'Icesave... angry, frustrated and upset...' blog discussion

Pinzy

Pandini wrote: »

Er, yes we do.

I have so far avoided responding to my original post. It was quite clear for those who didn't need to put their own spin on it.

Many of the responses on this forum are cult-like in their defence of Martin. Anybody who suggests an even slighly contrary opinion is jumped on. Are we unable to debate any more?

I will just reiterate a couple of points.

• Martin has earned an enormous amount of money from this site.
• With power comes responsibility. - A fan of the spiderman movies I see.
• There is a difference between blaming someone and apportioning responsibility on them. - Absolutely. Everybody is responsible for their own actions.
• If this site didn't exist, less people would have opened Icesave accounts. - If this site didn't exist, thousands of people would still be at the mercy of debt vultures.
• Warnings about Iceland and its banks have been around for at least 6 months. - Including on this site.
• Giving a warning, and then adding that it is"extraordinarily, unthinkably, ridiculously unlikely" for a bank to go bust pretty much negates that warning. - Not so long ago, it was extraordinarily, unthinkably, rediculously unlikely for a bank to go bust. Who could've predicted that some of the oldest financial institutions in the world would go belly up? Maybe someone who has access to all the insider dealings of every single bank, every single stock market, the higher echelons of UK and US government? Who knows exactly how many unscrupulous and greed-driven people make decisions that will affect thousands of people? Nobody knows all that information. We all give advice based on as much information we can find.
• People - as has been proven on every single Icesave post on the MSE forums - will read the bits they want to read, put their own spin on them, and ignore the bits they don't. The same goes for the financial advice on this site. - I don't think this site has spin, it's appears pretty fact based.
• Mixing well -researched journalism with a free-for-all forum is dangerous. - Same as many many other sites with the same format.

My original post in this thread was number 187. I was quite clear. I did not mention blame, I mentioned responsibility. I did not insult Martin. I admire him enormously - both for what he has done and the way that he has become rich doing it. But I'll say it again ... you can't get this popular without taking some responsibility.

Admittedly, I've just come here off the back of watching the Jon Snow [strike]set up[/strike] interview.

Martin Lewis is not god. He does not know everything that is going to happen. He will give out advice based on well researched information. Following his advice to the letter will not ensure you will be financially secure for life.
He is not a bad person.

Dan_66

In reponse to GX1 post #301 above who stated:-

"But why should the tax payer, and investors who have acted responsibly placing their savings with UK banks like HSBC which have much stronger capital adequacy ratios but offer slightly lower rates of interest, pay for the folly of other private investors?"

HSBC is not a UK Bank-!!

And as for answering your other points, you are entitled to express your point of view-

I disagree with you in all respects. Your 'holier than thou' attitude-most of it made with the benefit of hindsight (which as everyone knows is 20/20) doesn't deserve any more of my time in pulling apart the other points you make in your post

Errata

HSBC is not a UK Bank

And neither are Yorkshire, Clydesdale, Abbey.

cvd

HSBC is not a UK Bank

From the HSBC web site:

HSBC Holdings is a public limited company incorporated in England and Wales.

See here:
http://www.hsbc.com/1/2/about-hsbc/group-structure

Indeed, HSBC can be regarded as a British success story. See here:

http://en.wikipedia.org/wiki/HSBC

It WAS based in Hong Kong and run by expatriate British. It moved to London to avoid the transfer of Hong Kong to China.

The chief executive is Michael Geoghegan born in Windsor and also Chairman of the British Bankers Association.
The Chairman of the board is Stephen Green who "often spends his Sundays in the pulpit of an Anglican church near his London home."

GX1

In reponse to Dan_66 and Errata posts #306 and #307 above who stated:-

HSBC is not a UK Bank-!!

*

Oh yes it is!


HSBC is one of the largest banking and financial services organisations in the world. HSBC's international network comprises around 9,500 offices in 85 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.

It is listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges. Shares in HSBC Holdings plc are held by around 200,000 shareholders in some 100 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Receipts.

HSBC Holdings plc is a public limited company incorporated in England and Wales.

Its UK banking arm HSBC Bank plc (which includes First Direct) is also incorporated in England and Wales.

HSBC Bank plc is authorised and regulated by the Financial Services Authority under registration number: 114216.

HSBC Bank plc is a full member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Most depositors, including individuals and small firms, are covered. The Scheme covers deposits made with the offices of the bank within the European Economic Area.

filthylucrenoo

d.edna wrote: »

I'm funding this as a tax payer! I disagree that people who invest in foreign banks (Some but not all before you say) do so to avoid UK tax, Admittedly ICESAVE was an approved bank and offered UK products.

If I was inchargeI personally wouldn't bail the banks out, they are setting a precident, They are saving privately owned banks, if my business goes under, Alistair Darling should bail it out!

You think I'm pompous but I'm getting sick of funding people getting their cash back and demand interest, How can you have interest? its money you have never seen and just earn!

Oh You sir have earn't a place on ignore

Not sure what you're on about with regard to UK tax, there's no exemption for depositing money with a "foreign" bank.

I can't fathom why you've such a bee in your bonnet about interest, it is, after all, a normal part of financial transactions. Sorry if your business is suffering but, as far as I can gather, you've no personal interest in the collapse of Icelandic banks so why not just go away? You're bringing nothing to the debate.

Jon_McKnight

Would Martin care to help Bradford & Bingley shareholders get their money back? I have all the latest info on the campaign - and a list of awkward questions B&B's CEO needs to answer - on my (non-commercial) blog at http://jonmcknight.typepad.com/jon_mcknight/bradford-bingley/ and believe Martin would be doing a public service if he could add a link to his e-mail or blog to it, please.

d.edna

filthylucrenoo wrote: »

Not sure what you're on about with regard to UK tax, there's no exemption for depositing money with a "foreign" bank.

I can't fathom why you've such a bee in your bonnet about interest, it is, after all, a normal part of financial transactions. Sorry if your business is suffering but, as far as I can gather, you've no personal interest in the collapse of Icelandic banks so why not just go away? You're bringing nothing to the debate.

Likewise to you, why don't you?

Im saying people should be happy with the cash they invested back and not ask for more!

aris

Martin,

May I suggest you e-mail this link to your newsletter readers:

http://video.google.com/videoplay?docid=-9050474362583451279

It is long (about 47 mins) but details in very simple terms where money comes from. Sounds simple, but I think the facts will shock most people. As the video says, this stuff is never taught in schools.

wallsall

Martin writes in todays Sunday Post (October 12) that we need to fill out a form to claim our ICESAVE money back. But no mention of where we get these forms and who from?
Can anyone answer this question at the moment?
Thanks.
Wallsall.