Sunday, October 12, 2008
Total Incompetence, Hold Them To Account!
"Local authorities poured almost £100m into Icelandic banks for nine months after being warned about the risks of investing in them. Town hall leaders have claimed that they were told of the dangers only a few weeks ago, leaving them with little time to react. The councils were told months ago that the banks were being downgraded by credit rating agencies because of fears about their stability, but they still invested another £93m until last Monday when the main Icelandic banks were nationalised."