QUESTIONS TO BE ANSWERED WITHIN SEVEN DAYS OF THIS MEMORANDUM 1) Does your bank participate in a scheme called SECURITISATION? 2) Give us a short but insightful outline of how securitisation works – giving clarity to the people. 3) Does the process of securitisation include the bundling of debts / promissory notes and other negotiable instruments which are then sold-on to a third parties via special purpose vehicles, other entities or other processes? 4) What percentage of loans and credit agreements are securitised by your bank every month and every year? 5) What is the annual value in ZAR of securitised contracts concluded by your bank? 6) Provide a complete register of every loan that has been securitised from the onset of such activity, where the loan is right now, and how much the bank sold the loan for. 7) Provide a list of the names of the companies that participate with your bank in such or similar schemes not restricted to Special Purpose Vehicles. 8) Does your bank have any ownership interest or shares in the securitisation agencies or companies you do business with? 9) Are your lawyers and advocates, in-house or external, informed about this process of securitisation? 10) Are the lawyers and advocates that represent you in court trained in handling the securitisation process? 11) Do you consider your lawyers and advocates, in-house or external, to be experts in their knowledge of securitisation? 12) Are the lawyers and other legal professionals that are used by your bank, involved in drafting of the securitisation agreements between your bank and your securitisation company/s? 13) Are your lawyers and advocates that represent your bank in legal action against the people that default on their so-called loans, aware of the securitisation process that your bank participates in? 14) Are the lawyers and/or advocates that represent your bank in your legal action against people who default on the so-called loans from your bank, in any way involved in drafting the legal securitisation agreements? 15) Are you aware of any instances whereby your lawyers / advocates have mislead the Courts by stating factual inaccuracies (aka outright lies) in order to obtain a judgment? 16) If so, have you done anything to inform the customers of such blatant lies or accidental false statements in the courts of South Africa? 17) Are you aware of any of your lawyers, judges or advocates that have in the past, or currently are, on any boards of banks, financial institutions, reserve bank, or other, or have been involved in any way with financial institutions, or have any kind of shareholding in such institutions? 18) Does your bank participate in fractional reserve banking or lending, or any other such related activity? 19) Do you consider your lawyers and advocates to be experts in their knowledge of fractional reserve banking/lending? 20) Does your bank actually posses the physical money and /or lawful money, prior to the time that you enter into loans of any kind with your customers? 21) Can your bank show that a transfer of physical funds/money or lawful money occurred in the loan process? 22) How does your bank acquire the “money” that you purport to loan your customers? 23) What is the definition of “money” according to your bank, since there is no definition for it in the South African Bank Act? 24) What is the definition of “lawful money” according to your bank? 25) Describe in full detail the fractional reserve lending process as it applies within your bank explaining how a loan is “granted.” Please use plain and simple English, use diagrams and reference how the debit / credit book entry procedures (ie. the GAAP matching principal) is used to create credit. 26) Why is the interest paid on loans weighted so that the interest is mostly paid up-front? 27) Does your bank deal, trade in, make payments, and/or accept payments in the form of promissory notes? 28) Does your bank deal, trade in, make payments, and/or accept payments in the form of bills of exchange? 29) Are the people that you make home loans to, actually indebted to your bank or are they indebted to a third party? 30) Would your bank be prepared to amend your credit agreements as follows: “We, the bank, did in fact possess the money we loaned you, prior to the loan being approved” to comply with the fundamentals of contract law? 31) Are the loans made by your bank funded by assets belonging to the bank at the time the loans are granted? 32) Does the bank record the promissory notes / negotiable instruments, of their clients as an asset on its books? 33) If yes, how are such instrument used to create the loans? 34) Where are all the original copies of the valuable promissory notes, contracts and negotiable instrument of the customers once securitised? 35) Does your bank have a right to continue collecting money from its customers once their loans have been securitised? If so, please explain why and how this right exists. 36) Does your bank have a legal right or locus standi to start legal action against its customers once their loans have been securitised? If so, please explain why and how this right exists. 37) If your bank does not have the legal right to collect or claim money on a loan once securitised, is your bank not committing fraud with every statement you send out to unsuspecting customers? 38) Regarding the security given to the bank by your customers, are these securities sold on, or given as security / surety to another party in any way? 39) Is your bank familiar with the current situation in South Africa whereby the vast majority of garnishee orders / EAO’s are illegal, highly inflated and the percentage of salary being deducted far higher than what is required by law? 40) What do you, as a bank, plan to do about this problem that is crippling millions of people lives while in many ways enriching your bank? 41) Do you acknowledge and agree that a bank has a fiduciary duty to its customers? 42) Do you hold any knowledge, information or opinion that we, the people need to know, with regards to a possible financial crisis both locally and internationally? 43) Is your bank currently trading in an insolvent position? 44) Is the money in a person’s bank account backed by any physical tangible commodity, or is it merely evidence of a bank’s “promise to pay” (or liability)? 45) If so, please explain why the promise of an individual sovereign human being is worth any more, or any less, than the promise to pay made by your bank? 46) Finally – how do your children and relatives feel about what you are doing to the rest of the people of South Africa including the families of their friends everywhere?
Posted on: Mon, 08 Jul 2013 05:31:30 +0000
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