“Absa has faced criticism for sinking 0.3% of its Money Market clients’ investments in the wake of African Bank’s crash and bailout. Absa Money Market (AAM) clients were notified as late as Tuesday (19 August) that the fund had removed all African Bank investments from its market. Absa had to adjust the value of its Money Market by 0.3%, effectively swiping that value off of clients’ investments, providing a 0% interest rate for the period. With a money market value of R52.8 billion, Absa in effect swiped off R158.4 million in investments. Money Market clients were not impressed with the news, and even less so that they were notified long after the move.”
http://businesstech.co.za/news/banking/66332/why-absa-took-0-3-of-clients-money/
Related posts:
Breaking down the Bitcoin
Pentagon planning massive cybersecurity increase
UK 'Google tax' will target inter-company payments
John Kerry gives Syria week to hand over chemical weapons or face attack
Attorney for Whistleblower: 400 U.S. Missiles Stolen in Benghazi
The man who wanted to split California into six states now wants to make it three
Manny Pacquiao prefers to fight in China because of high U.S. taxes
U.S. Admits For First Time It Used NSA Surveillance in Criminal Case
Police officer researched romantic rivals using criminal justice databases
‘Chuck Norris’ bridge linking Austria, Slovakia opens
As Bitcoin Surges, Here's How It Compares to Gold
At Walgreen, Renouncing Corporate Citizenship
More Major Retailers Are Getting Ready to Accept Bitcoin
Caribbean and Central America Close Tax Loopholes
Wall Street Predicts $50 Billion Bill to Settle U.S. Mortgage Suits