Tynwald Select Committee - final report

  • anrigaut
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Posted: Fri, 01/07/2011 - 18:40

The Final Report of the Select Committee is now available here:
http://extranet.tynwald.org.im/sittings/TynwaldPapers/2011-PP-0113.pdf

It will be presented to Tynwald at its next sitting on 12 July:
http://www.tynwald.org.im/papers/orders/2010-2011/to12072011.pdf

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KSFIOM "a good news story" !

  • anrigaut
  • 19/10/08 30/10/09
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  • Fri, 15/07/2011 - 20:15

The Tynwald 'debate' on Wednesday (13 July), which I listened to live, held no surprises and no joy for us there.

First the basic facts:

Four of the Committee's 18 recommendations were opposed by Treasury on the grounds of them forming part of an upcoming Treasury review (1R-2, 1R-3) or being judged not possible in practice (1R-5) or 'ill-advised' (3R-4). Amendments were proposed (also by Treasury) to several others, generally weakening their wording.

Peter Karran MHK reiterated his views about the inadequacy of the initial £1000 early payment (acknowledged in the Report), pointing out his lone opposition to this low offer at the time. He also stressed the amazement he had felt on discovering that one of the bank's directors was also an FSC Commissioner and strongly supported recommendation 1R-2 which would have prevented such dual appointments in future. This recommendation was also supported by a former chairman of the FSC (sorry, I missed his name).

The only other speakers were the (past and present) members of the Committee, all sounding very pleased with the outcome and generally self-congratulatory.

In separate votes, all 4 recommendations opposed by Treasury were narrowly rejected (in two cases on a casting vote) and the others approved as amended. The report was then formally received and the other 14 recommendations approved as appended.

The early publication Hansard will be available shortly.

Meanwhile here are a few choice quotes (with apologies for any inaccuracies in my notes):

  • Anne Craine was pleased to announce the "good news story" of KSFIOM: "The Isle of Man took it on and can be pleased and proud".

  • Mr Lowey (member of the SC for the first part of its inquiry) sees the results as a "success story", having put "money up-front to get a pay-out" - needless to say he omitted to mention that this was to enable the defective DCS to deliver on its promises. His conclusion: "The Committee has done a great service to the IOM" ....

  • Mr Crowe (member for part 2) "enjoyed" the Committee (I'm afraid I can't say the same). They "all worked for the outcome and should be satisfied".

Perhaps the most amazing statement of all came at the end when Mr Watterson (chairman), in his summing up, opined "The IOM has lead the world with its DCS - and I believe it still does".

In opening the debate, Mr Watterson had praised the efforts of his Committee and referred to "the success of the EPS", the 3/4 depositors fully paid, the estimated recovery rate of 91.4 - 97.7% and the recently upheld PG which he suggested could bring final recovery to around 100%. Apart from the EPS, none of these 'successes' owe anything to the efforts of IOMG unless it is that they managed in extremis to ensure that the DCS could finally live up to its promises by paying out 'fully protected' depositors.

Mr Lowey's statement about the service done by the Committee to the IOM is to my mind the most telling - and would seem to confirm all our worst suspicions about the true purpose of this inquiry.


iomtoday: "FSC members can be bank directors "

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http://www.iomtoday.co.im/news/isle-of-man-news/fsc_members_can_be_bank_...

Some interesting comments from Manx voters ...

"Published on Tuesday 19 July 2011 08:00

TYNWALD voted narrowly in favour of allowing members of the Financial Supervision Commission to be bank directors too.

The select committee set up to investigate the island’s Kaupthing Singer & Friendlander bank crash had recommended against this.

Committee chairman Juan Watterson MHK told Tynwald of the ‘reputational damage’ by association of having John Cashen, one of the directors of KSF (IoM), as vice chairman of the FSC.

‘Even though there is no evidence of impropriety by the FSC or Mr Cashen, it’s the impression left on people outside this island,’ he said.

In Tynwald last week, the House of Keys voted 11-13 against the recommendation and the Legislative Council vote was 4-4.

Members voted in favour of a recommendation that government consider all options to enhance the position of and speed of payment to depositors in the review of the Depositors’ Compensation Scheme.

The select committee had recommended the government make efforts to devote some reserves to give some pre-funding of the DCS.

The report said this would guarantee swift payout in the event of any future default.

