Friday, October 31, 2008

Alistair Darling was alerted to the possibility of a meltdown of Icelandic banks ‘weeks’ before they

Horrified Darling knew Icelandic banks were in trouble, secret tape reveals

Alistair Darling was alerted to the possibility of a meltdown of Icelandic banks 'weeks' before they collapsed, taking billions of pounds of British savers' cash invested in them. A transcript of a private telephone conversation on October 7 between the Chancellor and an Icelandic government minister shows that Mr Darling had been 'very concerned' about the country's banks well before they failed. REVEALING TRANSCRIPT Last night, Liberal Democrat Treasury spokesman Vince Cable said the revelation was 'very disturbing' and called on the Chancellor to make a statement to the Commons tomorrow.

Posted by malct @ 07:12 PM (722 views)
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9 thoughts on “Alistair Darling was alerted to the possibility of a meltdown of Icelandic banks ‘weeks’ before they

  • what really happened?

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  • Well surely the government should have known 3 years ago when icelandic banks started taping the UK savers market with their “too good to be true rates”. It was widely reported in the finacial press. Who was in charge him or the icelandic banks ???????

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  • planning4acrash says:

    We were discussing this here a year ago. Only here did we point out that the high interest accounts were in the poorly capitalised banks that need deposits to survive. But here’s the trick, if interest rates had been higher, and if central banks hadn’t been cutting rates, banks would now be well capitalised.

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  • whostolemyendowment says:

    Do you ‘shout iceberg ahead!’….or pretend not too notice as you know there aren’t enough lifeboats to go around, keep the band playing, and find yourself a frock and baby to hold?

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  • Will someone tell Laurel & Hardy that we also have a Sterling crisis – this site really should be mandatory bed time reading for MP’s – maybe Vince cable is a regular and hence talks more sense than the rest

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  • planning4acrash says:

    Jack C, they want Euro parity to bring us into the Euro. The chaps in Parliament don’t work for Main Street, they work for Wall Street.

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  • p4c thats a good point. Central banks were being deliberately coy about inflation, claiming it was low and claiming that it would come down “any time soon”, so interest rates didn’t need to be raised.

    This is exactly why even the Audit Office and local councils had large sums of money invested in Landsbanki – otherwise they’s have been losing money on the paltry savings rates offered in accounts in the UK. Yet again, central bank not doing its job properly.

    I do think the MPC should resign, but not for the same reason as Stuatz Law.

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  • P4AC – fair play both S2R1 and yourself stated long before the current “crisis” ever emerged that the Pound was to be floated down to parity as a backdoor means of sneaking the UK into the Euro – interesting when crash G sold off the gold reserves at rock bottom prices he (I believe) diversified us into Euro’s – so perhaps it is as you have suspected all along part of the master plan. (Enter James stage left)

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