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N22bn stockbrokers forbearance controversy: Another view (2)

Published by BusinessDay on Thu, 14 Feb 2013


It was the failure in this regard, which should rightfully be blamed on the banks instead of stockbrokers who are now made to bear the brunt of what essentially was a system failure. This was also why at the National Assembly hearings on the AMCON Bill, stockbrokers opposed the section that attempted to class all borrowers as bad debtors. They argued that their positions were different. Banks either accept that they have made a mistake and write off the loans and take over the under lying securities or restructure the loan into a long-term loan backed by these assets until they regain value.
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