Lessons to learn

RAENORTH · **Posted:** Thu Mar 26, 2009 4:42 pm

One of the most deadly phrases we hear in modern administration is the mantra "lessons that must be learned".

This we are hearing yet again, this time in respect of the failed Icelandic banks. It turns out that seven English local authorities breached official guidance and their own treasury management protocols in continuing to invest in Iceland after the banks' credit ratings had been downgraded below acceptable levels.

View full article here

renminbi · **Posted:** Thu Mar 26, 2009 9:35 pm

Yes. It is too much to ask,if it is not their own money

FU (Fed Up) · **Joined:** Mon Aug 01, 2005 8:47 pm **Posts:** 4434

How much were these cretins paid. Anyone with even half a brain knew that Iceland was an accident waiting to happen, yet they blithely carried on useing them.

gareth · **Joined:** Wed Jul 23, 2008 12:59 pm **Posts:** 1862

You misunderstand. This is precisely the risk-taking attitude Gordon Brown believes will get us out of the repression. Nerves of steel in the face of dire warnings or just gloriously ignorant of them. Finance by the seat of your pants...

gregb · **Posted:** Fri Mar 27, 2009 3:44 am

Quote:

and if we had an adult discourse in this country, some of the issues across a wide range of activities would benefit from open discussion.

There is an adult discourse that is becoming more and more main stream eg. Daniel Hannan's solemn outburst against the Prime Ministers disasterous blind leading the blind leadership (Matthew 15:14). You undervalue this (EUREF) and other blogs. It is just that this discourse no longer happens in the majority of the print media nor over the biased bunny airwaves.

JO · **Joined:** Mon Aug 01, 2005 7:39 pm **Posts:** 864

Our Council was among the 'worst offenders'.
A council employee failed to open an email warning the council not to invest with Icelandic banks.
The offending council official was duly 'disciplined' (the only one) and that was that. I don't think he/she was even fired!

I find it incredible that one single minor employee in the finance department has sole responsibility for the investment of millions of pounds of taxpayers money - but then knowing our council, you can bet your sweet bippy that's not the case! But hey .. as long as the Executives and Councillors come out smelling of roses, thats alright then. Heaven forbid any of them should do anything as decent as resigning as a matter of honour.

People around these parts aren't very impressed. Not very impressed at all.

Watchet · **Posted:** Fri Mar 27, 2009 4:36 pm

On the US side of the Atlantic Ocean for a moment in this huge financial muck-up, The Big Money site posted an article by Eliot Spitzer on 17 March 2009 which reveals how much the rescue of AIG has been one of insiders protecting fellow insiders. The article is called "The Real AIG Scandal: It's not the bonuses. It's that AIG's counterparties are getting paid back in full". See:

http://www.thebigmoney.com/articles/-be ... l?page=0,0

Watchet

Lessons to learn

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