General Discussions

  • ng
  • 11/10/08 31/12/20
  • a depositor
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Posted: Fri, 10/10/2008 - 05:39

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Singer & Friedlander Investment Management (IOM)

  • Dismayed
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 13/10/2008 - 20:28

For general interest


Singer & Friedlander Investment Management (IOM) LIMITED
Date Submitted: 13/10/2008 10:26:15
Source: RP

As announced on Thursday of last week, following the making of an administration order in respect of Kaupthing Singer and Friedlander (“KSF London”), a liquidator provision was appointed by the High Court of the Isle of Man in respect of Kaupthing Singer & Friedlander (Isle of Man) Limited, a sister company of SFIM IOM. Although greatly inconvenienced by these measures, SFIM IOM continues to conduct investment business for its clients.

The board of SFIM IOM has been informed by the administrator of KSF London that it is actively seeking a purchaser for the business of Singer and Friedlander Investment Management Limited (the UK investment company owned by KSF London); any such sale would not directly affect SFIM IOM.

The boards of SFIM IOM and its holding company, SFIM International Limited, are in negotiations with a number of financial institutions with a view to selling SFIM IOM or its business and thereby providing for it and its clients long term stability as part of a larger group. The board of SFIM IOM hopes to make an announcement in this connection later this week.

SFIM IOM continues to be licensed by the Isle of Man Financial Supervision Commission.

If you have any queries, please do not hesitate to contact Richard Stanley on 00 44 (0) 1624 699290 or Gary Colley on 00 44 (0) 1624 699291.


Kaupthing says sold 9.98 pct of Storebrand

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 13/10/2008 - 20:20

Reuters, Monday October 13 2008 (Recasts with Kaupthing as seller, updates shares)
OSLO, Oct 13 (Reuters) - Icelandic Kaupthing Bank reduced its stake in Norwegian insurance company Storebrand to 10.02 percent through a sale of a 9.98 percent stake for about $159 million, the collapsed bank said.
The sale of 44.9 million Storebrand shares at 22 crowns per share was earlier on Monday reported to the Oslo bourse as a placement of stock by ABN AMRO for Royal Bank of Scotland Group Plc.
But Kaupthing later emerged as the seller of the stake.
After the transaction worth 987.8 million Norwegian crowns ($159.3 million), Kaupthing Bank, which has fallen into the hands of Icelandic regulators, still holds 10.02 percent of Storebrand, Kaupthing said.
The deal was done at a 6.2 percent discount to the Friday closing price of 23.45 crowns. Storebrand shares ended down 5.3 percent at 22.20 crowns, against the trend of a strong rally on the Oslo bourse .OSEBX>.
ABN AMRO had said the placement was for Royal Bank of Scotland through an "accelerated bookbuilt offering," and the sale was "in connection with the enforcement of a security interest."
Based on that statement, the deal appeared to be a sale of shares under a collateral arrangement between Kaupthing and Royal Bank of Scotland (RBS).
But a RBS spokeswoman declined to confirm that.
The global financial crisis has hammered Iceland's financial institutions, and Icelandic regulators have taken control of Kaupthing and the Atlantic island's two other big banks, Glitnir and Landsbanki.
The Norwegian government said on Sunday it was taking control of Kaupthing's Norwegian arm to ensure that money could be paid out of the subsidiary in an orderly fashion after Icelandic regulators last week took over Kaupthing.
It said it was taking control of all of the subsidiary's assets and liabilities in Norway.
Norwegian financial market regulators and administrators of the Norwegian subsidiary of the Icelandic bank, who were appointed on Sunday, were perplexed by the sale because it was not immediately clear whose shares were sold. ($1=6.201 Norwegian Crown) (Reporting by John Acher; Editing by Paul Bolding and Susan Kelly) Printable version larger | smaller Business


strategy

  • rippedoff
  • 12/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 20:28

We can make ourselves relevant my drawing attention to the fact that anyone banking in the Isle of Man has all their funds at risk, and that anyone who votes labor will be on their own if they ever work overseas - Isle of Muppets words not mine but they are worth repeating.

