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Topic ID 3823

29/09/2008 by carlos fandango

Credit Crunch Part 2

As I was walking through Hertford Town Centre on a beautiful sunny Saturday afternoon I couldn't help notice the Abbey just around the corner from Bradford and Bingley and the Lloyds just near the Halifax. Of course, though. The credit crunch has nothing to do with Hertford.


0 replies

Archived Replies

Reply ID 55421

29/09/2008 by SallyB

quote:
Of course, though. The credit crunch has nothing to do with Hertford.
Evidently not - some people are still trying to market their properties at near peak prices, it seems.


Reply ID 55422

29/09/2008 by Willow

quote:
Originally posted by SallyB
quote:
Of course, though. The credit crunch has nothing to do with Hertford.
Evidently not - some people are still trying to market their properties at near peak prices, it seems.
I know! There's a house in Ashbourne Gardens for sale with Steven Oates - shocking what they are asking when you can see on houseprices.co.uk what they paid for it little more than a year ago.


Reply ID 55423

29/09/2008 by Ray_by_the_Beane

quote:
Originally posted by carlos fandango
As I was walking through Hertford Town Centre on a beautiful sunny Saturday afternoon I couldn't help notice the Abbey just around the corner from Bradford and Bingley and the Lloyds just near the Halifax. Of course, though. The credit crunch has nothing to do with Hertford.
I stand to be corrected, but isn't NatWest also owned by Bank of Scotland, which is now owned by Lloyds?


Reply ID 55424

29/09/2008 by Steve

Bradford and Bingley, Halifax and Woolwich (now closed) all have frontages on Market Place. So much for the success of demutualisation.


Reply ID 55425

29/09/2008 by carlos fandango

Natwest owned by Royal Bank of Scotland. A different entity completely. Mind you, with their share price currently down 15% today ( down 53% year to date), they may not be with us for too long either. I may be wrong but I think Woolwich is owned by Barclays (down 9% today)


Reply ID 55495

01/10/2008 by aubend

quote:
Originally posted by carlos fandango
Of course, though. The credit crunch has nothing to do with Hertford.
Hertford is immune to anything that happens in the outside world, such as Chavs, awful shops, litter, drunken yobs, skeggy burger vans... oh.


Reply ID 55497

01/10/2008 by Kitty Kat

Remind me again why you live here aubend? If you hate the place so very much then move I can think of, and have lived in, much worse places than Hertford


Reply ID 55499

01/10/2008 by aubend

quote:
Originally posted by Kitty Kat
Remind me again why you live here aubend? If you hate the place so very much then move I can think of, and have lived in, much worse places than Hertford
Are you my own personal monitor or something? I live here because I live here thanks for asking.


Reply ID 55505

01/10/2008 by Kitty Kat

quote:
Originally posted by aubend
quote:
Originally posted by Kitty Kat
Remind me again why you live here aubend? If you hate the place so very much then move I can think of, and have lived in, much worse places than Hertford
Are you my own personal monitor or something? I live here because I live here thanks for asking.
Thanks but no thanks, I don't want to monitor anyone, particularly someone as grumpy as you! Just intrigued as to why you are always so negative about the town, its people and its facilities, that's all - just an innocent question[:)]


Reply ID 55645

09/10/2008 by Victor Meldrew

Hertfordshire County Council has £17mill invested with a Skandi bank, does the credit crunch have anything to do with Hertford now?


Reply ID 55647

09/10/2008 by Ewoowar

quote:
Originally posted by Victor Meldrew
Hertfordshire County Council has £17mill invested with a Skandi bank, does the credit crunch have anything to do with Hertford now?
Depends what you mean by 'invested'.


Reply ID 55648

09/10/2008 by azzza

quote:
Originally posted by Victor Meldrew
Hertfordshire County Council has £17mill invested with a Skandi bank, does the credit crunch have anything to do with Hertford now?
.. that begs the question, if they've £17m in the bank, how come the roads are in such a bad state?


