Council money invested in Icelandic Bank

[Softus]

But tell me - what would have happened if government officials had come out and told the real story publicly...?

How the **** do I know?! I trade in facts and logic, not guesswork and MU gossip.

panic of course, which is what we are getting now but it's more of a 'drip drip' effect as the true extent of the debts are revealed more slowly.

A drip? How amusing.

and the money I moved out at that time is probably not that much safer where it is now - because no-one is now sure if there is ANY safe banks left, not trying to spot a dodgy one!

So, you claim to have acted on insider information in order to make your money safe, and yet you didn't make your money safe. This presents three possibilities:

1. The advice was wrong.
2. You didn't listen to the advice.
3. You're lying.

Or have I missed something?

 

[ellal]

How the **** do I know?! I trade in facts and logic, not guesswork and MU gossip.

Not very good at deduction are you - nor have a grasp of historical precedants...

A drip? How amusing.

how usual..

So, you claim to have acted on insider information in order to make your money safe, and yet you didn't make your money safe. This presents three possibilities:

1. The advice was wrong.
2. You didn't listen to the advice.
3. You're lying.

Or have I missed something?

yep..

That whooshing sound is the point going right over your head!

1. the advice was correct wasn't it
2. I listened and moved money to a 'safer haven' at the time
3. difference between you & me here is I know what I'm talking about!

Do pay attention softus

The point about not knowing if it's safer NOW is because it's NOW become apparent that most (if not all) banks have dangerous levels of debt

 

[Softus]

How the **** do I know?! I trade in facts and logic, not guesswork and MU gossip.

Not very good at deduction are you - nor have a grasp of historical precedants.

I can deduce that you're bullsh*tting, and I can grasp that there are plenty of historical precedents for you doing so.

I have no motive to guess at what might have happened if it happened differently to how it's actually happening. You have a motive, which is to appear more knowledgeable, and to appear to have had a tip-off, and to appear to have important friends. It's pathetic.

1. the advice was correct wasn't it

No.

2. I listened and moved money to a 'safer haven' at the time

Given that the advice was wrong, that was a sensible thing to do.

3. difference between you & me here is I know what I'm talking about!

If I know/knew someone in a privileged position, i.e. one of power or knowledge, the last thing I'd do would be to parade it on this forum. If your interpretation of that is that I know nothing, or don't understand, then so be it.

The point about not knowing if it's safer NOW is because it's NOW become apparent that most (if not all) banks have dangerous levels of debt

And if you'd read my post, which is probably now years ago, posing the question of where all the money was coming from - the money that was appearing on the value of properties, and in the form of personal debt in the UK - then you'd have known THEN that I knew THEN that we were living in a bubble. I don't need to work in the Treasury to know that.

 

[BOB D.O.L.E]

Thats why mums go to iceland and the council.

I told yea rall you are being conned the counrty is corrupt from top to bottom.

 

[ellal]

I can deduce that you're bullsh*tting, and I can grasp that there are plenty of historical precedents for you doing so.

Then you've deduced wrong..

gera þú tala íslenska, vitlaus..?

If you do, then you'll be able to 'deduce' what you are acting like!

You have a motive, which is to appear more knowledgeable, and to appear to have had a tip-off, and to appear to have important friends. It's pathetic....

If I know/knew someone in a privileged position, i.e. one of power or knowledge, the last thing I'd do would be to parade it on this forum. If your interpretation of that is that I know nothing, or don't understand, then so be it.

Au contraire softy...if you knew anything at all about Iceland (which I deduce you don't), you'd know that 'important friends' are known by everyone there in some form or another due to the size and informality of the population. Unlike the UK, people don't think of themselves as 'important', (apart from a few politicians and a few 'ex' very rich people!) Some people just happen to work in places where they glean information that others can't. 'who you know' is never truer than over there, and information on how to do things/get things done is kind of 'traded' much more than here. And yes in this aspect I do have more knowledge than you, but I do admit that it's not very difficult is it...

But if you insist..."So be it!"

My 'tip off' as you call it was just a warning that the level of debt was unsustainable, and money could be at risk ...simple as (although whether it's simple enough for you is another matter..).

That was a well known fact by many over there, but they were mainly standing there with fingers in their ears going la-la-la...

It wasn't an "in 'x' amount of time it's all going to go belly up, and Iceland is going to screw foreigners' type of warning...

Suppose then if I had said that at the time, I'm sure most would point to the high credit rating Iceland had, and call that bullsh*tting! I moved the money, and thought nothing else of it until this crisis blew up!

If I was appearing to be 'more knowledgeable', it was because I had something to add on this one - I've got no clue about which account is now safest, whilst I'm sure someone will be 'more knowledgeable' about that...

Just because you seem to think you are the arbiter of all facts, doesn't mean anyone else feels that way too...

(I could go on about how they have a mortgage level about half the bank basis rate, which makes any direct comparisons in those areas moot, or the 7 levels of savings accounts 'risk' which also gives an indication - but then I don't want to appear too knowledgeable do I.... )

And if you'd read my post, which is probably now years ago, posing the question of where all the money was coming from - the money that was appearing on the value of properties, and in the form of personal debt in the UK - then you'd have known THEN that I knew THEN that we were living in a bubble. I don't need to work in the Treasury to know that.

Indeed you don't, but in the particular case of Iceland it was much more than that which has caused their (and hence our) problem - the entire country was playing a huge game of 'short selling' effectively..

But tell me..you can deduce from your reasoning that the money was coming from fragile sources, but can't appreciate it when someone acts on similar information?

 

[BOB D.O.L.E]

I got a great idea why not invest your money in me i am planning on making a new range of string vests and i am off to iceland myself building some multi storey igloos then i will sell them to the australians get them over there fast before they melt, cant yea see we will be on a winner here
a never ending supply of housing to the ausies.