I believe this should be our strategy to get our money in case the great and the good come back from iceland with a slap in the face


I agree with your strategy.

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
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  • Mon, 13/10/2008 - 20:48

I agree with your strategy. If everybody pulls on the opposing parties to act then we could force the UK Gov to give a statement to the same effect as Gordon Brown already has that no UK depositor will loose money. this paves the way for all depositors, not just those in the UK as ultimately we are looking for the money to come out of 1 of 4 channels:

    • liquidation pot, if it covers the balance of creditors
    • Icelandic Gov recompense
    • kaupthing UK
    • Country/Gov of citizenship

And we are all looking for 100% FOR ALL OF US. What's the good of 50k for the poor lady in the States, Expat or Mat Walker??!!

Let's remeber - ONE MANS LOSS IS ANOTHER MANS GAIN - so who has gained from our loss, who has our hard earned cash?!

my rant now over. Let's bombard all Conservative and Lib Dem MP's.

Can we all at least this as an activity for tomorrow? Aside the great tech/website work and the fab media interviews I'm concerned we've let a day slip by without any real development that we have induced ourselves.


IOM Government

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 20:17

Hi

Only just joined so this may already have been answered. Why has the IOM government not frozen funds ?


Why no Frozen funds?

  • Diver
  • 11/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 20:27

By the looks of things everything went into the UK from IoM (and probably out again).

Besides, by the looks of things these guys couldn't freeze a turkey.


Freezing assets

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 20:35

But there are Kaupthing assets in the island, like the management company mentioned above...


Concerns

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 20:08

I know we have all kind of agreed to not start accusing anyone of our predicament but i do think we run a very real danger that if we p[lay this game to long we will loose our chance.
With countries bailing out their Icelandic customers all over the place we run a very real risk of our story being not worth anything next week.
The way i interpreted the interview was that here is our point of view....then the IOM Prime minister comes on and says that his island has the same protections as the U.K, so there is no problem.......or thats the way it will appear to someone who is not up on the story.

The IOM goverment have made no firm comments at all, the U.K. Icellandic delegation is back in the UK.....where the hell is our update on how their representation of us went!!!!

Someone has been trying to get a copy of the original guarantee logged with the FSC but been refused.....why!!!

The islands police have been questioned about any possible criminal proceedings as a result of the collapse......A detective Sergeant makes a statement saying no!!! DETECTIVE Sergeant, why not just get Dickson of Dot Green to do it!!!

There are so many questions at the moment and no really answers except we are alll loosers!!!

I do have a strong fear that we are being managed and controlled here.

Anyway that my rant....opinions anyone??? I could be wrong


Of course you are

  • sosnovka
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 20:42

Personal opinion?
Of course you are being played.
How else would the authorities try and protect the confidence in the remaining institutions?
By playing people.
They (IOM government) know that majority of people here would support an "ordered" and "civilised" approach to regaining their money. That means the depositors will be compliant with whatever they are drip fed, be it news, assurances or interviews. Media is only interested in a certain point of view. They use you today and will forget about you tomorrow or in a month's time. Right now it serves their purpose becasue they get the viewer ratings. They never care about it though. Stupid to think they do. That's why media only want spesific profiles - like totally destitute and of pensionable age. The rest isn't tear jerking enough for them. (it's entertainment these days, not reporting news).
Authoroties know you guys aren't going to burn tires on the streets of whatever the capital's name, not the way the protests happen in, say, Paris.

You are all being lulled into a false sense of security by all these statements that are never clear, as vague as possible bacause they are always lies. Never underastimate the power of denial people who have lost money have.

I don't ever expect it back, it's gone for me.
Hope is banished too, so I can stop being afraid.

My rant...


Monkeyface - I agree

  • sleeplessnight
  • 10/10/08 30/06/09
  • unspecified
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  • Mon, 13/10/2008 - 20:38

Monkeyface - I agree entirely. We are wasting time. there will be no money in the coffers left. Ok so IoM matches UK 50k - BUT Gordon Brown has stated no UK citizen would loose money through the collapse/takeover of Icesave an kaupthing UK. We need to hear the same from the hairy faced buffoon.

