ans Posted August 19, 2009 Share Posted August 19, 2009 PS. Don't bother sending me any more PMs as I've blocked you and deleted the last one - unread. We usually ban people for sending abusive and unwanted PMs but we'd have to have it reported to us. Just saying like... Link to comment Share on other sites More sharing options...
bellyup Posted August 19, 2009 Share Posted August 19, 2009 PS. Don't bother sending me any more PMs as I've blocked you and deleted the last one - unread. We usually ban people for sending abusive and unwanted PMs but we'd have to have it reported to us. Just saying like... Hello Ans I do not send abusive pms I am completely above such an action. It was only a link to youtube starring Gordon the Rat. Very amusing and far from insulting the Manx people it was to the contrary It highlighted the role that the UK government held in this fiasco and gave an easy to undestand summary of the situatiom I am very happy to send you the link . Or you can look it up yourself and see Its the one with two piles of crap with eyes on the front its very funny and can easily be watched without offense by anyone over the age of 3 years. Link to comment Share on other sites More sharing options...
bellyup Posted August 19, 2009 Share Posted August 19, 2009 Nothing to do with the Manx Taxpayer! Who funds the DCS? Previously the banks were supposed to But therein lies the catch it is underfunded/unfunded and the Regulator upped it to 50k without it appears consulting with the banks - some banking guru will put me right im sure on this point. Therefore the IOMG has taken a loan to facilitate /expedite the process ( inasmuch as the whole affair has dragged on for 10 months and will damage the reputation of the IOM Financial industry.) The manx taxpayer has yet to pay anything at all. There are considerable assets ( 200m) in the bank and the IOMG will get paid out the same as the other depositors a large chunk of the loan will come back to them at the same time as they pay out. As the IOM has considerable reserves there will be in fact hardly any noticeable impact on the Manx taxpayer. As many people are employed in the Financial industry it behooves the IOMG to protect its reputation (and their jobs) as a safe and secure financial centre OK, let's try again - with your whole post quoted - You clearly say "The manx taxpayer has yet to pay anything at all" The Manx Taxpayer has, months ago, paid millions in the Early Payment Schemes, initially £1000 each, and then upped to £10,000 each. So you were yet again inaccurate. And the government 'reserves' of £300 million you refer to (which you say won't have any effect on the Manx Taxpayer) - they represent about 8 months of running the DHSS - just one department. That's not much reserve for a whole nation if there were to be a real financial meltdown. As to "there will be in fact hardly any noticeable impact on the Manx taxpayer" - Allan Bell has stated on several occasions that even if everything goes swimmingly, there will be a loss to Government (and therefore taxpayers) of at least £30,000,000. Thirty Million. You still havent read the Original Post and what we are discussing. Link to comment Share on other sites More sharing options...
bellyup Posted August 19, 2009 Share Posted August 19, 2009 It was an example, I personaly couldnt get your details, but a half competant fraundster could, but it dosnt even have to be your details it could be the details of anyone of the other depositors. If that were the case no bank would be safe as any half competent fraudster could get into anyones bank account. If you go to your bank and wish to withdrew cash you dont wait months do you? Link to comment Share on other sites More sharing options...
John Posted August 19, 2009 Share Posted August 19, 2009 I sympathise with ou, but is moaning on here ever going to change anything? I think not, its only going to piss people off and infact make your chances of gaining sympathy even less. IMO my taxes are paid to help run the IOM, the compensation of money lost in banks through no fault of the Manx Gov is not IMO good use of my hard earn't tax. Me I would rather see it used on the education system, medical care etc etc. Link to comment Share on other sites More sharing options...
ans Posted August 19, 2009 Share Posted August 19, 2009 Its the one with two piles of crap with eyes on the front its very funny and can easily be watched without offense by anyone over the age of 3 years. Weird, that's just the age group that came to mind when I was working out who would find it funny. Link to comment Share on other sites More sharing options...
thebees Posted August 19, 2009 Share Posted August 19, 2009 Look, money is so last century. Move with the times people. Give up worrying about money, it's quite pointless, sometimes you have plenty some times you do not, that is the way it rolls. If the government chose to spend all the tax money on silly things, so be it - look at the millions all those 'NO SMOKING" signs must have cost, people know they are not allowed to smoke already, derrr. I dont mean to hijack this terribly interesting thread but, does anyone else think they have gone a bit crazy with the "NO SMOKING" signs? they are everywhere, in places people would never dream of smoking in - hang on while I light up in church...... Link to comment Share on other sites More sharing options...
