Thursday 16 October 2008

Investing in Iceland Banks

British local Councils and Charity organizations have admitted to putting almost 1 Billion UK pounds of taxpayers hard earned cash at risk by gambling on higher interest returns in Icelandic Banks.

Captain Mushroom smells a smell that makes doggy doo-doo smell like a Paris perfume house.

The finance chiefs of Councils throughout the UK did not wake up one morning and suddenly decide to invest in Iceland - I believe that they were told to.

Somewhere in the world, probably lounging on a $10 million luxury yachts are the salesmen that sold the idea of Icelandic Banking to our gullible local authorities.

I smell huge commission cheques and double dealing but I suspect that the real truth will not bear close scrutiny.

Questions I ask.

1] Why did Local Councils who claim to be struggling to fund their parasite staff 's indexed linked pension schemes have the wherewithal to stash millions of our cash away and then tie it up on three year terms? Shouldn't these same Councils be improving local services including social housing, street cleaning , the Police & Hospitals?

2] What the hell are Charities doing the same for? My concept of Charities is that good generous townsfolk give what they can afford to help the poor and needy and the Charities then shovel the cash out to these folk all over the World.

3] Where is our cash now?

Where else in the world has our cash been put - please don't tell me Chile or Cuba or Outer Mongolia....for God's sake why not put our cash in British Banks - is that too much to ask?

I hope that when the dust finally settles on the Icelandic Banks problems that full inquiries will be held and the incompetents made to pay!

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