[kictanet] Bloggers and Social Media are not to blame for the Chase Bank crisis

Wed Apr 13 10:38:20 EAT 2016

I don't think you read the press release in its entirety. Basically the
crisis was precipitated by the movement of funds by directors. Social Media
came at the tail end of things to influence the bank run. It was however
not to blame for the underlying problem of movement of funds from a bank
without proper security.

On Wed, Apr 13, 2016 at 8:59 AM, <kictanet-request at lists.kictanet.or.ke>
wrote:

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> Today's Topics:
>
>    1. Re: Bloggers and Social Media are not to blame for the Chase
>       Bank crisis (Wangari Kabiru)
>    2. Fwd: [AFRINIC-Announce] Call for Nominations for AFRINIC
>       Board (Mwendwa Kivuva)
>    3. Fwd: [Internet Policy] More on Internet access for all, and
>       how to make it affordable (Barrack Otieno)
>    4. DRAKE Agenda: The 30Billion .KE Ecosystem (DRAKE)
>
>
> ----------------------------------------------------------------------
>
> Message: 1
> Date: Mon, 11 Apr 2016 09:41:02 +0300
> From: Wangari Kabiru <wangarikabiru at yahoo.co.uk>
> To: kictanet <kictanet at lists.kictanet.or.ke>
> Subject: Re: [kictanet] Bloggers and Social Media are not to blame for
>         the Chase Bank crisis
> Message-ID: <qofl268axgmpm9ss1c1h8reo.1460353339876 at email.android.com>
> Content-Type: text/plain; charset="utf-8"
>
> Happy Monday!
>
> I pray many have found their steps in the real world away from the social
> sphere even as this fiasco hits many of our families and institutions.
>
> Firstly, I wish to point out and assert that  the BAKE Press Release might
> not be accurate. Even if attempting to prove that blogging/social media is
> a 'good guy' here, might be spreading an online falsehood which BAKE cites
> it is against by citing that no bloggers or social media users were
> beneficiaries.
> Unless the press release means that BAKE has already followed the food
> chain for the proceeds, has 100% verified that the cited direct
> beneficiaries are not/have not been bloggers in their own spheres and do
> not hold any social media presence - has verified with the individuals or
> the host companies.
> A tall order I suspect this would be!
>
> I would understand attempting to say social media as a tool did not go
> into the bank and cash out or make the leaders act as they might have or
> that the entity wasn't a direct participant.
>
> Secondly, the social media boasted and was largely credited for the Arab
> uprisings. The uprisings had many effects, many negative including loss of
> lives, economic turmoil, most of which is still felt today. Even in the
> midst of this, what was the social media given credits for? - Bringing
> democracy,  'giving the citizens a voice (platform)'.
> This means that groups of people may choose the side of the coin to
> glorify or cling to based on their interests.
>
> Thirdly, I would imagine that when the first cheque leaf was invented,
> some ingenious (yes, innovative) people deviced their own in the
> backstreets. Due to this, the real inventors had to go back and extra
> innovate measures to build confidence for verification of cheques.
> Social media is sitting in this space now and this cannot go on for too
> long. Where is the real, veri-checked, authentic information to be found?
> Even as you and I become sources of information in 'public journalism'.
> How to ascertain that the WApp press release or video message circulating
> as from CBK, from Chase Bank, from IG is for real or the real one. Please
> do not even refer to the official website...some may already have
> duplicates, diversions etc.
>
> This not addressed, the online space will continue to be viral yes, msema
> kweli to some, yet mostly viewed as venom ground, active users with many
> followers cited to be paid, thus shrouded with suspicion and this kills the
> confidence it should be breeding as a tool that is actually a sector.
> Yes, it gives Government agencies whose work is to govern and hold public
> interests a battle ground which CSOs will keep calling 'muzzling of
> freedoms'.
>
> Finally, it would be exciting to have a study done on the influence of
> social media on the financial services sector and most recent happenings.
> It would be great for the Central Bank of Kenya to run this from the
> government point.
> And since a meeting of minds on findings with CSOs may not happen at the
> onset, CSOs from the industry insider Kenya Bankers Association to internet
> champions ISOC KE, KICTANET, BAKE to consumer bodies COFEK may proactively
> run their own.
>
> As 'mattress banks' and 'maize granary banks' mushroom, definitely there
> has been an impact. Some lessons that may be leveraged upon, while others
> avoided or managed early.
>
>
> Have a well cushioned blessed week!
>
> Regards/Wangari
>
>
>
> On Apr 9, 2016 13:27, James Wamathai via kictanet <
> kictanet at lists.kictanet.or.ke> wrote:
> >
> >
> http://www.blog.bake.co.ke/2016/04/09/bloggers-and-social-media-are-not-to-blame-for-the-chase-bank-crisis/
> >
> > "The continuous and sustained efforts to blame bloggers for the
> financial turmoil at Chase Bank cannot continue unabated. A statement from
> the Central Bank of Kenya (CBK) blamed bloggers stating ?Chase Bank Limited
> experienced liquidity difficulties, following inaccurate social media
> reports and the stepping aside of two of its directors.?
> >
> > Nothing can be further from the truth. Chase Bank was put under
