.... never lend an Icelander money (no matter what the incentive),
they'll welch on the deal.

Or did I miss something?

--
Wicked Uncle Nigel - "He's hopeless, but he's honest"

I've always been a man who's open to persuasion

On Sun, 7 Mar 2010 01:18:31 +0000, Wicked Uncle Nigel
<(E-Mail Removed)> wrote:

>... never lend an Icelander money (no matter what the incentive),
>they'll welch on the deal.

Much like never lend to a Lehmann, a
Northerner(Bradford/Bingley/Halifax/Newcastle), or a Jock (Royal or
Halifax variety) cos they'll welch on the deal, then get the gubmint
to pay you back with your own money.

Then give themselves a bonus for being so clever.

Using the patented Mavis Beacon "Hunt&Peck" Technique, Salad Dodger
<(E-Mail Removed)> typed
>On Sun, 7 Mar 2010 01:18:31 +0000, Wicked Uncle Nigel
><(E-Mail Removed)> wrote:
>
>>... never lend an Icelander money (no matter what the incentive),
>>they'll welch on the deal.
>
>Much like never lend to a Lehmann, a
>Northerner(Bradford/Bingley/Halifax/Newcastle), or a Jock (Royal or
>Halifax variety) cos they'll welch on the deal, then get the gubmint
>to pay you back with your own money.
>
>Then give themselves a bonus for being so clever.

Mmm-hmm...

<stacks mattress just a little higher>

--
Wicked Uncle Nigel - "He's hopeless, but he's honest"

I've always been a man who's open to persuasion

Wicked Uncle Nigel <(E-Mail Removed)> writes:

> Using the patented Mavis Beacon "Hunt&Peck" Technique, Salad Dodger
> <(E-Mail Removed)> typed
>>On Sun, 7 Mar 2010 01:18:31 +0000, Wicked Uncle Nigel
>><(E-Mail Removed)> wrote:
>>
>>>... never lend an Icelander money (no matter what the incentive),
>>>they'll welch on the deal.
>>
>>Much like never lend to a Lehmann, a
>>Northerner(Bradford/Bingley/Halifax/Newcastle), or a Jock (Royal or
>>Halifax variety) cos they'll welch on the deal, then get the gubmint
>>to pay you back with your own money.
>>
>>Then give themselves a bonus for being so clever.
>
> Mmm-hmm...
>
> <stacks mattress just a little higher>

That's what you get from Quantative Easing, at least your bed will be
well padded. Give it a few years and you might be able to wallpaper your
house with 50 quid notes like they did in Germany in the 1920s with the
worthless Mark.

I'm not surprised that the Icelandic taxpayers said 'no'. I doubt that
they had been asked in the past if they'd like their banks' profits
privatised and the risks socialised in such a way that it would screw up
the whole economy. And Gordon & friends didn't exactly come out of this
smelling of rose after using anti-terror legislation as a means of
diplomatic interaction.

And that's before we even get to certain UK authorities depositing large
amounts of our money in Iceland two days before they defaulted and then
doing a headless chicken impression when it disappeared (Kent County
Council, I'm looking at you). That was after some UK consumer finance
already warned that there were concern about the stability of the
Icelandic banking system (moneysavingexpert.com, IIRC). Did Kent tax
payers get asked if they wanted their council to **** up like this? I
certainly didn't.

Call me a stick-in-the-mud but banks usually have to pay a higher
interest rate if their deposits are riskier. While I can understand that
the ordinary tax payer didn't necessarily make that connection - after
all, we've all grown richer and all that thanks the NuLab and it will
continue forever like this - you'd think that people who are supposedly
looking after our money for the gubmint are a little bit more clued up.

--
Morini Corsaro 125 | XL250 Motosport | R1150RT | 3 1/2 Sport
Laverda SF2 BOTAFOF #33 TWA#10
The UKRM FAQ: http://www.ukrm.info/faq/
"Je profite du paysage" - Joe Bar

On Sun, 7 Mar 2010 01:18:31 +0000 in uk.rec.motorcycles, Wicked Uncle
Nigel says:

>... never lend an Icelander money (no matter what the incentive),
>they'll welch on the deal.

I am more concerned with their whaling TBH. Asking the populace who
were not a party to the banks shenanigans to further cripple their
economy and themselves is unlikely to be successful.