Why is there nobody helping us in the right places yet? I am still awaiting contact from my MP but tonight have also contacted the Conservative MP as someone else suggested, and have emailed all the suggested MP's that have been posted to date but we need to go further now.

It is criminal what has happended to us it is THEFT. Why is nobody giving us answers regarding the funds that had been shown as transferred or pending?

I know we have tried to contstrain ourselves in case of disrupting underlying activities, but we are missing boats. I am prepared to get on the phone tomorrow and start getting answers. I am used to dealing with beauracrats and I am tactful but forceful. Enough time has ellapsed now we need to get on with it.


Need to apply some pressure

  • Sign
  • 11/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 20:17

Having seen the IoM PM's unbelievable relaxed and complacent attitude, I tend to agree with the "scarecrow" approach.

I have been on the wrong end of a similar situation when a company in which I had an investment went into liquidation. At the time, I was given numerous assurances by the company management and the administrator that "things were happening behind the scene" and all would turn out well. In fact, nothing happened and all investors in the company lost everything. I now believe that the soothing noises were simply an attempt to reduce/quieten protests.

Obviously, I have no way of knowing whether the same thing will happen with Kaupthing IoM and am very conscious of the efforts of Expat and Dave, who are much closer to the discussions than I am, so I would welcome any further explanations of behind the scenes activity.

Otherwise, my feeling is that we should apply significant pressure to both the IoM and UK government or there is a very real risk that savers in Kaupthing IoM will be dismissed as collateral damage.


Change of tactics

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 20:31

Im not syaing we should necessary change tactics now, but i do think we need to have another plan in place incase it look like this is not going to work. We need to have this plan ready as well so that it can be activated at a moments notice.


BBC NW interviews

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 19:36

I have just watched the BBC NW report done by Expat and Dave, good interviews and well done to both.
The IOM Prime ministers comments however angered me, saying the compensation scheme is to a fair level.........Is he for real!!!!

In reality if they have to activate the scheme then it could be argued that there will be no scheme in place for another bank who may go under. After all it will probably take years for the scheme to pay out to us.

Im going to bite my tongue for now but i believe that we have uncovered enough information on the supposedly best banking centre in the channel islands that if these fact were to be compiled and allowed to surface would cause them problems. I will leave it at that now!


NW interview

  • rippedoff
  • 12/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 19:56

Good interviews, people seemed genuine savers and got the emotional side across well. I also found IOM PM's comments rather disingenuous. Most people's moral compass would direct them to conclude that when savers' cash is stolen then a fair solution would be to arrange for the return of it - all of it!
I think we need to be perceived as a giant potential "scarecrow" to deter putative future savers in IOM. The IOM PM needs to be more on our side to save his island's future....


Is there more support from IOM than we realise - expat ?

  • frozenrover
  • 11/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 20:01

Thanks for doing the interview Expat - came across v. well
Much debate about lack of support from the IOM government - you are closer to this than most of us - is this true or are you convinced that behind the scenes no more could be done ?
Would welcome thoughts.


scarecrow tactics

  • IsleofMuppets
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 19:58

"we need to be perceived as a giant potential "scarecrow" to deter putative future savers in IOM."

I agree, then we need to act like one, and NOW. We need to attack the Isle of Man as a financial center.


BBC NW Interview

  • bushmen
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 19:51

I agree, great interview by Dave and Expat, and even Ruth on BBC South.

Also very upset in regards to the IOM PM's comments.

We need to have people looking after our interests who are generally willing to help us in a financial crisis. People who are willing to take the neccessary actions.

Look at countries like the Australia, New Zealand, Germany, Ireland and others who have fully guaranteed depositors' money in order to stabilise their banking systems.

Richard Branson has been saying this on the air for weeks, and still some governments can not see the light, or try and make a difference.

They need to understand that the full repayment of depositors money is not only beneficial for us, but also for them as it will stabilise the relevant economy, and allow them to keep their reputation as a viable offshore destination in terms of banking.

