No its a commercial risk you take do your
homework before you decide where to put
for example who wants to invest in a bank
in Iceland probably someone who thought they
were getting the edge over others only
to find if it sounds too good to be true
it usually is
yes as there was no other option. However it must not line bankers pockets, and anyone guilty of any illegal activity must go direct to jail.
Of course it was the right thing to do, if more banks go down then the taxpayers money will be used anyhow to nationalize them and make sure people get thier money back, better to do it in advance don't you think!
Also have strong banks is in everyones interests not just people who work there as executives, it is stupid to think that letting the banks go bust is a good thing, lots of us will lose our jobs and there will be an awful recession if that happens, i would rather the money was ysed to stop that happening!!!!!!
I think what we all need to remember is where this all started...it was caused by greed of a few and the ignorance of many...I know that sounds harsh, but why take out mortgages that you cannot afford - it is not rocket science and possibly the hardest lesson to learn but learn we must! I speak as an employee of HBOS, so I am not resting on my laurels and I am not "holier than thou", but it had to end sometime and that time is obviously now! I don't know where to turn or what to do, but I am just going to keep going to work and hopefully a solution will come and until then, I am going to spend less, think about what money means and where I want to be in 5 years time and aim for it. What other choice do I have?? J xx
This is bigger than just the icelandic banks - if we don't guarantee saver's deposits in UK banks then our economy will just get more unstable as frightened savers move their money to what is perceived 'at that point in time' as a safer place - remember, those that saved under £15,000 with Icesave etc, - were pretty sure the Icelandic cover would meet that, but it seems to me that at the moment, no one can be completely sure that the tangled global ecomonic situation won't affect their savings.
I'm watching the recent collapse of an insurance firm in Japan, a nation of net savers compared to us - a nation of net borrowers; how much more unstable will this get if their savers too should 'panic'?
We need a global policy to steady down this melting pot, and sense says it will be temporary - has to be ! - I lived through the 70s and the 90s crashes, and know we will survive, hopefully with stronger national banking systems which we can individually be confident in.
Meantime, we have to keep as calm as we can, the government did the right thing in trying to keep savers faith in UK banks. I'm glad too, that they have additionally guaranteed the tax status of ISA savers with Icesave and their UK private depositors - we may be lucky that as this bank was the first to crash the UK government CAN afford to do this, if many more go to the wall I can't see that that can possibly be the case.
Who would have thought that this past week would have happened?!
Keep the faith, spread your savings, & yes I do have an Icesave ISA so see this costing me £120 in lost interest if the paperwork is completed within 4 months. I'm as cautious a saver as could be and yet I got caught.
We need to remember not to spend or save unwisely - I agree with you Janice, and hope all goes well for you and your job. I'm lucky as my job isn't at stake as I'm self-employed in a specialist field - this is my second career, I was a teacher till disability and ill health took me from my beloved full time job, but as one door shuts another DOES open - in time! We need to think laterally and keep positive.
I think it's a comforting thought for anybody who has their savings ted up in any of these affected banks. However, banking these days is a bit of a gamble. It's also an investment decision; if you lose on the lottery, you can't ask for your money back; if you make a bad investment, again you can't ask for your money back. People make a decision to invest in an overseas back because they're taking a gamble on a higher return than a local bank. They should accept the risk. People certainly shouldn't accept the Government to bail out their bad decision. Ultimately, the taxpayer will foot the bill anyway.
Where are the voting buttons??!
YES Savers are tax payers as well when I did my tax return this year I was shock at how much tax I had paid on my savings.
The goverment will do what they want to do anyway, no matter what we think.
Ain't it the goverment (thatcher) that got us all into this crap by selling everything off to the private sector in the first place.
also if people would live within there meens this kind of thing would NOT happen, basically it has turned into a global society of debt (spending what they don't have). no matter what way you look at it.
There was no opton. Only acceptable solution to an unacceptable situation.
We must ensure that the greedy bankers who caused this situation are held accountable and review all the incentivised policies that encouraged short term results. I like the idea that bonuses should only be payable if still justified 5 years after the trading year results.
The prospect of having scrimped , saved, schemed and planned for a save retirmnment being destroyed by a greedy short sighted idiot in the city is sick making
Yes. But the Serious Fraud Office should investigate for any wrongdoings by any individuals in the institutions and punish them accordingly - that doesn't mean just crossing them off the Christmas card list! Also it must be borne in mind that Gordon Brown must share a lot, if not most of the blame. As chancellor his £5billion tax raid on pensions could have driven pension providers to sharp practice. He also sold the gold reserves at rock bottom prices - if we still had that to sell he could have sold it now. But the price is probably too high for him. He also penalised savers and encouraged borrowing. The man is a moron and now he's looking for scapegoats so he looks everywhere but within. No doubt he'll think up some more laws to go with the 8 a day the labour party bring in.
