Icesave/Kaupthing - is Martin to blame?

JohnnyW_3

Nobody saw this crisis turning so badly. It's not just Icelandic banks that have been hit. Northern Rock, Bradford and Bingley, Goldman Sachs, Merrill Lynch and Lehmans! These are MUCH bigger and were considered a LOT more stable.

When the rubble has been cleared culprits will have fingers pointed at them. Right now we're all just part of a much bigger crisis, of which Iceland, Martin Lewis and Money Saving Expert have only a tiny part to play.

bartsimpson

Rafter wrote: »

Martin is NOT to blame, but he has made money as a result of click throughs from this site.

WHAT?????!!!!!!!

Site says 'free of ads' at the top

moanymoany

Martin has ALWAYS said stay within the safe limits.

To say a bank gives the best interest is not to say put your cash in there. Martin has always said check it out. He has always said whether or not the bank is covered by protection.

I saw KE - opened an account, but before I put any money in I saw something that made me think there may be problems in the future. That it was protected meant nothing as I didn't want cash vanishing into a black hole for ages - whether I not I get it back!

Anyone who has cash in these banks must have taken their eye off the ball. Many got out a week ago because they kept up with what was happening.

I have seen Martin say - many times - he gives you information about what is out there - that is not the same as saying DO IT!

My house proceeds are spread, but the bulk is in NS&I - guaranteed 100% safe, but only 4.45% interest.

Caudle

setmefree wrote: »

What what a bunch of muppets a lot of you hypocritcal fudge packing morons really are, how the hell can you blame Martin for such a failure..he was no more the wiser at the time he said that it was a good investment than any one else that this problem was going to develop..
Shame on you all, Martin take no notice, your balls are made of grissle and not crystal.

He is STILL recommending KE as his best buy though. Perhaps this needs a rethink?

We are all blissfully relying on the FSCS to pull us out of a hole if these foreign banks go belly up. The system has yet to be tested, although it looks as if it will be for Icesave.

You can be sure the UK government won't step in to save an Icelandic or other foreign bank.

JohnnyW_3

I haven't seen a SINGLE ICESAVE INVESTOR complaining about Martin.

LEAVE US OUT OF IT!

31May2008

Kaupthing, icesave and the icelandic economy itself were quantifiably unstable weeks ago.

Why didn't Martin post warnings about this on the site?

If the answer is 'to prevent a run on the bank' - since when did Martin advocate loyalty to banks!?

bartsimpson

JohnnyW wrote: »

I haven't seen a SINGLE ICESAVE INVESTOR complaining about Martin.

LEAVE US OUT OF IT!

Are you not worried about losing your money?

setmefree2

I have found Martin's articles on the Banking Crisis extremely useful. I've learned which banks belong in which group, what the safe limits of saving were, I can only thank him.;):D

earlgrey_3

31May2008 wrote: »

How many people had even heard of kaupthing or icesave before seeking advice here on moneysavingexpert.com ?

It's no consolation to tell people who can't withdraw their cash today that their money is 'safe'.

People on this forum have been badly advised.

With respect, there were plenty of warnings on this forum concerning the additional risks of investing in any bank based in a country where you have no vote and in particular Icesave. They were given by myself and several others way back in the spring - see here, here, and elsewhere. Unfortunately several here were determined not to confront the uncomfortable facts and persuaded others to copy them.

That's all in the past and the present concern should be the position that some people now find themselves in. It's no good blaming anyone and even less point fighting and abusing each other; we each have to take responsibility for our own decisions. I hope it all becomes clearer very soon and goes well for everyone here.

LucyTheDwarf

Whoa, how out of order can you get? All Icesave recommendations came with a note about the passport scheme. He is tirelessly working to educate Britain about money, so we can make our own decisions.