Icesave/Kaupthing - is Martin to blame?

Griffboy

oxocubes wrote: »

I blame his parents.

I blame the pirates...oooerrr

baby_boomer

Martin told the truth on Channel 4 - but not quite the whole truth.

The ethos here in the Savings section chatroom was very supportive of the Icelandic banks. The following post, for instance, got 8 thanks - very unusual in MSE Savings.

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ianmr65 wrote: »

Iceland ..... have zero budget deficit, a strong economy, geothermal powerstations and alluminium smelters being thrown up at a rate of knots, and three strong and profitable interlinked banks, who have no exposure to sub prime, nor toxic derivatives. with a goverment, central bank, and regulator who all know what they are doing, and cooperate.

There was a fierce campaign against any posters who raised questions about Icelandic banks. They were put down in no uncertain terms - with no intervention from the moderators.

The following posts of mine were less well received:

baby_boomer_from_the_Telegraph wrote:

Iceland is one of the most indebted countries in the world," he said. Paul Rawkins, of Fitch Ratings, said the country's external debt had reached $97bn, five times the size of the economy. " The markets had begun to doubt whether the government had the resources to rescue the banks," he said.

Iceland has evolved into a sovereign hedge fund...."

Then I added this

baby_boomer wrote: »

From an earthquake point of view thank goodness Iceland only has 4 towns or cities with 10,000 inhabitants or more

From the point of view of Icelandic government support should any of their banks get into trouble, it's less reassuring

But this was !!!!ing into the wind on MSE.

The MSE online "culture" - as opposed to Martin's official statements - was pro-Iceland.

Banderman

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!?

Try doing your own research and stop blaming others for your own mistakes

steveb147

setmefree wrote: »

Quite the opposite my friend,we are all the same in this world. and l have many friends of different sexual preferences.

it was just my way of putting over in a round about way that those moaning are nothing more than F _ _cked up Ars _ _oles;)

That's great but can you do it in slightly less offensive language next time please. Let's keep MSE free of homophobic bigotry please.

I do agree with the setiments about those complaining about Martin though. This website does what the papers etc do and reports who is offering the highest rates. It does not recommend one bank over another and the rate is always just one thing to consider. Besides, no-one has lost any money yet and if the bank goes under then they will get it all back if they have listened to his advice about the compensation scheme limits.

Anyone investing in any bank should know that there is a risk attached and it is up to you as an individual to assess that risk. You went for these banks because of the high rate, fair enough but it was your choice.

As for Mr Snow on Channel 4 News, he looked ridiculous and just likes the sound of his own voice. Well done Martin!:money:

ad44downey

baby_boomer wrote: »

Martin told the truth on Channel 4 - but not quite the whole truth.

The ethos here in the Savings section chatroom was very supportive of the Icelandic banks. The following post, for instance, got 8 thanks - very unusual in MSE Savings.



There was a fierce campaign against any posters who raised questions about Icelandic banks. They were put down in no uncertain terms - with no intervention from the moderators.

The following posts of mine received no thanks:



I also posted that Iceland was just a series of villages with a banking system so disproportionately large that the Icelandic government would struggle to meet its liabilities if called to do so.

But this was !!!!ing into the wind on MSE.

The MSE online "culture" - as opposed to Martin's official statements - was pro-Iceland.

The irony is that the sheep who believed the all the scaremongering or even joined in with it, and who rushed to withdraw their savings caused the bank to fail. No bank can survive a run on its deposits like that. It became a self-fulfilling prophecy. So I'd put the blame firmly at the feet of the scaremongerers and the sheep that believed them and followed their orders

Peartree

There seem to be a whole pile of people who need to do a whole lot of getting real around here. Only one person is responsible for your decisions on savings and investments and that's you. You take the information from websites, forums, financial press, etc, and you make your best choice. If you made a decision on the basis of 'Martin told me so' (which I don't recall he did) it is pretty much the same level of decision as selling your prize cow for a handful of beans - and we know how well that went!

You read the comparisons, picked the best rate and went for it. The information on the best rate wasn't incorrect. In most of our lives, where we live, we've never even had to consider the possibility of bank failure.

It is cr*p. The world appears to be going to hell in a handbasket at the moment. We're all in it together. But there's a lot of cr*p stuff in the world. Some people don't have to worry about their savings and investments because they don't know where their next meal is coming from.

If you want one guy to tell you what to do with your money and take full responsibility it, well good luck - I don't think you'll find that for free, if at all. Well, of course, you could have trusted one of the investment banks......

LucyTheDwarf

max121 wrote: »

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.

Anyone who blindly follows advice given by others, is plain stupid. (not aimed at you, max121, just following on from your comments). Anyone with half a brain will see that EVERYONE's financial situation is unique. Everyone has their own personal risk level, and it is up to each individual, to assess the risk of everything they do - from savings accounts to crossing the street, and the responsibility for whatever follows lies with each individual.

Thinker

John Snow was most unfair and dare I say ill informed and unprofessional in his comments (/attack) on Martin RE IceSave. The User name I have chosen is no accident as I, like most others, read Martin's advice carefully. I have savings in the other Icelandic bank. I chose this based on Martin's rounded advice - it has turned out to be the best choice - as Martin said! I understand peoples anger if you have been caught out but the information was out there for all to read. I am most sorry for those with £50k + in IceSave. But, again, you were warned!

1jim

I dont think martin is to blame

He published a table of best buys, they were up there for some time....thats because their rate was a best buy rate

he said that they were covered to £35k for compensation if they went belly up.... they are (well £50k today)

he said spread the money around, dont have more than 35k in one institution......how can it be Martins fault if anyone had more than this in this bank???????

Stavros_3

Peartree wrote: »

Only one person is responsible for your decisions on savings and investments and that's you.

Well said that man. Now can anyone tell me if anyone has lost so much as a pound so far?.