Reply ID 55650

09/10/2008 by Victor Meldrew

quote:
Originally posted by Ewoowar
quote:
Originally posted by Victor Meldrew
Hertfordshire County Council has £17mill invested with a Skandi bank, does the credit crunch have anything to do with Hertford now?
Depends what you mean by 'invested'.
Deposited. http://news.bbc.co.uk/1/hi/uk_politics/7660438.stm


Reply ID 55652

09/10/2008 by Ewoowar

quote:
Originally posted by azzza
quote:
Originally posted by Victor Meldrew
Hertfordshire County Council has £17mill invested with a Skandi bank, does the credit crunch have anything to do with Hertford now?
.. that begs the question, if they've £17m in the bank, how come the roads are in such a bad state?
Would you rather they spent every single penny they had?


Reply ID 55656

09/10/2008 by Frenchie

If a bank has had consistently, over the last 12 months, been offering an interest rate that is far better than anyone else then I think it prudent probably to question why...... Only 6 weeks ago all Icelandic banks had their credit ratings slashed and were put on Negative Alert by the major credit rating agencies. I would love to know whose idea it was to deposit Herts money into an Icelandic bank..


Reply ID 55659

09/10/2008 by Victor Meldrew

quote:
Originally posted by Frenchie
If a bank has had consistently, over the last 12 months, been offering an interest rate that is far better than anyone else then I think it prudent probably to question why...... Only 6 weeks ago all Icelandic banks had their credit ratings slashed and were put on Negative Alert by the major credit rating agencies. I would love to know whose idea it was to deposit Herts money into an Icelandic bank..
Probably the same person that agreed the traffic lights on the Rush Green roundabout!


Reply ID 55660

09/10/2008 by carlos fandango

I opened an account with one of the icelandic banks but the day my password etc came through, that banks CDS went up by 150 points which set a few alarm bells ringing. Fortunately I kept what little i have where it was. HCC should have had access to exactly the same info I did. If they did not or chose to ignore it they should be charged with negligence and booted from here to the middle of the next decade.


Reply ID 55661

09/10/2008 by Ewoowar

Central government should be advising local government regarding financial organisations with which they should not do business. If the local council has the correct processes in place and is dependant upon central government guidance then it is not their fault.


Reply ID 55663

09/10/2008 by carlos fandango

One would assume the Treasurer of the county council is being paid somewhere in the region of 6 figures. For someone in that position (and being well rewarded for it) to claim that no-one said not to invest somewhere so it's not their fault is in my view pathetic. The reason these people are highly paid is that they are supposed to be aware of these things. The writing has been on the wall for more than a month about these institutions. I have symapthy for individuals who have been caught out. But councils have been amateurish and negligent in the extreme if they have been.


Reply ID 55682

09/10/2008 by thefair1973

They had a long discussion on this subject on 5live this morning. They had someone saying that only last week, the Icelandic banks in question had an AA+ credit rating and that the money most Local Authorities had in Icelandic accounts was infact to pay pensions, and they were following Treasury advice as to where best to invest this money


Reply ID 55683

09/10/2008 by aubend

It was probably to fund their company cars and fat pensions. Maybe some of the wasters will be laid off instead of stinging us for yet more council tax.


Reply ID 55685

09/10/2008 by Victor Meldrew

The BBC now quoting it as being £28mill


Reply ID 55687

09/10/2008 by azzza

quote:
Originally posted by Victor Meldrew
The BBC now quoting it as being £28mill
Sounds like a subject for the super Sleuths at The Mercury to investigate.... I smell a very large Rat emerging from the confines of the fat-cat Council here. ... funny how they can't find any money to repair the roads or maintain the pavements isn't it?


Reply ID 55693

09/10/2008 by thefair1973

Just seen that the cops have lost £3million too (Herts Constabulary). Looking forward to being burgled


Reply ID 55702

09/10/2008 by James007

quote:
Originally posted by aubend
It was probably to fund their company cars and fat pensions. Maybe some of the wasters will be laid off instead of stinging us for yet more council tax.
I have to laugh at aubende. When his or her street lamps stop working and a large irrational enters the abode and his/her children are crying and the police won't attend and the fire brigade can't attend and environmental health won't attend and the dustcart doesn't turn up and the schools close and the public halls shut and the whole education system collapses so that his or her children have no future and the carparks are over-run with families sheltering and the last page of his or her Daily Mail has been read.... will aubend still be banging on about company cars at Herts County Council that SMT has already stated do not even exist?