People have got serious amounts of money at stake here, hard earned life savings, and which 50K (if we get it), does not represent a fair enough renumeration strategy as per his comments.


Frozen transfers

  • anilkumar3
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 19:19

I read here that once any amount being transferred left the account at the bank ,the account holder had a better chance of getting it back??
Someone had phoned in on a radio programme and he was anxious that since the ''transfeered sum'' was NOT in the account ,it would not be protected by a depositors protection scheme and it was not a matter of a stright forward clain to get the frozen funds back ??Can any expert throw some light on this please ?
Thanks


Complicated

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 19:33

That's a complicated area.

The bank undoubtedly owes you the money, plus any fee it charged for the transfer.

The status in relation to the deposit protection scheme is more arguable - you'd probably need to claim when the time comes, see what the response is, and if it's not what you wanted to hear consider taking professional advice on whether you could challenge the decision. Incidentally, you'd probably need to get a Manx solicitor as the legal systems are different.

Money paid in that had cleared through to the bank, but not yet appeared in the account might be in a similar situation.


The UK Goverments 100m bailout for Icesave is good news and a dr

  • heliton
  • 12/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 19:18

The UK Goverments 100m bailout for Icesave is good news and a drift in our favour!

The Future in general:- Financial systems are now headed towards near-term systemic financial meltdown”, the shadow banking system - market players who are borrowed up to their eyeballs - will collapse, and “in the biggest deleveraging (debt reduction) since the Great Depression”, companies will run out of cash, which “may lead to widespread bankruptcies of solvent but illiquid firms

So be warned!!!!


BBC Interview Link

  • bushmen
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 19:36

Get your money back!

  • arehman
  • 11/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 18:52

If you were fortunate enough to be one of those lucky few who had funds sent by chaps or bacs before the bank collapsed then even though they have not reached your designated account may put you in a better position than the rest of us.

The funds be may in the account at KSF(UK), or indeed, intercepted on route to your designated account by the freezing order but the fact that they have left your account is enough for you to claim them as yours, and outside the reach of the liquidator. This is because, as long, as the funds can be "easily identifiable" then they will be regarded by the law as a constructive trust, and therefore yours; the holder holds the money on trust for you (you being the beneficiary).

Hold your horses everyone; to get your money back requires some action with the instruction of a solicitor who specialises in this area of law. The liquidator will be aware of this situation, and no doubt will resist!

Mark my words.


Re. get your money back

  • HOPPER
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 19:32

i didn't think constructive trusts had any meaning in english law, under which any claim against s&f london would need to be made


Freezing order

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 19:20

There was no freezing order, merely that KSF UK went into administration.

Any money that isn't delivered is therefore going to be in either:
- KSF(IOM)
- KSF UK
- the KSF UK account at the settlement bank

If in the first two, I would doubt that it's status is any different to money in an account with either bank. There may be more scope for argument if the money is in KSF's account at Natwest, RBS etc. as CHAPS/SWIFT is settled as individual transfers.

BACS is settled in bulk (cheaper to operate!), so not really possible for those to be 'easily identifiable' - this is why there is a size limit on BACS transfers, to limit the potential liability of the counterparty banks if a bank fails.


North West tonight

  • Anonymous
  • Offline
  • Mon, 13/10/2008 - 18:49

Hi

Am trying to watch the report on-line. Is it there yet, cannot find it in latest stories ?

Can anyone point me in the right direction ?


NWest tonight

  • madmax836
  • 10/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 18:55

It isnt there on the web very strange however it was on live @18.30 (via sky)


NWest tonight

  • bushmen
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 19:37

Political Punches - let's attack

  • IsleofMuppets
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 19:53

yes, we need this and we need it national. What do we need to say:

"Gordon Brown only protects British people when it gains him political capital"

We need political pressure and we need it now - it could be the ONLY way to get the money, and now is the window of opportunity when we will have most impact.

the way we have been treated by our elected representatives is disgusting

Tony Brown's comments show that all he cares about is trying to trick other people into thinking his island is safe. Again we need to apply political pressure and say:

"There are GBP54bn of deposits on the isle of man and they are all at risk. Parent company guarantees mean nothing, your government wont protect you, and the isle of man is an protectorte that goes unprotected if it doesnt give gordon brown votes"

Write to every conservative MP with this NOW!

think this is extreme? havent you noticed that nobody cares, nobody represents us, that politicians are just waiting to see how quietly they can put us down unnoticed in this malestrom of global crisis? My friends and fellow sufferers we must attack?

thoughts?


