This phrase from Pete Seeger's song (also here) rang through my head reading the front page of Mogginn today. There was a quote from the commitee chairman of the Althingi committee on financial affairs about selling banks.
That hopefully pension funds would buy into the banks.
So there is only a report out on the financial losses the pensionfunds sufferred in the crash.
Most of it, according to the report, due to stupid investment, regardless of the crash.
Also that the investment in the banks forced the funds to bet against their clients, i.e. the fund members, because the investing and making money on it meant that people who borrowed money from the funds (and were also saving for their own future pension) were also victims of the investment policy.
You are a fund. You get piles of money in from fund members. If you only put it in a box it gradually becomes worth less (not worthless but of lesser value) so you want to invest.
Lets say you are all the funds and so you had just about 2.000 billions in your box at the end of 2010. Today, if we change this into pounds, that would be ten billion pounds, give or take.
Its actually about four to five years of state expenditure.
In Iceland.
Well you have people who sympathize with you.
All that money and nowhere to play?
You could pay a tunnel or fund a new road system or a new hospital or a new thermal power station or help the state in refunding interest support or invest in the banks!
Anyone heard that one before?
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