Instead, Tynwald approved an amendment by Treasury Minister Anne Craine that government ‘consider identifying an element of reserves’ which could provide early payment. Members also approved an amended recommendation to review the existing £200 million cap on the banks’ annual levies to fund the DCS.

KSF (IoM) collapsed in October 2009.

The committee put the blame for the bank going under primarily on the UK authorities for placing the sister bank in London in administration while ensuring most UK retail deposits were protected.

It added that the Isle of Man Government was ‘insufficiently energetic in pursuing the interests of depositors in KSF (IoM) with the UK Government’.

Only Onchan MHK Peter Karran (LibVan) voted against the committee’s final report into the bank crash and amended recommendations."


To Anrigaut

  • Gordon 45
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  • Tue, 19/07/2011 - 14:56

Hi Anrigaut,

Once again thank you for your interesting update on the situation.

Most appreciated,

Gordon 45


iomtoday - comments

  • anrigaut
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  • Thu, 21/07/2011 - 11:16

Thanks Gordon 45 - and thanks to you for your continued efforts to analyse the progress of the liquidation which are widely appreciated.

The above was of course not my update but a copy of the article in iomtoday which has so far attracted an unusual number of comments from IOM folk unhappy with their leaders.

I've just added a third comment (in response to another) - trying to make profit from the occasion this offers to highlight the FSC/KSFIOM complicity that effectively sank the bank.

"27
anrigaut
Thursday, July 21, 2011 at 10:29 AM

“Why hasn't the KSF action group already taken action against John Cashen?” Good question Squeak. The short answer is because we have no proof of any wrong-doing. And maybe there was none. But the fact that an apparently unrecorded compromise between the FSC and KSFIOM's directors allowed funds to be deposited with KSF UK despite the FSC board's unambiguous resolution in May 2008 that all exposure to Kaupthing Group should be eliminated is to say the least troubling. The Select Committee's implicit recognition of this is reflected in another of its recommendations (this one approved by Tynwald) that “in future all such compromises should be recorded in reported minutes”. Unfortunately, that comes too late for the KSFIOM depositors who suffered the consequences. The Select Committee can dissimulate as much as it wants - and does - over the causes of the collapse. But let no-one on this island ever forget: without that disastrous and imprudent under-the-counter compromise in favour of perceived business interests, KSFIOM and its customers would have been protected from the collapse of Kaupthing."

A good comment there from ftt - thankfully more measured than most of those he makes here ... !

Maybe a few others might be inspired to take up their pens?


The "Cashen affair"

  • anrigaut
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It gets better and better - in iomtoday!

"29
Grand Master
Thursday, July 21, 2011 at 08:57 PM

I attend many lectures and conferences in the international arena on Corporate Governance. The “Cashen affair” has become well know globally and is clearly damaging the Islands reputation and subsequently the economy. What is surprising is that this person was not asked to resign from the FSC board after the KSF debacle. The mere fact that he did not take it upon himself to stand down could be interpreted as an indicator as to his understanding of good governance and the understanding of those sitting on the board of the FSC. You can forget about the continuing damage that “the affair” is having on the islands business and the world’s perception of the islands status as a tax haven what is really concerning is that 13 of the elected and 4 of the privileged have demonstrated here that they simply do not understand the meaning of good Governance."

http://www.iomtoday.co.im/news/isle-of-man-news/fsc_members_can_be_bank_...


The comments continue

  • anrigaut
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  • Sun, 24/07/2011 - 09:04

The comments continue here:
http://www.iomtoday.co.im/news/isle-of-man-news/fsc_members_can_be_bank_...

Not too late to join the fray ...


FSC IoM Conflicts of Interest. Revolving door or what?

