Icesave/Kaupthing - is Martin to blame?

ad44downey

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.

Well said that man. I can't believe some people's total ingratitude towards Martin

bignoise

New evidence in JFK assassination - Martin Lewis is to blame:

http://img127.imageshack.us/img127/372/knoll4kl1.jpg

Former_MSE_Dan

Nick_C wrote: »

Is Martin to blame for IceSave going into receivership? Obviously not. If anything, he may be to blame for keeping it in business for so long by recommending it as a best buy.

Lots of comments today about how no one has lost anything, and you are covered by the compensation scheme. However, it is now becoming apparent that the Icelandic Government may not be able to afford to pay out under the compensation scheme, and as I said in this forum last week, if its strapped for cash, who is it going to protect, its own people or foreign depositors?

With the collapse of the Icelandic Krone, these sterling deposits represent a crippling debt, and Iceland itself could go bankrupt.

Martin's articles explained the compensation scheme, but I doubt that many people realised that their first €20,000 was at risk. Many still don't.

See http://www.guardian.co.uk/money/2008/oct/07/savings.banks1

and http://www.guardian.co.uk/money/2008/oct/07/savings.banks1

and you will realise that people with less than £50K in Icesave could lose up to £15K of their savings.

Many people expressed doubts on this forum about the wisdom of depositing in foreign banks, particularly Icelandic ones, but were metaphorically stoned for heresy casting doubts on Martin's wisdom.

For all the warnings, a lot of people who use this site are financially naive, and have looked at the site as a source of advice they can trust.

Hi,

Thanks for your post.

As you point out, we have explained the compensation scheme, in more detail than in any other publication, for more than a year now, and the details and warnings on Icesave have been a big part of that for some time.

In fact, the article has been prominent in the tip as much as any other I can think of over the past six months. In my mind, we have shoved it in readers faces time and time again, and if Icesave savers didnt know the situation I genuinely am not sure what more we could have done.

While this is a trying time for everyone, we are constantly trying to ensure we give all of the facts that enable our users to make the most informed decision possible, while sticking to our strict policy of recommending products purely on rate, and this has been clearly stated on regular occasions.

Also, those Guardian articles are based on Press comment sent out by us earlier today, based on the same points we have been making (and questions we've been asking the government for clarification on) for months.

Cheers

Dan

max121

Jamie_A_G wrote: »

How about reading the papers, getting professional advice and not just relying on advice that is free?

Well said Jamie.
But it has to be said that like myself, lots of MSE forum members came to know about IceSave through his Newsletters. Also the 'advice' (or as his moderators are calling as 'Information') for other products is open to questions. For example, I saved money doing oposit to what has been suggested on this site over last 3 years or so.

Only shows that one should do one's own research. Anyone who has more than 50K to save might do better if they take professional advice.

Former_MSE_Forum_Manager

max121 wrote: »

Also the 'advice' (or as his moderators are calling as 'Information')

Hi max121

Assuming you are referring to people like MSE Dan above, they are not moderators on the forum. They are editorial staff who contribute. A minor, but important distinction.

Chi_2

chaotic_j wrote: »

I don't blame Martin for this. I hadn't heard of Icesave before coming on here, and actually I don't recall reading about the "passport" scheme until last night..

Whilst I (and many other people, having read the entire of this thread) was well aware of it, having read the best buy tables here months ago (where it was clearly indicated at the time).

I've got £33,651.14 in an Icesave ISA right now. Bummer it's gone kaput, but that's the way the cookie crumbles. I'm quite glad that the Guv'mint have upped the FSCS limits from a year ago (where I would have stood to lose a couple of grand, as opposed to not being likely to here). What I'm more interested about is (assuming Icesave goes into liquidation, which I'm heasring is a 50/50 chance right now)
a) whether the compensation system (which is untested at present date) will work swiftly (but I expect not - lucky for me I keep a few grand on hand with different banks in case of emergencies), and
b) whether repayments will be permitted to retain ISA status.

earlgrey wrote: »

It's a terrible situation for everyone who did invest so hope it all comes good for them.

Invest? I dunno about the rest of you, but I had *savings* with Landsbanki/Icesave, not investments with them. Quite frankly, I wouldn't invest in any bank, nor would I use an overseas bank for managing my investments.

polus_

The title of this thread demonstrates exactly what's wrong with a significant percentage on here that cant manage their finances. THEY WILL NOT TAKE RESPONSIBILITY!

You made your choice and while in an ideal world, I hope every saver manages to get their money back, the caution regarding compensation has been mentioned time and time and time and time again!

No its not his fault, why dont people research their actions instead of blaming someone who gives good guidance. I know for a fact this was up 9 months ago becuase I read it....
http://www.moneysavingexpert.com/savings/safe-savings

SarahNeedle1872

31May2008 wrote: »

This is an excellent site with many helpful ideas but it has really come a cropper after recommending the deposit of savings in Iceland banks kaupthing and icesave.

From martin's blog back in April after newspaper articles raised concerns about icesave:

"Therefore, where Icesave is a best buy, it remains a best buy. If I were to arbitrarily pick accounts not to include, then articles wouldn’t be accurate, where do you draw the line? This site is about listing highest interest rates to save people money… to get in the ‘picking the dodgy bank’ game - is an impossible task."

If you can't pick out the 'dodgy bank' even after the mainstream press are onto it then you're no money saving 'expert'.

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.

Sorry to be ungrateful and the one to point it out - I reclaimed a couple of thousand from the banks thanks to this site.

Yeah, Martin is to blame for the Icesave crisis..... and the world economic problems, the famines in Africa, Global Warming and the fact that aliens are on Mars!

Have a word with yourself mate!

sarerb18

oxocubes wrote: »

I blame his parents.

:rotfl:Thanks Martin for a great site with lots of balanced and considered advice. I took a risk and I await the outcome.

bbmike

How could anyone ever believe that Martin Lewis is in any way to blame? It is not for Martin to rule on which bank is about to go bankrupt, the main players in the City can’t do that so lets be fair to Martin and his team. It is always easy to see the obvious signs after the event and it is human nature to try to blame someone else but the truth is we all invested in Icesave to get the best possible return on our money and that we did until world wide bankers greed caught up with them and us. What I would welcome is direction from Martin regarding making a claim for compensation, some sites suggest one claim form via the UK will be the way to go. Where do we get the forms and how are they to be completed? A completed sample claim form for single and joint account holders would be very useful.

Keep up the good work Martin and remember only for you we would all be worse off today.