14 March 2019

South Africa: National Savings Capture - Predatory Capitalism and the Asset Management Industry

opinion

We have found ourselves in the eye of a perfect storm. In pursuit of self-interest, our political leaders have failed us badly, and by so doing have tarnished the reputation of the country as a safe and sound investment destination. The corporate sector has registered phenomenal failures, hundreds of billions have been wiped off the capital markets. The nation's savings have been looted in the public and private sector to the order of hundreds of billions. So, it is hardly surprising that so much distrust and suspicion of the establishment has emerged.

This article is an edited version of Abedian's keynote speech at the 2019 Raging Bull Awards Ceremony on 30 January 2019.

F Scott Fitzgerald, the author of The Great Gatsby, could not be more proud of his impressive, if not prophetic, insights into the reality of the workings of the so-called American Dream -- essentially characterised by a blend of crass individualism and crude materialistic pursuit.

Fitzgerald's depiction of the paradox of material accumulation and the quest for happiness has stood the test of time for well over a century. Much like the American Dream that crashed in the story of The Great Gatsby, in our contemporary financialised...

South Africa

Three Children Among Fatalities in Horrific Mpumalanga Crash

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