KSF Megathread 2

[bellyup]

would that be the same obvious advantagers that you thought you have by putting all your eggs in one basket .

and you know how that turned out, greed is the downfall of all

 

 

 

And trying to shaft people who had put their trust in you so often comes back to bite you in the backside.

The whole of the IOM Financial Industry is built on the fact that people have confidence in its system .

Reading things like 'greed is the downfall of all' may sound good in Church - or more likely in the Spit and Sawdust with the the rest of the self righteous brothers but does'nt go down too well with potential customers.

[gazza]

would that be the same obvious advantagers that you thought you have by putting all your eggs in one basket .

and you know how that turned out, greed is the downfall of all

 

And trying to shaft people who had put their trust in you so often comes back to bite you in the backside.

 

The beans on toast must be really hurting you after all this time you seam to be even more vendictive than b4

[bellyup]

would that be the same obvious advantagers that you thought you have by putting all your eggs in one basket .

and you know how that turned out, greed is the downfall of all

 

And trying to shaft people who had put their trust in you so often comes back to bite you in the backside.

 

The beans on toast must be really hurting you after all this time you seam to be even more vendictive than b4

 

Have you heard of spell check?

[gazza]

ha ha yep you really are finding it hard.

 

nope i havent

[bellyup]

ha ha yep you really are finding it hard.

 

nope i havent

 

He who laughs last, thinks slowest.

[gazza]

i think you find i was laughing in the old topic

[jimbms]

Bellyup are you thick or what, how many times do you have to be told that the UK govt did not seize the assets under eye of the IoM regulator as the IoM was a division of the UK branch and thus when the UK seized it's assets they also got the IoM assets, the IoM could do nothing about it, your complaint is with the UK so piss off there and moan, get it into your thick skull IT IS NOT OUR PROBLEM, WE DO NOT CARE ABOUT YOU.

[bellyup]

Every bank on the IOM is a part of another bank .

 

The lsle of Man bank is owned by RBS.

 

And really it is your problem as the expatriate banking business is a large part of the financial industry.

 

Moreover the innocent depositors are not greedy gamblers this is just the sort of slander that will win the IOM no friends in the banking world.

Most of these savers were hard working honest people who sold UK businesses before retiring abroad. Others currently live and work overseas, and thus are prevented from keeping their nest eggs safe in the UK.

 

That's why they bank in the IOM.

 

How would you feel if your lifetime’s work was wiped out overnight?

 

And all you had done was put it into an IOM bank eg Santander

 

Spain goes down the shute then what?

 

 

 

KSF formally the Derbyshire Building Society had operated in the Isle of Man since 1971 so it was a long established bank in a supposedly stable country.

That and the 100% guarantee that was known to the regulator as a way of convincing savers as to its safety. ( even though NOW he says he never thought it was any good.)

 

The UK, Icelandic and Isle of Man governments need to step up to the plate untangle the mess and restore the majority of these funds to their owners.

 

Saying it not your problem is a cop out and not likely to enhance the reputation of the IOM as a financial centre.

And in reality what else does it have going for it?

[Stu Peters]

Bellyup, you really are winning no friends on this forum. Give up here and take up your case with A. Darling at 11 Downing Street, London, who you will know has also shafted the people of the Isle of Man a couple or so times over recent months.

 

And please - saying that you trusted the Isle of Man is disingenuous...I'll bet you had little or no interest in where your nest egg was stashed, as long as the interest was paid. When I was in business I lost lots of money with bad debts...at least you'll get virtually all of yours back although it may take some time. I invariably lost 100% every time someone did a runner or went bump overnight, only to resurface in the same premises a day later with a technically different company.

 

As others have said, we feel sorry that you've had this trouble, but whining on here about it is losing you any sympathy we once felt. We have bigger domestic problems of our own courtesy of the Mad Jocks of Downing Street.

[bluemonday]

The recent IOM problems may well have originated across but the solution lies with not throwing money around like there's no tomorrow which has been the responsibility/perogative of our own clowns for many years.

Even now they seem quite content to not significantly reduce their own burden on the local economy.

£316 million for staff as quoted in this weeks Courier.

[bellyup]

Bellyup, you really are winning no friends on this forum. Give up here and take up your case with A. Darling at 11 Downing Street, London, who you will know has also shafted the people of the Isle of Man a couple or so times over recent months.

 

And please - saying that you trusted the Isle of Man is disingenuous...I'll bet you had little or no interest in where your nest egg was stashed, as long as the interest was paid. When I was in business I lost lots of money with bad debts...at least you'll get virtually all of yours back although it may take some time. I invariably lost 100% every time someone did a runner or went bump overnight, only to resurface in the same premises a day later with a technically different company.

 

As others have said, we feel sorry that you've had this trouble, but whining on here about it is losing you any sympathy we once felt. We have bigger domestic problems of our own courtesy of the Mad Jocks of Downing Street.

 

Stu I did not come on here to win friends but to seek out justice for myself and for those whom I know to be in a much graver position than myself and these include several Manx residents .

I have already given the reasons why I and many other expatriates bank on the IOM.