> receivership on 7th April, 2016 for liquidity challenges due to lack of
> integrity by the management. None of the top directors; the Chairman and
> the Chief Executive are bloggers. No blogger or social media user was the
> recipient of the huge loans the directors and staff of the bank gave
> themselves, against banking regulations."
> >
> >
> >
> >
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> ------------------------------
>
> Message: 2
> Date: Tue, 12 Apr 2016 12:38:46 +0400
> From: Mwendwa Kivuva <Kivuva at transworldafrica.com>
> To: KICTAnet ICT Policy Discussions <kictanet at lists.kictanet.or.ke>
> Subject: [kictanet] Fwd: [AFRINIC-Announce] Call for Nominations for
>         AFRINIC Board
> Message-ID:
>         <
> CAEhPqwppMz4JgjTJmv80jt29W3GBaKB6Uz32wsp7Zrh3uQEU_w at mail.gmail.com>
> Content-Type: text/plain; charset="utf-8"
>
> FYI
> ______________________
> Mwendwa Kivuva, Nairobi, Kenya
> twitter.com/lordmwesh
>
>
>
> ---------- Forwarded message ----------
> From: AFRINIC Communication <comm-announce at afrinic.net>
> Date: 12 April 2016 at 10:16
> Subject: [AFRINIC-Announce] Call for Nominations for AFRINIC Board
> To: announce at afrinic.net
>
>
> Dear AFRINIC Member,
>
> NomCom2016 is please to announce that the AFRINIC Board Nomination process
> is open for the following seats:
>
> ?    Seat 1: Northern Africa (currently held by Haitham el Nakhal);
> ?    Seat 2: Western Africa (currently held by Sunday Folayan);
> ?    Seat 7: Non-geographical (currently held by Aminata Garba).
>
> - to serve a three-year term from July 2017 to June 2020.
>
> The Closure of the Candidate Nomination period is 20th April 2016 at 20:00
> UTC.
>
> Please see details at:
>
> http://afrinic.net/en/library/news/1677-call-for-nominations-for-afrinic-board
>
> On behalf of NomCom 2016
>
>
>
>
>
>
>
>
>
>
> _______________________________________________
> Announce mailing list
> Announce at afrinic.net
> https://lists.afrinic.net/mailman/listinfo/announce
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> ------------------------------
>
> Message: 3
> Date: Wed, 13 Apr 2016 07:18:45 +0300
> From: Barrack Otieno <otieno.barrack at gmail.com>
> To: KICTAnet ICT Policy Discussions <kictanet at lists.kictanet.or.ke>
> Subject: [kictanet] Fwd: [Internet Policy] More on Internet access for
>         all, and how to make it affordable
> Message-ID:
>         <CAKX6dsF3xpkHq=
> JGVrg-Czt4M3LcsC4NkS-zaJ0Qn_AAUm8PZw at mail.gmail.com>
> Content-Type: text/plain; charset="utf-8"
>
> Listers,
>
> This might be of interest as we work on connecting counties.
>
> Regards
> ---------- Forwarded message ----------
> From: "Richard Hill" <rhill at hill-a.ch>
> Date: Apr 3, 2016 9:45 AM
> Subject: [Internet Policy] More on Internet access for all, and how to make
> it affordable
> To: <internetpolicy at elists.isoc.org>
> Cc:
>
> Here is an entirely different approach on how to fund Internet connectivity
> for all (but it isn't actually all that new or different from how we fund
> roads, electrical power distribution, water distribution, etc.):
>
>   http://potsandpansbyccg.com/2016/03/31/another-municipal-model/
>
> City officials in San Francisco recently issued a report that takes a very
> different stance than most other cities that are looking at broadband
> issues. The city essentially rejects the normal demand-based commercial
> model for broadband and looks at a new structure that will bring broadband
> to everybody.
>
> The report is authored by the office of supervisor Mark Farrell and
> reflects
> some of the recommendations from the San Francisco Municipal Fiber Advisory
> Panel. The report very correctly observes that today's commercial broadband
> model leaves a lot of citizens without broadband. Numerous nationwide
> surveys have shown that the majority of households without broadband access
> today feel they cannot afford the market prices for service.
>
> So the San Francisco report recommends that the City institute a $26 per
> month fee on all households - with a higher fee on businesses - to help pay
> for broadband to everyone. They further recommend a public private
> partnership model to operate the business and assume that tiered pricing
> will still allow for profitability for a commercial partner.
>
> <snip>
>
> _______________________________________________
> To manage your ISOC subscriptions or unsubscribe,
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> ------------------------------
>
> Message: 4
> Date: Wed, 13 Apr 2016 05:49:37 +0000
> From: DRAKE <info at drake.or.ke>
> To: Kictanet <kictanet at lists.kictanet.or.ke>
> Subject: [kictanet] DRAKE Agenda: The 30Billion .KE Ecosystem
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>
> ** Achieving the Kshs. 30 Billion Ecosystem
> ------------------------------------------------------------
>
> Hallo and welcome to the Internet of things! The year is 1999 and the
> world is going to end!..or so it seemed. A lot has changed since 1999 and
> so has our agenda as the Domain Registrars Association of Kenya (DRAKE). We
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>
> What Next?
> A million domains is no small feat,it needs a collective approach. We've
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> For more on our evolving agenda, talk to us and let's Build .KE Together!
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>
> ICT CS Joe Mucheru
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> Joe Sevilla (Left)
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