Strategy

  • Anonymous
  • Offline
  • Mon, 13/10/2008 - 21:21

We are just getting on the TV news, which is what really counts.

Millions of viewers in the South and North West of England will have been shocked by the losses which EXPAT, Ruth and others have suffered. I was surprised and very impressed that EXPAT's piece was the lead story on North West Tonight. It shows just how good a job he and the other interviewee did.

People in other parts of the country probably know nothing about us, however. This opens the prospect of national news stories if we can line up more interviews for tomorrow. In such interviews the interviewees can express shock at the complacent response of the IoM prime minister (cut to Tony Brown on BBC Northwest). It may lead to a "something must be done" movement in the UK media.


window of opportunity

  • rippedoff
  • 12/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 20:04

These days for sure will give us the biggest bang for our buck. As markets begin to float slowly upwards and Flash Gordon basks in the glory of saving the planet we could still be a thorn in his side if we get our profile up. Make no mistake about it when he's rising in the polls he will know he needs every vote. Write to every Conservative MP? Not a bad idea.


conservative MPs

  • IsleofMuppets
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 20:09

i have written to mine in Epsom - write to yours, have your parents write to theirs

we are political ammunition

if this fails all we have is legal


Conservative MP

  • TheThurloSquire
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 13/10/2008 - 20:43

.....just written to my Conservative MP too.....


and...

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 13/10/2008 - 20:13

Write to Boris Johnson (Mayor of London) as well - http://www.boris-johnson.com/contact/ a Tory with a bit more clout than an average MP.


Madmax

  • Anonymous
  • Offline
  • Mon, 13/10/2008 - 18:57

Thanks for letting me know. Not just me then!


Pipho NWEST Tonight

  • madmax836
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 13/10/2008 - 19:34

Go back to the site, click on latest stories Left hand side and the feature will appear second icon down.

Cheers


Mad max

  • Anonymous
  • Offline
  • Mon, 13/10/2008 - 19:44

Tks. Off to watch


BBC Northwest

  • difficulttobelieve
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 19:01

The programme can be accessed from the website - http://www.bbc.co.uk/northwesttonight/

It's the first item. Just watched, + seems to be working fine for me.


BBC South Today

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 19:35

See also the first item on the southern bulletin: http://www.bbc.co.uk/southtoday/


well done to 87 year old Ruth

  • madmax836
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 13/10/2008 - 19:58

Great exposure for us all well done Ruth, this will show the media that we are genuine savers not fat cats trying to dodge tax ! We need more of this exposure on the main bbc/itv/sky news. We also need to lobby with our respective MP's etc and perhaps then we will get some action from the authorities.


Brilliant TV piece

  • Diver
  • 11/10/08 31/05/09
  • a depositor
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  • Mon, 13/10/2008 - 19:48

That's exactly what we need!

Have emailed sky news as well and directed them here - it would be good to get some national coverage.


Excellent Interview Ruth

  • bushmen
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 19:42

Agree. Excellent.

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 13/10/2008 - 19:47

Agree. Excellent.


Tony Brown's Moustache

  • IsleofMuppets
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 18:47

Is anyone else worried about having their livelihoods in the hands of a man sporting such ridiculous facial hair? frankly it is better off that he didn't go to Iceland to get our money or we'd never see it.

There were 3,824 recorded crimes during in the 12 months up to March this year in the Isle of Man, and we are the victims of the biggest. If I'd known it was such a haven of crime i would not have banked there.


