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Fred Mweni joins Njonjo, Kiereini etc etc
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maka
#11 Posted : Friday, December 28, 2012 9:28:02 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
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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KulaRaha
#12 Posted : Friday, December 28, 2012 9:49:01 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
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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tom_boy
#13 Posted : Friday, December 28, 2012 10:19:10 AM
Rank: Member

Joined: 2/20/2007
Posts: 767
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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maka
#14 Posted : Friday, December 28, 2012 10:23:38 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
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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Genghis Khan
#15 Posted : Friday, December 28, 2012 2:20:36 PM
Rank: Member

Joined: 8/5/2010
Posts: 335
Location: Nairobi
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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maka
#16 Posted : Friday, December 28, 2012 4:16:21 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
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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Kausha
#17 Posted : Friday, December 28, 2012 4:26:28 PM
Rank: Member

Joined: 2/8/2007
Posts: 808
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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maka
#18 Posted : Friday, December 28, 2012 6:42:55 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
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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KulaRaha
#19 Posted : Wednesday, January 02, 2013 8:16:05 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
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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maka
#20 Posted : Monday, February 25, 2013 2:27:03 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
[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.html
possunt quia posse videntur
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