Letter to Chairman of the Financial Services Authority, Lord Adair Turner

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
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Posted: Thu, 23/10/2008 - 19:58

This is a copy of my letter to Lord Turner, Chairman of the FSA UK
IceCrusher

Dear Lord Turner of Ecchinswell,

I write to you in your capacity as Chairman of the Financial Services Authority to bring attention to the traumatic injustice currently being borne by some seven thousand savers with the Kaupthing Singer and Friedlander bank (IoM). (KFSIOM) I respectfully deign to offer you information of which you may be unaware as persons of your prominence often go unapproached. I do appreciate of course that you have many other matters demanding your attention.

Seven thousand savers with the Kaupthing bank in the Isle of Man have lost access to their savings and fearfully await the imminent liquidation of the bank (hearing 24th October). Liquidation will decimate the funds of these depositors as assets get sold at 'firesale' prices.

One vital asset that would vastly improve the final sum of this distribution are those funds amounting to some £555,000,000 removed from the Isle of Man by the Financial Supervision Commission (FCA) of the Isle of Man and deposited within the UK jurisdiction where the Anti Terrorism Crime and Security Act 2001 is still in force. These funds are now under the control of the FSA operating under sealed orders from the High Court whereby the Liquidator Provisionally is denied information regarding this expropriation.

Almost 90% of the Kaupthing (IoM) depositors are British with the remainder primarily from the Commonwealth including residents of the Isle of Man. The UK Government has taken action to protect those UK residents who deposit funds in UK mainland banks and owes no similar duty to those banking offshore in the British Islands. However, the KSFIOM depositors are not asking for a 'bail out' and also strongly resent the popular misconception that they are 'fat cat tax dodgers' when the most cursory of investigations would reveal them to be normal working people who have chosen an expatriate way of life. What the depositors need is for the money taken from them to be returned and any shortfall made good by the Icelandic Government honouring the guarantee given by the parent company Kaupthing H.f.

Wherever you may bank, permission is not given or implied that your money be used recklessly, without due prudence and supervisory control as to leave you with your life-savings gone, misappropriated, or plain stolen. This is the situation faced by seven thousand British subjects; people who having spent perhaps 20 years contributing to their home country before leaving to find jobs, careers and a life offshore, now find themselves in their later years robbed of their efforts made diligently and in earnest to save for their futures; their children's education; and for many, a house and life back home in the UK paid for by their own toil.

This is not just theft of paper money, this is theft of personal treasures; honesty, prudence, frugality and credit-free thrift. These are values expounded on recently by the Prime Minister, but the people who actually possess these qualities are not those living the credit boom: take it, use it, borrow it, society; they are the remnants of society past, departed since many years taking those values with them and now close to returning home.

They find themselves in this desperate situation through no fault of their own, begging attention for the return of their life-long savings – a surreal situation far removed from the normal life of just two weeks ago. They have had their money and way of life taken from them with no just cause and are now working ceaselessly to try and gain the attention and due care required to return their own property earned once already and fought for yet again.

My Lord, your Administration is working under a sealed High Court Order to determine the fate of these funds owned by the depositors of KFSIOM and delivered into the jurisdiction of the United Kingdom. There is conjecture that these funds will be used to assist in the return of deposits to investors of banking institutions in the UK. Even the most hard-hearted could see the cruel vindictiveness apparent in such an act. Kaupthing (IoM) savers were not entitled to Government protection because they banked on a British Island not deemed part of the United Kingdom. Their monies were expropriated from this island where the Anti Terrorism Crime and Security laws had not been enacted and taken to the UK mainland by actions of the FSC where they were effectively impounded. The very notion that these assets could be viewed as ‘spoils of war’ to be distributed to United Kingdom residents is as appalling as it is galling.

My Lord, I make no excuse in begging you to take whatever action is available to you to avoid development into this dreadful and immoral eventuality. If pursued it will set brother against brother within the great British family and will be seen as a catastrophic failure of British justice and fair play. You more than anyone possess the insight and depth of understanding to prevent this from happening.

Yours sincerely,

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Well drafted

  • 208
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 24/10/2008 - 09:45

My congratulations. I am finding it difficult to draft letters at the moment as I am now angry with the whole business we find our selves in. You did an excellent job


Wonderful letter

  • bellyup
  • 10/10/08 09/01/10
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  • Fri, 24/10/2008 - 09:45

A wonderful letter Icecrusher it had me in tears!

Nearly as much as my now defunct bank statement

It should be on the front page of the Times !


GREAT stuff

  • Elpasout
  • 10/10/08 31/08/09
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  • Fri, 24/10/2008 - 09:34

Well reasoned and eloquently wrote!


A brilliant letter !

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
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  • Fri, 24/10/2008 - 09:16

.... it brings tears to my eyes! It will do the same to the audience who see the subsequent film version of this horrendous saga :)


Excellent Letter

  • jeff harris
  • 14/10/08 31/05/09
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  • Fri, 24/10/2008 - 02:58

Congratulations Icecrusher, well writen and just the right tone. We have to keep piling on this kind of pressure to force the UK Government to release thes funds that belong to us, not Kauphing UK depositors. My MP has not replied but I'll be bombarding him with more messages. I had no idea that it was the IOM Financial Servies Commission that sent our 555 million to the UK. I gues you must be shure of that fact to include it in the letter. What right did they have to do that? Sounds like maybe we should be taking legal action against the IOM FCS!


