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UK govt knew about Icelandic banks 8 months before crash - 10/31/2008 12:11:33 PM   
LadyEllen


Posts: 10931
Joined: 6/30/2006
From: Stourport-England
Status: offline 		Just reported on C4 news; the Icelandic government asked for support eight months ago from the UK government to help with its looming bank crisis.

The UK government looked at it and rejected giving any support.

But, the UK government did not bother to do anything about it in relation to the enormous investments made by general public, our local councils, charities etc to forestall or minimise the problem for British investors. When the crash happened, the UK government behaved appallingly - using terrorism legislation to freeze Icelandic bank assets, and basically told investors other than individuals that they were on their own and it was their own fault for making such investments.

Now there would have been a problem in publicising the problems - it would have caused a run on the banks - but would that have been any worse than the situation we have now, where UK organisations stand to lose what is estimated to be over a billion pounds?

But overall what galls is the attitude displayed - "fuck you" basically, you should have known stuff that we knew but we werent going to tell you.

E

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RE: UK govt knew about Icelandic banks 8 months before ... - 10/31/2008 12:25:46 PM   
Politesub53


Posts: 14862
Joined: 5/7/2007
Status: offline 		Well I`m not sure they could have done much else. Eight months ago they were dealing with a run on Northern Rock. How could they have warned people, without causing a run on all the banks ?  I wasnt happy that they used the anti terrorist powers to freeze Icelandic bank assets, but remember Lehmans transfered fortunes abroad prior to going bust. Maybe Darling was trying to avoid that happening again.

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RE: UK govt knew about Icelandic banks 8 months before ... - 10/31/2008 12:33:13 PM   
popeye1250


Posts: 18104
Joined: 1/27/2006
From: New Hampshire
Status: offline 		Polite, is that true about Lehman?
Wouldn't that be like,....fucking illegal?

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RE: UK govt knew about Icelandic banks 8 months before ... - 10/31/2008 4:20:32 PM   
Politesub53


Posts: 14862
Joined: 5/7/2007
Status: offline 		It`s going to end up in court Popeye. The sum involved was $8bn

http://www.smartmoney.com/breaking-news/smw/?page=all&story=20080922085624

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RE: UK govt knew about Icelandic banks 8 months before ... - 10/31/2008 4:34:44 PM   
tweedydaddy


Posts: 673
Joined: 9/1/2008
Status: offline 		Caveat Emptor, I would not want my taxes used to prop up foreign banks and we still owe the svens for the cod war,  bollocks to them.
Individuals who can not be expected to make informed choices should be protected by the state but the corrupt local councils playing interest rates with the wages of their staff can go hang. Just a thought.

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RE: UK govt knew about Icelandic banks 8 months before ... - 10/31/2008 5:16:06 PM   
Politesub53


Posts: 14862
Joined: 5/7/2007
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quote:

ORIGINAL: tweedydaddy

Individuals who can not be expected to make informed choices should be protected by the state but the corrupt local councils playing interest rates with the wages of their staff can go hang. Just a thought.


Except the councils wont pay. Any loss will need to be made up via either council tax increases, or taxpayers money. Either way the general public lose out. If you have read much about this specific issue, many councils did seek advice, and were told by the government that Icelandic banks were safe to invest with.

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RE: UK govt knew about Icelandic banks 8 months before ... - 10/31/2008 6:41:29 PM   
UncleNasty


Posts: 1108
Joined: 3/20/2004
Status: offline 		This is, in my opinion, business as usual, particularly as pertains to Lehman spiriting funds away. They may be heading for a day in court. Still, that won't do anything for those that have been screwed.

It seems to me to work this way. Those with steal. Those without are stolen from ($700bn plus bail out - AIG has been granted another $25bn just today, taking their total so far to $144bn - and it all continues to go up). Charges are filed against the offenders. Fines are paid in amount of less than pennies on the dollar in relation to what was stolen. Those that were stolen from get nothing in the form of reparations. Have the numbers of froeclosures reduced any as a result of any program the government has initiated? Steal and make a killing. Get bailed out and make another one. Toss some scraps to regulatory agencies. Go on about your business.

Track the history of "bailouts" and you may draw the same conclusions. These are mine.

Uncle Nasty

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RE: UK govt knew about Icelandic banks 8 months before ... - 11/1/2008 3:27:13 AM   
piratecommander


Posts: 895
Joined: 8/20/2008
Status: offline 		And of course the councils will recover their losses from.............you guessed it (by extra tax), their subjects......errr.....sorry citizens (whatever influenced me to erroneously use the word subjects , I'll never know)

< Message edited by piratecommander -- 11/1/2008 3:28:32 AM >

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RE: UK govt knew about Icelandic banks 8 months before ... - 11/1/2008 4:31:13 AM   
SL4V3M4YB3


Posts: 3506
Joined: 12/20/2007
From: S.E. London U.K.
Status: offline
quote:

ORIGINAL: LadyEllen
Now there would have been a problem in publicising the problems - it would have caused a run on the banks - but would that have been any worse than the situation we have now, where UK organisations stand to lose what is estimated to be over a billion pounds?

The assets frozen in the UK more than cover the investments of the local governments etc. I was informed by some politician. It’s an abuse of the law yes but that is typically how this governments finds greater scope in terrorism laws to use against non terrorists.

I don't lose sleep at night about this, I lose sleep at night when someone is spied on by local authorities who use the powers.

Also in the news this week a high ranking consultant at GCHQ said the ID cards were not about reducing the risk of terrorism but instead cutting costs by allowing the authorities to easily share our details with one another. Basically what we all already knew.


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