Reply ID 55704

09/10/2008 by Ewoowar

quote:
Originally posted by aubend
It was probably to fund their company cars and fat pensions. Maybe some of the wasters will be laid off instead of stinging us for yet more council tax.
What, like my wife who is just starting her 4th hour of unpaid overtime this evening? Nice one, Aubend. It's easy to sling the brown smelly stuff around when you don't know what you're talking about.


Reply ID 55705

09/10/2008 by Steve

quote:
Originally posted by James007
quote:
Originally posted by aubend
It was probably to fund their company cars and fat pensions. Maybe some of the wasters will be laid off instead of stinging us for yet more council tax.
I have to laugh at aubende. When his or her street lamps stop working and a large irrational enters the abode and his/her children are crying and the police won't attend and the fire brigade can't attend and environmental health won't attend and the dustcart doesn't turn up and the schools close and the public halls shut and the whole education system collapses so that his or her children have no future and the carparks are over-run with families sheltering and the last page of his or her Daily Mail has been read.... will aubend still be banging on about company cars at Herts County Council that SMT has already stated do not even exist?
I think the one-liner you posted before editing covered it! [:D]


Reply ID 55708

09/10/2008 by jez_p

And don't forget Transport for London have lost 30 Million - that's your travel to work costs going up. So where has all that money gone? Somebody must have it


Reply ID 55712

09/10/2008 by Steve

There's FAQ on the BBC News website. One question in particular answers some of the queries posted above. "Why did put money into these banks? Like any large organisation, councils have to put their money somewhere. They deposit their income in banks with money not required to fund day-to-day services and operations put into a range of investments. Central funding is tight and pressure to keep down council tax bills is acute so councils have been under instruction from the government to maximise returns from their own money. This has led them to banks, such as those in Iceland, which offered highly competitive rates of interest. " So, like any sensible individual, any money over and above immediate needs is made to work for you by putting it in a high interest account. Similarly, everyone should have funds set aside for contingencies, and these too are best kept where they work for you. http://news.bbc.co.uk/1/hi/uk_politics/7660800.stm


Reply ID 55717

09/10/2008 by aubend

Sorry, you're absolutely right James007. The council is doing a wonderful job. Well done for losing £28 million. Please feel free to double council tax if you so desire.


Reply ID 55723

09/10/2008 by James007

quote:
Originally posted by aubend
Sorry, you're absolutely right James007. The council is doing a wonderful job. Well done for losing £28 million. Please feel free to double council tax if you so desire.
What do you do for a living aubend?


Reply ID 55724

09/10/2008 by Admin

Please do not attempt to solicit personal information from other members.


Reply ID 55731

10/10/2008 by JohnSmith

aubend, where would you have put the £28million? Under your mattress? A big name institution that couldn't possibly fail (e.g. Lehman Brothers)? A UK building society? Stocks & shares (I doubt ANY local authority would do this after the Hammersmith & Fulham scandal in the mid 80s)?


Reply ID 55732

10/10/2008 by SMT

quote:
Originally posted by carlos fandango The reason these people are highly paid is that they are supposed to be aware of these things. The writing has been on the wall for more than a month about these institutions. I have symapthy for individuals who have been caught out. But councils have been amateurish and negligent in the extreme if they have been.
It may be that larger sums of money could not be removed from the banks; many bonds, etc can not be accessed instantly or even within a month, and so offer higher rates of interest. We could not get our savings out in time, so now no savings (well for 3 months - fingers crossed!) and people wishing I get laid off (not Carlos!). What a lovely start to the day!!


Reply ID 55735

10/10/2008 by aubend

quote:
Originally posted by JohnSmith
aubend, where would you have put the £28million? Under your mattress? A big name institution that couldn't possibly fail (e.g. Lehman Brothers)? A UK building society? Stocks & shares (I doubt ANY local authority would do this after the Hammersmith & Fulham scandal in the mid 80s)?
Put in HSBC - not affected too much by credit crunch as not a major mortgage bank and main investments in Asia. Failing that Gold. See it's simple and I am not a finance professional.


