All this shite about loads of UK councils having millions and millions of taxpayers money tied up (and subsequently lost) in Icelandic banks is making my piss boil.

Somebody, somewhere within each of these councils is liable for authorising this money to be deposited there and left there even though they've known since about April that they were a huge risk and teetering. Whoever it is at each of these councils should go to jail for misappropriation of public funds or any other charges that can be made to stick.

What's more, some clown who "represents" the Local Authorities was on telly this morning saying that it wouldn't mean a cut in services or rises in council tax because it was money that the councils didn't need. Now he is either talking shite (quite probable) or he is saying that the councils have been overcharging on our council tax bills for years every time that they apply their annual increase and plead poverty?

I really want to see heads roll somewhere for this one.

Don't you want to see heads roll any way?

Credit crunch? Bollox!

I can see why your blood is boiling.

But the fact is that if heads are to roll then they have to be a lot higher than local councils.

You can start with Bank of England advisors to councils then carry on up to the GOVERNMENT via the treasury.

Councils were advised by both of them where to put their money.

Landsbanki was given an AA rating in April which means HIGH LIQUIDITY AND CREDIT. Therefore once it was recommended by those bodies previously mentioned, the blame lays with them.

If so called experts within the banking world, mainly high ranking treasury officials and government ministers didnt see this coming , how on earth would you expect Joe Bloggs in the street (no disrespect to local councillors but that's all they are) to see it coming.

The only thing I would say in their defence is that the money was deposited there for a reason - to generate as much interest as possible. Tax payers would be the first to colmplain if councils left the money in some shitty HSBC account getting 0.0002% interest while it could have been deposited in some high interest long term account earning $$$$.

If it was simply a case of one council making this error then you could argue it is negligence but since it has happened to so many, it must make you think that it must have been somewhat unpredictable. Thank god Hpool BC did not have any deposited or the local public would have rioted.