Icesave/Kaupthing - is Martin to blame?

centaurandrew

Rubbish.

Martin is 100% not to blame.

Gareth56

Of course Martin is NOT to blame and anyone with a nanogram of common sense would see that that is the case. If someone decides to become a "rate tart" and put their money into a foreign bank for the sake a a couple of extra % interest on their savings then if that bank goes t**s up then they have nobody to blame but themselves. Perhaps if people weren't so greedy then they may still have access to their money.

Chi_2

If someone decides to become a "rate tart" and put their money into a domestic bank for the sake a a couple of extra % interest on their savings then if that bank goes t**s up then they have nobody to blame but themselves. Perhaps if people weren't so greedy then they may still have access to their money.

This is - in reality - no different a situation from your actual quote (and just as derogatory).

Crabman

Hi folks

It's already been mentioned but I'd like to point out the following note from MSE Forum Manager, to anyone who has not yet seen it:

PLEASE READ : A note on Icesave postings

Gareth56

Chi wrote: »

This is - in reality - no different a situation from your actual quote (and just as derogatory).

No way is it the same, if you think about it for a femtosecond you'll see why. Domestic Banks vs Foreign Banks, you decide which offers the most protection for your money!!!

If you want to take the risk by putting your savings into a foreign bank then you accept the consequences if it all goes wrong in that if that country offers little or no financial protection compared to your country of residence then that's the risk you take and all for a couple of extra % interest on your money.

Cybergeek

I think Martin must be feeling very hurt by some of the comments made online. What strikes me about some of the most vociferous attacks is an apparent misunderstanding about what Martin actually does. He is, after all, a journalist albeit with a special interest in the retail finance market. He does not present himself as an IFA but he does give his audience the sort of whole-of-market information that can often be obtained only for a fee elsewhere. Martin does some fantastic work.

Remember, Martin is always telling us to shop around and the same goes for information and advice on personal financial matters. Unless you follow MSE purely for fun and entertainment, you should always do your own research before taking a particular course of action with major financial decisions. Whilst I take a great deal of interest in Martin's work I do not use his broadcasts, newsletters, blog, etc as my sole source of personal finance information or opinion. And, I'm sure Martin would not want me to hang solely on his every word, either. Consequently, there have been times when I have balanced my own research or the views of others to take a course of action which may appear to be at odds with MSE.

I say unequivocally, Martin is not to blame for the predicament IceSave/Kaupthing customers find themselves in today. As for myself, I read Martin's detailed information about Icelandic savings very carefully (several times) and decided to avoid Icelandic institutions for the time being precisely because the warning signs were actually already contained in the MSE pages. I didn't just read the MSE pages - I did my best to understand what Martin had written.

The wise old owl lived in an oak;
The more he saw the less he spoke;
The less he spoke the more he heard:
Why can't we all be like that bird?
- Edward H. Richards

Martin, please don't be disheartened. Keep your chin up!

31May2008

i've just checked on the banking and savings section of moneysaingexpert.com to see kaupthing edge is still martin's 'top pick' at 6.55%

i know kaupthing is currently in liquidation but what about that rate - you can't argue with it!

South_Bound

Yawn, KE is now being bought out and the savings will be super-secure and STILL covered by the FSCS. Why is it a bad bet now?

31May2008

South_Bound wrote: »

Yawn, KE is now being bought out and the savings will be super-secure and STILL covered by the FSCS. Why is it a bad bet now?

Put it this way - I wouldn't use it for stoozing.

jtlowrey

LOL, I'm loving the posts of all these Martin haters out there who are blaming his cos they did their bank on Icesave. Grow up and man up.

I've got £1000 with them but I'm not gonna go blasting the guy for providing a service. We all new the risks and the facts. To apportionate your greed onto his hands is truely pathetic.