Saturday, 30 January 2010

Britain is a bully



"when faced with the decision finance or democracy? I went for democracy"

Look and learn, Labour. Get the hell out of the economy.

18 comments:

caesars wife said...

Its clearly an old fishwives tale

eight rounds rapid said...

Blair, Brown etc. bring shame on us all; they've never done otherwise.

Icelanders shouldn't repay, in fact. They didn't take the risk or stand to benefit in anything other than a nominal way.

They might want to think about making a repayment along the lines of the tax revenue that was produced by the Icelandic banks in question (minus any explicit or implied financial benefits that those banks received from the Icelandic State) with, perhaps, some consideration of future (assumed) tax revenues that might have been generated; but that's entirely their call, really.

What Brown and his ilk are most afraid of is someone setting a different example, against which their own demented ramblings could then be judge.

Looking at it from Brown's perspective, yuk, one can see the threat quite clearly.

Anonymous said...

Dont worry labour will soon be gone...

Then we'll have the Zanucons to contend with...

WV: "Torre"

Gordon the Fence Post Tortoise said...

Well, Icesave.... strange there has been little mention of:

1000 jolly cod fisherfolk turned up outside the President's Rekjavik house with some good ole "Wicker Man" flaming torches to make the point that they weren't happy with paying the Caledonian Snotgobbler under duress in perpetuity for a commercial debt.... the UK equivalent of 200,000 turning up at chez Broon - why can't *we* get our act in gear?

The Russian connection

Most of the perps still living high on the hog in err... London

Where did the cash etc. from the Luxembourg branch go? The vault was emptied just days before the collapse (See Russian connection).

Unsecured loans (millions...) to (broke and failing) UK property developers.

UK regulators out to lunch
So many questions.......

Anonymous said...

Funny how these crap investment decisions in both Britain and Elsewhere get Nationalised and booked down to the taxpayer, whereas all profits are booked in favour of the bank concerned. The aforementioned profits are allocated in a certain order: the Board of Directors, the banks' dealers in the form of bonuses, then the ordinary shareholders as dividends. Of course, in the event of a loss (even a staggeringly ginormous one due to greed, incompetence and/or corruption) the due sum is booked down to the taxpayers in all the countries concerned. A most remarkable conjuring trick! How DO they get away with it?!?!?

bonuses fit for a clown's pockets said...

I remember a common scenario in the 70s that went something like this...

If a trader took a position in a stock that went tits-up, he later booked it to the company. If, on the other hand, the deal made a profit, he booked it to himself.

Procedures have changed since then. Dealing room employees are now no longer generally able to make private deals from their broker accounts. That's understandable. The Banks protecting themselves from this practice.

But now we have the banks macro-adopting this practice with the blessing of governments around the world. If the deal goes tits-up, then the public picks up the tab. If not, and all goes well, the profit is trousered by the bank. Good little scam, innit?

move along now, nothing to see here said...

o/t: The Sharp Dressed Man Who Aided Mutallab Onto Flight 253 Was a U.S. Government Agent

They wouldn't, would they?

Guido is state said...

Guido is state, he is now pushing a tory NWO climate hoax tax and control propagadist - Goldsniff.

Libertarian my arse.

Keir Hardie said...

Funny how quickly the championing of Iceland as a deregulated paradise quietened down after their economies implosion?

I cannot imagine your bile if it was a private individual and a bank. How dare the bank refuse to pay back blah blah blah.

We put money in their banks, its our money, they let their banks collapse. They can't afford the repayment? Their problem, not ours. Perhaps they should have fixed the roof when the sun shone?

Old Holborn said...

I didn't put my money in an Icelandic bank.

The good taxpayers of Iceland do not owe me a single penny.

Gordon the Fence Post Tortoise said...

@Kier Hardy

If I'm not mistaken there were dissenting voices right from the start of the swashbuckling financial Viking sage. AT ALL LEVELS.

The greedy, the foolish and the inattentive were parted from their money.

Icelandic finance was known to be dodgy - their connections to the Russian "economy" at the very least should have make folk extremely cautious.

They didn't "let their banks collapse" you fool - they had no option - period. It was clear for at least two years prior to the event that the banking arithmetic didn't add up - at all. 20-20 hindsight? I think not.

The witterings of the financial snake oil salesmen and the many paid for bits of editorialising (deregulated paradise etc) are par for the course....

Banking regulation wasn't up to a lot before this miserable Labour administration (see BCCI) but the Broon's touch hasn't exactly improved it in cahoots with a self evidently inept and delinquent public service establishment.

The idea that banks are a special case when it comes to arithmetic is a convenient myth.

*YOU* are lending them money and they are lending that money to other people (for a profit) and providing a few "services".... Caveat emptor.

Old Holborn said...

Banks are merely agents. They bring lenders and borrowers together and charge a fee.

Funnily enough, I always check the type of people they are lending to before I give them any of my money to lend out for a fee.

Unemployed black men in string vests in Chicago seemed like a bad risk to me. Hence not one penny of my money went into an Icelandic bank.

eight rounds rapid said...

@Keir Hardie said...

"How dare the bank refuse to pay back blah blah blah". No one's disputing the fact that those banks should repay their depositors.

Explain how, in Iceland's case, specifically, the liabilities of privately owned banks are synonymous with the personal liability of every citizen in the regulatory jurisdiction?

When you can show that most or, ideally, all of the money that was deposited in collapsed Icelandic banks made its way directly, and evenly, into the pockets of Icelandic taxpayers, you'll have your argument.

Come on, big fella. You know your shit, right?

chara said...

Kier,

It should have been put to the people of Iceland BEFORE the Iceland PM at the time said the taxpayers would reimburse the UK and Dutch Governments for the amounts the UK and Dutch Governments reimbursed people who had lost money (when there was no requirement for them to do so).

The Dutch and UK Governments were unwise to pay out 100%. The Icelandic PM was unwise to put his taxpayers in debt without asking first. Investors investing in Iceland (many so called 'professional' investors at that) were unwise to sink so much money (some of it ours) in institutions that had a minimal guarantee.

If Iceland had stuck to it's guns many people would have learned a harsh lesson, but one they wholly deserved. The most important person in need of that being Chancellor Brown. House prices do go down. Banks do go bust. Always check the small print.

codface capone said...

14:32

Unemployed black men in string vests in Chicago seemed like a bad risk to me. Hence not one penny of my money went into an Icelandic bank.

white men in concrete-slippers weren't too hot either, you colour-blind grimbo.

codumbo - an icelandic wanker in london said...

we demand reparations for britain's part in the north atlantic cod trawl.

and an apology from harry ramsden would be nice too.

stool pains - the man who shorted iceland said...

it woz me me who dunit! ha! ha!

i made enough slush to guzzle myself to death 90,000 times over! glug! glug!

dave "the dachshund" cameron said...

05:54

well paul, i'm sure you wouldn't mind giving some back to british tax-payers then, you cocky half-cut cunthead.

i've been receiving criticism for having sex with humanoids, but it's cool now...seems you're just a dog too...

i hear they call you "rover the four-leaf clover": a paw in ireland, a paw in britain, a paw in the usa, a paw in israel, and your dick in nigeria...just be sure not to let those africans get hungry, rover...

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