Reply ID 55737

10/10/2008 by aubend

SMT if you are referring to me hoping you lose you your job, of course that is not true. I was referring to the fact that councils are by their very nature over staffed and lax as they face no real competition or threat. My point was that instead of automatically raising council tax to pay for what is after all their mistake not ours maybe they would consider cutting the malingerers and perhaps perks which I know exist as a good friend of mine works for the council and has a company car. Please don't take a general cmment as a personal threat to yourself.


Reply ID 55739

10/10/2008 by Frenchie

quote:
Originally posted by JohnSmith
aubend, where would you have put the £28million? Under your mattress? A big name institution that couldn't possibly fail (e.g. Lehman Brothers)? A UK building society? Stocks & shares (I doubt ANY local authority would do this after the Hammersmith & Fulham scandal in the mid 80s)?
When Lehman, Bear Stearns, Northern Rock, Bradford Bingley, AIG, Fortis go bust....and HBOS, Barclays, Dexia, Hypo Bank are on their knees...and all this happened before last weekend remeber, you take a good look and where your cash is being held. Google Icelandic banks and you will see piece after piece on the crumbling economy, currency and financial situation. I dont know whether its Central Government or Hertd CC but its simply not good enough, its appalling, heads should roll. What justification can you in a credit crunch/Bank meltdown for not putting your money in the likes of HSBC (or at least into Gilts), even Northern Rock has been Government Guaranteed for months....


Reply ID 55740

10/10/2008 by Victor Meldrew

quote:
Originally posted by JohnSmith
aubend, where would you have put the £28million? Under your mattress? A big name institution that couldn't possibly fail (e.g. Lehman Brothers)? A UK building society? Stocks & shares (I doubt ANY local authority would do this after the Hammersmith & Fulham scandal in the mid 80s)?
What about a UK clearing bank?


Reply ID 55741

10/10/2008 by Steve

quote:
Originally posted by Frenchie
When Lehman, Bear Stearns, Northern Rock, Bradford Bingley, AIG, Fortis go bust....and HBOS, Barclays, Dexia, Hypo Bank are on their knees...and all this happened before last weekend remeber, you take a good look and where your cash is being held. Google Icelandic banks and you will see piece after piece on the crumbling economy, currency and financial situation. I dont know whether its Central Government or Hertd CC but its simply not good enough, its appalling, heads should roll. What justification can you in a credit crunch/Bank meltdown for not putting your money in the likes of HSBC (or at least into Gilts), even Northern Rock has been Government Guaranteed for months....
I would refer you to the FAQ item I posted earlier for a partial answer to this. Councils were encouraged by central government to invest in high interest/risk accounts. It may also be that these were notice accounts that did not allow immediate withdrawl. I would also suggest that it is highly likely that only a proportion of HCC's investments were in Icelandic Banks. I'm sure there's more elsewhere - hopefully somewhere safer!


Reply ID 55742

10/10/2008 by Frenchie

I understand councils where "under instruction from the government to maximise returns from their own money" I have the same investment thesis myself.....but you also have to use some common sense, I have no doubt the mandate was to maximise returns but Im also sure it said something along the lies of "while ensuring the safety of the original capital". The risk/reward investment ratio here was way off.


Reply ID 55743

10/10/2008 by JohnSmith

Surely you should have used the Freedom Of Information act to ask the question of HCC as to where they kept their reserves long before all of this happened, put it into the public domain and insist that they invest in more safer options before the comings and goings of the last month.