--
Ian
"Bother!" said Pooh, as Han put him in a dead Tauntaun.

On 07/03/2010 01:34, Wicked Uncle Nigel wrote:
> Using the patented Mavis Beacon "Hunt&Peck" Technique, Salad Dodger
> <(E-Mail Removed)> typed
>> On Sun, 7 Mar 2010 01:18:31 +0000, Wicked Uncle Nigel
>> <(E-Mail Removed)> wrote:
>>
>>> ... never lend an Icelander money (no matter what the incentive),
>>> they'll welch on the deal.
>>
>> Much like never lend to a Lehmann, a
>> Northerner(Bradford/Bingley/Halifax/Newcastle), or a Jock (Royal or
>> Halifax variety) cos they'll welch on the deal, then get the gubmint
>> to pay you back with your own money.
>>
>> Then give themselves a bonus for being so clever.

A bottle of bolly for everyone involved, sweetie dahling!

>
> Mmm-hmm...
>
> <stacks mattress just a little higher>
>

Mmm-hmm...

<stacks credit card just that little bit higher>

--
DozynSleepy


--
DozynSleepy

On 8 Mar, 10:23, Champ <n...@champ.org.uk> wrote:

> I'm not quite sure why the British Govt thinks that it has a right to
> reclaim the money it paid out under its own guarantee to its citizens.

Votes.

Champ wrote:

> A former colleague had a good million or more to put on deposit
> (between houses, and he's obviously not short of a bob or two), and he
> concluded that the Icelandic banks were too good to be true, and put
> his money in more staid places.

I had a fairly substantial amount of money[1] in an Icelandic bank - I
thought you did too.

> He was pretty ****ed off that his tax money was then used to bail out
> people who hadn't used the judgement that he had.

Luckily for me (us?), a Dutch bank came to the rescue.

[1] a six figure sum, having sold my flats.

--
Chris

On 08/03/2010 11:19, Charlie wrote:
> On 08/03/2010 10:23, Champ wrote:
>> The British Govt offered its citizens some protection if the
>> institution they invested in went bust, up to a limit of 50k, I
>> believe. Some of the institutions so covered went bust.
>>
>> I'm not quite sure why the British Govt thinks that it has a right to
>> reclaim the money it paid out under its own guarantee to its citizens.
>
> Indeed. When BCCI went under, depositrs had to lump it. They had been
> suckered in, helped by a "use us and not the unscrupulous western banks"
> campaign, because the bank was offering rates significantly higher than
> the market.
>
> Mrs Charlie was working in marketing for one of those wicked
> unscrupulous western banks at the time, and was always told by folk in
> the 'ethnic communities' that "BCCI are offering 0.5% than you". She
> would say, "We are the mightly X Bank, and we've been around for 150
> years and we'll be here in 150 years' time. Will BCCI?"

I always thought that you earned money from your capital because you
have *risked* your capital to make gains. There seems to be a perception
that there is *no* risk in putting your money in a bank and and yet it
still entitles you to make a gain ?


> A handful of local tradesmen (Lebanese, Indian and Bangladeshi) we knew
> in our part of London lost everything to BCCI; business capital,
> pensions and so on. The Western Isles Council lost >£20m. Tough break,

I lost a fair bit of my pension when Equitable Life went bang, tough
break indeed. Should have realised the gains up till then were too good
to be true.

> and so it should be for fools who put their money with the Icelandic
> banks. They were not subject to UK protection, and did not even have EU
> backstop protection. That would teach them to keep their capital here in
> future, supporting UK industry and with the benefit of our laws.

If the tax payer hadn't bailed out RBS and BOS I wonder how much would
have been lost ?

--
DozynSleepy

CT wrote:
> Champ wrote:
>
> > A former colleague had a good million or more to put on deposit
> > (between houses, and he's obviously not short of a bob or two), and he
> > concluded that the Icelandic banks were too good to be true, and put
> > his money in more staid places.
>
> I had a fairly substantial amount of money[1] in an Icelandic bank - I
> thought you did too.
>
> > He was pretty ****ed off that his tax money was then used to bail out
> > people who hadn't used the judgement that he had.
>
> Luckily for me (us?), a Dutch bank came to the rescue.

And the dutch are the other party chasing Iceland for reparations, no?

--
ogden | gsxr1000 | rgv250