It’s probably not going to win any musical awards, but the sentiment is sound, and wholly justified:
My guess is she’s one of at least 10,000 who have lost out by doing so. That’s what comes from relying on ‘well regulated’ jurisdictions made of straw.
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The Isle of Man has refused to set up an independent inquiry into the collapse of Kaupthing IoM. Instead it has set up a Tynwald select committee to look into the matter. Initially it said that the findings would not be made public but that may change as the word on the street is that it is going to be a whitewash exercise designed to make the IoM look a credible offshore financial centre. It has no bank of last resort and its compensation scheme is unfunded and seriously faulted. Banks are now NOT relying on it if they are in trouble, instead prefering ‘guarantee’ of deposits up to £50k from their parent onshore banks. Depositing in the IoM is declining, but the government can not admit that this has anything to do with the KSFIoM debacle and its apauling handling of the affair. A rushed top-flight delegation to Washington a few weeks ago was made in an effort to demonstrate the credibility and trustworthiness of the IoM’s financial industry, but there’s now a strong message from consumers who are saying loudly on Youtube & ‘Twitter’ DON’T BANK ON THE ISLE OF MAN
For those interested in reading more about the Kaupthing IoM debacle see http://www.kaupthingiom-dag.co.uk and TWITTER http://twitter.com/Jim4Justice
She’s right!! I lost evetry penny I have in the world by banking in the Isle of Man. There was a parental guartantee that paid zero …almost one year now and still nothing!!
Save your money un der a mattress…its safer. A Las Vegas casino is safer than banking in the Isle of Man!
My mother and I have lost over £650.000 in Kaupthing Ise of Man. We originally put our savings into the Derbyshire Building Society which was taken over in February 2008 by Kaupthing Singer & Friedlander. The bank went bust in October 2008. The 100% guarantee has proved worthless. The UK government is at fault for the collapse of a profitable bank and the IoM for protecting its own interests. I can no longer afford to put my mother aged 88 into a nursing home. I cannot sell my house to fund her. The future looks bleak for us both.
I have also lost hundreds of thousands of pounds by banking on the Isle of Man. The 100% parental guarantee, presumably authorised by the authorities on IOM, was worthless.
So to anyone contemplating opening a bank account there, don’t bank on the Isle of Man. It could seriously affect your wealth.
See also http://www.ksfiomdepositors.org and http://ksfiom.com
Perhaps there are many people living in the UK who are unaware of the huge fraternity of expatriate citizens who work in foreign lands performing a host of different jobs and roles. Many will be teachers, charity workers, oil workers, engineering, building specialists, IT and many more. These folk often live in arduous situations and could not be described as ‘fat cats’ or of dodgy means, but this is all too often the commonly held view from home.
Just trawling through the ‘My Stories’ forum of the KSF depositors’ action website is enough to bring the truth and realisation of the anguish and heartbreak brought to normal working people over this disgusting affair. Reckless abuse of normal working people’s life-long savings by selfish, thoughtless money-driven individuals – the real fat cats – has left thousands questioning why they saved for so many, many, years and lived careful diligent lives only to have their hard won sums stolen from them in a moment.
Worse, they have been kept largely in the dark as to what action is being taken on their behalf – which by and large seems to be callous disregard by HMG in undertaking their constitutional obligation to properly represent the Isle of Man in its international dealings. The Manx government is a domestic arrangement, a quirky legacy of yore, it has no pressure to bring upon the Icelandic government to uphold the Kaupthing guarantee which it inherited on nationalising the parent bank.
DON’T BANK ON THE ISLE OF MAN – IT DOESN’T HAVE A LEG TO STAND ON
1. No bank of last resort
2. No pre-funded Compensation Scheme
3. No population size to support a £billion Offshore Centre
I know where she’s coming from, I lost my life savings in a bank on the Isle of Man on the 8th October 2008. Ten months later and I’m still waiting for an explanation and an apology from them.
The 100% guarantee which attracted me to the bank has proved to be worthless.
The Chief Minster, Tony Brown, was pathetic during the TSC’s inquiry into the banking crisis, he had a stupid smirk on his face giving little confidence to the thousands of savers who had stupidly entrusted £900,000,000 of their savings to his banking jurisdiction.
The message here is clear; if you value your wealth, DON’T BANK ON THE ISLE OF MAN!
Thousands of innocent savers who banked with Kaupthing Singer & Friedlander Isle of Man have been devastated by its demise which was triggered by UK Government actions. Despite regulatory failures by both the UK & the IOM actions taken to protect the savers from loss have been totally inadequate. This clearly shows that the Isle of Man is a jurisdiction to be avoided. They have failed to vouchsafe depositors despite UK Government recommendations and act as a World Class Jurisdiction.
I am using this comment page to reach people who bank on the Isle of Man. If I can save one person from losing his/her life savings then it is worthwhile.
Tony Brown Chief Minister is employed running his own electrical shop. He is probably able to sell you a battery or a plug, but would you trust him with your life savings ? Unfortunately we did and lost the lot !
If we can save people from putting their savings here than we will be happy. Beleive me it has reduced many to poverty, its awful, awful ,awful. Which country does not return peoples life savings and think they have done their best. People have lost homes during relocation, pension incomes, health, education and all they can do is say they tried their best.This was supposed to be a triple rated bank backed by a parental guarantee, how can you trust them? tell me how can you. We wont go into the bonds which you get no compensation that is another swtroy. Basically we are now at the mercy of a liquidator and what scraps he wants to give us back from our own MONEY, IMAGINE THAT
Human rights violations have been committed by the Isle of Man and UK governments against depositors in Kaupthing IOM. The IOM government’s refusal to resolve the matter with the UK and Icelandic authorities renders them liable.
The money ‘was frozen’ should read ‘was stolen’ by the UK government, who since this time have refused to return the money to the IOM, despite knowing that the money is not theirs.
The money should have been returned nine months ago. The IOM government needs to step up and ask for it back. The US and other countries in Europe would not stand to one side and allow Brown/Darling and Co. to steal money from those who keep their economy strong.
According to the law of administration the Kaupthing IoM assets transferred to KSFUK without being protected are now ‘in the pot’ of KSF with secured creditors having fist claim on the assets of KSFUK. As a consequence approx 50% of the KSF assets have been lost. A law that effectively conspires to deprive people of a large part of their life savings that they entrusted to a bank in a Crown dependency is morally wrong. The law needs to be changed in favour of protecting depositors’ rights under Artcle 17 of the UN Charter of Human Rights.
When John Aspen, CEO of the Isle of Man Financial Supervision Commission is rewarded with a substantial salary increase for destroying the lives of thousands of KSF IoM epositors by authorizing the transfer of over half a billion pounds to the United Kingdom without any protection, there has to be something radically wrong with the mentality of the IoM administration.
I think I may have stumbled into the scam of a century… is “The Isle of Man Bank” still existing???
I am sorry you people have had to learn the hard way but at least you have helped others by talking about it. We got out of the UK in July and have just found out that we cant use our bank anymore. I was just about to open a couple of bank accounts in the Isle of Man but have had second thoughts after reading these terrible details of what happened to you.
I hope and pray that you get justice as you all seem to be the victims of governments – UK, Iceland and the Isle of Man.