South African politicians are morons across the board. Panyaza Lesufi is a racist idiot. He never really disappoints. I cannot wait until he gets voted out. It's a matter of time.
Then there was this article written Nobuntu Hlazo-Webster who is the deputy leader of Build One South Africa. Before I launch into a total character assassination of Nobuntu I need to remind the reader (if there ever is one) about Build One SA. This was started by Mmusi Maimane, remember he who was the great hope for the Democratic Alliance. I once met him in a restaurant. He had such a presence, I told my son that he should be the President of SA. At that time SA was under the declining power of one fuckhead called zuma, showerhead to some.
The election came and went and the anc got a slight wake up call. Their popularity had dropped substantially. At that point we need stability. Cyril (the testicleless waste of space) was our only, and I stress ONLY hope. And then Mmusi started make noises about Cyril's fat son and Bosassa. It was cheap politicking, showing the Mmusi was just a pretty face. I lost all interest in the DA after that. I was desperate for a competent black leader from an opposition party. I must stress that Herman Mashaba is not one of those.
Back to Nobuntu. She wrote a piece in the Daily Maverick called "Why South Africa still needs economic redress, not the DA’s BEE alternative, which will erase it". It's a typical political statement, lacks substance, refers to things that she barely understands etc. However she quotes the following as fact "According to the B-BBEE Commission, 0% of JSE-listed entities are 100% black-owned, and black people collectively hold only 13.75% of the economic interest on the exchange."
When I first read her op-ed it didn't occur to me to check to see whether she was quoting the BEE Commission. Well it turns out she was. Now we have two thickos to deal with. I'm not going to argue the second part of the quote, the BEE Commission is most likely wrong here; but then perhaps not. Trying to measure black ownership on any stock exchange is almost impossible. According to co-pilot (they don't give us a referring page), share purchases are anonymous in terms of demographic data unless part of a B-BBEE transaction or structured ownership deal. It seems that the only acceptable method of calculating black ownership is by looking at the institutional investment and then take the word of that institution as to what the breakdown of their various investors are. These institutions could be pension funds or fund managers or the like.
With that in mind how can we take any credence from the statement that no JSE listed company is 100% black owned? It can't by definition. As a listed shareholder you are hoping that people will invest in your company and then recoup a profit from this investment. It cannot matter who buys those shares, anyway you won't know because the race and gender aren't specified when the shares are bought.
The only way that this could ever be possible is if you have a company that is 100% black owned that lists on the bourse and then limits shareholding to only black people. That's just stupid.
But then so is Nobuntu and the BEE Commission.
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