... declare war on Iceland. Millions of pounds have been invested by UK institutions in their banks that have gone t*ts up.

Anyone that uses Kerry Katona for their marketing deserves war declaring on them.

I know it's a joke, but going to war is what cost you your empire. The Americans are doing the same, as did the Greeks, France, Germany, and on and on and on. It will break a country.

dunno, we're talking Iceland here

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It is the least populous of the Nordic countries and the second smallest; it has a population of about 320,000.
Iceland has no standing army. The U.S. Air Force maintained four to six Interceptors at the Keflavík base, until 30 September 2006 when they were withdrawn

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Rather than being such an arse about all this Gordon GAYBOY Brown should have gone to Iceland and started diplomatic discussions to see how the countries could help each other..

Squabbaling and bicking WILL NOT help....how hard is it for them to realise that!

apparantly coventry city council have lost about £6 million!

[Edited on 10/10/08 by omega0684]

How can the councils have this sort of money to invest. I thought they were all hard up and under funded - hence rising council tax charges each year.

i also hear the Met Police have some invested there, how can that be? Surely if any of these government depts have cash left at the end of the year it should go back in the pot or be re-adjusted for the following year.

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Originally posted by omega0684
apparantly coventry city council have lost about £6 million!

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Not that I am coming to the defence of the Local Authorities but I think you will find that the funds mainly relate to LA Pension Funds rather than unspent reserves.

- Jim

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Originally posted by DarrenW
How can the councils have this sort of money to invest. I thought they were all hard up and under funded - hence rising council tax charges each year.

i also hear the Met Police have some invested there, how can that be? Surely if any of these government depts have cash left at the end of the year it should go back in the pot or be re-adjusted for the following year.

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Also if a council is sensible, if it predicts to be spending some money in 6 months, which is better, leave the cash in a draw or get 6 months high interest on it?

If my council is putting hte cash in the draw i want someone giving a good talking to.

Rumour has it my company used to put its cash in 48 hour bonds over the weekend to make a little extra profit. No idea if its true, but why not?

(ok, pretend the last 6 months hasn't happened before you answer why not )

I voted yes cause they fought with us once before during the Cod (yes fish) wars and now it's payback time. If they cant refund the monney then give up the fishing rights in lieu

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Originally posted by MikeR

If my council is putting hte cash in the draw i want someone giving a good talking to.

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I was about to transfer some of my savings to Icesave the day before it went tits up. Thankfully, I managed to stop the transfer in time. Still, I wouldn't have invested more than I was prepared to lose.

Lets look at this objectively, people have invested in Icelandic banks because they are greedy. They want more interest. If they didn't they would invest in NS&I which is a 100% safe bet. They accepted more RISK because they wanted GREATER returns. It back fired for them and now they are out of pocket so hard luck. I don't see why Icelandic or British tax payers should give them their money back. Companys go bust all the time and the creditors always end up out of pocket, I don't see why it should be different for banks.

And although I know this is a joke Iceland is a wonderful country with great people. My heart goes out to all of those who will be facing poverty just at the onset of winter...

And just to add, which bright politician decided it was a good idea to put nearly £1b British tax money in the control of a foriegn bank not a British one?!? We deserve to lose it for our own stupidity!

[Edited on 10/10/08 by andyharding]

A lot of cities here in Canada (Edmonton and Calgary, Alberta for example) invested in high risk activities that ended up costing the taxpayer. Laws to stop cities from "playing the market" are in order. A couple of percent in a guaranteed bond is better than 0% isn't it!?

thought it was a well known fact that investments can go down as well as up-no good crying about it now!!
reminds me of that plonker who tried to sue the bookies after he lost a million quid that HE bet----he lost.

Losing millions of pounds or Bjork. Which is worse?

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Originally posted by andyharding
And although I know this is a joke Iceland is a wonderful country with great people. My heart goes out to all of those who will be facing poverty just at the onset of winter...

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