Reply ID 55744

10/10/2008 by newgirl

quote:
Originally posted by aubend
SMT if you are referring to me hoping you lose you your job, of course that is not true. I was referring to the fact that councils are by their very nature over staffed and lax as they face no real competition or threat. My point was that instead of automatically raising council tax to pay for what is after all their mistake not ours maybe they would consider cutting the malingerers and perhaps perks which I know exist as a good friend of mine works for the council and has a company car. Please don't take a general cmment as a personal threat to yourself.
I think you must be living in the 70's, Aubend. Councils are subject to extreme scrutiny and have to prove that they are providing value for money. Many council services are now outsourced to the good old private sector where the bosses are rich and the workers are poor (yes, we can all generalise). Conditions as a Council employee are not that great - salary for responsibility is not brilliant unless you are a top manager, overtime is unheard of, redundancy and reorganisation is a daily fear and in many positions, you have to work with that sector of the great General Public who require, let us say, "support". Yes, there is a pension which is a final salary scheme but it's not a freebie - the employee has to contribute an enormous monthly sum towards it too. I left a lifetime of Council work a few years ago and am now in the "private" public sector where I enjoy a subsidised car, mobile phone, overnight stays in posh hotels, etc I defy you to provide a quote which will cover all of the services provided by the Council for the same price as your monthly council tax - it's impossible.


Reply ID 55745

10/10/2008 by aubend

quote:
Originally posted by newgirl
[quote] I think you must be living in the 70's, Aubend.
Well I do live in Hertford...


Reply ID 55746

10/10/2008 by James007

quote:
Originally posted by aubend
quote:
Originally posted by newgirl
[quote] I think you must be living in the 70's, Aubend.
Well I do live in Hertford...
Which you quite obviously loathe [:)]


Reply ID 55747

10/10/2008 by carlos fandango

Frenchie hits the nail on the head. The first questions over the solvency of Iceland and its banks were raised in 2006 by one of the large American banks (that is still doing well). Any so called professional investing money on behalf of anyone had plenty of warning this was a train wreck waiting to happen. Why do these people think the accounts paid 1 or 2% more than the equivalent at HSBC. I feel very sorry for individuals trapped in this, I am lucky in having an information source they do not. Institutional investors should be punished for negligence. This time we cannot blame John Prescott (loathsome though he is).


Reply ID 55748

10/10/2008 by Capitalist piglet

You lot should worry. I'm not too bothered that my council may have lost tens of millions, that unemployment may go through the roof as a result of some unregulated wizz kids (sic)in dodgy suits gambling with everyone elses money or that businesses are failing (only too close to home that one) Spare a thought for West Ham. Not only do we need to pay Kieran Dyer 25K per week for sitting on sofa but we are totally relient on Icelandic banks & (up to recently Excel) And Spurs think they've got it bad.........


Reply ID 55749

10/10/2008 by carlos fandango

fancy a bargain? http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&item=320308801162


Reply ID 55750

10/10/2008 by Capitalist piglet

Brill.


Reply ID 55752

10/10/2008 by JohnSmith

So many aftertimers, it's amazing. Why didn't you tell us to take our money out of Iceland 2 years ago? Then we wouldn't be in such a mess.


Reply ID 55753

10/10/2008 by codek2

I agree JohnSmith - If you actually read the facts, it looks like a no win situation for the councils to me. They do their job and follow government guidelines, and still get hammered for doing it from joe public, when something un predictable happens.


Reply ID 55754

10/10/2008 by steven

The government's freezing of Icelandic assets under terrorism laws is disgusting.


Reply ID 55755

10/10/2008 by carlos fandango

Well I can just imagine the response of some of the pedantic ****holes on this forum if someone had started that thread. "Credit Crunch 1" was locked because it had nothing to do with hertford. Not quite so smug now are you all.


Reply ID 55756

10/10/2008 by JohnSmith

You're right, I don't feel so smug now. Even though it hasn't affected me or anyone I know (Hertford or not). The media seem to be having a field day with it though.


Reply ID 55757

10/10/2008 by Victor Meldrew

I recruit Construction Sales People, or should I say, I used to. The Credit crunch is in Hertford for sure and will efect more and more each week. For example, I now will not be collecting my brand new E Class [:(] So the salesman at Mercedes will now loose out on his commission and so on and so on. When our local council wacks our next council tax bill up to recoup some of the money it has frittered away on the wrong colour it will effect us all. Stop being so blinkered.


