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Our Million Quid

On 22 Nov 2008 at 2:51pm Lewes Laugher wrote:
Any more news on the million pounds Lewes District Council lost in Iceland? That's ten quid for every man, woman and child in the Lewes DC area.
On 22 Nov 2008 at 2:56pm fireball wrote:
we wiil bloody pay for it in 2009 . so the council can keep there nice little jobs
On 22 Nov 2008 at 6:07pm Roly Mo wrote:
What about the money they have earned you, have you thought about that.
On 22 Nov 2008 at 6:51pm Smiler wrote:
What is the population of Lewes itself?
On 22 Nov 2008 at 7:31pm Lewes Laugher wrote:
LDC earned me money? How? Do you mean the lost interest on the lost million?
On 22 Nov 2008 at 8:38pm Roly Mo wrote:
No, the interest they have earnt on investments made in the last few years.
On 22 Nov 2008 at 8:58pm Lewes Laugher wrote:
Well, we'll forget the million quid then, shall we?
On 22 Nov 2008 at 9:21pm fireball wrote:
if we was to miss a council tax payment the l d c would be sending out letters ect . but its ok for them to lose a million pounds what a joke.
On 22 Nov 2008 at 9:55pm Roly Mo wrote:
You make it sound like they lost it on purpose!!
On 22 Nov 2008 at 10:07pm Lewes Laugher wrote:
Carelessness and incompetence.
On 22 Nov 2008 at 11:42pm Frank Keys wrote:
Hi Lewes Laugher - with your great financial insight could you please let me know which bank is likely to fold next? You are not as careless and incompetent as the District Council so I expect a swift response so I don't lose my deposits (and after all the District Council caused the economic collapse, so you could stop another global catastrophe)
On 23 Nov 2008 at 12:01am Yawwwnnnn wrote:
Frank Keys, I think we have been here before. I do not believe Lewes Laugher is obliged to tell you or indeed anybody else which bank is going to fold next in order to make his or her point. Lewes Laugher is not investing £1mn of tax payers' money. Ergo Lewes Laugher is not obliged to monitor the health or otherwise of any financial institutions. LDC, on the other hand, were investing £1mn of tax payers' money. They should have realised that retail deposits paying above Bank of England base rate were bound to entail quite a lot of risk.
As to which bank will fail next? I flippin' well hope none of them do given how much of our money Gordon has thrown at the problem.
On 23 Nov 2008 at 10:07am rouser wrote:
Lewes itself has about 16,700 inhabitants. LDC has about 98,000 people living in its area.
On 23 Nov 2008 at 11:10am Lewes Laugher wrote:
Yawwwnnn - precisely.
On 23 Nov 2008 at 1:13pm sashimi wrote:
Frank, UK banks are insured with the Bank of England for up to £50,000 per depositor. So, all you have to do is make sure you don't pop more than 50k in any one account and if you have more, spread it around a bit. It doesn't matter if a bank goes bust so long as the Bank of England doesn't.
On 23 Nov 2008 at 2:30pm Lewes Laugher wrote:
Frank Keys - are you Ben or Burnt toast or both?
On 23 Nov 2008 at 2:57pm Jennifer wrote:
Never made a mistake then? Presumably all of you chavs predicted the Bank problem years ago?
On 23 Nov 2008 at 3:04pm Chav wrote:
Hey chick, don't you use my name in vein. Use it when you want a bedroom party.
On 23 Nov 2008 at 3:06pm Lewes Laugher wrote:
Brighton spotted the problem with Iceland - Lewes didn't. If I lost a million quid of someone else's money in my job I'd be holding my P45.
On 23 Nov 2008 at 3:07pm Lewes Laugher wrote:
Brighton spotted the problem with Iceland - Lewes didn't. If I lost a million quid of someone else's money in my job I'd be making an appointment at the Jobcentre.
On 23 Nov 2008 at 8:34pm Cliffebimbo wrote:
Lewes Laugher, do you work for Brighton council by any chance? Did they have any money invested in Iceland which they withdrew early because they knew that the bank was going to crash? Did you know that many investments are for a fixed term and that money may not be withdrawn even if there is an inkling of a problem? Did you know that the Icelandic banks were on a government approved list until the day before the crash? Did you know that there are strict guidlelines that Council's have to follow in respect of borrowing and lending? If the Council were careless and incompetent than so are the 200,000 people in this country who had savings with them, the numerous councils, police and fire authorities and charities who had investments with them and the "money saving experts" who had them in their best buy tables until the day the bank crashed.
On 23 Nov 2008 at 9:41pm Lewes Laugher wrote:
Cliffebimbo: '... and the "money saving experts" who had them in their best buy tables until the day the bank crashed.' Not to mention the 'money saving experts' who had been warning for months that Iceland was risky. Google to check. You work for LDC don't you? Nothing makes losing a million quid right.
On 24 Nov 2008 at 11:04am Frank Keys wrote:
Yawwwwn yourselves - we've had this discussion before. The reason I think you need to tell me which bank is going to fold next is that you continually assert that any fool could have seen this coming - a point I don't agree with - you can however prove your point by letting us know the next obvious financial disaster and we'll see if you're right.
I read that the Icelandic banks' assets covered the losses so the councils are hopeful of getting the money back.
On 24 Nov 2008 at 3:12pm Lewes Laugher wrote:
No one has said any fool could see this coming. But the LDC people who look after investments are paid - supposedly - because they are not 'any fool' but because they're professionally experienced in managing money wisely. Which they haven't been in this case.
On 24 Nov 2008 at 3:30pm Billy Blue hat wrote:
Absolutely spot on Lewes laugher...LDC and their finnance or treasury dept are a disgrace
On 24 Nov 2008 at 5:32pm Town centre resident wrote:
Some of us don't invest in banks at all, for ethical reasons. But more to the point, if I did invest a million pounds of everyone elses money, and lost it for whatever reason, I think I might be a little more responsive than to say ' 'it won't affect services'
It will affect services at some point. One million pounds worth of services in fact. I am sorry that LDC have become so flippant about money that they dont realise that they lost a sum few of us will have in a bank account in our lifetimes. A very distant, and out of touch Council that has forgotten that it is a public service.
On 24 Nov 2008 at 9:30pm Cliffebimbo wrote:
This could have happened to Lloyds, Barclays, in fact ANY of the high street banks, so please say what the council can do. Should they keep tax payers money in a drawer, so that there is no risk of anything happening to it?
On 24 Nov 2008 at 10:10pm Jennifer wrote:
Lewes Laugher - you are ignorant. Brighton did not predict the problem with Iceland. Their investments were not linked with the Icelandic banks at the time, but only by luck. Lots of unlucky people. You sound like you are really really clever and always, always very lucky (because of your massive IQ), but as is so often the case I fear that in your own time you will be just written off as an idiot. I bet you a hung like a horse too. I love you. xx
On 25 Nov 2008 at 8:00am Annette Curtin-Twitcher wrote:
Tbh, I think the lost million is pretty insignificant compared with the way the banks and insurance companies have p!ssed all our money up against the wall.
At this rate, anyone relying on a private pension will have to work till they're 80. Their pension fund is now a shadow of its former self (some have fallen by 30%, apparently) and annuity rates are going to be so low that a £100k fund will buy you about 3.5p a week.
On 25 Nov 2008 at 8:43am Sylvia wrote:
Apparently LDC were right at the bottom in terms of the amounts invested by public bodies. Over a third of the councils in tthe Uk had put money there, because the banks met the criteria for investments,upto the end of September. Many councils would have been affected by Northern Rock unless the government hadn't stepped in. On paper the UK's economy is about as stable as Iceland's.
Anyway we'll probably be more affected locally by the £6 million Sussex Police may have lost
On 25 Nov 2008 at 10:07am Lewes Laugher wrote:
Jennifer - You tease.
On 26 Nov 2008 at 5:25pm Ed Can Do wrote:
I don't see why they were investing it in the first place. A million quid would have gone a long way to improving the town or even just knocking down the council tax bills a bit. They had no reason to be hording the money.
On 26 Nov 2008 at 7:25pm Lewes Laugher wrote:
I think local authorities like to keep a reserve in hand - or in LDC's case, lose it.
On 27 Nov 2008 at 8:12am Jennifer wrote:
Ed: all Councils do this. Even with recent losses the net gain by this strategy is massive. It makes your Council Tax go a lot further.
I think you would be saying it was daft if the Council did not have a reserve to clear up after the flood, for example.

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Lewes Stoolball

Possibly calling them may have answered your question more
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