Icesave/Kaupthing - is Martin to blame?

setmefree

31May2008 wrote: »

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!?

Doh when everyone was making money, did anyone say to Martin, is our money safe??? No, but yet when things fail there are always the moaners happily jumping on a single person back to criticise..strange that

If your friend lent you their car for a week, and you agreed that it was a good car and decided to buy the same one, then a week later it broke down. would you then go back to your mate and say you were wrong these cars are crap??l think not.. And more to the point did Martin personally ask to invest NO, so grow up and take it on the chin instead of whinning like a puppy locked in a room.
:rotfl::rotfl::rotfl::rotfl:

Griffboy

posh*spice wrote: »

It's that sort of comment that has let this board down.:mad: How can a few hundred people on a website cause the collapse of the whole of the Icelandic banking system. Theses banks had too high leverage and were over dependent on whole sale markets to raise money. They were also bigger than their government and were always going to find it difficult to get a bail out. Calling posters muppets for thinking about moving there money from a risky situation has let this board down.:rolleyes:

How very true, posh*spice

Former_MSE_Dan

31May2008 wrote: »

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!?

Warnings about Icesaves protection structure have accompanied every mention of Icesave products on this site since April.

Kaupthing savers are fully covered, in the UK, up to £50,000.

posh*spice

earlgrey wrote: »

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.

earlgrey I think it's important that this point is emphasized since too many on this particular board actively prevented others from hearing facts that have might have persuaded people to withdraw their money. They suppressed all debate.

PasturesNew

I considered Ice based purely on Martin's site and what he wrote about them. I'd have never heard of them otherwise.

So, I read what he put. The lot. And I decided it wasn't for me.

I felt there was too much risk on a foreign bank honouring the first part - and the complexity that might bring if they didn't. I decided it was too much risk for me.

Martin's information, I felt, gave me enough information to make an intelligent and balanced decision based on facts.

I didn't save with them.

31May2008

MSE_Dan wrote: »

Warnings about Icesaves protection structure have accompanied every mention of Icesave products on this site since April.

Kaupthing savers are fully covered, in the UK, up to £50,000.

Yes and that information was helpful - but where was the warning that both banks were about to go t*ts up?

The severity of the crisis had already been indicated to financial markets by the price hike of their CDS insurance.

setmefree

MSE_Dan wrote: »

Warnings about Icesaves protection structure have accompanied every mention of Icesave products on this site since April.

Kaupthing savers are fully covered, in the UK, up to £50,000.

Thanks for clearing that up Dan.:D

Leon_W

The problem is PasturesNew that most people wont read the small print and blindly follow.

It is a fact that qualified financial advisors have the backing of compensation schemes and indemnity insurance incase things go wrong so generally, nowadays, people are protected from rogue advice. I'm not saying that there are no rogues but you would have to agree that things are quite a bit better now that these activities are regulated.

Now, the thing about this site is that it isn't regulated and it can be hard to determine where mere guidance stops and advice begins. You can see from quite a few posts today that people think they have acted on Martins "advice" . I don't believe he has given advice as I am coming from an informed position, but you can see where the confusion can arise.

setmefree

Humpty Dumpty sat on a wall
Humpty Dunpty had a great fall
All the kings horses and all the kings men
said stuff him,he's an egg

Dave2012_2

These forums seem to simultaneously bring out the very best and the very worst of people. How on Earth is it Martin's fault that someone chooses to invest in Icesave?

To the trolls on here: It's your CHOICE, your DECISION which you should have based on the available FACTS and your own RESEARCH and reading of the TERMS & CONDITIONS, thereby taking RESPONSIBILITY for your ACTIONS!

If you're incapable of doing these, why do you even bother getting up in the morning?