Reply ID 55758

10/10/2008 by aubend

quote:
Originally posted by JohnSmith
So many aftertimers, it's amazing. Why didn't you tell us to take our money out of Iceland 2 years ago? Then we wouldn't be in such a mess.
Was it broadcast anywhere before this where the council put its (our) money? No doubt it was none of our business. Sure as hell is our business now.


Reply ID 55759

10/10/2008 by Leo Densian

So Iceland is bankrupt? Kerry Katona was the perfect advertising face then.


Reply ID 55760

10/10/2008 by Steve

quote:
Originally posted by steven
The government's freezing of Icelandic assets under terrorism laws is disgusting.
Do a little research and you might find this is not exactly the case. It just makes a good news story to report it like that. The legislation that has been used in this particular case is The Anti-terrorism, Crime and Security Act 2001. This Act includes sections on [unsurprisingly] terrorism, crime and [national] security. It is a power under the national security provisions that has been used, not terrorism. The Act provides sanctions that can be used against any country that acts in a way that threatens the economic secuity of the UK. It's just handy for the newspapers to refer to the Act in general as anti-terrorism legislation, when anti-terrorism is only part of what the law addresses. It also seems that the Icelandic PM has been briefed by advisers who get their information from the British press, rather than the information given to them by the UK government. (yes, I know it's hard to know who to trust least! [8D])


Reply ID 55761

10/10/2008 by steven

Whatever the details, freezing their assets was a very harsh move. It wasn't just Icelandic bankers that made mistakes. Only a week or so ago Iceland's PM told them the UK wouldn't do anything "bad". Iceland is in a very tricky position at the moment. It relies on imports, and they're not getting them. Hospitals aren't getting medication they require.


Reply ID 55763

10/10/2008 by Capitalist piglet

quote:
Originally posted by Victor Meldrew
. For example, I now will not be collecting my brand new E Class [:(] So the salesman at Mercedes will now loose out on his commission and so on and so on.
Victor - Please tell me you are being ironic on this one ....


Reply ID 55779

12/10/2008 by Capitalist piglet

Just run into this one from a long, long time ago..... http://uk.youtube.com/watch?v=2t8YTvdYXws&feature=related


Reply ID 55780

12/10/2008 by Woody

quote:
Originally posted by Capitalist piglet
Just run into this one from a long, long time ago..... http://uk.youtube.com/watch?v=2t8YTvdYXws&feature=related
CP - Thank you for this memory-refresher. That is so.o.o.o funny (to the, as yet, unaffected) and, IMHO, as much a lesson with today's Government as it was 20-odd years ago when it was "news" and a surreal sketch with yesteryear's politics. Cutting edge humour of the '80's that is relevant to the "we did not learn/listen" reality of the '00's". Economics and political life remains cyclical and by no way have we overcome the cycle of "boom and bust" that politicians would like to proclaim. Well done for flashing-up this as a reminder that "real-life" is as much about the mistakes of history and whether or not we learn from them.


Reply ID 55808

13/10/2008 by Steve

quote:
Originally posted by steven
Whatever the details, freezing their assets was a very harsh move. It wasn't just Icelandic bankers that made mistakes. Only a week or so ago Iceland's PM told them the UK wouldn't do anything "bad". Iceland is in a very tricky position at the moment. It relies on imports, and they're not getting them. Hospitals aren't getting medication they require.
Didn't Iceland effectively freeze our assets first?


Reply ID 55811

13/10/2008 by Brockman

quote:
Originally posted by Steve
quote:
Originally posted by steven
Whatever the details, freezing their assets was a very harsh move. It wasn't just Icelandic bankers that made mistakes. Only a week or so ago Iceland's PM told them the UK wouldn't do anything "bad". Iceland is in a very tricky position at the moment. It relies on imports, and they're not getting them. Hospitals aren't getting medication they require.
Didn't Iceland effectively freeze our assets first?
Yep, when the Icelandic government froze the assets of the Icelandic banks and absorbed the deficit into their books, it's effectively froze UK government assets. It is as close as you can get to a sovereign nation stealing another's money.


