thesultanofsheight Posted February 1, 2009 Share Posted February 1, 2009 It did nothing of the kind. Other measures helped to rehabilitate the IOM; all the DCS did was provide a guarantee for SMALL savers. That's the bit you don't get. SMALL savers. S Well thats where we disagree, and nothing is going to change that is it? Because you are always right and everyone else is always wrong. Link to comment Share on other sites More sharing options...
Sebrof Posted February 1, 2009 Share Posted February 1, 2009 It did nothing of the kind. Other measures helped to rehabilitate the IOM; all the DCS did was provide a guarantee for SMALL savers. That's the bit you don't get. SMALL savers. S Well thats where we disagree, and nothing is going to change that is it? Because you are always right and everyone else is always wrong. So a compensation scheme offering £15,000 is aimed at people with hundreds of thousands of pounds? If that's the case, you're right. I don't understand it at all, let alone fully. S Link to comment Share on other sites More sharing options...
mikeldn Posted February 1, 2009 Share Posted February 1, 2009 It did nothing of the kind. Other measures helped to rehabilitate the IOM; all the DCS did was provide a guarantee for SMALL savers. That's the bit you don't get. SMALL savers. S Well thats where we disagree, and nothing is going to change that is it? Because you are always right and everyone else is always wrong. So a compensation scheme offering £15,000 is aimed at people with hundreds of thousands of pounds? If that's the case, you're right. I don't understand it at all, let alone fully. S Yes £15000 was the maximum payout when KSF went under...so why are we, the tax payers, now compensating the full amount these individuals invested? Link to comment Share on other sites More sharing options...
theman Posted February 1, 2009 Share Posted February 1, 2009 PREEZS where do i sign up for free moneys??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????/& if i got ring ding's hell great.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!nn Link to comment Share on other sites More sharing options...
nipper Posted February 1, 2009 Share Posted February 1, 2009 PREEZS where do i sign up for free moneys?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ???????????????????????????????????????????????????????????????????????????????????????????????????????? ???????????????????????????????????????????????????????????????????????????????????????????????????????? ???????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????????????/& if i got ring ding's hell great.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!nn What on earth happened at the end, the "nn" bit?. It could well have been a last gasp as theman slumps over his keyboard in the early hours. Well done for finding and managing to hit the Return key though our kid! Link to comment Share on other sites More sharing options...
Slim Posted February 1, 2009 Share Posted February 1, 2009 fucking Greed. Nobody does it better. Than the Isle of Man. Nice bit of hating, except we're talking about an Icelandic bank. Link to comment Share on other sites More sharing options...
glass Posted February 1, 2009 Share Posted February 1, 2009 http://www.manxradio.com/readNEwsItem.aspx?id=32228 I can't decide if this is right or wrong? Sure it's horrible what happened and it's a political nightmare. That said, the money never stayed in the Isle of Man and supported only how many jobs at KSF International? £11 million of Manx tax payers money... gone?! this is outrageous. I suppose the pier wont get fixed now. I don't have enough money to put in a fancy bank, but now my money (in taxes) is going to re line other peoples pockets. it just does not seem right to me Link to comment Share on other sites More sharing options...
Slim Posted February 1, 2009 Share Posted February 1, 2009 I don't have enough money to put in a fancy bank, but now my money (in taxes) is going to re line other peoples pockets. it just does not seem right to me If people didn't bank here, you'd be paying a lot more in taxes. Link to comment Share on other sites More sharing options...
thesultanofsheight Posted February 1, 2009 Share Posted February 1, 2009 So a compensation scheme offering £15,000 is aimed at people with hundreds of thousands of pounds? If that's the case, you're right. I don't understand it at all, let alone fully. S Jesus Christ ... my point was that the DCS was only one part of the elaborate layering of a marketing message that was pushed out to the international community to attract deposits - well reguated, meeting international standards, AAA rated jurisdiction, banking compensation scheme to UK standards etc. That message was not aimed at small savers and actually attracted substantial deposits even though the DCS covered only small amounts. As I said many posts back - it does not matter if the DCS covered £15k, £50k or £400k the fact that we had one (even if it only compensated small savers) was used in an elaborate smoke screen with other component parts to create the image that we were so well regulated and so secure that your money was better placed here than in other offshore centres. So its wrong to say that the DCS was there just to attract or compensate small savers, in truth it was put in place as a quasi benchmark of legitimacy and security for our banking sector and will, maybe subconciously, have been a reason why people also made bigger deposits here. FFS what part of that do you not get? Link to comment Share on other sites More sharing options...
