Yet more nonsense non factaul posting Peter – London.

You know full well that the UK Treasury did decide to take Kaupthing Singer and Frieldander was the day that the bailout of the banks was announced and when asked Hector Sants reply was : ” this Bailout money is not for you ” but it was for every other UK based bank.

This discrimination comes in back drop of other UK banks in far worse troubles that Kautphing Singer and Frieldaner were.

It was a deliberate actions from HM Treasury putting pressure on FSA to discriminate. And they did so veyr clearly.

Terry did write :
>Tricky one this, Fisy. Is that statement – Factual – Knowledgeable – Observational –Rhetorical – or Ad-Hominem?

And what exactly was his post that I did reply to in my own given circimastances ?

http://www.icenews.is/index.php/2009/11/28/icelandic-president-urged-to-say-no-to-icesave/comment-page-1/#comment-103938

“>You have to remember that Fisy is the one of the people who screwed Iceland through his total, complete and absolute stupidity and is now trying to shift blame to anyone who he can.”

I would call my reply an Observational reply.

I do think that a completely ad hominem personal attack by Peter – London did get a factual reply from me exposing his clear mis deeding of disrupting attempts of this discussion.

True enough. At this stage market was pushing Krona way down below all historical exchange rates even taken away carry trade that bubbled it up to ridiclous levels — sp not surprising given pounding we took with banks all being taken down of 85 % of sector.

But thanks to inaction of Red-Green government since taking power April with banking sector as Mats Josefsson did make clear, and this spine less no backbone ” negotiations ” over IceSave they did waste time on over summer after elections, opportunity to get ISK floated by now which has been lost until next year.

With all the horrible implications this has for us here because money loans is now going to have to be spent.

Knowless did write :
>It’s ironic that the leading critic of the Ireland’s path to self destruction over the
>past 6 years, David McWilliams, has pointed to Iceland’s decisive approach in >taking a few important decisions head on as a contrasting example of how Ireland
>has dithered and dragged indecisiveness before finally stumbling on their final
>solution, borrow Eur 60bn. to bail out the banks by buying up the bad debts at
>close enough to their full over inflated value.

Yes not bailing out is best thing that can be done in circumstances. Bankcrupcy process of liquidations as has finally began to happen here.

You do notice of course that foreign creditors were content to take over old Kaupthing. THis is primarily because they know its assets are going to recover.

Good work there Mike .

+ie what every one can see by the fact that only focus was on EU application and they pet projects — that the restoration of the country’s banking system is not being prioritized by the Red Green government:
http://www.icelandreview.com/icelandreview/daily_news/?cat_id=28304&ew_0_a_id=351935

That is the soften criticism I have ever seen of one of most utterly avoidable of all financial decisions made by Brown ( and he has made some horrible ones for British tax payer in recent years ) that did lose value for British tax payer.

What next Brumley, do you post soft barely criticisms on other boards excusing Bush and Blair for lies they told in order to invade Iraq ?

You already did take soft criticism to new level here but this post above about gold reserves is one of your most amazing :

http://www.icenews.is/index.php/2009/09/28/british-and-dutch-stance-on-icesave-hardening/#comment-96983

It is fact that Brown sold at the wrong time. And he sold after giving clear notice to markets that he would be selling. And when advisor did tell him it was wrong thing to do ..

http://www.timesonline.co.uk/tol/news/politics/article1655001.ece

“From The Sunday Times
April 15, 2007

Goldfinger Brown’s £2 billion blunder in the bullion market
Chancellor ignored advice on sell-off

Holly Watt and Robert Winnett ”

I do hope that you did buy gold at this time Mike ( Nordic Analyst ).

Tricky one this, Fisy. Is that statement – Factual – Knowledgeable – Observational –Rhetorical – or Ad-Hominem?

The bailout happened *after* KSF went bust. B&B and Northern Rock were allowed to fail as well as KSF. I won’t bother reading the rest of your spam, but that was an easy lie to highlight.

“And how the UK did for example discriminate against Icelandic owned banks such as Kaupthing Singer Friedlander by refusing to make that UK bank part of the bailout money that ++all other++ UK based banks regardless of their shareholders did get then.”

Probably because the management of KSF were proving to be unreliable and making promises to the UK government they couldn’t keep. In the end the UK government lost patience with them and moved to protect the depositors. Try reading this article about the KSF High Court judgement, Fisy – you seem to have missed it first time round because you didn’t comment on it.

http://www.icenews.is/index.php/2009/10/21/kaupthing-loses-claim-against-british-government/

I am looking forward to all the EU funding grant data for the prominent Social Democrats ( you know who you are ) finding it way out.

http://www.icenews.is/index.php/2009/09/28/british-and-dutch-stance-on-icesave-hardening/#comment-94648

Jim wrote:
>That is ironically one of the reasons that I suspect the Icelandic people will prefer the Icesave dispute is resolved in court, rather than via negotiation. It will prove an enlightening and educating case, but the outcome is likely to be a disaster for Iceland. For an indication, check how the independent arbitration effort progressed until Iceland withdrew from that.

It is because this whole thing just smells of unfairness. If there is any suing going on it will happen in Iceland first then to EFTA court.

The case is in no way as clear cut as that opinion for ING Holland does say. I do notice though that this opinion does ignore what actually happend in the member states — that Ireland started by discriminating against foreign owned banks versus local Irish owned ones with different guratnee amounts above the EUR 20,000 depposit fund.

And how the UK did for example discriminate against Icelandic owned banks such as Kaupthing Singer Friedlander by refusing to make that UK bank part of the bailout money that ++all other++ UK based banks regardless of their shareholders did get then.

But this law of separation is not the same as the IceSave law.

It is different case. That case is for bond holders. And it is up to judge to decide it first here in Iceland then I expect up to EFTA Court. Which is how it should be.

The IceSave case is about different aspect — liability for paying out for ++ 5.5% interest ++ and also the general issue of liability when more than 1 bank goes down in flames like happened to us 85% of ours.

And for this we cannot know for sure what EFTA Court will rule. But again I do ask why is EU commission and UK and Holland so scared of seeing this in court ?

Every action of theirs shows it right from the time that Brown and Darling did make they horrible actions of the terrorist law use etc.

Daniel did write:
> I agree that the deposit guarentee fund should not have priority over other creditors.

In world of unlimited pot of money of course, they should be treated the same. But depositors are not same as professional investors.

They did go into this with they eyes open. More so than the depositors did. So they are ones who are most fully informed of potential risks.

They did read the Barlacays Capital report and others from 2006 and still they did buy the Icelandic bonds knowing the risks because they were seeking the biggest return for they monies.

Things went against them and they lost. Why should Icelandic taxpayers foot the bill for next decades to pay for their loss in that case ?

It is reaonable to expect that regardless of what happens there is not going to be many people from those worlds buying Icelandic bonds because these people that did make these investing decisionss are bankcrupt.

I do hope they realize this and do accept the lower offers that they is being offered now. I honestly do not see how better can be given current circumstances.