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Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

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Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

Yep, it was on the news last night.
GB has used Anti-Terrorism laws to seize Icelandic assets.
Don't go buying fireworks and walking home with them guys.
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55 REPLIES
techguy
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

Well, they did freeze british assets
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

He didn't do that to the USA when their banks were failing did he?
I think it is scandalous the individuals from this country who opted for high interest rates from the Icelandic banks for their money are now expecting the British tax payer to give them their money back. They took a risk for the higher yield and guess what, they lost. Tough titty, that should be their problem only. They should not be compensated by the taxpayer
As for the local, police and transport authorities who have risked [lost?] our money in these foreign banks, I wonder how many Finance Officers are clearing their desks out this afternoon? If this money is gone then there is only one place it will come from to replace it...us
techguy
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

My understanding is that iceland stopped UK savers withdrawing THEIR money, no state should do that, that money does not belong to them
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

Quote from: Santiago
I think it is scandalous the individuals from this country who opted for high interest rates from the Icelandic banks for their money are now expecting the British tax payer to give them their money back. They took a risk for the higher yield and guess what, they lost. Tough titty, that should be their problem only. They should not be compensated by the taxpayer

I couldn't of said it better myself.
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nadger
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

I couldn't understand why private savers in British banks were covered to £50K but private savers in Icelandic banks had unlimited cover.
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

On my way home from work tonight, I saw a taxi fully covered in an Icesave advert.
I guess he's going to have to get his cab bodywork redone Smiley
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

Quote from: nadger
I couldn't understand why private savers in British banks were covered to £50K but private savers in Icelandic banks had unlimited cover.

Because thats where the rich put their money. The rich always look out for their fellow rich. Anyone else can go jump.
It's this government again promoting the gap growth between rich and poor.
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techguy
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

But councils put their money in them too.
VileReynard
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

That anti-terrorism legislation lets you do anything,
It's obvious that there aren't any Icelandic terrorists camped out at their banking organisations.
Why wasn't it used against to rescue Northern Rock?

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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

Quote from: techguy
But councils put their money in them too.

Yes I know. The council I work for has £6million there too. Thing is the chief exec's office alone takes £4million per year. Like I said, the rich put their money there even if it isn't actually theirs it still contributes to their overly inflated wages.
Secondly, we're all expected or should I say forced to have our wages paid into a british bank account. Then we find out public authorities have so little confidence in the british banking system themselves that they've been squirreling away money in Iceland. Now Icelandic savers will get unlimited support while brits will get a maximum of £50k. See my point?
They've been banging on about consumer confidence for ages. Consumer confidence doesn't mean a thing when the powers that be don't even have confidence in the very banking systems of their own country.
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

From the Telegragh Online
Quote
More than 100 local councils and police authorities have invested more than £1 billion in Iceland, sparking criticism of their use of public money.
Local government leaders argue that they could not have foreseen the country's troubles.
But the Telegraph revealed yesterday that some local council officials ended their investments after credit ratings agencies cut the banks' ratings.
And it was revealed that dozens of councils were explicitly warned to avoid Iceland by financial advisers as much as two-and-a-half years ago.
Arlingclose, an advisory firm based in London, advised its 45 local council clients to remove Icelandic institutions and their subsidiaries from their lending lists in early 2006, warning that the banks were financially "vulnerable".
The firm also included that advice in tender documents it then presented to around 45 more councils over the last 18 months as it bid for their business.
Several of the companies who met Arlingclose advisers and received a tender document advising them to avoid Iceland are understood to be on the list of councils who later invested money in the company.
Mark Horsfield, a director of Arlingclose, said he was surprised so many councils had "ignored" the warning signs chosen to invest in Iceland.

Full article
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

why are public bodies allowed to speculate with taxpayers' money?
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

Who knows mate, who knows. What annoys me is that they've had their money from us and now THEY have lost it. No doubt we will end up footing the bill as per usual despite the fact WE ALREADY PAID THE BILL.
Any other company stuffed up like this and they would still have a legal obligation under consumer law to supply the goods or services unless they go into liquidation. If they supply damaged or duff goods or services and make a loss on what they sold you as a consquence its their tough luck.
Now the government and their local government pals have made a huge cockup we'll have no protection and be forced to pay again for something we've already paid for.
The whole system is just wrong.
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nadger
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Re: Gordon Brown uses Anti-Terrorism laws to freeze Icelandic assets

Quote from: artificer
why are public bodies allowed to speculate with taxpayers' money?
Obviously the Icelandic banks were on an approved list where public authorities could put funds on deposit.
I was watching BBC Look East and a couple of councils had thought the interest rates they were getting were too high, for safety, and pulled their funds in time.
Martin Lewis ( the supposed money saving expert  Roll eyes ) was looking rather embarrassed on Channel 5 as he's been recommending people put savings into Icelandic banks.
Guess I'll stick with HSBC ( was Midland) where I've had some form of account for 73 years.