When Skies Are Grey Posted October 10, 2008 Share Posted October 10, 2008 With the FTSE under 4,000 and the DOW down over 300 points already on the day its hard to see what can halt the slide.... Anyone got any good news? Link to comment Share on other sites More sharing options...
Newsbot Posted October 10, 2008 Share Posted October 10, 2008 Ministers want the Icelandic government to honour a commitment to investors in Kaupthing Singer and Friedlander. Source : http://news.bbc.co.uk/go/rss/-/1/hi/world/...man/7664217.stm Link to comment Share on other sites More sharing options...
Jimcalagon Posted October 10, 2008 Share Posted October 10, 2008 With the FTSE under 4,000 and the DOW down over 300 points already on the day its hard to see what can halt the slide.... Anyone got any good news? It's stopped raining. (Just kidding - it hasn't) Link to comment Share on other sites More sharing options...
pongo Posted October 10, 2008 Share Posted October 10, 2008 With the FTSE under 4,000 and the DOW down over 300 points already on the day its hard to see what can halt the slide.... Anyone got any good news? sooner or later it gets to the bottom Link to comment Share on other sites More sharing options...
Skeddan Posted October 10, 2008 Share Posted October 10, 2008 With the FTSE under 4,000 and the DOW down over 300 points already on the day its hard to see what can halt the slide.... Anyone got any good news? sooner or later it gets to the bottom like a submarine on the slide - question is whether before it gets to the bottom, will all cave in from going too far down? Link to comment Share on other sites More sharing options...
pongo Posted October 10, 2008 Share Posted October 10, 2008 With the FTSE under 4,000 and the DOW down over 300 points already on the day its hard to see what can halt the slide.... Anyone got any good news? sooner or later it gets to the bottom like a submarine on the slide - question is whether before it gets to the bottom, will all cave in from going too far down? Ha ha. Drink less coffee. That won't happen ! a low of 3,287 on 12 March 2003, days before the start of the Iraq war. link So that would be a significant psychological point. A lot of people will be looking at this thinking what a fantastic opportunity it is for them - including a bunch of fund managers who are going to need to buy back in in order to offset all that selling. I know nothing btw. Link to comment Share on other sites More sharing options...
Lee54 Posted October 10, 2008 Share Posted October 10, 2008 Is it correct that the Irish Governments 2 year guarantee to depositors only applies to accounts opened in Ireland and not offshore Branch accounts. Also could the RBS use the IOM Bank as a get out by dumping all its bad assets in it They should give this man a medal not prison http://www.manxradio.com/readNEwsItem.aspx?id=26654 Link to comment Share on other sites More sharing options...
gilf_uk Posted October 10, 2008 Author Share Posted October 10, 2008 They should give this man a medal not prison http://www.manxradio.com/readNEwsItem.aspx?id=26654 I'm sorry what? For stealing? Who do you think makes up the funds if they are not recovered? The bank, and in turn, it's customers and shareholders. Thats like saying we should thank Iceland. Link to comment Share on other sites More sharing options...
Amadeus Posted October 10, 2008 Share Posted October 10, 2008 Some IOM exposure in the media Human cost of the banking crisis Icelandic bank Kaupthing, Singer and Friedlander (KSF) has emerged as the latest victim of the global economic crisis as it went into administration this week, leaving British customers facing a severe loss of their savings. But it is offshore savers with KSF’s Isle of Man branch, the deposits of which are not fully guaranteed by the UK government, who are particularly alarmed. Adam Thompson and Guy Matthews are British citizens living in New Zealand and Australia respectively. Both had their life savings in KSF on the Isle of Man. Both now face destitution. They tell their stories Link to comment Share on other sites More sharing options...
Ruben Posted October 10, 2008 Share Posted October 10, 2008 Q: What's the capital of Iceland? A: About £4.50 Link to comment Share on other sites More sharing options...
CrossMan Posted October 10, 2008 Share Posted October 10, 2008 Is it correct that the Irish Governments 2 year guarantee to depositors only applies to accounts opened in Ireland and not offshore Branch accounts. Also could the RBS use the IOM Bank as a get out by dumping all its bad assets in it They should give this man a medal not prison http://www.manxradio.com/readNEwsItem.aspx?id=26654 There is a major question as to whether the IOM subsidiary of an Irish bank, covered by the Irish Government Guarantee, is itself covered. Immediately after the Irish Government guarntee was announced I got an email from one subsidiary on the Island telling me they were covered and another subsidiary confirmed this to me verbally. Checking this last Wednesday (after seeing the free-fall of their equity) I was told there was no clarity on whether the guarantee applies to the IOM subsidiary, or not. I immediately withdrew what I could penalty-free but am still very exposed to these two banks. The Irish Government guarantee seems to cover depositors in Ireland. It does not cover the ongoing firm. So my fear is that if the bank went insolvent in Ireland the Irish depositors would be fine but the IOM subsidiary would be left isolated and then fall. The Irish Government is expected to clarify this point next week. For now, I personally am hanging on as I don't think the Irish government could afford to let any one of it's 6 big banks go down. Link to comment Share on other sites More sharing options...
Snaipyr Posted October 10, 2008 Share Posted October 10, 2008 This was taken from a post on Moneysupermarket forums 30 minutes ago: Interesting information for KS&F (IOM) depositors: At the meeting in Douglas the regulators, the Financial Services Commission were represented by their Director. Many of us wondered how the crisis in Icelandic Banks could pass them by. Well I can reveal that the Deputy Director of the Financial Services Commission is John Cashen and, on the FSC website he declares the following directorships as 'conflicts of interest': Kaupthing Singer & Friedlander (Isle of Man) Limited Kaupthing Holdings (IOM) Limited Notice anything? I wonder who took their money out in time? Now that wouldn't be allowed on Manx Forums, would it!? Link to comment Share on other sites More sharing options...
mojomonkey Posted October 10, 2008 Share Posted October 10, 2008 Whilst I have sympathy with anyone losing hard earned cash I fancy playing devil's advocate for a moment. I've yet to see any investors in these non high street/big name banks actually acknowledge that investment does carry risk. I can only presume that people invest in the likes of Kaupthing Singer & Friedlander (Isle of Man) Ltd because they are promised better returns on their investment than you would get from the likes of HSBC, etc. Surely, part of the reason they can offer better returns is due to them taking more risks with their investments, by investing with them you have to accept this. Are we seeing capitalism eat itself? Link to comment Share on other sites More sharing options...
Pat Ayres Posted October 10, 2008 Share Posted October 10, 2008 Q: What's the capital of Iceland? A: About £4.50 Genuinely funny, well done. Link to comment Share on other sites More sharing options...
Newsbot Posted October 10, 2008 Share Posted October 10, 2008 The UK's leading cancer hospital is caught up in the collapse of Kaupthing Singer and Friedlander Source : http://news.bbc.co.uk/go/rss/-/1/hi/uk/7664734.stm Link to comment Share on other sites More sharing options...
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