Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Gambling - that is utterly absurd Marek.
Do you have money on deposit in a bank or building society? If so are you gambling?
Where on earth should councils place their reserves if not in such places?
It would be more of a gamble to place £100m in, say, just the big 4 banks, than to spread the money around something like 20-30 different institutions.
Please do not try to tell me about investment.
Be honest Barry - it is all a gamble of some sort. Semantics is all.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
No Bern no more a gamble than you keeping cash in a bank. Where else would you put reserves of cash - under the bed? As I said there is no such thing as no risk, just different types of risk. Risk is managed by diversification - that is the best that can be done.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
my piggy bank is sufficent for my needs, no interest paid is the downside, no tax on the interest is the upside.
Guest 645- Registered: 12 Mar 2008
- Posts: 4,463
Barry
It must be a gamble..as investments can go down as well as up.
Marek
I think therefore I am (not a Tory supporter)
Guest 671- Registered: 4 May 2008
- Posts: 2,095
I just knew you would come out with all your Blah Blah diversified investments. Wasted on me Barry and I suspect many others. I gave you a 100% risk free alternative. Dont invest.
"My New Year's Resolution, is to try and emulate Marek's level of chilled out, thoughtfulness and humour towards other forumites and not lose my decorum"
Couldn't the council get a big mattress to keep it all under.
My 86 year old mum swears by this. I keep on pointing out to her that she could be getting interest on her money and the effect of inflation but she says 'I doubt if I'll still be around in a years time'.
A bit like most of our councillors I suspect!
But, but, KCC lost £53,000,000!!!!! Add the Dover portion of that to the £19,000,00 and you begin to get some idea of just how our Councils are ripping off tax payers. There is no justifuication for that volume of reserves.
Finally, DDC receive interest on investmtns which get ploughed back to the tax payer? I don't think so, better they don't take the tax off us in the first place. That will make folks much happier, and some, able to pay without struggling.
Remember, Councils are there to serve US with our money, not to take more in taxation than it needs to function.
As for the Audit Commission, they are a disgrace and certainly don't look out for the tax payer. Why haven't they flagged up the inappropriate levels of public money being invested instead of being used to provide services?
Sack the lot of them and start afresh with a new set of working principles.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
quite right sid, seems to me that bobs mum has it sussed.
i shall contact her when i next get my divi statement from the co-op.