bellyup Posted August 19, 2009 Share Posted August 19, 2009 I sympathise with ou, but is moaning on here ever going to change anything? I think not, its only going to piss people off and infact make your chances of gaining sympathy even less. IMO my taxes are paid to help run the IOM, the compensation of money lost in banks through no fault of the Manx Gov is not IMO good use of my hard earn't tax. John I dont want sympathy but thanks all the same I want justice and I want the truth to be known. Brushing it all under the carpet doesnt mean to say it didnt happen most of the public both on the IOM and in the UK are totally unaware of the true situation and events that led to this catastrophe. Taxes have to be used for many things and it is It is important to maintain confidence in the banking and financial sector it is after all the Islands biggest industry and employer. It is also important to remember that many depositors were IOM residents they are tax payers too. Its not as simple as people being unlucky or not being prudent with their savings. I like many banked for years with the Derbyshire BS IOM and the Derbyshire was targeted precisely to get hold of its deposit base as was Singer and Friedlander. All this has come out with the devastating evidence of Mr Tony Shearer the ex CEO of Singer and Friedlander. He warned the FSA on two occasions ( when the takeovers were proposed) and they took no action. This is not the fault of the depositors there is no way they can have anticipated such a thing. The Telegraph who has been uncovering more and more. http://blogs.telegraph.co.uk/finance/rowen...king-implosion/ Link to comment Share on other sites More sharing options...
triskelion Posted August 19, 2009 Share Posted August 19, 2009 Bellyup, you are an uneducated depositor as defined by the regulations. Please stop going on as if you know what you are talking about. Link to comment Share on other sites More sharing options...
bellyup Posted August 19, 2009 Share Posted August 19, 2009 Bellyup, you are an uneducated depositor as defined by the regulations. Please stop going on as if you know what you are talking about. What regulations are these ? How many people need a degree in finance before they put their money into a savings account? Link to comment Share on other sites More sharing options...
manshimajin Posted August 19, 2009 Share Posted August 19, 2009 I would suggest the way things are going a Doctor of Laws might be more useful than a Finance degree. The Telegraph article was interesting. Sadly the UK FSA has been shown over a number of years to be thoroughly incompetent when it comes to major financial management issues. From experience it seems to be quite thorough at checking the minutiae of administration. Could be that they are a bunch of public servants who understand that sort of thing rather than the big picture. I hadn't realised that there were 2,800 of them. How many is that per financial institution? Link to comment Share on other sites More sharing options...
triskelion Posted August 19, 2009 Share Posted August 19, 2009 I hadn't realised that there were 2,800 of them. How many is that per financial institution? They don't just regulate 'financial institutions' though, do they? Everyone in the UK finance industry performing a controlled function has to be registered with them as well, as does anyone qualified to give advice. Basically anything or anyone that provides financial services falls under their remit since the FSMA 2000. Its hardly a matter of being 'throughly incompetent when it comes to major financial issues.' Its a limited national regulator expected to grapple with a heavily intergrated global business. Perhaps a more apt comparison would be the resources RBSi had just 24 months ago with those available to the FSA. Link to comment Share on other sites More sharing options...
bellyup Posted August 20, 2009 Share Posted August 20, 2009 Out of 2800 people employed by the FSA I would have though SOMEBODY would have noticed something wrong - that is after all what they are being paid to do. Moreover it had been flagged by Mr Tony Shearer not once but twice . Unlike 'uneducated depositors' they are supposed to be on the look out for crooked banking practices The majority of qualified observers, such as MEP Eva Joly and a number of UK MPs, and the press (Telegraph) see this as a regulatory failure. The leaked KSF documents as well as the few press articles of any note that get published show that the directors of Kaupthing hf seem to have used the bank as their own private piggy bank issuing loans to their rich buddies against shares in the Bank. How could this is blatant share ramping go unnoticed? Link to comment Share on other sites More sharing options...
bellyup Posted August 20, 2009 Share Posted August 20, 2009 Bellyup, you are an uneducated depositor as defined by the regulations. I am still awaiting your 'definition of regulations '( whose) ? Link to comment Share on other sites More sharing options...
TheBloodyNine Posted August 20, 2009 Share Posted August 20, 2009 It was an example, I personaly couldnt get your details, but a half competant fraundster could, but it dosnt even have to be your details it could be the details of anyone of the other depositors. If that were the case no bank would be safe as any half competent fraudster could get into anyones bank account. If you go to your bank and wish to withdrew cash you dont wait months do you? And they're not safe, fraud is one of the fastest growing crimes in the UK. The fact is I can walk into my bank and take my money out with no hassle as the bank is still there, if I am the victim of fraud they will cover the loss via insurance. KSF is bust if they hand out your money to someone else who covers that I assume it would be pretty hard to get cover on a non existent company? There is also the issue that going to the bank is much safer than stating your claim from a distance. You see this as a black and white they have my money they can just hand it back. But in reality there is the grey of making sure you are entitled, decided on who gets what from the initial divided, how much does everyone get, as I understand it this is just the first instalment, are they paying everyone under a set amount in full? are they paying out a set percentage to everyone? Link to comment Share on other sites More sharing options...
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