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RE: local authorities and the Icelandic banks - 10/10/2008 5:17:58 AM

MadAxeman

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West Ham FC have Icelandic owners and the fans have been told 'no new players for 12 months'.

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RE: local authorities and the Icelandic banks - 10/10/2008 5:21:13 AM

meatcleaver

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quote:

ORIGINAL: LadyEllen

So Iceland went on the hunt for private funds and did well in the UK offering high interest returns, which is why the UK now has a problem with Iceland. Whats interesting about this is, that the credit agencies and other advisory companies had the Icelandic banks at triple A rating until last week, so private investors had no idea what was coming until it was too late.

This has been the whole problem throughout the system, bad debt being sold as secure debt and no one knowing the fuck what they were really buying.

It all comes down to one thing....LACK OF REGULATION!!!!!

Blame the governments for being happy with the boom and taking the credit, blame the hedge funds for mixing bad debt with good debt and misselling it, blame the banks for not knowing what they were buying. They all should have their balls cut off.

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RE: local authorities and the Icelandic banks - 10/10/2008 5:23:15 AM

LadyEllen

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quote:

ORIGINAL: MadAxeman

West Ham FC have Icelandic owners and the fans have been told 'no new players for 12 months'.

West Ham too?- so if this legal action regarding the introduction of the "illegal" player succeeds then, and the club has to pay some massive fine - it will be the UK taxpayer that pays up, or it will be the end of West Ham?

I wonder what Sepp Blatter might have to say about all this?

E

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RE: local authorities and the Icelandic banks - 10/10/2008 5:32:53 AM

LadyEllen

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quote:

ORIGINAL: meatcleaver
This has been the whole problem throughout the system, bad debt being sold as secure debt and no one knowing the fuck what they were really buying.

It all comes down to one thing....LACK OF REGULATION!!!!!

I agree - but I also think a lot of it is down to pure and simple arrogance on the part of financial executives, a total trust in their own perceptions and abilities and a failure to understand that export sales and import purchasing (which is what they were doing effectively) require a special skill set and most definitely additional due diligence compared to selling/purchasing in the domestic market.

E

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RE: local authorities and the Icelandic banks - 10/10/2008 5:39:34 AM

TNstepsout

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Thanks for the details. I've found this situation to be alarming and intriguing, but most of our TV coverage is US related with just a few spots of international news so I was just piecing together things I heard here and there. Now I understand a bit better. I did know that Iceland's economy was primarily banking related and could face a national bankruptcy. That's truly shocking.

What are you hearing over there about the status of the Euro? If you don't mind me asking. Again I've heard a bit, but can't get a lot of details. I guess there is actually worries about it's stability because the nations/banks (however that works) that support it are all bailing out their own banks and economies and aren't working well with others at the moment. Is there any discussion about this?

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RE: local authorities and the Icelandic banks - 10/10/2008 5:48:54 AM

LadyEllen

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Strangely enough, our coverage is equally domestically biased with the remaining air time taken up by US news - the EU rarely gets a mention.

My feeling though is that the Euro is about to drop like a rock. My feeling is that European banks under direction from the EU have not revealed anything like their true level of involvement and losses in this whole debacle, and as and when news emerges the Euro will drop further. Sterling went from 1.25 to nearly 1.30 against the Euro over the last ten days or so when details of Fortis and the German banks problems became public - and this I think is the tip of the iceberg and the rest is being managed by strong influence from the EU not to reveal too much too soon so they have a chance to deal on a bit by bit basis with the fallout.

E

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RE: local authorities and the Icelandic banks - 10/10/2008 5:49:21 AM

Politesub53

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quote:

ORIGINAL: LadyEllen

quote:

ORIGINAL: MadAxeman

West Ham FC have Icelandic owners and the fans have been told 'no new players for 12 months'.

West Ham too?- so if this legal action regarding the introduction of the "illegal" player succeeds then, and the club has to pay some massive fine - it will be the UK taxpayer that pays up, or it will be the end of West Ham?

I wonder what Sepp Blatter might have to say about all this?

E

The tax payer will never be used to bail out a football club. West Ham face a £30 million fine, the only hope they have is that the appeal works in their favour.

As for the Local Authorities, they were just investing savings in a global market, with a fully accredited bank. I fail to see how they are to blame, Tory led or otherwise. I note iceland are up an arms as Brown has used the quivelant of the patriot act, to freeze funds. I quite agree with that move, it would be wrong to allow them to transfer UK savers money back to Iceland.

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RE: local authorities and the Icelandic banks - 10/10/2008 5:53:44 AM

LadyEllen

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PS - any opportunity to bash the Tories is a good thing; shame this opportunity is so expensive to all of us. But I agree, hardly their fault - they acted on Treasury advice and the counsel of wise financial types (wonder how much these types lost?)

As for the action against Iceland - what else are we meant to do I wonder with a debtor who refuses to acknowledge his liabilities? Let him walk?
E

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RE: local authorities and the Icelandic banks - 10/10/2008 3:03:25 PM

TNstepsout

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quote:

ORIGINAL: LadyEllen

Strangely enough, our coverage is equally domestically biased with the remaining air time taken up by US news - the EU rarely gets a mention.

My feeling though is that the Euro is about to drop like a rock. My feeling is that European banks under direction from the EU have not revealed anything like their true level of involvement and losses in this whole debacle, and as and when news emerges the Euro will drop further. Sterling went from 1.25 to nearly 1.30 against the Euro over the last ten days or so when details of Fortis and the German banks problems became public - and this I think is the tip of the iceberg and the rest is being managed by strong influence from the EU not to reveal too much too soon so they have a chance to deal on a bit by bit basis with the fallout.

E

Oh thanks. hmmm maybe I can make back that 50k in money I lost in my virtual Forex acct. *g*

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RE: local authorities and the Icelandic banks - 10/10/2008 3:15:16 PM

Raechard

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Has it been mentioned the UK Government used Terrorism laws to freeze the Icelandic parent companies assets in the UK to stop it stripping them. "Briton's were under threat from the possible action of a foreign government." Yep New labour is totally foreign to me now and this is a fine example of how all new laws will start with the term terrorism so they can be applied at will to anyone who opposes the state.

< Message edited by Raechard -- 10/10/2008 3:16:39 PM >

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RE: local authorities and the Icelandic banks - 10/10/2008 3:24:28 PM

Aneirin

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Yep, and the Icelanders were not too impressed with that, as to use a anti terrorism law to stop funds leaving the country, it is implying the Icelanders are terrorists, which they are not. So this anti terrorist law was used, even misused, a good indication that the government will use it again where and when it wants to whoever and whatever. But surely this law being used in the wrong situation, perhaps the Icelanders will seek redress for it in Europe.

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RE: local authorities and the Icelandic banks - 10/10/2008 3:30:30 PM

Raechard

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The councils were running a deficit I wouldn't be surprised if the credit crunch was a convenient scapegoat. With interest rates of 7% they should have maybe though there was some risk involved. So much wastage in local government but they still find time to spy on the people they should be answerable to.

Want to see a more sickening example of the power of these laws?
http://news.bbc.co.uk/1/hi/uk_politics/4291388.stm

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