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Barry, if the Council invested money in a bank in Iceland and lost most of it, are you telling me now that I don't understand that an investment in a Norwegian bank would have been more secure, considering Norway's revenues? I don't know what the Icelandic bank was offering, but considering Iceland's economy, it must have had to do with easy and unrealistic profits.
May-be you should read how pyramid invesrtments function, Barry, which was at the basis of the whole bank-system collapse in 2008 that hit Britain, America, western Europe and Japan.
The Americam mortgage system was put up for sale in packages, which passed from one investor to another and then to the banks, each getting their despicable profit. At the end, the American house-buyers were paying unrealistic and inflated mortgages, and many went bust.
I possibly understand more than you would think.