Reply ID 55814

13/10/2008 by newcomer

quote:
Originally posted by Steve I would also suggest that it is highly likely that only a proportion of HCC's investments were in Icelandic Banks. I'm sure there's more elsewhere - hopefully somewhere safer!
I believe the £28m represents 8% of their investments.


Reply ID 55818

13/10/2008 by steven

quote:
Yep, when the Icelandic government froze the assets of the Icelandic banks and absorbed the deficit into their books, it's effectively froze UK government assets. It is as close as you can get to a sovereign nation stealing another's money.
"Effectively"? So we effectively used anti-terror laws to freeze theirs in response. What else could they possible have done in that situation?


Reply ID 56088

20/10/2008 by Moulder

quote:
Originally posted by steven
quote:
Yep, when the Icelandic government froze the assets of the Icelandic banks and absorbed the deficit into their books, it's effectively froze UK government assets. It is as close as you can get to a sovereign nation stealing another's money.
"Effectively"? So we effectively used anti-terror laws to freeze theirs in response. What else could they possible have done in that situation?
... and what else could we have done?


Reply ID 56287

24/10/2008 by Leo Densian

HCC have now brought in the auditors to investigate Icelandic investments... [url]http://news.bbc.co.uk/1/hi/england/beds/bucks/herts/7688640.stm[/url]


Reply ID 56295

24/10/2008 by aubend

quote:
Originally posted by Leo Densian
HCC have now brought in the auditors to investigate Icelandic investments... [url]http://news.bbc.co.uk/1/hi/england/beds/bucks/herts/7688640.stm[/url]
Good old council. They lose a load of our money then pay a load of other people to work out why they lost the money. It's a farce.


Reply ID 56300

25/10/2008 by Woody

The quote from the linked website states: "We have the financial and managerial strength to cope with any impact over time when any actual loss becomes clear." What utter b**ll*cks spoken by our council chief. 1. They are investigating why their investments of our money failed the council's own criteria for investments - this evidences a management weakness not a strength. 2. The council chief says ""too early" to say if any of the money would be lost." We are told that we stand to lose a potential £28m and we are told that talks between the UK and Iceland have broken down, thus increasing the risk that this £28m will incur a loss. Certainly not what I classify as a financial strength - do you? Ignoring for one moment the potential mis-investement loss, the council is admitting to over council-taxing you and I if they are suggesting this loss won't impact any affect. The expression "Have cake and eat it" springs to mind - I am sure many have different expressed reactions. I repeat, utter b**ll*cks and we want proper answers not double-speaking nonsense.


Reply ID 56372

28/10/2008 by carlos fandango

I have a question which I hope can be answered here: If £28m is only 8% of Herts County Councils investments. Why is Hartham Pool desperate for investment? Why did the Lido in Broxbourne have to close for lack of investment? Why has the council not spent part of the implied £350m they have invested on much needed improvements.


Reply ID 56373

28/10/2008 by aubend

quote:
Originally posted by carlos fandango
I have a question which I hope can be answered here: If £28m is only 8% of Herts County Councils investments. Why is Hartham Pool desperate for investment? Why did the Lido in Broxbourne have to close for lack of investment? Why has the council not spent part of the implied £350m they have invested on much needed improvements.
So they can make sure they all have lots of lovely pay rises / pensions / holidays / cars / unlimited sick pay etc while the rest of (who they work for by the way) get reduced value for money every year. But I will now be shot down for being negative or hating Hertford so there you go - no one seems to give a toss.


Reply ID 56375

28/10/2008 by Steve

quote:
Originally posted by carlos fandango
I have a question which I hope can be answered here: If £28m is only 8% of Herts County Councils investments. Why is Hartham Pool desperate for investment? Why did the Lido in Broxbourne have to close for lack of investment? Why has the council not spent part of the implied £350m they have invested on much needed improvements.
Simple. Swimming pools are nothing to do with The County Council. Hartham is owned by The District Council and Broxbourne Borough Council are responsible for the Lido.


