Ethics and governance in the European Financial centers

Richard Murphy has detected an interesting message on Youtube posted by someone who put her life savings on deposit with Kaupthing Isle of Man after being assured that my money was safe. With the backing of the Financial Supervision Commission the directors put over 50% of the bank's assets into Kaupthing UK which subsequently went into Administration. She received no letter of explanation or apology from the directors, and now she has to wait 6 years before she gets a fraction of her money back. Her message to anyone who is thinking of depositing in the IoM is: "don't bank on the Isle of Man"

Richard comments his guess is she’s one of at least 10,000 who have lost out by doing so. That’s what comes from relying on ‘well regulated’ jurisdictions made of straw.