King Mohammed VI is getting ready to mark twenty years on the throne of Morocco, a North African country seen as a local island of stability but bedeviled by financial inequality. The kingdom’s towns and cities have been decked out with flags to tag the wedding anniversary on Tuesday, while newspapers have released editorials praising the monarch’s accomplishments. But recent weeks have also seen an influx of criticism within the “Moroccan decline”, with commentators citing economic stagnation and its own crippling results on the young. When he got the throne in 1999 following loss of life of his father Hassan II, the then-35-year-old influenced great expectations, earning the nickname “king of the indigent”.
In his first speech as king he showed the ills facing the united states: poverty, unemployment, and cultural inequality. Royal consultant Omar Azziman, in a rare interview with AFP, admitted that there is “dissatisfaction” in the country. As the Arab Springtime swept beyond across North Africa and, Mohammed VI nipped bloating protests in the bud by offering up constitutional reforms and promising to suppress his capabilities. The country’s long-marginalised Rif region was rocked by a few months of protests from late 2016, sparked by the loss of life of a fisherman and spiraling into a motion demanding more development and railing against the problem and unemployment.
Several hundred protesters are thought to have been imprisoned and tried in connection with the demonstrations, but no recognized figures can be found. While the king has pardoned around 250 of these, rights groups noticed specialists’ response to the Hirak protest movement as a step backwards. Amnesty International regularly denounces “arbitrary” arrests and detentions in Morocco and boosts doubts over the fairness of its judicial system. But according to Abdellatif Menouni, a constitutional scholar and royal advisor since 2011, under Mohammed VI “most of (what is needed) in conditions of democracy has been done, it just must be deepened”. For analyst Mohamed Tozi, Morocco’s stability in a tumultuous region is a key performance indication given the local framework.
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But despite that, seven out of ten young Moroccans, seeing few prospects, say they want to emigrate, according to the Arab Barometer study. The International Monetary Fund has urged the kingdom to move towards a “more inclusive” model of development and tackle inequality, saying it had been slow to drive through reforms. Mohammed VI, who retains control over the country’s most tactical sectors, has overseen a financial strategy centered on attracting international investment, from roads and airports to the vast Tanger Med slot. But even he has admitted the failings of the development model “struggling to meet the pressing demands of the citizens”.
The broker arranges a competitive public sale, asking several banking institutions to provide them the agreement terms for his or her suggested LOBO, given some variables. The banks then bid, and the broker selects the best deal for the customer. Both treasury advisors and agents (sometimes straight, or indirectly) get paid for his or her work.
The LA is their customer. They may be being paid by, therefore should symbolize the best interests of, the client. I understand from my own experience that banking institutions pay commissions to agents. We realize from the Butler statement that agents also pay treasury advisory commissions. I’ve added these payments in red below.
Notice both the brokers and the treasury consultant are being paid double. Once by the debtor (the LA), and then again by the lender (the bank). Regarding the treasury advisor the lender payment comes indirectly from the broker. This is a clear conflict appealing. It’s clear that the bigger the bank’s income on the offer (therefore the worse the deal is for the LA), the larger the commission they pay the broker. The broker pushes The lender to pay a more substantial commission if the need to get the deal. The broker is scratching their head.
Should they get the best offer because of their ultimate customer the LA, or go for the lender paying them the biggest commission, which is likely to be the worst deal for the LA? Would the LA even understand whether they are receiving the best offer or not? It is not always apparent which of a series of proposed loans; with different interest rates slightly, in advance teaser maturities and rates; would be the best.
What about the treasury advisors? Are they going to go to agents who they trust to perform a good auction and get the best offer, or to ones who are going to give them the best commission? And those who provide them with the highest commission rate, well aren’t they most likely the ones getting the highest commission from the lender (which again may very well be a poorer offer for the LA)?