Don't bank on the isle of man - The other side of Aspden

Dont Bank on the Isle of Man - The other Side of Aspden

If you are wondering why don't bank onthe IOM then listen to what their most senior financial regulatory official has to say:-

''KSF IOM's up streaming of 50% of funds held to another bank was not unusual. That's not as much as other banks here. There was no evidence of any outright fraud and no evidence of any seriously toxic assets. 'The UK failed to appreciate that depositors had not moved away from the idea of 100% security of their deposits. An expectation had developed that if you put money in a bank you will get it back. There is no free lunch in life. It is impossible to have a regulatory regime which satisfies both the commercial imperatives of the bank and provide the safety sought by depositors. The two are incompatible. Banks should be allowed to fail.''

John Aspden
Chief Executive
Isle of Man Financial Supervision Commission
28 January 2009

If you are wondering how a person like this could ever find employment in a financial regulatory position and come by a quarter of million pound ''salary'' then look back to his path to the Isle of Man via the far east (primarily Hong Kong) and ask yourself why investigations by The New York Times 10 years ago relating to a massive US securities fraud and giant Russian money laundering operation led them to Mr. Aspden's door.

http://www.nytimes.com/1999/09/24/business/international-business-undercurren...

Aspden is an expert at making sure there is no ''outright evidence'', particulary against himself.

50% of KSF IOMs assets and virtually 100% of its cash assets were given without security following Aspden's intervention and direction to another bank. Presumably the only reason he did not view this as 'seriously toxic' was because he personnally and specifically ordered the bank to carry out the transaction. What his cut was and what the extent of conivance with the UK's FSA was we are unlikely to ever know. All he WILL admit to is that the percentage was not as much as other banks on the Isle of Man give.

And if you think the UK will help you when your Isle of Man savings have been looted by Aspden, Brown, Bell and PWC then listen to what Mr. Aspden had to say about Financial Supervisory cooperation:

''When the going gets tough it is every man for himself''

Possibly the only true words John R. Aspden has ever uttered in public.

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[1962SWISS]

Another Masterpiece. Keep em coming. They're better than MTV. Just shows what manipulative schemers those IOM officials are!

[Frozen1951]

Political spin --- that is what we are victims of -- another great video highlighting what must definately be going on behind the scenes of the Isle of Man. The well paid men at the top don't give a fig about the little people whose lives they have ruined - just as long as they can be sure to keep their 6 figure salaries and expenses!! We will have our day and I hope they get to suffer as much we have.

[sturgessi]

idiots

[angelsanddoves]

you mean those insensitive uncaring lot who think its alright to lose your home?

[Frozen1951]

Sent it to the "stars" of this video - thought they needed an anniversary present.

[shafted100]

FANTASTIC VIDEO, this made me laugh for the first time in a while, untill i rememberd how much we had stolen on The Isle Of Man. I hope that these people get their just deserts and end up loosing their home and being made miserable by the IoM Banking Fiasco like we have.

[NowInPoverty]

Fab video. Would you trust these characters to do the right thing for your savings? I wish I hadn't. Bungling incompetents or cynical liars? You decide...

[kmunro2424]

Brilliant video in its own right but also contains an important message. The talk of salaries is quite amazing when you think that these people made blunder sof extreme proportions - transferring OUR money without security and then damaging their island's reputation by bungling and cheating to the present day. These people still have their jobs! Incredible.

[Wurz0404]

What another fantastic video!

I really hope that all of the YouTube videos are causing them embarassment.

What they have done to us as innocent depositors is shameful and the truth behind all the lies and butt covering will come out in the end.

Lets hope deposits continue to drop as IFA's stop recommending the IOM as a "safe place to bank" If you value your savings and investments DON'T BANK ON THE ISLE OF MAN.

[pepichloe]

Another great video.

Well done picanny.

[MysticFiction]

pickaninny, you are real art in this do you know that? I cant stop laughing. I mean who gets a payrise after all of that ,tell me.