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Old 13.10.2008, 17:46
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Re: How Safe is UBS

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What the english have done is to use the "terrorism act" in order to be able to freeze Iceland assets - it is a maneuvre that any politician would do, facing 300'000 depositors who have (more or less momentarily) lost their savings.
Uncle GroOve,

I strongly disagree that anti-terrorism powers should be used for anything other than counteracting terrorism, and this use by the UK was a complete abuse of those powers.

According to Channel 4 news last night, although the UK govt. claimed they were taking steps to seize the UK assets of Kaupthing, they didn't actually do so, and (again according to Channel 4 news), Downing Street issued the following statement on Saturday evening:

To clarify the situdation regarding Icelandic companies, I am confirming that it is only Landsbankiís assets that have been frozen in the UK...

No other Icelandic companyís assets have been frozen.
The earlier Treasury statement that the Kaupthing UK subsidiary's assets had been seized was apparently what actually caused Kaupthing to fold.

It seems to me that the UK may have actually caused last week's problems for Iceland. Still, I very much doubt that Gordon Brown gives a toss, since it has given him the excuse to get control of the British banking system via nationalization.
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