Reply ID 56376

28/10/2008 by Mr P

quote:
Originally posted by aubend ....pay rises / pensions / holidays / cars / unlimited sick pay etc...
I have to agree with you there, Aub. I've worked inside Social Services and Local Councils as well as been a service supplier for them. While many workers are dilligent, there are a significant number I have come across who are lazy, flexi-time manipulating blighters. My mother has 'Social Services' stamped through her like a stick of rock after 20-odd years in the service and says the same about her former colleagues. Too many chiefs, not enough indians; and they could all work alot harder - like wot we do in the private sector.


Reply ID 56378

28/10/2008 by aubend

quote:
Originally posted by Mr P
quote:
Originally posted by aubend ....pay rises / pensions / holidays / cars / unlimited sick pay etc...
I have to agree with you there, Aub. I've worked inside Social Services and Local Councils as well as been a service supplier for them. While many workers are dilligent, there are a significant number I have come across who are lazy, flexi-time manipulating blighters. My mother has 'Social Services' stamped through her like a stick of rock after 20-odd years in the service and says the same about her former colleagues. Too many chiefs, not enough indians; and they could all work alot harder - like wot we do in the private sector.
Glad someone else agrees. Seems ridiculous that they had to cut Town Centre Manager and Citizens Advice as well. In fact it's a f**king disgrace.


Reply ID 56380

28/10/2008 by Steve

quote:
Originally posted by aubend
Glad someone else agrees. Seems ridiculous that they had to cut Town Centre Manager and Citizens Advice as well. In fact it's a f**king disgrace.
Again, nothing to do with the County Council. Both were funded by the District Council.


Reply ID 56381

28/10/2008 by aubend

quote:
Originally posted by Steve
quote:
Originally posted by aubend
Glad someone else agrees. Seems ridiculous that they had to cut Town Centre Manager and Citizens Advice as well. In fact it's a f**king disgrace.
Again, nothing to do with the County Council. Both were funded by the District Council.
All part of the same thing though.


Reply ID 56385

28/10/2008 by Steve

quote:
Originally posted by aubend
quote:
Originally posted by Steve
quote:
Originally posted by aubend
Glad someone else agrees. Seems ridiculous that they had to cut Town Centre Manager and Citizens Advice as well. In fact it's a f**king disgrace.
Again, nothing to do with the County Council. Both were funded by the District Council.
All part of the same thing though.
Er, how?


Reply ID 56406

28/10/2008 by buzz

quote:
Originally posted by aubend
quote:
Originally posted by Mr P
quote:
Originally posted by aubend ....pay rises / pensions / holidays / cars / unlimited sick pay etc...
I have to agree with you there, Aub. I've worked inside Social Services and Local Councils as well as been a service supplier for them. While many workers are dilligent, there are a significant number I have come across who are lazy, flexi-time manipulating blighters. My mother has 'Social Services' stamped through her like a stick of rock after 20-odd years in the service and says the same about her former colleagues. Too many chiefs, not enough indians; and they could all work alot harder - like wot we do in the private sector.
Glad someone else agrees. Seems ridiculous that they had to cut Town Centre Manager and Citizens Advice as well. In fact it's a f**king disgrace.
I agree with you about the Citizens Advice Centre which was of enormous importance to a lot of people........as for the Town Centre Manager............well anyone who wears white socks with a dark suit has to be suspect


Reply ID 56446

29/10/2008 by sloopjohnb

quote:
as for the Town Centre Manager............well anyone who wears white socks with a dark suit has to be suspect
But everybody knew who he was.[8D]


Reply ID 56469

29/10/2008 by buzz

Well if your claim to fame is having no fashion sense.........so be it


Reply ID 59724

23/01/2009 by carlos fandango

Nothing to do with Hertford but this quote has been causing much mirth in my office: "A weak currency is the sign of a weak economy, which is the sign of a weak government" Gordon Brown, 1992 That in a year where the $ low was 1.499 and the Dmark low was 2.3995 (implying a € rate of 1.226) Happy days.


Reply ID 59725

23/01/2009 by Admin

quote:
Originally posted by carlos fandango
Nothing to do with Hertford...
Exactly [:)]


82 replies