBB's all about? What is the advantage to the buyer and the seller? What is the disadvantage or financial impact to the seller/buyer when the seller defaults on the buy back. They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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KulaRaha wrote:maka wrote:KulaRaha wrote:Im sure all those bankers/fund managers on his payroll are now orphans... ...@kularaha true but most likely jump ship to other guys,btw there was a point in time the CMA or CBK wanted to introduce a market maker jst like the GEMMs in the UK...all govt bond issues would be placed with the market maker first before distribution to investors. Definitely, those corrupt guys will be scrambling for new jobs as they have saddled their banks/funds with lousy bonds in exchange for Mweni's handouts. The time has come to remove bond trading from brokers and make it purely OTC. ...agreed.,.i think the bond market is where the equities market was around 2002,brokers were making lots of money doing shady deals but that soon came to an end rather was reduced big time i hv said it before if we want to replicate and be in line with the best markets we need to adopt best market practices,the securities exchange should be a level,fair playing field no one single player should have undue advantage over the other... possunt quia posse videntur
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Rank: Member Joined: 8/5/2010 Posts: 335 Location: Nairobi
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In my opinion there is nothing wrong with SBBs, they are useful in managing liquidity and capital optimization. The regulator should do two things: 1. Legislate to ensure that the 2nd leg transaction is enforcable. This is easy to do by either limiting participance to banks under CBK or use of bank/legal undertakings. 2. Document neatly, how these items will be reported in balance sheets of instituions such as banks, insurers and others. CMA is lazy. "I'd rather be lucky than clever... every time!" - ME
"The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN
"Space we can recover... time never!" - NAPOLEON BONAPARTE
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Genghis Khan wrote:In my opinion there is nothing wrong with SBBs, they are useful in managing liquidity and capital optimization.
The regulator should do two things:
1. Legislate to ensure that the 2nd leg transaction is enforcable. This is easy to do by either limiting participance to banks under CBK or use of bank/legal undertakings.
2. Document neatly, how these items will be reported in balance sheets of instituions such as banks, insurers and others.
CMA is lazy. ...simple question why should a bank that has "falsely" presented healthy financial statements,after taking part in SBB,s borrow at the same rate from the CBK with a bank that has presented an altered financial statements?btw this are the kinds of issues that if left alone cause systemic risk... possunt quia posse videntur
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Rank: Member Joined: 2/8/2007 Posts: 808
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The only solution here is CBK to get over it's hang ups and allow horizontal repos for banks and QII's. SBB's and BSB's as currently being executed are a crude, illicit form of horizontal repos. In their current form they not only expose counterparties to high risk levels but are also distorting the prices for bonds. CMA please tell CBK to allow Horizontal Repos to be done. Most Banks and QII's have custodians so enforcing settlement is bloody easy!We should stop acting as though this is rocket science.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Kausha wrote:The only solution here is CBK to get over it's hang ups and allow horizontal repos for banks and QII's. SBB's and BSB's as currently being executed are a crude, illicit form of horizontal repos. In their current form they not only expose counterparties to high risk levels but are also distorting the prices for bonds. CMA please tell CBK to allow Horizontal Repos to be done. Most Banks and QII's have custodians so enforcing settlement is bloody easy!We should stop acting as though this is rocket science. ...those who are acting like its rocket science are those benefiting big time from this deals,CMA itself has been in the know but has never done anything...oh of course until now. CBK dont really care as long as they keep on raising cash to plug the deficit. possunt quia posse videntur
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Finally somebody figured out the REAL REASON why this crook has been blacklisted: http://www.nation.co.ke/.../-/h28131z/-/index.html
Like I said, good riddance to bad rubbish! Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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[quote=BGL]Security markets trader barred from holding office including in the firm he founded., Tsavo Securities. http://www.nation.co.ke/...8/-/ekcw11/-/index.html[/quote] ...imebidi.... www.businessdailyafrica....8/-/10o61tt/-/index.htmlpossunt quia posse videntur
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Fred Mweni joins Njonjo, Kiereini etc etc
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