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Lynne Featherstone, Re: Haringey Council's vast deposits in Icelandic banks, do you think this shows that there isn't sufficient performance management of senior council execs? Are they accountable enough in general and can they be held to account in this instance?
Asked by the6thestate on Oct 13 2008 10:57:04 AM and supported by 18 members
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Answer

I think this demonstrates glaring problems and gaps in the accountability of all the institutions that invested in Icelandic Banks. That is why we need all councils etc to have an independent investigation into what each particular authority did - as some clearly had better checks than Haringey as they removed their investments in Iceland as soon as the ratings were downgraded - whereas Haringey invested as late as 29th September. Therefore - it is clear that there is not enough, not just accountability or oversight, but accountability and oversight and basic rules about investments - the first one being don't stuff money into foreigh banks who have been down-rated and are clearly not safe - particularly as the interest rate offered was so much higher than eslewhere. MORE!

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