Iceland and the Bank of England Scandal

geepster

Lokolo wrote: »

Martin went on TV about this as everything was blaming him. He always said you shouldn't put more than the covered amount.

Other than that, how is he to blame?

He lists the highest interest accounts, he doesn't force people to put their money there.

Soon you'll be having a go at Go Compare and Meerkat for giving me the cheapest deals on my Car Insurance.

I agree. It's always easy to criticise with the benefit of hindsight. Let's be honest, did any of us really foresee what was going to happen to Northern Rock et al? I put some money with The Chelsea Building Society a couple of years ago (still got some there) and they were being heralded as a great B/s and efficient etc. Now look at them. Whilst they are ok and have merged, problems subsequently arose with them.:o

apt

lemsford wrote: »

I remember being concerned about putting my money with Icesave and Kaupthing Edge. I checked their credit ratings with fitch and moody etc before putting any money with them, and they were AAA rated.

Were they not AA3 rather than AAA? In any case there were warning articles in the FT and Daily Telegraph before the crash.

MrsBartolozzi

I'm not that surprised about this. I was in Iceland in June 08 and the local people I talked to were very concerned about their banks and the country's financial state. I was unfamiliar with their banking system and thought that these folk might have been worrying unnecessarily - I mean Kaupthang etc were touting for business over here with high interest rates - must be successful surely? I was naive obviously, but didn't understand how noone with banking knowledge over here had no idea. Seems they did, surprise.

deferred_pensioner

[QUOTE=goRt;31816145]Why - we all got our money back a long time ago
(apart from the councils who should have known better - their CEOs and CFOs should all be chopped)[/QUOTE]

Couldn’t agree more they are jobsworths of the first order.

They hide behind the mantra of “We have a fiduciary duty of care” to get the best return for tax payers Bxxxxxxs!

They are supposed to be intelligent bright moneymen looking after the taxpayer (often earning (sic) far more than the Prime Minister , they couldn’t run a whelk stall if they were half as good looking after the taxpayer as they are looking after their pension we would be in easy street.

I am a pro bono director of a local authority social enterprise which could save hundreds of thousands if not millions for the tax payer but no we fight jobsworths for a living every day.

Whilst this goes on tax payers pay through the teeth jobsworths continue to earn far to much for very little racking up their gold plated pensions and our clients (people with learning difficulties) go short.

The sooner this is sorted out the better but it wont be whoever gets elected it will be the same .

I am so depressed!!

purch

I remember being concerned about putting my money with Icesave and Kaupthing Edge. I checked their credit ratings with fitch and moody etc before putting any money with them, and they were AAA rated

I think your memory is failing you.

Very few Commercial Banks have ever been rated AAA.

justpaper

Lokolo wrote: »

Martin went on TV about this as everything was blaming him. He always said you shouldn't put more than the covered amount.

Other than that, how is he to blame?

He lists the highest interest accounts, he doesn't force people to put their money there.

Soon you'll be having a go at Go Compare and Meerkat for giving me the cheapest deals on my Car Insurance.

No fault on martins part at all.

I agree, Greedy people with X amount of money put .. funds into icesave for the % return, Then they start crying when the !!!!!! hit the fan,

no such thing as a free meal PEOPLE!!

Every few weeks I get someone asking me to manage a Forex account with their savings, they want ROI and when the penny drops they want someone to blame i.e ME in this case, (no i dont manage anyones forex account)

P.s NOTED! some people got took for mugs by some "local saving expert" at the bank etc etc who was gaining Fees,

But still do your own homework.

SAME thing with the Mortgages, Back in 2006 i was offered a 250k 95% Mortgage on my wage (LOL) i thought "aye up, something is not right here" and i did not take it cuzs i knew this isnt right, how are they giving me 250k.

Then in 2008 what happened ?? BOOM thats what,

People either got greedy / stupid / sucked in.

StevieJ

I removed my cash a couple of weeks before they went bust because the cost of a Credit Default Swap had gone through the roof.

silverchair

justpaper wrote: »

No fault on martins part at all.

I agree, Greedy people with X amount of money put .. funds into icesave for the % return, Then they start crying when the !!!!!! hit the fan,

no such thing as a free meal PEOPLE!!

Every few weeks I get someone asking me to manage a Forex account with their savings, they want ROI and when the penny drops they want someone to blame i.e ME in this case, (no i dont manage anyones forex account)

P.s NOTED! some people got took for mugs by some "local saving expert" at the bank etc etc who was gaining Fees,

But still do your own homework.

SAME thing with the Mortgages, Back in 2006 i was offered a 250k 95% Mortgage on my wage (LOL) i thought "aye up, something is not right here" and i did not take it cuzs i knew this isnt right, how are they giving me 250k.

Then in 2008 what happened ?? BOOM thats what,

People either got greedy / stupid / sucked in.

I totally disagree with you. Its not greedy to be careful with money & not spend beyond your means so that you can save, put it into a cash ISA with the highest interest rate where eventaully we might be able to buy a flat & stop paying ott rent.

Do you search for the lowest interest rate for your savings then?

justpaper

silverchair wrote: »

I totally disagree with you. Its not greedy to be careful with money & not spend beyond your means so that you can save, put it into a cash ISA with the highest interest rate where eventaully we might be able to buy a flat & stop paying ott rent.

Do you search for the lowest interest rate for your savings then?

I dont deal with isa, just shares or forex, and i do my home work and not blame others,

And what you said its not greedy its desprate! and thats one of the things ICE save bagged on, desprate people that wanted to get "richer" i tell you who won the desperate people that kept on working un paying the OTT Rent and saving SAFE.

The simple point im making is when someone is offering you 11% for a ISA, You need to step back and think WHY - HOW the BEEP are they offering me this.

Like i did with my Mortgage as I said above. I to was paying OTT rent, i had a Mortgage set up but still didnt take it as somethings just didnt Add up, If i did take it i believe i would had that property Repossessed,

It is greedy to jump on a bandwagon to gain Highest % with out looking in to the Deals of these people,

ICE SAVE was too good to be true,

Jonbvn

justpaper wrote: »

ICE SAVE was too good to be true,

Hindsight is 20/20.