Saturday, April 4, 2009

This Week In Markets History

It is announced, not from Buckingham Palace, but from Scotland Yard:

Scotland Yard lost £30m of taxpayers' money by reinvesting in a doomed Icelandic bank just weeks after withdrawing the cash on the advice of its financial expert, the Observer can reveal.

The Metropolitan Police Authority withdrew all investments from Landsbanki in April last year following instructions from its treasurer, Ken Hunt. But just weeks later, it reinvested with the bank without informing Hunt who remained in the dark until the bank was nationalised in October.

- Guardian

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