EXCLUSIVE: South Tyneside Council Invested in Icelandic Banks?

Someone in the town hall decided to leave a copy of the confidential green paper report presented to last week’s cabinet meeting lying about in the corridor outside the reception room.

Mr Monkey thanks this kind hearted individual for his or her generosity, without it the public would never have known what Mr Monkey is about to reveal.

Green paper reports are supposed to be confidential and are usually discussed behind closed doors with no press or public in attendance.

South Tyneside Council uses green paper reports to hide potentially embarrassing information from the public on the pretext of; it’s not in the public interest, data protection and commercial sensitivity. Mr Monkey believes that this is a ruse to hide the truth from the public.

This latest green paper is a quarterly financial report updating members on some of the financial dealings of the council. Mr Monkey reckons that whoever left it lying about did so intentionally in the hope that it would get into the public domain. Alternatively it could have been left behind by some senile old fool that couldn’t remember what day of the week it was.

Unlike Miss Piggy, council leader Iain Malcolm and the Dominatrix, Irene Lucas, Mr Monkey believes that the public have a right to know how their money is being used – it’s not commercially sensitive, it’s accountability.

Mr Monkey can exclusively reveal that South Tyneside Council did risk ratepayers money by depositing some of it in Icelandic banks. But it did manage to withdraw it before the collapse of the Icelandic banking system.

Mr Monkey is concerned that if those charged with looking after our money were prepared to take this level of risk where else have they invested our money – short term money markets for instance.


3 Responses to “EXCLUSIVE: South Tyneside Council Invested in Icelandic Banks?”

    01/12/2008 at 15:09

    I wonder what would be your reaction if the Council kept all of its cash in a big cupboard in the Town Hall basement gaining no interest whatsoever.

    How easy it is to be wise after the event !

  2. 2 Mr Monkey
    01/12/2008 at 18:20

    Interest yes, greed no! Higher the interest greater the risk – basic rules of investment just ask your pension’s advisor.

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