  • follow_the_tao
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  • Tue, 26/07/2011 - 04:24

from FSC site:

Current Directorships

Mrs Rosemary Penn MBE (Chairman)
Berkswell Property Limited
Farington Limited

Mr John Cashen OBE (Deputy Chairman)
2e2 (IOM) Limited
Century Management Limited
Fortress Management Services Limited
Kaupthing Holdings (Isle of Man) Limited
Singer & Friedlander Investment Management (IOM) Limited

Mr John Aspden (Chief Executive and Commissioner)

None

Mr Tim Cullen (Commissioner)
Belox Advisory Services d.o.o.
Bishop Barrow’s Charity King William’s College
Institute of Business Ethics London
IOM International Business School
King Williams' College Society
Small Countries Financial Management Centre
The Executive Leadership Faculty Limited
TCA Limited

Mr Geoff Karran (Commissioner)
Beedon Ltd
Byzantine Investments Ltd
Castletown District Over 60’s Club Ltd
Cronkbourne Sports/Social Club Ltd
Crosby (Isle of Man) Nominees Ltd
Deerpark Limited
Gainsthorpe (IOM) Limited – estate of M C Simpson
Konin Limited
Lipara Investments Ltd
Manx Gateway Club
Manx Mencap
Nicholson Group Limited
Nicholson Investments Ltd
Palace Hotel and Casino Limited
Project 21
Shoprite Group PLC
Stanbic International Insurance Ltd
Standard Bank Isle of Man Limited
Standard Bank Offshore Group Limited

Mr Alan Smith (Commissioner)
Belmont International Group Limited
Caledonian Fund Services (Europe) Ltd
Eden Rock Asset Based Lending Fund Ltd
Eden Rock Asset Based Lending Master Ltd
Eden Rock Direct Lending Fund
Eden Rock Direct Lending Master Limited
Eden Rock Finance Master Limited
Eden Rock Unleveraged Finance Master Limited
The EM-ES Fund Spc Ltd
HSBC Securities Services (Isle of Man) Limited
INSL Snowjumpers Limited
Junior Achievement Isle of Man
Odyssey Alternative Strategies Fund Limited
Varus Fund Limited
Varus Capital Management Limited

Mr Bryan Stott (Commissioner)
Belmont International Group Limited
Biscayne Limited
Helvick Estates Limited
Inisheen Limited
Jadefield Limited
Manna Energy Limited
North Quay Investments Limited
Pippin Limited
Ramsey Estates Limited
S.P.R. Limited
Stott Asset Management Limited
Stott Capital Limited
Stott Properties Limited

It is possible after viewing the above to guess exactly why Aspden ('ole carrot-top' to his friends here) receives the grandest public purse annual payout on the IoM. They're paying him off for being the one having to appear 'clean'.

I wonder who 'grandmaster' is. The IoM hasn't fooled anybody. And all the backslapping in the Tynwald was the celebration of scoundrels, it had nothing to do with 'a job well done'. They are lttle children celebrating the fact they didn't get caught. The IOM is just steeped in corruption and hobbles on, hobbles isn't the correct word because catering to the tax arbitrage industry is rather profitable. I think whoever 'grandmaster' is is just stating that the locals can't even be bothered with appearances and that their brazeness causes comment internationally ( I'll temporarily maintain my restraint!).


One man's 'Good News' is another man's anathema...

  • IceCrusher
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  • Sat, 16/07/2011 - 09:47

"Men's evil manners live in brass, their virtues we write in water." Shakespeare.

Or,

To the victor the spoils and the 'right' to re-write history as they see fit.

Ice


IOM Delusions

  • conned
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  • Sat, 16/07/2011 - 14:10

I think there is a place on another planet called IOM and the atmosphere induces delusions. To console myself I remember Madoff, Stanford and now 'friends of the News of the World' With a bit of luck things will come back and bite some 'friends of the IOM 'on the bum.


To Anrigaut

  • Gordon 45
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  • Fri, 15/07/2011 - 22:11

Hi Anrigaut,

Just on to say well done by yourself, in the reporting of the 'good news' story.

Most appreciated,

Gordon 45


Manx Herald: KSFIOMDAG Press Release regarding TSC Final report

  • anrigaut
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http://www.manxherald.com/index.php/business/661.html

DAG Press release now also posted here. Another opportunity to add comments ...


Manx radio 9 July 2011: Kaupthing report to go before Tynwald

  • anrigaut
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"The Manx government's investigation into the collapse of Kaupthing Singer and Friedlander will come to a conclusion next week.

