2009/3/23 Gordon Joly gordon.joly@pobox.com:
At 22:31 +0000 22/3/09, Thomas Dalton wrote:
2009/3/22 Gordon Joly gordon.joly@pobox.com:
Also recall how local authorities got their fingers burned in Iceland...
That wasn't due to risky investments, that was due to putting your money in a bank that then went bust. Hardly their fault.
Only in that they chased a better return offshore?
Of course it was their responsibility. They made the decision to put their money in those banks. That doesn't mean it was their fault the money disappeared.
At 13:18 +0000 23/3/09, Thomas Dalton wrote:
2009/3/23 Gordon Joly gordon.joly@pobox.com:
At 22:31 +0000 22/3/09, Thomas Dalton wrote:
2009/3/22 Gordon Joly gordon.joly@pobox.com:
Also recall how local authorities got their fingers burned in Iceland...
That wasn't due to risky investments, that was due to putting your money in a bank that then went bust. Hardly their fault.
Only in that they chased a better return offshore?
Of course it was their responsibility. They made the decision to put their money in those banks. That doesn't mean it was their fault the money disappeared.
Sure. They could have gone with Madoff.
It is important for a local authority or a registered charity to be prudent....
Gordo
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