Be careful

  • HOPPER
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 20:08

Folks, let's be careful here. Peronsal insults are NOT going to encourage Tony Brown & his colleagues to go the extra mile to help us out here. Sorry to sound like a moaner, but we need to keep as many people as we can on our side


approach

  • rippedoff
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 13/10/2008 - 20:18

Agree with the first bit Hopper but not the last bit.

Yes we need to avoid personal insults; that would get us nowhere but but to pursue a strategy of "keeping as many people on our side" as possible will also not help.

We need to agree which group of people we keep on our side and against which group we are prepared to draw sword. I believe the senior figures within IOM gov who were on the board of KSF should recognise that we expect more action from them otherwise we should be much more vocal in denegrating IOM's financial guarantees and potentially painting them as the parcel of rogues they are.


smell the coffee

  • IsleofMuppets
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 13/10/2008 - 20:15

Point taken, I was attempting a bit of humor.

On a serious note:

It is time to wake up and smell the coffee - it is clear that IoM is impotent to help, and the UK government does not see the political gain in supporting us.

What can we do?

We can make ourselves relevant my drawing attention to the fact that anyone banking in the Isle of Man has all their funds at risk, and that anyone who votes labor will be on their own if they ever work overseas. We need to hire a professional PR firm NOW.

But come on, that is quite a moustache ;-)


Bagpuss

  • Kaupthing Over ...
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 14/10/2008 - 00:43

I ve just seen the news piece now and it was clear that the angle was put across in exactly the way I would've wanted ,not just by expat but the reporter was in our corner too.
I was disarmed initially by chuckling at isleofmuppets unkind references to the mustachio'd bungler as it became evident that the man is far more similar to that childhood clothcat bagpuss.
However I listened back to what he said a number of times and the message is acutely alarming. ........"the I O M is acting responsibly in terms that it has a compensation scheme that provides support to a level THAT WE BELIEVE IS REASONABLE AND FAIR ".
Is this not saying they have chosen to do as little as possible, with the token gesture of raising the compensation from 15 to 50, to appear as though they're reacting but the underlying strategy is ;
not to draw any attention to the island,
act like Kaupthing is an unfortunate but irrepeatable incident,
not to get too fussed about representing the issue to iceland or uk govts as it's only a few quid here or there and certainly nothing for new wealthy international investors to concern themselves with.
What it's also saying loud and clear is that if you had more than 50k at stake you can swim for it.
If the uk, Ireland,Germany and the rest, can guarantee the full amount why not I O M .Exactly where would I O M be without it's banking sector,yes ,chipping molluscs off it's coastal rocks.
I was totally against the notion of an onslaught against the I O M banks because it felt mote like anarchy than strategy,and would be impossible to control or apologise for in the end.
However it strikes me that it could be potentially wielded as a threat to hold over the manx politicians during our dealings with them as long as it was artfully worded.
There is now no doubt in MY mind that bagpuss wants us to roll over and die in order to save his own whiskers and his status quo.
I for one have been the victim of grand larceny here 180k .10 years grafting at something i didn't enjoy much.
I don't know about you people but anyone who wants to walk into my livlihood, rip the shirt off my back and leave me in tar and feathers is looking to get an asswhupping their mama could never have warned them about.
Diplomacy will be key and perhaps we shouldn't bring pollonium to the tea party just yet but whoever's doing the talking needs to have a killer instinct and have no compunction whatsoever with ringing those politicians necks just like they're already doing to us while we're typing away here ..........................


Moustache

  • jjw
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 13/10/2008 - 19:05

Yeah - that turkey reminds me of Seth from Emmerdale. Probably as much bloody use to us lot as well when it comes to getting our money back!!!


moustache

  • madmax836
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 13/10/2008 - 19:06

Maybe we should send his moustache to Iceland !!!!


Ministerial Hirsuteness

  • IsleofMuppets
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 13/10/2008 - 19:13

actually I think such a facial hair arrangement is compulsory for all "Tynwald" members. The barber down at the "House of Keys" must work overtime crafting these jolly visages.

Is it true that Lewis Carrol created the Isle of Man? I mean seriously what is a House of Keys?