Opinion: Banks involved in collusion scandal compromised their credibility

702 Breakfast host, Xolani Gwala, says the 17 banks involved in collusion and currency manipulation have compromised their standing in society.

After the firing of Nhlanhla Nene, it's said that some chief executive officers of these banks together with ANC officials held late with Zuma which ultimately forced his hand. Clearly in these negotiations banks had a moral high ground, they had credibility. They were able to force Zuma's hand.

Xolani Gwala, 702 Breakfast host

Imagine what would happen now if Zuma were to press ahead with all these rumored reshuffles. If they were to sit in a meeting with Zuma, he would challenge them, laugh at them and say you guys allowed greedy traders to collude, you have no right to tell me what to do.

Xolani Gwala, 702 Breakfast host

Zuma can use the scandal against finance minister.

Xolani Gwala, 702 Breakfast host

It's always very important to protect your credibility. It's worth more than any money.

Xolani Gwala, 702 Breakfast host

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