A select committee which looked into how the bank failed, and the government's reaction to it, will present its final report to Tynwald on Tuesday.
Chairman Juan Watterson MHK will ask the court to back 18 recommendations, ranging from banning FSC commissioners from being bank directors through to working more closely with regulators in other countries.
Mr Watterson says even after the report is put before the court, there will be more work to do, to try to prevent banks failing in future:"

link and audio clip here: http://www.manxradio.com/newsread.aspx?id=53357

The full interview with Mr Watterson (re KSF: about 5-6 mins from the start) is here:
http://www.manxradio.com/audiovault/Perspective.mp3


KSFIOMDAG Press Release 5 July 2011

  • anrigaut
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DAG Press Release on the Tynwald SC Final Report is here:

http://www.ksfiomdag.com/index.php?option=com_content&view=article&id=10...


DAG press release on PAG site

  • anrigaut
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  • Sun, 10/07/2011 - 10:51

The DAG press release re the Final Report has been posted in full on the website of the IOM Positive Action Group (PAG):
www.positiveactiongroup.org/index.php?op...-news&Itemid=135

where you can give it a rating and possibly add a supportive comment.


Yes I listened Anrigaut.

  • follow_the_tao
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  • Sat, 09/07/2011 - 22:21

As a 'techinician' I've listened, until I'm sick of listening, to prats like Watterson. The only way to deal with their mode of thinking is in my experience to build allies of your mind around them and then simply confront and destroy. And I mean destroy. These guys don't lie down, or rather don't compromise easily, call them alpha males whatever (psychologically I believed they are rather sad but so is a psychopath). The guy is elected, let's call it democracy. The IoM electorate is so stupid and so busy enjoying the benefits of being globally antisocial that we don't matter. We are now history. They have just rewritten history as the DAG press release made clear.

My advice is be wiser, or be angrier. The manxes are no different from the expats or Adriennes that were in our camp. But I'm not going to hold my tongue from stating the truth. You're a scientist Anrigaut. You know the method. You also know that some scientists lie. More in the softer sciences. And it is the art of finance.

We were a chapter in history, or a paragraph.

The IoM stinks to high heaven. But there is apparently a lot of wind out there blowing away the stench, probably towards Iceland. The IoM population probably blame pig farmers and not the financiers. We're in the playground and the damaged are a problem as always.

Poetic, no?

It is, and was, worth the effort Anriguat. There's possibly more than a few things dysfunctional with human nature. You're clever Anriguat, so is Watterson. Stochastic cooling.


It's official: the IOM has shone through!

  • anrigaut
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"On the whole the IOM did very well out of - umm ... - did very well at the end for the depositors". Interesting (Freudian?) slip!

Telling also that Mr Watterson's following conclusions - that "the system has stood up to scrutiny ..." and that the IOM "fared well" and can hold its head up internationally as a financial centre - were equally prefaced by "on the whole" ....

But it's good to know that "when the chips are down, as they were with KSF, I think we've really shone through". Really?!

Did they really need to spend two years to come to that foregone conclusion? Perhaps that is what you mean by stochastic cooling?

They have indeed rewritten history. But I agree it was nevertheless worth the effort on our part. At least I too feel I can hold my head up.


@Anriguat, Copernicus bowed down.

  • follow_the_tao
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He 'won' in the end. Copernicus has a different agenda.

Each comment we make is a tack in their armour. The audience here think that they have been defeated. The mistake is to think that the battle is finished, It isn't. The IoM is a DISGRACE. It is a wart on the face of humanity. All their players stink to high heaven. Even the manxes know that, they are so subservient, so short term than they 'comply'. But they know!!!!!

The next time you encounter a manx I suggest that everybody spits on the ground close to them. Let them feel it.

The situation will be resolved, but not in our lifetime. Meanwhile the disgusting manxes have to enjoy their little island alone. If I find a manx offshore in future they are going to suffer my ire. Stay at home manxes is my advice.


Unchallenged lies quickly

  • IceCrusher
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  • Sun, 10/07/2011 - 17:23

Unchallenged lies quickly become the truth.

Ice


Unchallenged lies ... Indeed.

  • anrigaut
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  • Sun, 10/07/2011 - 18:18

Unchallenged lies ...

Indeed. Hence the press release.


Unchallenged Lies

  • Anonymous
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  • Sun, 10/07/2011 - 18:42

Ok
I cant access the Press release link for some reason ? >>

Thanks for pointing that out!

Aurora


Aurora: The Press Release is

  • anrigaut
  • 19/10/08 30/10/09
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  • Sun, 10/07/2011 - 19:19

Aurora: The Press Release is here:
http://www.ksfiomdag.com/index.php?option=com_content&view=article&id=10...

and also here:
http://www.positiveactiongroup.org/index.php?option=com_content&view=art...

