Comments on: Haringey Council and Icelandic bank account http://www.lynnefeatherstone.org/2008/10/haringey-council-and-icelandic-bank.htm Liberal Democrat MP for Hornsey and Wood Green Thu, 18 Mar 2010 13:02:44 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Anonymous http://www.lynnefeatherstone.org/2008/10/haringey-council-and-icelandic-bank.htm/comment-page-1#comment-1295 Anonymous Mon, 27 Oct 2008 16:42:00 +0000 http://localhost/wp28/?p=1912#comment-1295 The key is in the pension fund investments over 8 years and failed PFI/regeneration initiatives.They used the bank to 'disappear' money that was already gone! The key is in the pension fund investments over 8 years and failed PFI/regeneration initiatives.They used the bank to 'disappear' money that was already gone!

]]> By: Anonymous http://www.lynnefeatherstone.org/2008/10/haringey-council-and-icelandic-bank.htm/comment-page-1#comment-1294 Anonymous Thu, 23 Oct 2008 15:13:00 +0000 http://localhost/wp28/?p=1912#comment-1294 And Sutton came clean straight away as did 'most everybody else. Haringey were unique in thinking they could keep this quiet. And Sutton came clean straight away as did 'most everybody else. Haringey were unique in thinking they could keep this quiet.

]]> By: dreamingspire http://www.lynnefeatherstone.org/2008/10/haringey-council-and-icelandic-bank.htm/comment-page-1#comment-1293 dreamingspire Fri, 17 Oct 2008 06:02:00 +0000 http://localhost/wp28/?p=1912#comment-1293 With the possibility that a Council's instructions to advisers was wrong, we come to the general problem of consultants having a professional code of conduct and a duty of care - if the instructions were wrong and the Council would not correct them when asked to, the advisers should not have taken the contract. If the financial advisers failed to warn the Council on the basis of all of the evidence (which evidence was warning about Iceland banks a long time ago), then not only sack them but also sue them for any financial loss to the Council. I have for some years been accumulating evidence of bad advice from quite large consultancies advising central govt in all of the UK, and have recently been pleased that the Information Commissioner intervened in one case to overturn the bad advice - but that govt dept has not sacked those advisers. With the possibility that a Council's instructions to advisers was wrong, we come to the general problem of consultants having a professional code of conduct and a duty of care - if the instructions were wrong and the Council would not correct them when asked to, the advisers should not have taken the contract. If the financial advisers failed to warn the Council on the basis of all of the evidence (which evidence was warning about Iceland banks a long time ago), then not only sack them but also sue them for any financial loss to the Council. I have for some years been accumulating evidence of bad advice from quite large consultancies advising central govt in all of the UK, and have recently been pleased that the Information Commissioner intervened in one case to overturn the bad advice - but that govt dept has not sacked those advisers.

]]> By: Lynne Featherstone MP http://www.lynnefeatherstone.org/2008/10/haringey-council-and-icelandic-bank.htm/comment-page-1#comment-1292 Lynne Featherstone MP Wed, 15 Oct 2008 07:28:00 +0000 http://localhost/wp28/?p=1912#comment-1292 Iain - I totally agree that councils of all parties are in this situation. However, with each council having different processes and rules in terms of their investments - it must be right in each individual council for the opposition (and one would hope the administration too) to ask serious questions relating to the investment in Icelandic banks. In fact it would be wrong to just put heads down just because all parties are involved. It wasn't treasury guidelines as has been suggested - and calling for an investigation has to be right when Haringey invested as recently as 29th September - long after ratings had been downgraded. It may also be the case that Haringey's rules allow investment in say an 'A' rated bank - which would and should, in my view, then beget the question as to how such a poor rating was acceptable. It may be that was simply the advice from the advisers - in which case - sack them! And then you would have to look at the instructions given to the advisers and see if Haringey's instructions to them was sound. If that were the case, and this is only one tiny example of why investigation and questioning is necessary, it would be important to agitate for that rule to be tightened. So - whilst it's true all parties are involved - some will have acted appropriately and some will not. It's important to find out which in each case. Iain - I totally agree that councils of all parties are in this situation. However, with each council having different processes and rules in terms of their investments - it must be right in each individual council for the opposition (and one would hope the administration too) to ask serious questions relating to the investment in Icelandic banks. In fact it would be wrong to just put heads down just because all parties are involved. It wasn't treasury guidelines as has been suggested - and calling for an investigation has to be right when Haringey invested as recently as 29th September - long after ratings had been downgraded. It may also be the case that Haringey's rules allow investment in say an 'A' rated bank - which would and should, in my view, then beget the question as to how such a poor rating was acceptable. It may be that was simply the advice from the advisers - in which case - sack them! And then you would have to look at the instructions given to the advisers and see if Haringey's instructions to them was sound. If that were the case, and this is only one tiny example of why investigation and questioning is necessary, it would be important to agitate for that rule to be tightened. So - whilst it's true all parties are involved - some will have acted appropriately and some will not. It's important to find out which in each case.

]]> By: Iain Dale http://www.lynnefeatherstone.org/2008/10/haringey-council-and-icelandic-bank.htm/comment-page-1#comment-1291 Iain Dale Tue, 14 Oct 2008 17:47:00 +0000 http://localhost/wp28/?p=1912#comment-1291 Lynne, best not to get too uptight about this as your own Sutton Council was doing exactly the same thing. Let' s just accept councils of all parties got it wrong, shall we?! Lynne, best not to get too uptight about this as your own Sutton Council was doing exactly the same thing. Let' s just accept councils of all parties got it wrong, shall we?!

]]> By: dobson http://www.lynnefeatherstone.org/2008/10/haringey-council-and-icelandic-bank.htm/comment-page-1#comment-1290 dobson Tue, 14 Oct 2008 16:36:00 +0000 http://localhost/wp28/?p=1912#comment-1290 Amazing how the Labour council managed to keep this out of the news for so long - might this have something to do with last week's Alexandra ward election? <br/><br/>When the times published it's list of councils which had invested in icesave ours was conspicuously absent. I was quite relieved to think that we'd only have the normal kind of tax increase this year. Oh well!<br/><br/>By the way, congratulations on one addition to the LibDem team in Harringey. I'm glad to see that Alexandra was won by a very significant margin. Amazing how the Labour council managed to keep this out of the news for so long - might this have something to do with last week's Alexandra ward election?

When the times published it's list of councils which had invested in icesave ours was conspicuously absent. I was quite relieved to think that we'd only have the normal kind of tax increase this year. Oh well!

By the way, congratulations on one addition to the LibDem team in Harringey. I'm glad to see that Alexandra was won by a very significant margin.

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