Sunday, October 12, 2008

Total Incompetence, Hold Them To Account!

Councils invested £100m in Iceland despite warnings

"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."

Posted by renting2 @ 07:59 PM (880 views)
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14 thoughts on “Total Incompetence, Hold Them To Account!

  • Hold who to account? The councils or the banks?

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  • These are the same councils that tell us they have no money to tidy up parks or improve schools.

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  • letthemfall – Not sure why you ask. The councils continued to risk our money despite warnings.

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  • The system is corrupt from top to bottom – tragic farce now unfolding

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  • the battle between national and local government has been fueled by the WTO and IMF for years

    what ever does it take to wake people up?

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  • theboltonfury says:

    i pay CT to buy myself services NOT to provide some cordruoy wearing amoeba the opportunity to invest it for me. If they invest it then it’s surplus and therefore they didn’t bloody need it in the first place – thieving council bast*rds

    next time just use my money to collect my bin before the thing over flows with rubbish.

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  • Told of the dangers only recently? The shaky position of Iceland’s currency and the high leverage of its banking system was all over the news several months ago. Where were these people? In a meeting?

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  • wonder how much cheshire county C invested in pakistan!!!….lol

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  • planning4acrash says:

    I do wonder if this was engineered, or at the very least let to fester, to facilitate mergers to form large Unitary Authorities, moving towards regional assemblies everywhere, because, that’s how the EU will look like. You will live in a region of the EU, bypassing Westminster. Regions being conduits for EU policy, handed down from the United Nations. One world government, well, 80% of our laws already come from the EU, and many of those originate already from the UN.

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  • p4ac – if the UK is undemocratic and we’re all serfs what does it matter whether the laws handed down come from Westminster or Brussels?

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  • Hmmm…anyone remember all the councils that lost money in the BCCI scandal?! I thought they learnt their lesson that time?! Well, they might as well stay in their jobs now, as surely they wouldn’t screw up a third time…

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  • What does everyone expect from the Humanities educated pillocks that run local and national government in this country.

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  • Have to agree! What are these guys doing investing money in the first place? I barely trust them to collect rubbish. What makes anyone think these guys are bright enough to actually invest money?

    Okay, so within the context of saving up to invest in that ‘park’ or whatever makes sense, but then why are they investing in iceland? Do they lack confidence in the UK market? Perhaps they believe that the UK pound will weaken in the future, in which case aren’t they indirectly stating that the UK is a bad bet? And aren’t they agents of government, so in effect its a bet against themselves? Who gave them license to introduce currency risk to their financial planning in the first place?

    Politically its a no-brainer; If they invest millions and the pound gets weaker, they score and they pay themselves a big fat bonus, and bask in the glory of ‘sound financial management’. If the pound gains, its water off a duck’s back for a politician.

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