Comments on: Who lied? http://icelandweatherreport.com/2010/02/who-lied.html Tue, 07 Feb 2012 15:07:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Bromley86 http://icelandweatherreport.com/2010/02/who-lied.html/comment-page-1#comment-13382 Bromley86 Thu, 11 Feb 2010 21:14:12 +0000 http://icelandweatherreport.com/?p=3449#comment-13382 The links are broken Mark-Jan, but if they're the ones that I'm thinking of (something like "The Central Bank will support blah blah unlikely event blah blah secure funding blah blah everything a responsible government would do") they're not proof of a lie. They've also been available since Nov/Dec 2008. They actually use a lot of words to say "we'll help, if we can". In and of itself, not a lie or even an admission that they knew more than they were saying. All you can tell from reading them is that they'd likely considered the possibility that it might become more expensive than they'd be willing to fund, which is why they say "support" and not "guarantee". The links are broken Mark-Jan, but if they’re the ones that I’m thinking of (something like “The Central Bank will support blah blah unlikely event blah blah secure funding blah blah everything a responsible government would do”) they’re not proof of a lie. They’ve also been available since Nov/Dec 2008.

They actually use a lot of words to say “we’ll help, if we can”. In and of itself, not a lie or even an admission that they knew more than they were saying. All you can tell from reading them is that they’d likely considered the possibility that it might become more expensive than they’d be willing to fund, which is why they say “support” and not “guarantee”.

]]> By: Mark-Jan http://icelandweatherreport.com/2010/02/who-lied.html/comment-page-1#comment-13376 Mark-Jan Thu, 11 Feb 2010 12:30:15 +0000 http://icelandweatherreport.com/?p=3449#comment-13376 What a coincidence....suddenly two letters from the icelandic ministry of business affairs pop up here in the Netherlands.: http://media.rtl.nl/media/financien/rtlz/2010/021110ijsland1.pdf http://media.rtl.nl/media/financien/rtlz/2010/021110ijsland2.pdf Look at the date of the 2nd letter: 5 october 2008, 2 days before Icesave did go poof... Ooops... What a coincidence….suddenly two letters from the icelandic ministry of business affairs pop up here in the Netherlands.:

http://media.rtl.nl/media/financien/rtlz/2010/021110ijsland1.pdf

http://media.rtl.nl/media/financien/rtlz/2010/021110ijsland2.pdf

Look at the date of the 2nd letter: 5 october 2008, 2 days before Icesave did go poof…
Ooops…

]]> By: Bromley86 http://icelandweatherreport.com/2010/02/who-lied.html/comment-page-1#comment-13340 Bromley86 Wed, 10 Feb 2010 09:08:40 +0000 http://icelandweatherreport.com/?p=3449#comment-13340 Good article Andrew. You know that Faisal Islam knows his stuff because he accurately divines the meaning of the novation clause in the Kaupthing T&C - i.e. that, at any time, the bank reserves the right to leave the UK FSCS and join the Icelandic TIF. Even though they removed that clause late September/early October, that was a key contributor to the run on Kaupthing (why take the risk that they might reintroduce it?). At least from what was visible on online forums. Good article Andrew. You know that Faisal Islam knows his stuff because he accurately divines the meaning of the novation clause in the Kaupthing T&C – i.e. that, at any time, the bank reserves the right to leave the UK FSCS and join the Icelandic TIF.

Even though they removed that clause late September/early October, that was a key contributor to the run on Kaupthing (why take the risk that they might reintroduce it?). At least from what was visible on online forums.

]]> By: James http://icelandweatherreport.com/2010/02/who-lied.html/comment-page-1#comment-13331 James Tue, 09 Feb 2010 21:58:08 +0000 http://icelandweatherreport.com/?p=3449#comment-13331 "Even in March 2008 there where a lot of articles questioning how safe Icelandic banks were." For a more accurate view, just track the Credit Default Swap rates for Icelandic banks during 2008. "According to this article: “Iceland’s central bank governor says it can afford to guarantee all deposits.”" He's right in that Iceland could afford to guarantee all deposits at that time (based on bank assets, etc). That begs the question of what's the value of a guarantee if the event that causes it to be invoked is the same as the event that revokes it. Imagine an insurance company that said it won't pay for an insured event because the event occured. “Even in March 2008 there where a lot of articles questioning how safe Icelandic banks were.”

For a more accurate view, just track the Credit Default Swap rates for Icelandic banks during 2008.

“According to this article: “Iceland’s central bank governor says it can afford to guarantee all deposits.””

He’s right in that Iceland could afford to guarantee all deposits at that time (based on bank assets, etc). That begs the question of what’s the value of a guarantee if the event that causes it to be invoked is the same as the event that revokes it. Imagine an insurance company that said it won’t pay for an insured event because the event occured.