Yes it was the only real short term option, they should probably be part nationalised and some of the"chiefs" sacked for being incompetent
Now the banks have our money, the government should make sure that it is used for our benefit not as a money-pot for the greedy banks to hoard and reap the benefits for their shareholders. Failure to use the money under the terms it was given should be dealt with severly with immediate nationaisation of that bank and a seizure of all its assets.
Money in Banks [At Least British Banks] Is Not Nor Ever Has [Within Living Memory.] been considered an investment 'At Risk' in ANY WAY.
Perhaps the Icelandic Banks fall outside this [As do other 'Offshore' Banks, Perhaps the High Interest Offered SHOULD have triggered the 'If it Sounds Too Good to be true, It Usually Is' Maxim??
What Price Now Building Society 'Carpetbaggers' of flotation of the ONCE fine Mutuals Such As Bradford & Bingley & Halifax BUILDING SOCIETIES.
I dont think the government had too many options,no action, would have meant total,or near total collapse of the banking system,& we would have all been very poor,except for the greedy,stupid people who caused & magnified the problem in the first place,ie,senior bankers & stock market manipulators.
I have great anger that little seems to have been done to try to control these perpetrators, to ensure they never get away with it again & are brought to book for their CRIMES.
Money was pushed in a very persuasive way at people who in many cases had neither the financial wisdom, or any reason to doubt the pushers,sorry,bankers & it isnt the bankers who are suffering. To the contrary,many senior bankers have no doubt'earned'millions.
The FSA once again proved itself to be either incompetant,toothless,or in the pocket of the financial world. A 'blind man'(my deepest apologies to those so afflicted) could have seen problems coming,but, perhaps, not the huge scale of them.
Those who misold endownments were punished,why not those who are guilty of this far greater crime. The only change required is that the punishment should be much more refined in its targeting,ie, it should be directed at the policy makers, those who instructed their employees to sell credit 'regardless of ability to pay'. Why not have a few hundred 'expensive suits' looking for a roof over their heads,having to send their kids to the local comprehensive,having their hearts broken?
Such action might just safeguard us all from a repeat performance; certainly,a voluntary code will not, these people have no conscience or shame,only self regard.
Just in case anyone thinks I am a bitter individual,one of the big loosers in the current crisis,I am not,so far,although my house has plummetted in value.I just get extremely angry when I see rich crooks getting away with it!!
One final thought,why not take steps to control the commodity market whilst people can still afford to buy food,etc. The bigtime gamblers in the commodity markets contribute nothing to to the growing/manufacture of our daily needs,but add hugely to its end user price. Why is it allowed,are goverments completely without power,or dont they care because it is something they cant be directly blamed for?
So my offspring have now lost the opportunity to join the Banking gravy train.
Until recently some of the options seem to have been:
(1)Start your own business.
If successful : Earn a nice income
If not successful : You may lose everything including your home.
(2)Go into banking:
If successeful : Be paid a mega salary
If not successful : Leave with a huge pay-off and a pension
Difficult decision ?
cheers america! u have been whooping it up 4yrs (low gas prices, cheap housing and food). Now u have 'sneezed' and the world has flu.......... dragging us (kicking and screaming) into a war 7 yrs ago wasnt enuff 4u?........remind me again, u r our allie? PMSL
......with friends like u who needs enemies?
no let them go down they don,t help us as such as BANK CHARGES if they all were not greedy in big pay rises and bonus,s they proble,ly would,nt be in the mess there in.
There must be a good investigative television or newspaper journalist out there and I would hope that he or she could get access to the following share dealing and deserting rats information.
Did any senior members of the major banks or their close family members sell large numbers of privately held shares just before the previously high value began their rapid decline?
Did any senior banking members move suddenly to new posts outwith the banking industry after a long and well paid banking career just before the share price crash?
its rediculous that taxpayers money should go to banks that gave out loans to untrustworthy people.
we shouldnt have to bail them out for billions of dollars.
its utterly dissapointing at how so many of you honestly believe that its right that they should have been allowed to do that.
if you as an individual want to pay the banks money go ahead.
but i dont think that everyone should have to suffer because of the bad choices other people make.
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