Both on public access.

It represents an attempt to challenge the whitewash - and is hence relevant to Ice's comment (which I imagine are his words - but only he can tell you that).


Many thanks for the

  • Anonymous
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  • Sun, 10/07/2011 - 20:00

Many thanks for the Information!

Aurora


A brilliant Statement!

  • Anonymous
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  • Sun, 10/07/2011 - 17:37

I would would write it like this!

" Left unchallenged Lies quickly become the Truth"

I may use that statement in a letter I have to write this week,,

Did you make it up?

It should be a Quote....

Aurora


It's not an uncommon

  • IceCrusher
  • 14/10/08 25/10/11
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  • Mon, 11/07/2011 - 16:12

It's not an uncommon expression and appears in different forms:

THE MIND GAME: "Rules are: unchallenged truth pays one to the pot, unchallenged lie
takes the pot."

The point I was trying to make (poorly it seems) is that each lie uttered by the IoMG and its cohorts over the past 3 years has gone unchallenged by anyone or any entity that could make a difference. No-one gives a rat's ar... about DAG counter-claims - these are to be expected from tax-evaders trying to make a case to retrieve their ill-gotten loot (common perspective). It needs an exhalted body to declare IoMG.com a bunch of bloody pirates, but there's no eminent entity willing to stand firm and say that, least of all HMG, because they are clearly complicit in the whole bloody business. £51 billion per year doesn't get upstreamed to the UK to the detriment of that country does it now?

Ice


Very accurate.

  • follow_the_tao
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  • Fri, 08/07/2011 - 05:06

It is interesting to reflect on the comments, attitude, in the past on this site. Where did the noise come from. The expat's and Adrienne's of this world that felt that the IoM was being unjustly, unpolitically, abused. The Tynwalds report, and the DAG commentary clearly show who was correct.

Idiot's like expat and Adrienne were wrong then and probably now have short memories.

This question of who on the CoI wasn't in favour of the 'trust' suggestion is interesting. How about an answer from the CoI. Remember Gavin? Leak!!! How is anybody going to know? You weren't right either Gavin. Somehow he got elected? All he seems to have done is allow MS to crow about hedging currency risk. Isn't he a bit annoyed about this, or is he so 'big' that he feels it doesn't matter because it's all for the greater good. How about somebody breaks ranks? Do our CoI members identify with the others?

If the system is rotten it needs changing. What exactly are the CoI contibuting to this. Talking to DAG. Elitism is the problem.


@ follow_the_tao Non-contributive comments

  • glen07
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  • Fri, 08/07/2011 - 22:16

Now I normally try and keep my postings to either reporting news articles or thanking personal efforts on our behalf or keeping a positive attitude to keep up morale. I have agreed with many of your opinions, tao but I really must say that drudging up past comments and opinions serves absolutely no purpose in the present time. We can all be wonderful in our own attitudes and chastise others with the power of hindsight. However, as you must know, at the time of adversity, people react and see the problem, the victims and the perpetrators of the "crime" in a myriad of different ways. We are all entitled to our opinions at the time. Obviously in the course of time we can reflect and say we should have acted differently but at the different times we are convinced that we are acting in our own best interests. This may vary with others. They may be right in time or maybe you were but you don't kick them down after the event. If we were all clairvoyants we'd all be millionaires and never make mistakes.

It is hardly rocket science to know that during a liquidation a COI is elected and in whatever liquidation of whatever company, they are sworn to secrecy, not just in the interests of the failing compnay and its directors but to its creditors too. This isn't being mean or elitist. It's a LEGAL requirement and for the protection of all from circling vultures. Now it will irritate the creditors who feel precluded from the information revealed to the "inner sanctum" but it was set up to hopefully benefit the creditors in the long run and keep a check on the liquidator's actions and decisions. Imagine if liquidators were left to make those without any creditor opinions? Getting all creditors to vote on every decision would just take too long and once again, as I've pointed out at the beginning of this posting, there would be such a variance of opinion that no decision would be made at all. Of course you're not going to please every creditor. I know it sucks but we took the risk of this investment and I agree, on reflection, it was with a company that was already fragile and crumbling and bad decisions were made and ineffective action was undertaken by both the bank and financial regulatory bodies but we were chess pawns in the "big game". That's what investment is - a risk, whether of a low or high nature. I'm not in any way saying that I'm not furious with many institutions and individuals who were only in survival and face-saving mode and clearly did not have our best interests at heart but then really, other than family, who does have your welfare in their minds?

