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Ronald Grundy988
 
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Is Eskom really too big to fail?

12 February 2019, 10:58

If Eskom is too big to fail and needs to be bailed out, in spite of loan guarantees, then we the people also need to be bailed out.

This parastatal has been plagued with corruption and maladministration since the early days of extortion on the South African population. This is while ordinary South Africans are threatened, bullied and harassed to pay their ‘fair share’ to a government that charges VAT on electricity and water, two of the most basic needs in society.

Non-payment results in cut-offs, huge fines and massive re-connection fees. However, non-payment for that government entity too big to fail, results in loan guarantees and promises of a bailout. South Africa is following that same path of bailout that the US government offered to their banks, where CEOs took massive bonuses soon after.

Perhaps assuring Eskom CEOs of continuity after their failed management style is not such a good idea. It is ironic that we all rushed to stage 4 overnight when news broke that job cuts at this entity may be in the offing. It also makes one wonder if certain staff and management will to anything to secure their pensions, 13th and 14th cheques, overtime and bonuses.

Perhaps other energy producers should be introduced so that saboteurs who can unexpectedly make 6 units malfunction, all on the same say at the same time, do not wipe off out hard fought financial gains. When that other entity, Telkom, was threatened by more efficient role-players in the 3G and 5G wireless environment, the entity vastly improved their services. However, if government insists that Eskom is too big to fail, despite their constant failures, then we the people also want government to write off our loans. For, we too made bad judgements and took huge bonuses this past Christmas, in spite of our financial position.

Come on, Ramaposa, you promised you be fair to all of us. We are also too valuable to fail, bail us out as well. Else, 60% of us may just stop working… or paying out ‘fair share’.

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

 

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