Tuesday, January 27, 2009

CONSERVATIVES: Dead Icelandic Blue is No More

The Icelandic Blue coalition government is not just resting. And it is not pining for the fjords. It is no more, has ceased to be, has expired, has gone to meet its maker ... It is an ex-Conservative-led Government. Finally our repeated plea for examples of Conservative politicians worldwide "doing well" (or not) with this global credit crunch has been met.

Unfortunately the example has such a sad ending. The Conservative leader of the brilliant Icelandic economy has fallen off his perch. He is an ex-Geyser, presumably.


TORY-ICELAND CONNECTION: We've still not heard back from CCHQ on how much cash they had as a party in Icelandic Banks, thanks to their Treasurer Michael Spencer, whose advisors cost more than fifty local authorities around a quarter of a billion of council tax payers money.
Which would be worse? Tories having millions in Iceland but removing the cash shortly before the crash on advice from Spencer, who failed to tell others the news? Or the Tories losing their bollocks thanks to the same dodgy geyser?


Anonymous said...

Hmmm, constructing an argument just to bash the Tories again?

Councils were advised, and the Government, and some, like the Tory party, did remove their money from Icelandic banks.

But that doesn't sound as good does it?

Chris Paul said...

This is not just to bash the tories as you suggest comrade.

This is Michael Spencer - Treasurer of the Tory Party - having a firm which advised dozens of local authorities and other public bodies to put money on deposit in Iceland.

You say they were warned off. Though of course the nature of these instruments is that they have terms, 3-month this, 6-month that, instant access the other.

You claim that all were advised to get out. You claim that the Tory party did get out. And you claim that others chose not to.

So it is scenario one. Tories got out, others Tory Treasurer advised did not and lost their bollocks.

This story doesn't need constructed. It's just there. Blinking in the cold light of day.

I don't know how you know that the Tories did get their money out. After all as we've covered before they did sack a score of wonks around the same time, like they'd taken a big hit, but if that's your story and you're sticking to it so be it. Amen to that.

Apart from this question though there is the other one viz that this country was led by a Tory and this makes him an answer to my oft repeated question:

How are Tory governments doing then if you think you're so clever?

Answer: Crashing and burning.

Anonymous said...

Even without looking, try Wrexham council who got out and advised the Government a full four months before they did that there was trouble. They also advised others.

Labour Government also had Icelandic banks as cast iron investments and recommended them to councils right up until they crashed.

This Labour Government were told but still flaunted the Iclandic banks as a good investment for councils.

You were engaging in Tory bashing, or conveniently ignoring relevant facts over the whole affair.

Chris Paul said...

You're an idiot.

The PM of Iceland was a Tory.

He's on his arse.

He is an ex-geyser etc.

The Tory's here imply they have the answers.

But have been spectacularly unable to point to a Tory govt doing the business elsewhere.

I'm now pointing at one that's gone down the toilet under Tory ideas.

Is all.

They clearly don't have the answers.

The Tory-Iceland connection via Spencer is by way of a footnote.

Michael Spencer, Tory Treasurer, has a firm which advised many councils to get in to Iceland.

As I have explained some of this getting in to Iceland was not on instant access accounts.

They lost a quarter of a billion at least. More than half the losing councils were advised what to buy into by Spencer's people.

Presumably the advise included the term to pick to get a high but secure return. He was wrong.

Spencer is culpable on this, as on not declaring his use of shares for collateral.

And you still haven't explained how you know the tories had money in Iceland and got it out.

You are also showing the traits of one of our old friends.

Anonymous said...

Ahhh, now I see, you want to cherry pick Government around the world you allege are the same as our Tory party, in order to bash the UK Tory party? Fair enough, but do we then go around the world showing the utter corruption and incompetence of socialists around the globe too? Hmm, didn't think so.

Anyhoo, you were talking of the UK Tories, however you may try and backtrack, and you've been found utterly wanting in your agenda. Now let's put this into perspective.

Michael Spencer, Tory Treasurer, has a firm which advised many councils to get in to Iceland.

Ummmm, so were the UK Government...the Labour UK Government? Iceland was flagged as a solid investment for councils up and down the land, by the Labour Government. So you are saying that the Labour Government is as corrupt and incompetent as Michael Spencer then? Or do you just wish to quietly ignore the culpability, as you say, of the Labour Government of the UK? That wouldn't fit the agenda though would it?

You have claimed Michael Spencer told the Tories to get their money out of Iceland, and I accepted that and agree it may have been likely, but many others were also warned, councils and the Government, and many councils did remove their funds from Iceland, while some refused to on the basis the British Labour Government said it was a sound investment right up until the Icelandic banks crashed.

So your argument is not that the Tories did something wrong through their treasurer giving them good advice, it is that the Labour Government gave incompetent advice that resulted in councils losing money?

Let me remind you of something you said, advice from Spencer, who failed to tell others the news? which we now know is a complete lie as others did know and advised the Labour Government and councils, but they refused to listen and maintained AAA status of Iceland.

Is there a Tory-Iceland connection? Who cares when the advice was given to the Labour Government but ignored, as opposed to what you are suggesting.

You don't really want top continue making yourself look increasingly stupid and rabidly partisan do you, after what you have said about Mrs Dale repeatedly?