Transparency Mr.Bown?

Gordon Brown quite rightly asks for transparency from the banking industry. Nobody really knows how much and of what nature these toxic loans are. Even the bonus bagging bosses are at a loss to remember anything about them.

Now we have Frozen Brain Syndrome which is only alleviated by global warming. Iceland is the country that has given us this problem. Somehow a small country could become a major player in the financial markets. It's all unravelling faster than badly knitted cardigan.

Apparently loads of organisations have money invested in Icelandic "financial vehicles". They are now remembering that they stuffed loads of other peoples money in these too-good-to-be true accounts. The latest outfit to get its memory back is the Audit Commission. It has "admitted" it has £10m tied up in Iceland's troubled banks. How many more are waiting to spill the beans? The Audit Commission is supposed to save money not gamble it on such ventures.

Let's have an Own Up To Icelandic Bank Deposits day. We should know once and for all who has or has not got money stashed away in these accounts. Transparency is what we want. Gordon Brown is right on the nail here. The drip drip of leaked information is not transparency. It is very much the opposite.

Posted in: banks,credit crunch,Iceland