Sooooo eloquent

  • teedoff
  • 18/10/08 31/05/09
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  • Thu, 23/10/2008 - 20:22

Icecrusher

Shakespeare couldn't have said it better! Esta muy bien


Letter to Chairman

  • timeout
  • 22/10/08 22/06/09
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  • Thu, 23/10/2008 - 22:02

Great letter, bravo! I think you should forward this letter to the various national newspapers for the "Letters to Editor" sections tomorrow.


Lord Turner

  • annespension
  • 19/10/08 31/05/09
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  • Thu, 23/10/2008 - 22:10

It's a great letter but just one point to correct if sending it elsewhere. His name is Adair not Alistair!


Red - of course...

  • IceCrusher
  • 14/10/08 25/10/11
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  • Fri, 24/10/2008 - 04:45

Good spot annes! Slipped that one, luckily its only on this page...
For the detractors, I just could not get the letter to flow using "...10% non uk, resident, domestic, plus a frenchman, a dog lover and uncle tom cobley - sorry! :-|

IceCrusher


Letter To Lord Turner

  • srcoates
  • 10/10/08 31/05/09
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  • Thu, 23/10/2008 - 20:19

Great letter, however one comment; From the site poll it can be seen there are a number of us (24%) who are UK citizens and are UK resident. We pay tax on the interest in the UK. I cant help feeling that mention of this would have strenghtened our case.

Sorry to mention it especially as you have made the effort, but as I said great letter and if it helps our cause all the better.


Icecrusher's best yet

  • arny
  • 15/10/08 31/05/09
  • unspecified
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  • Thu, 23/10/2008 - 20:26

Read this & pull your shoulders back.


And once again,the 10% of non

  • Jean-Charles Marlier
  • 10/10/08 31/05/09
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  • Thu, 23/10/2008 - 20:22

And once again,the 10% of non UK,non UK residents are being left out,thanks a bunch.....


Tranquelle mon ami vous etres

  • bellyup
  • 10/10/08 09/01/10
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  • Fri, 24/10/2008 - 09:39

Tranquelle mon ami
vous etes d'entre les amis

( excusez mon 1960's O level Francais )


moaner

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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  • Thu, 23/10/2008 - 21:51

I saw you moaning on another thread,and responded positively. Can I ask what are you actually doing to help the cause...anything?? Do you have any ideas of your own?


Sorry but...

  • Diver
  • 11/10/08 31/05/09
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  • Thu, 23/10/2008 - 21:33

You're clearly not getting the point. I reponded to your last comment on this explaing why we are doing what we are. I can't seem to find your post so I have no idea if you read it or not but if you did then we have an even bigger problem.

In case you didn't then I'll explain it once again:

If one of use gets our money back...we all get our money back - with me so far?

We have a job to get our plight into the UK press (please note I said UK press not any other press) so as to get as much publicity for our cause as possible. This is a game - as we have been finding out all week.

With all due respect to all non-British depositors the facts are that Joe Bloggs in the UK doesn't really care if someone from another EU country loses money. In fact they couldn't care less. So...the press don't care either as that doesn't sell newspapers. This is why we stick to what we think the press will publish....BRITISH stories of true hardship and despair.

To be honest I don't really care if you disagee with this approach because it's the closest thing we've got to a working strategy with the press. Our job is to get everyones' cash back 100% and I don't much care who we have to offend to achieve that goal.

With this in mind I have two suggestions for you...please pick one.

1) Stop complaining about things that are designed to help you and get behind everone on here that is busting a gut to help- just because you don't seem to understand doesn't make it wrong.

2) Please come over here to the UK and try your approach with the press. In the most Eurosceptic of Eurosceptic countries we'd be old news and dead within seconds


Little Englanders

  • IanAbroad
  • 11/10/08 13/08/09
  • a depositor
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  • Thu, 23/10/2008 - 21:24

I think a solution for the bank is a solution for all depositors. It won't be restricted to British depositors (if it ever happens) as it will not be UK tax payers money.


It could easily be

  • uptight61
  • 14/10/08 n/a (free)
  • a depositor
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  • Thu, 23/10/2008 - 21:38

It could easily be British taxpayers money if the UK Govt loans money to Iceland to pay us off....


Tax payers money

  • IanAbroad
  • 11/10/08 13/08/09
  • a depositor
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  • Thu, 23/10/2008 - 21:46

yes, but it's a loan, so we'll all be eating cod for the next 20 years.
I think the £3 billion is to help out the Icesavers, they'd need to add on another few hundred million to help us out.
Iceland have already baulked at the deal. Maybe they are becoming more finance savvy, at last.


Cod and chips

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Fri, 24/10/2008 - 09:32

My husbands favorite dish
But I'll eat their darn cod ( we shouldnt really be eating cod its not the fishes fault?) if they will give me my money back!