Letters

摘要

Name and address supplied. Just over 12 months ago my financial adviser told me that many of the Icelandic banks were under-capitalised, and recommended that I avoided all their financial products. The point was subsequently repeated by several commentators in various newspapers. In recent weeks, of course, the parlous state of the Icelandic financial system has been a regular talking point in the media, right up until its total collapse last week. There is no excuse for the appalling negligence of the local authority treasurers. And their shoulder-shrugging explanation that they were simply 'following guidelines' is equally shocking and unforgivable. The solution is obvious. There should be a thorough inquiry followed by appropriate disciplinary action against individuals. Second, the treasury function of all public sector bodies should be centralised. Local authority treasurers are clearly not up to the job, and council taxpayers are entitled to feel very angry indeed.