I see no point in singling out individuals for chastisement so please desist from doing so. By all means have your opinions about outside influences but all DAG members have been affected by this and I'm sure wanted the best for themselves and you at the time of their original or past opinions, faulty or not though they may be on reflection. This is not the sort of constructive commentary or action that is needed for individual DAG or public opinion to think highly of.


@Glen07: We're all trying to understand...

  • follow_the_tao
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  • Mon, 11/07/2011 - 00:34

Off the top of my head try this:

http://www.nytimes.com/2011/07/10/magazine/sheila-bairs-exit-interview.h...

The IoM(G) has just rewritten history with their TSC report, Wattterson chaired the report and what a **** that guy is.

But the point for them of rewriting history was not to avoid reparation (ours) but to justify, to obscure, to mystify, to confound the next generation of victims.

The IoM(G) is a pirate state sat in the Irish sea. The local population have been colonised by financial pirates. They all co-operate because it is short-term profitable for them. But it is piracy, a piracy of the modern world.

They are modern day PIRATES. There is no escaping this observation if you want/need to understand. There were many pirates asw depositors in KSFIOM. Adriennes parents were no doubt one of them. Expat was a clown that clowned about Russia extracting his pound of gold and screwed up when repatriating it. It is not useful to euphemise in order to understand.

The IoM is a pirate island being used by other pirates world wide to evade slightly more mature national jurisdictions.

The IoM stinks to high heaven. But so does the UK financial community. So do all pirates. I wasn't a pirate. But I fight pirates. Do you get it?

Can you see my point?


@ Glen07

  • D RAM
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Fully agree with you, except your references to "investment". In my view my funds were "deposits" and I wasn't making an investment.

Anyway, I'm so very grateful to all of the dedicated members of DAG and the COI for their unflagging efforts over the years on behalf of all depositors, despite set backs and criticism. Do not get disheartened and keep up your efforts.


D RAM is absolutely correct.

  • follow_the_tao
  • 11/10/08 31/05/09
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  • Sat, 09/07/2011 - 21:53

A deposit, more or less in 'money market' funds, is not an investment.

Carrot-top of the IoM, likes dissembling to support the contrary opinion. Nobody in their right mind has any respect for his dissenbling. He is just the 'contract manager' for the IoM establishment, not even the IoMG.

Let's get some clarity here. The IoM is a pirate state, used and abused and paid off by the UK mainland financial establishment. Yes I can see how things work. Hence my comments, and my comments stand.

Run with the wolves and suffer the consequences. The fact that the wolf, in this case the IoM, contests that it in fact a lamb shouldn't confound anybody by now. The situation has come down to 'face to face' combat. But the IoM controls its media. And it's medias' audience is the the profiteering manxes. We're being fucked by the IoM. Whether an elite is in charge, or whether the mob controls is academic for us. The manxes have circled the wagons and are concentrated on continung to whore.

I'm listening to Watterson at this exact moment. "Weelly Mr Watterson?" "It's alwase difficult .. "
Nothern plonker ... with a rah rah spin. What does he care? The guy needs nailing to the wall.

"So many constiutents..." Why should the IoM poulation give a damn about our situation? Well he reflects quite clearly the disinterest, the self-interest. Watterson is full of bullshit and in my opinion if he doesn't know he is lying outright he needs to be classified as 'intellectually challenged.' No it is more tricky than that. The IoM is a dysfunctional 'state', globally speaking. In dysfunctional systems it is normal to find such confusion amongst the dysfunctional that whilst being seen as more or less mad from outside they are unable to identify their own specific madness. Pirates see their existence as quite reasonable.

Watterson exemplifies this characteristic. The guy is sick. He's a fixer. He's competent. "Huh huh huh..." The system failed. The corrections aren't sufficient. That's it.

What do you do? Well you don't do what Expat, Adrienne, etc etc did. Because it didn't and it doesn't work.

Santana: Those that don't understand history are doomed to repeat it.

We've been fucked. I don't see it as appropriate to soften the focus.