SA Affimative Action

[pms]

Thanks Patrick.  That's what I assumed.  Since I wrote that post however
I've found that some of our local civil rights leaders are big Khumalo fans.
I was speaking to the head guy of one org last week, he was talking about
the US not giving Khumolo a visa and I mentioned that the SA mining stocks
had gotten their pep back right after the story was published saying that
Khumolo's participation would satisfy the new law and he immediately had to
take a phone call.  I smell a big capitalist rat, this one happens to be
black for a change.

By the way, did you hear anything about when the CEO from Durbin Deep was
blocked from coming back into the country? Sounded like the old good ole boy
on the BOD was trying to regain control from the new neo-liberal good ole
boy with the help of old connections.  But the SA guv intervened, making
DROOY investors happy.  What's the situation with the miners?  I know they
were trying to get large increases in living allowance and that the US
investors thought this was just disgraceful.     I get the feeling that the
whole scenerio of whites coming to Africa to steal gold is happening again
only this time through securitization  and M&A, after the gold price had
been driven down below the cost of production..  I've read remarks from
Australia also complaining that all the Aussie companies are becoming
foriegn owned, US and Canadian co's.     Thanks Paula
----- Original Message -----
From: Patrick Bond <pbond at sn.apc.org>
To: <lbo-talk at lists.panix.com>
Sent: Saturday, July 13, 2002 4:49 AM
Subject: Re: SA Affimative Action


> ----- Original Message -----
> From: "pms" <laflame at aaahawk.com>
> > Anyone know how any of these SA capitalists got their money?  Yoohoo,
> > Patrick?
>
> Sorry, just back from a week in London.
>
> > Khumalo seems to see a "solution" coming making ZA safe for
exploitation.
> > Anthrax?  If nothing else this pr sends a message to shareholders
nervous
> > about SA mining stocks because of this supposed "nationalization" of
> > minerals,  which even after a serious pull-back are up a LOT.  Perhaps
> > having Mandela at the listing ceremony for Gold Fields (GFI) on the NYSE
> > foreshadowed this spin.
>
> Just a quick word on Mzi Khumalo. During the mid-1980s he borrowed lots of
> money to buy one of the largest firms, JCI, and tried to fire 23,000
> workers. They resisted successfully. Then he moved lots of JCI money into
> one of his own family-held firms. Then JCI went bankrupt and had to be
split
> up. His name was further muddied by accusations from a Malaysian investor
in
> a bank, which the Malaysian alleged suffered a run so that Khumalo could
buy
> it cheaply. It folded too, however.
>
> Cluff's a funny one, because the old owner, Algie Cluff, was great buddies
> with Mugabe during the 1980s-90s. Don't know his situation now, or even if
> he's still alive.
>
> They're all charlatans in the mining sector, white or black.
>
>
>