Date: 16/10/08 12:56 pm (UTC)
I1t's govt. policy; regulations require public bodies to get the best returns possible on their money and so the 7% being offered by icelandic banks was quite tempting.
That said, it's also imbecility on the part of the public bodies to pay a CFo 100k a year and then fail to notice that Standard & Poor rated the Icelandic banks as terminally ill over a year ago.
I doubt that anyone will actually get fired over this, but we might see some professional negligence claims go in against Cap Gemini who advised the investments.
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