Guest 649- Registered: 12 Mar 2008
- Posts: 14,118
1 November 2010
10:0777781I have just seen and taken part in a online poll it was asking Should Mr Watkins resign over the funds that were put in the Iceland Bank that we did not get back.
Well I am supporting Mr Watkins on this one he should not resign.
First I do not know what part he played in it if any.
And anyway it was put there to try and get a good return at some point,and lets face it at that time that funding could have gone to any bank and we might not have got a .return.So no he is good at what he is trying to do, not so of some of his team behind him. Anyway I am sorry to say the poll was 75% say he should go.
And only 25% said he should stay.
But knowing Mr Watkins some what he will not go nor should he.
1 November 2010
10:1877783Vic,
not sure Watty was solely responsible for the debacle (where DDC would have done better putting the money each way on Noggin the Nog in the 15.30 at Folkestone) but if we have our esteemed council members resigning on matters of principle (or in this specific case principal
), or even worse whenever they screw up, it won't take long to empty the chamber at Fort Whitfield!
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
1 November 2010
10:2477784It is utter nonsense.
Remember - the investment was made into a one-year fixed rate product 11 months before the bank went belly up.
The bank had a good A rating from the rating agencies even in the month before they went bust.
Even the Audit Commission who police the way money gets invested by Council's had cash with Icelandic Banks.
Many IFAs also placed money in those banks in the September before the October crash due to the ratings.
DDC did not do anything wrong or improper over this and so there is no charge to answer for.
It is only ignorance that says otherwise.
Remember as well that the crunch was a 'once in 100 years event'.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
1 November 2010
10:3377786polls like that usually result in the demand for someone's head, if that happened we would be left with very few council leaders around the country.
Guest 690- Registered: 10 Oct 2009
- Posts: 4,150
1 November 2010
10:3477787Why don`t we ignore these cheap, crappy gutter news items? At the end of the day, if there was such a thing as foresight, which there isn`t, then DDC would never have invested in Icelandic banks at all. As you know, I haven`t much knowledge on these matter`s, but I like to think I`ve got a bit of intelligence and common sense.
Tell them that I came, and no one answered.
1 November 2010
10:3777788WADR Barry, Having read the Audit Commission report (Risk and Return) I think you are being a little economical with the truth. The signs were there and most councils did not invest or chose to pull out their investments.
Report here:-
http://www5.tmbc.gov.uk/akstonbridge/images/att7937.pdf
The question is if you personally had lost shed loads of your own money twenty years ago trying to get the odd extra percentage point on your investments by buying magic beans from BCCI, would you have been so ready to buy Icelandic magic beans or would you, having had your fingers burnt once, stick to a safer investment strategy?????
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
1 November 2010
10:4277791paul would have got even more flak if the money had stayed in a lower interest account.
what surprises me is that barry has not blamed gordon and alistair.
1 November 2010
10:5077792Howard, I hear that the councillors have now got bored with playing Monopoly with other peoples money.
The latest craze at the Fort is playing Sim City (Whitfield Edition). It's apparently an open ended city-building game. I believe they have gone for the multi-player version.
Guest 640- Registered: 21 Apr 2007
- Posts: 7,819
1 November 2010
11:0077793Barry is correct on this, its nonsense to suggest this is a resignation issue. No doubt PaulW had advisors re these investments and there wasnt any adviser or high flying financier who saw any of this coming...not the recession and not the loss in the Icelandic banks, or indeed any other banks...some in the US went bust completely and some were saved here as we know by the aforementioned Gordon and Alastair. Nobody saw it coming.
Half the nation would be resigning right now if this was a resignation issue. The City would shut down due to the high volume of personnel falling on their swords.
1 November 2010
11:0677794PaulB,
To paraphrase Oscar 'To lose one investment, Mr Worthing, may be regarded as a misfortune; to lose both looks like carelessness.'
Our only hope is that the finance officers at Whitfield have not opened any e-mails from Nigeria recently!
Jan Higgins
- Location: Dover
- Registered: 5 Jul 2010
- Posts: 13,895
1 November 2010
11:3777797For me it is quite simple. NO he should not resign but the DDC financial advisor should possibly review his/her position and take more care in the future.
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I try to be neutral and polite but it is hard and getting even more difficult at times.
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Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
1 November 2010
11:4677800Bob - the Councils have a duty to seek the best possible rate of return on money held. No-one really did forsee the banks going belly-up though there are some who try to claim some kind of insight lost to most. Largely this is no more than a spot of self-rightousness born out of a lucky break.
The simple fact is that the problem was so widely spread it does not indicate any particular failing in any one body in the public or private sector.
I did not personally have any clients lose a penny over this, but I do know some very good IFAs who did recommend the Icelandic Banks after doing due diligance in September for the investment of significant amounts of money and none, as far as I know, have been found against by the ombudsman.
Guest 649- Registered: 12 Mar 2008
- Posts: 14,118
1 November 2010
17:0877840Thank you for that. i can see we are all in agreement.that Mr Watkins should not go,I hope he reads this and post back but if not he can see that for once he has got100% backing from us all.
Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
1 November 2010
17:2677849If the question is solely should mr watkins resign of course i say yes but not on this issue.
It's nice that barryw finally admits we have been through a global recession but on this issue, and like others have said if we went through matters of concern and resignations the chamber would be empty within mns
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
1 November 2010
17:3577854Personally I wouldn't invest the Council's money outside Kent, but in the local economy.
However, if I were asked to choose a country where to invest some public money anyway, I would have proposed Norway. If a Norwegian bank had incured into difficulties, the Norwegian State would have had no problem in bailing the bank out. Norway earns massive revenues on oil sales.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
1 November 2010
17:4677857Keith - this is nothing to do with the recession and I have never denied that there was an international recession (not global as every country did not go into recession).
Alexander
Councils have to keep cash reserves. This must be invested into low risk short duration investments. The money managers will be looking at spreading money around a wide range of providers. The best and only way to manage risk is diversification in that way, there is no such thing as a risk free investment, there are only different types of risk. What you suggest is not possible or sensible.
1 November 2010
18:0677863kljkkjkjkjkjkjk
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
1 November 2010
18:1977872i'll get your strait jacket ready jimmy, put the kettle on and relax.
Guest 703- Registered: 30 Jul 2010
- Posts: 2,096
1 November 2010
18:5677888It was Sunday when I took this so couldn't go in and ask when we would be getting something back
Guest 649- Registered: 12 Mar 2008
- Posts: 14,118
1 November 2010
18:5877889I am flying over it this week .I will drop a note asking for our cash back.