 

[vsynth]

£50m in the bank?!

Shouldn't they have spent it on things like, oh I don't know, street lighting,police,education...or maybe they need that huge sum of money earning interest to pay their inflated wages.

My local council chairperson is on £200,000 a year

 

[ellal]

Not one single institution, or governemnt, or expert, understood the risk or foresaw the severity and impact of the current crisis, and yet a bunch of you expect amateur investors to have behaved differently.

Oh dear softus...

funny how things come back to haunt isn't it...

UK 'ignored Iceland bank warning'

The government has been accused of "complacency" after it apparently ignored warnings in July about Icelandic banks facing collapse.

Lib Dem peer Lord Oakeshott and Tory MP Michael Fallon both raised the issue with ministers on separate occasions.

They were reassured savers would be protected by law.

"Alarm bells were ringing all over about the Icelandic banks and the Treasury must have been blind and deaf not to hear them," said Lord Oakeshott......



Mr Brown is angry as the UK has received no assurances from the Icelandic government that they will meet this commitment. Treasury officials have travelled to Iceland for crisis talks on repayment.

But Lord Oakeshott, a pension fund manager and former director of Warburg Investment Management, raised the alarm about possible shortfalls in the compensation funds - and the danger of an Icelandic bank collapse - in written questions more than two months ago.

In the first question, he asked how much cash was in the Icelandic compensation fund and if Britain would be left to pick up the bill if there was a shortfall.

He was told by Treasury minister Lord Davies that the liabilities of the UK's Financial Services Compensation Scheme would be limited to "topping-up" funds provided by the country in which the bank is based.

In a second question, he asked: "What steps [have] the United Kingdom financial authorities taken to satisfy themselves, independently of the Icelandic financial authorities, of the solvency and stability of Icelandic banks taking deposits in the United Kingdom and of that of the Icelandic Deposit Guarantees and Investor-Compensation Scheme behind which the United Kingdom Financial Services Compensation Scheme stands as guarantor of last resort?"

Lord Davies, for the government, replied that there was no concern about the liquidity or capital base of Icelandic banks operating in the UK: "All UK-incorporated subsidiaries of Icelandic banks regulated by the Financial Services Authority continue to meet threshold conditions."

Some banks had been allowed to open branches in the UK through a process known as "passporting," which meant they were not regulated by the FSA, explained Lord Davies.

How the **** do I know?! I trade in facts and logic, not guesswork and MU gossip.

Of course you do..

I can deduce that you're bullsh*tting

seems you've got the bullsh*tter and the bullsh*ttee the wrong way around, and not for the first time...

 

[ellal]

£50m in the bank?!

Shouldn't they have spent it on things like, oh I don't know, street lighting,police,education...or maybe they need that huge sum of money earning interest to pay their inflated wages.

There has to be a contingency fund, and if they just left it sitting around, people might complain about them not investing and earning interest!

 

[Softus]

Then you've deduced wrong.

Actually, no. Bullsh*t is what you do best.

if you knew anything at all about Iceland (which I deduce you don't), you'd know that 'important friends' are known by everyone there in some form or another due to the size and informality of the population.

I don't know anything about Iceland.
I've never claimed to know anything about Iceland.
I've never pretended to know anything about Iceland.
I don't need to know anything about Iceland.

And yes in this aspect I do have more knowledge than you, but I do admit that it's not very difficult is it.

Not difficult at all, but it seems very important to you to be in that position, for some reason.

My 'tip off' as you call it

I have not called anything a "tip off".

was just a warning that the level of debt was unsustainable, and money could be at risk.

That would be a top tip (sic.), if it hadn't been informing you about what the rest of us already knew.

Just because you seem to think you are the arbiter of all facts, doesn't mean anyone else feels that way too.

I'm not the arbiter of all facts.
I've never claimed to be the arbiter of all facts.
I've never pretended to be the arbiter of all facts.

But tell me..you can deduce from your reasoning that the money was coming from fragile sources

I didn't know the money was coming from fragile sources.
I never claimed to think that the money was coming from fragile sources.
I never pretended to think that the money was coming from fragile sources.
I don't need to know that the money was coming from fragile sources.

I don't know very much about the subject, and have said as much on another topic. F*** the Icelandic factor - you don't need to know very much to have known that there was something wrong with the amount of debt and the rate of its accrual.

 

[tim west]

All your eggs and one basket comes to mind.

 

[ellal]

I have not called anything a "tip off".

Really?

Then who was it who said..?

You have a motive, which is to appear more knowledgeable, and to appear to have had a tip-off

Do try harder to keep up...

I don't know anything about Iceland.
I've never claimed to know anything about Iceland.
I've never pretended to know anything about Iceland.
I don't need to know anything about Iceland.

Then stop criticising people who do happen to know something about a subject then...

And what was all that cr*p about you only dealing in facts..

I don't know very much about the subject, and have said as much on another topic. F*** the Icelandic factor - you don't need to know very much to have known that there was something wrong with the amount of debt and the rate of its accrual.

So do you still claim that..."Not one single institution, or governemnt, or expert, understood the risk or foresaw the severity and impact of the current crisis"?

Even with the 'facts' from my last post but one?

Your accusations of bullsh*t have turned round and smacked you in the face softy, as you have demonstrated you havn't got a clue...

 

[Softus]

I have not called anything a "tip off".

Really?

Yeah, you got me. I must have been rushing. I unconditionally retract that denial and humbly apologise. More on the rest later.

 

[ellal]

Yeah, you got me. I must have been rushing. I unconditionally retract that denial and humbly apologise.

Accepted

More on the rest later.

Eagerly awaited..

 

[toptec]

Why don't you two get a Hotel room for the night.