Stock market trader James Gubb is a national hero after manipulating stock prices in Gupta-owned Oakbay to produce a graph that produced a middle finger as a sign of protest against state capture and corruption.
The Financial Services Board has fined James Gubb R100 000 for his trades, which cost approximately R400 and were not designed to generate any profits.
South Africans have reacted with astonishment and indignation that Gubb has been hit with a hefty fine for his unique form of protest while individuals who have taken advantage of political information to benefit in the currency markets have gone untouched.
As Gubb told BizNews:
“What I have done is essentially a world first, ie used a financial information medium to create a recognisable image. Conceptual art, Protest Art, Indelible Graffiti, whatever you want to call it, I gave it a go to highlight the ongoing systematic rape of our country by the Gupta family. The fact that the image was that of a clenched fist with the middle finger extended might have offended some, but that was the point. We were asked by Pravin Gordhan to “by all means possible, stand fast in the face of brazen, blatant corruption” which I did in my own way. I literally joined the dots.
I feel vindicated that Oakbay is now delisted. The JSE should be ashamed that they ever allowed it to be listed in the first place. The listing facilitated a massive transfer of wealth from the PIC to the Guptas. Where is the JSE regarding this massive fraud? Absolutely nowhere is my guess. But they happily fined me R100 000 for a trade worth no more than R400. No money was ever made on the trade, nor was there ever intention to do so. I was completely open with regard to my intention: to give the Guptas the proverbial finger. You decide if that was heavy handed or not.
I’m hoping that what I have done emboldens the man in the street to protest in any way he or she can. We are literally at war with our current president and his cronies.”
Oakbay stock manipulator: Give that man a medal!
Said 2020Vision: “Hahah! Brilliant! Well done James Gubb – if I were a millionaire, I’d gladly pay your fine. And shame on you FSB & JSE. Given the critical point SA finds itself at – you should be welcoming any attention drawn to those who loot and steal from the SA public. Not punish those who highlight these atrocities while the real culprits walk free with R Billions of tax payers money in their pockets.”
Mellivora agreed: “And I always thought that the FSB was an independent and above board institution. It is clear that they now operate out of Saxonwold.
James Short raised a question that has been on many people’s lips: “I wonder if the JSE has not, also, been captured!!!”
“Clowns to the left of me (JSE), jokers to the right (FSB), stuck in the middle with poo. With apologies to a great band,” posted Peter Pan.
“Someone give this man a medal!” said Roelf van der Merwe. Hugh advocated a toast: “Give that man a Bells!”
“Double Bells coming up!” promised Andrew Wright.
Commentators on BizNews founder Alec Hogg’s Facebook went a step further, urging crowdfunding to pay for Gubb’s fine.
Alex Frenkel suggested an eBay auction of the artwork to help pay the fine, while Melody de Andrade agreed that James Gubb needed public support to cover the penalty.
James Gubb made Michael C. Timberlake‘s day: “Love the humour..solid!” Said Linsey Dyer As pranks go, they don’t get better than this.
Meanwhile, Douglas Leaf Racionzer hinted that there might be more artwork to watch out for in JSE trades in future: “Love this work! A new art form is born!”
James Gubb: Asset management snapshots
Equities trader Foord Asset Management 2000 to 2001
Equities trader Southern Life 2001 to 2004
Fund Manager Southern Life 2004 to 2006
Fund manager African Harvest Captial 2006 to 2007
Principal Partner of Clear Horizon Capital 2007 to 2009