King Mohammed VI is preparing to mark 20 years on the throne of Morocco, a North African country regarded as a local island of stability but bedeviled by financial inequality. The kingdom’s cities and towns have been decked out with flags to indicate the wedding anniversary on Tuesday, while newspapers have released editorials praising the monarch’s achievements. But recent weeks have also seen a wave of criticism over the “Moroccan decline”, with commentators citing economic stagnation and its own crippling effects on the young. When he had taken the throne in 1999 following the death of his dad Hassan II, the then-35-year-old-motivated great expectations, making the nickname “king of the poor”.
In his first speech as king he detailed the ills facing the united states: poverty, unemployment, and interpersonal inequality. Royal consultant Omar Azziman, in a rare interview with AFP, accepted that there is “dissatisfaction” in the country. As the Arab Spring swept beyond across North Africa and, Mohammed VI nipped bloating protests in the bud by offering up constitutional reforms and encouraging to suppress his forces. The country’s long-marginalised Rif region was rocked by weeks of protests from past due 2016, sparked by the death of a fisherman and spiraling into a motion demanding more development and railing against corruption and unemployment.
Several hundred protesters are thought to have been arrested and tried regarding the demonstrations, but no established figures are available. While the ruler has pardoned around 250 of these, rights groups noticed authorities’ response to the Hirak protest movement as a step backwards. Amnesty International regularly denounces “arbitrary” arrests and detentions in Morocco and boosts doubts on the fairness of its judicial system. But relating to Abdellatif Menouni, a constitutional scholar and royal consultant since 2011, under Mohammed VI “the majority of (what’s needed) in conditions of democracy has been done, it just needs to be deepened”. For analyst Mohamed Tozi, Morocco’s balance in a tumultuous region is a key performance sign given the regional framework.
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But despite that, seven out of ten young Moroccans, seeing few potential customers, say they want to emigrate, based on the Arab Barometer study. The International Monetary Fund has urged the kingdom to move towards a “more inclusive” model of development and deal with inequality, saying it turned out slow to push through reforms. Mohammed VI, who keeps control over the country’s most proper sectors, has overseen a financial strategy centered on attracting foreign investment, from highways and international airports to the huge Tanger Med port. But even he has admitted the failings of a development model “unable to meet the pressing demands of the citizens”.
The broker arranges a competitive public sale, asking several banks to provide them the contract terms for his or her suggested LOBO, given some guidelines. The banks bid then, and the broker selects the best offer for the customer. Both treasury advisors and brokers (sometimes straight, or indirectly) receives a commission for their work.
The LA is their customer. These are being paid by and so should symbolize the best interests of, the client. I understand from my own experience that banks pay commissions to agents. We know from the Butler statement that brokers pay treasury advisory commissions also. I’ve added these payments in red below.
Notice both the brokers and the treasury consultant are being paid twice. Once by the borrower (the LA), and then again by the lending company (the bank). In the case of the treasury consultant the lending company payment comes indirectly from the broker. This is an obvious conflict of interest. It’s clear that the larger the bank’s profit on the deal (so the worse the deal is perfect for the LA), the larger the fee the broker can be paid by them. The lender is pushed by the broker to pay a more substantial commission if the need to get the deal. The broker is scratching their head.
Should they get the best deal for his or her ultimate customer the LA, or go for the bank paying them the biggest commission, which may very well be the worst deal for the LA? Would the LA know whether they are getting the best deal or not even? It isn’t always obvious which of some proposed loans; with different interest rates slightly, in advance teaser rates and maturities; would be the best.
What about the treasury advisors? Are they going to visit brokers who they trust to run a good public sale and get the best deal, or even to ones who are going to give them the highest commission? And the ones who give them the highest fee, well aren’t they most likely the ones getting the highest commission from the bank (which again may very well be a poorer deal for the LA)?