And yes indeed i did trust them I have been banking there for years I have no reason to lie I could have got the same interest rates in the Cayman Islands or Panama for example.

I take exception that you think that you can read my mind you are in fact very much mistaken.

The IOM is used for this reason that it was considered trustworthy - other tax free regions are available in the world for non tax payers but the IOM has always seemed as near as possible to home.

I cam assure you that I and all the other depositors have written letters ad infinitum to Alistair Darling and just about every MP in the UK plus the Manx MPs.

Of course we are aware that the fault does not lie soley with the IOM and indeed a lot was done by several people to come to some agreement satisfactorily to all parties in the first instant.

Then instead of dealing fairly with the depositors an attempt was made to disadvantage them by the proposal of the infamous SOA.

A blatant attempt to save the IOM any possible loss at the expense of the depositors

This delayed liquidation and the instigation of the DCS causing much distress among so many.

The tactless remarks of the regulator and others who should have known better did nothing to help matters.

 

These are in the main elderly persons who put their life savings where they thought they were safe.

 

They did not and do not deserve to be scorned lampooned and treated with contempt because nthey have done no wrong, committed no crime, hurt no one and yet their lives have in some cases been totally destroyed.

 

It has come to light that in fact the Bank is not without assets.

The total recovery is going to be between 82 -90% leaving a shortfall of perhaps only 10% which is not a grievous burden for a government to carry .

 

I have put forward the proposed purchase of the Loan book from which it is highly likely that the IOM wold make a profit.

HMG is aware that it has damaged innocent people by its actions and would if asked negotiate a favorable loan perhaps even interest free to the IOM in order to purchase the Loan Book.

There are endless qualified people on the IOM who could oversee the running of this .Most of the loans are blue chip.

 

The Loan Book is about 45% of the total assets and so would not cover all the losses but it would give a great deal of relief to those who are stuck without a home or who are elderly and need their money to live . A government can afford to wait a few years some of depositors cannot.

 

This is not so hard to do it would cost the IOM next to nothing and would bring them goodwill and an almost certain profit ( depending on what price they paid for the Loan Book )

The liquidators may be willing to accept a reasonable offer even if it is below the market value in order to bring relief to the depositors .

 

Not only would the IOM get all the interest from the Loan Book but this action can only enhance its reputation in the eyes of the world.

 

The IOM together with Jersey and Guernsey are the only places that have failed to act in favour of their depositors here is a way they can do this with no detriment to the people of the IOM at all and indeed will make money.

 

Non withstanding the benefit to depositors it can be seen as just another investment opportunity really the IOM cannot lose by doing this and can do so much good.

[bellyup]

Details of the KSFIOM Loan Book can be found here for anyone who is interested.

 

http://www.kaupthingsingers.co.uk/lisalib/getfile.aspx?itemid=20893

[scarbunny]

Non withstanding the benefit to depositors it can be seen as just another investment opportunity really the IOM cannot lose by doing this and can do so much good.

 

Sure it can lose, what if all the loans are "toxic debt" the IOM would be out of pocket to the tune of £400 million. Even if only a percentage is bad debt the IOM will lose out.

 

The depositors in KSF are getting 90% of their money back, which is significantly more than the amount they agreed to when placing the deposits. All in all a good outcome for all involved, if you wanted security you should have put the money in RBS where HMG would have covered your loss.

[gazza]

Non withstanding the benefit to depositors it can be seen as just another investment opportunity really the IOM cannot lose by doing this and can do so much good.

 

Sure it can lose, what if all the loans are "toxic debt" the IOM would be out of pocket to the tune of £400 million. Even if only a percentage is bad debt the IOM will lose out.

 

The depositors in KSF are getting 90% of their money back, which is significantly more than the amount they agreed to when placing the deposits. All in all a good outcome for all involved, if you wanted security you should have put the money in RBS where HMG would have covered your loss.

 

now now scarbunny, please will you stop posting facts you know there not allowed on MF .

Plus you will ruin bellyup`s amazing plan ,

maybe this is why he lost it all because somebody told him there was no risk .

there is risk in everything

[bellyup]

Non withstanding the benefit to depositors it can be seen as just another investment opportunity really the IOM cannot lose by doing this and can do so much good.

 

Sure it can lose, what if all the loans are "toxic debt" the IOM would be out of pocket to the tune of £400 million. Even if only a percentage is bad debt the IOM will lose out.

 

The depositors in KSF are getting 90% of their money back, which is significantly more than the amount they agreed to when placing the deposits. All in all a good outcome for all involved, if you wanted security you should have put the money in RBS where HMG would have covered your loss.

 

The liquidators have looked at the loan book and it is not exposed to any toxic Debt this was also confirmed by the MD of the bank.

 

Yes indeed I think that anyone will think twice about any bank in the IOM now with this attitude they are simply not trustworthy enough to give depositors confidence.

 

I am glad that you mention the words 'their money' its about time this fact was recognized .

 

The depositors were given a a 100% guarantee- and the regulator was well aware of this fact.

but in any case people who put money in a bank deposit do not expect to lose it for any reason.

 

The IOM needs some investment plans as it has to allow for the loss of all the VAT that HMG will no longer be dropping back in the IOM coffers.