]]> By: sylvia hikins http://icelandweatherreport.com/2010/02/who-lied.html/comment-page-1#comment-13313 sylvia hikins Tue, 09 Feb 2010 12:19:10 +0000 http://icelandweatherreport.com/?p=3449#comment-13313 How many swords are available in Iceland for certain people to fall on? sylvia from viking wirral How many swords are available in Iceland for certain people to fall on?
sylvia from viking wirral

]]> By: Andrew http://icelandweatherreport.com/2010/02/who-lied.html/comment-page-1#comment-13307 Andrew Tue, 09 Feb 2010 09:18:29 +0000 http://icelandweatherreport.com/?p=3449#comment-13307 Even in March 2008 there where a lot of articles questioning how safe Icelandic banks were. Such as this one: "How safe are your savings?" http://www.channel4.com/news/articles/business_money/how+safe+are+your+savings/1697147 According to this article: "Iceland's central bank governor says it can afford to guarantee all deposits." A lie!? Even in March 2008 there where a lot of articles questioning how safe Icelandic banks were. Such as this one:

“How safe are your savings?”

http://www.channel4.com/news/articles/business_money/how+safe+are+your+savings/1697147

According to this article: “Iceland’s central bank governor says it can afford to guarantee all deposits.”

A lie!?

]]> By: john http://icelandweatherreport.com/2010/02/who-lied.html/comment-page-1#comment-13305 john Tue, 09 Feb 2010 06:20:06 +0000 http://icelandweatherreport.com/?p=3449#comment-13305 A question that also forms : Is not also the referendum on Icesave a lie? An outlet for feelings of frustrations for the people on Iceland, giving a channel for their feelings without anything actually getting done , make a stand to the dangerous foreigners who wants to take over Iceland, not facing the responsibly for the actions of elected people (who governed Iceland) so on and so forth Blaming the ordinary foreign people who put their deposits (and trust) into Icelandic banks?(People on Icelandic banks got their deposits back(!)) i.e a lie A question that also forms : Is not also the referendum on Icesave a lie?
An outlet for feelings of frustrations for the people on Iceland, giving a channel for their feelings without anything actually getting done , make a stand to the dangerous foreigners who wants to take over Iceland, not facing the responsibly for the actions of elected people (who governed Iceland) so on and so forth
Blaming the ordinary foreign people who put their deposits (and trust) into Icelandic banks?(People on Icelandic banks got their deposits back(!))
i.e a lie

]]> By: James http://icelandweatherreport.com/2010/02/who-lied.html/comment-page-1#comment-13304 James Tue, 09 Feb 2010 01:53:02 +0000 http://icelandweatherreport.com/?p=3449#comment-13304 I thought the head of the Dutch central bank was fairly clear in the parliamentary committee: the Icelandic regulators had lied to him, and Oddsson had told him he'd warned the government six months before. The most surreal aspect is that a warning of such importance was never written down, just mentioned verbally. I thought the head of the Dutch central bank was fairly clear in the parliamentary committee: the Icelandic regulators had lied to him, and Oddsson had told him he’d warned the government six months before. The most surreal aspect is that a warning of such importance was never written down, just mentioned verbally.

]]> By: sylvia hikins http://icelandweatherreport.com/2010/02/who-lied.html/comment-page-1#comment-13301 sylvia hikins Mon, 08 Feb 2010 23:18:52 +0000 http://icelandweatherreport.com/?p=3449#comment-13301 It's a long, tiring and painful process to keep peeling off the layers and layers of lies, but if you stay at it, in spite of denials by the liars, eventually you will reach the final skin and underneath- wow- the truth will be laid bare. I hope that you won't have to wait until Vatnajokull's glaciers melt before that happens. Deja vu too in Greece- the weekend papers reported that many rich Greek business people- guess what?- moved huge sums of money out of Greece before their economic woes hit the press. The Cayman Islands must be doing bumper business these days. sylvia from viking wirral It’s a long, tiring and painful process to keep peeling off the layers and layers of lies, but if you stay at it, in spite of denials by the liars, eventually you will reach the final skin and underneath- wow- the truth will be laid bare. I hope that you won’t have to wait until Vatnajokull’s glaciers melt before that happens.
Deja vu too in Greece- the weekend papers reported that many rich Greek business people- guess what?- moved huge sums of money out of Greece before their economic woes hit the press. The Cayman Islands must be doing bumper business these days.
sylvia from viking wirral

]]> By: kevin o'connor waterford Ireland http://icelandweatherreport.com/2010/02/who-lied.html/comment-page-1#comment-13299 kevin o'connor waterford Ireland Mon, 08 Feb 2010 23:07:55 +0000 http://icelandweatherreport.com/?p=3449#comment-13299 @joerg yes kind of like britscher princess tony when will the icelanders get there money back ha ha. @joerg yes kind of like britscher princess tony when will the icelanders get there money back ha ha.

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