La_Dolce_Vita Posted February 1, 2009 Share Posted February 1, 2009 I think it is outrageous how the UK and Manx government are willing to bail out the banks. Not my fault the fiancial system is in crisis, why should I pay for the costs of bad decision making? Link to comment Share on other sites More sharing options...
Slim Posted February 1, 2009 Share Posted February 1, 2009 I think it is outrageous how the UK and Manx government are willing to bail out the banks. Not my fault the fiancial system is in crisis, why should I pay for the costs of bad decision making? Because the cost to you would be so much greater if they don't bail out. Link to comment Share on other sites More sharing options...
La_Dolce_Vita Posted February 1, 2009 Share Posted February 1, 2009 I think it is outrageous how the UK and Manx government are willing to bail out the banks. Not my fault the fiancial system is in crisis, why should I pay for the costs of bad decision making? Because the cost to you would be so much greater if they don't bail out. Would you please explain how? I have a fair idea of why governments do bail the banks. What it amounts to is the use of taxpayers as the people who must bear the costs of problems in the economy, problems they did not create and really have no responsibility to sort out. Link to comment Share on other sites More sharing options...
Slim Posted February 1, 2009 Share Posted February 1, 2009 Would you please explain how? I have a fair idea of why governments do bail the banks. What it amounts to is the use of taxpayers as the people who must bear the costs of problems in the economy, problems they did not create and really have no responsibility to sort out. Because the economy relies on banks. When a bank fails, it's not the bankers who lose out, it's the people they owe money to, and the people who would have borrowed from them. You allow the banks to fail, and your economy is buggered. You bail em out, the economy limps on and you may get your investment back one day. The government could actually do quite well out of these bailouts in the long term, they've got some very cheap banking stock. People did help to create the problem. Yes, people weren't really doing much wrong, and were simply taking what was offered, but the reliance on consumer spending growth fuelled by borrowing equity is a big part of what created this problem, someone had to borrow that money and spend it. Link to comment Share on other sites More sharing options...
Sebrof Posted February 1, 2009 Share Posted February 1, 2009 So a compensation scheme offering £15,000 is aimed at people with hundreds of thousands of pounds? If that's the case, you're right. I don't understand it at all, let alone fully. S Jesus Christ ... my point was that the DCS was only one part of the elaborate layering of a marketing message that was pushed out to the international community to attract deposits - well reguated, meeting international standards, AAA rated jurisdiction, banking compensation scheme to UK standards etc. That message was not aimed at small savers and actually attracted substantial deposits even though the DCS covered only small amounts. As I said many posts back - it does not matter if the DCS covered £15k, £50k or £400k the fact that we had one (even if it only compensated small savers) was used in an elaborate smoke screen with other component parts to create the image that we were so well regulated and so secure that your money was better placed here than in other offshore centres. So its wrong to say that the DCS was there just to attract or compensate small savers, in truth it was put in place as a quasi benchmark of legitimacy and security for our banking sector and will, maybe subconciously, have been a reason why people also made bigger deposits here. FFS what part of that do you not get? I didn't get it, Sultan, because that is not what you said. This is what you said: "If you anaylse it, what did the DCS actually do for us? 1. Re-habilitate us after the SIB disaster 2. Put Manx banks on a (percieved) equal footing with UK banks as the schemes were the same 3. It allowed IOM accounts to be sold to UK residents as equivalent protection was on offer to a UK deposit taker so in narrowed the risk of investing offshore." That's what I was arguing against. What you have now said makes more sense, except the last part where you claim the DCS might have been a factor in persuading bigger depositors to invest here. You must think they are pretty stupid. S Link to comment Share on other sites More sharing options...
Sebrof Posted February 1, 2009 Share Posted February 1, 2009 I think it is outrageous how the UK and Manx government are willing to bail out the banks. Not my fault the fiancial system is in crisis, why should I pay for the costs of bad decision making? Because the cost to you would be so much greater if they don't bail out. Would you please explain how? I have a fair idea of why governments do bail the banks. What it amounts to is the use of taxpayers as the people who must bear the costs of problems in the economy, problems they did not create and really have no responsibility to sort out. As Slim suggested, the problem was in large part caused by ordinary working people who took out loans they couldn't afford to fuel their spending frenzy and force up house prices. Had they been less greedy and self-deluding we would be in much better shape now. Bankers can't force people to borrow, you know. It takes two to tango. Incidentally, I place much more blame on the lenders and regulators, who should have known better. But the general public is not blameless. S Link to comment Share on other sites More sharing options...
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