Council in a mess again
Uttlesford District Council have done it again. Having lost £2.3 million through a budget overspend, they have lost a further £2.2 million by investing in an Icelandic bank. This was such a trivial amount to councillor Ketteridge that when interviewed on
Uttlesford District Council have done it again. Having lost £2.3 million through a budget overspend, they have lost a further £2.2 million by investing in an Icelandic bank.
This was such a trivial amount to councillor Ketteridge that when interviewed on BBC Look East, looking like a rabbit frozen in the headlights of an oncoming juggernaut, he could not understand why he was having another visit from government inspectors to investigate apparent failures. The main criticism of the council's investment is its size and inflexibility in October 2006.
An investment portfolio requires active management. The problem was that no monitoring was taking place, and the investment was for a one year term, so UDC could not see the investment before maturity without penalty.
By March 2008 Channel 4 News broadcast an item on Iceland which highlighted the desperate situation of its economy and overblown banks. We know now that the UK government also knew of this situation. Councillor Ketteridge and his colleagues were unaware because there was nobody monitoring the investment.
You may also want to watch:
You have no defence, Councillor Ketteridge, except incompetence.
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