The Audit Commission have finally retracted their accusation of “negligence” when describing the actions of some local authorities with regard to their Icelandic investments.
Kent County Council was one of those accused, and we objected in the strongest terms to the use of the word, which has legal connotations. Following KCC’s protest which threatened legal action, they have now retracted the phrase in favour of “careless”.
Which is perhaps how the Audit Commission might describe itself, because its own Icelandic deposits represented a bigger percentage of total investments than KCC’s did.
Either way, all the ratepayers’ readies currently frozen in Reykjavik are but a fraction of the billions squandered by Brown and Darling in bailing out failed banks and which still provide bumper benefits to bloated bankers.
What do you think – negligent or careless?