Saturday, December 19, 2009

11,380,000 people have 'Googled' DON'T BANK ON THE ISLE OF MAN

11,380,000 people have now specifically 'googled' DON'T BANK ON THE ISLE OF MAN (or have typed 'dont' instead of 'don't'). This is a phenomenal increase of over 2,500,000 since 30th.November.

On the basis of these figures it would be fair to predict that the Financial Supervision Commission's statistics for this Quarter will show a further significant decline in the trust that people throughout the world now place in the Isle of Man as a safe offshore centre in which to risk their life savings.

One man who is doing cautious prospective depositors a great service is Richard Murphy who has researched in depth the unsavoury facts about the way the IoM financial services industry operates. This is evidence that very few ordinary Manx citizens are aware, facts that the government would rather they didn't. Sadly of the few who do some would rather shoot the messenger than accept the message.

As a secrecy jurisdiction the island has thrived for many years on how its banks & finance houses have done business. All credit to the IoMtoday journal for publishing Richard's critique HERE

The cat is now out of the bag and the people of the Isle of Man will need to face up to the reality of how the Isle of Man has prospered hitherto. Quite how it will get its house in order remains to be seen. To date that "new mindset" that the Chief Minister says will need to be adopted has not materialised. Instead the 'blame game' is emerging as the order of the day. In this game the government will continue to 'blame' the UK government for all its woes.

Playing the 'blame game' and turning Manx folk against the UK is not going to get the IoM anywhere. It is a smokescreen to put off for as long as possible the adoption of that new mindset through which the IoM becomes truly open, transparent, ethical & honest in the manner in which it operates as an offshore financial centre. Only then will sensible people seriously consider depositing their life savings on the Isle of Man.

Friday, December 4, 2009

Allen Bell does not ring true

Allen Bell (Finance Minister) says that the IOM is a 'safe place' to invest.  He would wouldn't he?   But he does not spell out the basis of his assertion because there isn't any.

In fact John Aspden (chief of the FSC) has told him & the world at large that neither investments nor deposits are 'risk free' on the IoM.

If Allen Bell is right & John Aspden is wrong then he needs to spell out precisely how money put into the IOM is now suddenly 'safe'.

The reality is Allen Bell is engaged on a sales pitch to put the IOM in a good light in the face of the disasterous situation that faces its economy.

Kaupthing depositors were told their money was 100% guaranteed but that turned out not to be true. Now there is a website DON'T BANK ON THE ISLE OF MAN that tells expats and others the reasons for not depositing on the IOM.

Depositors & investors are not stupid & are not going to be hoodwinked by propaganda that is clearly aimed at the best interests of the IOM and not at those whose money is so eagerly sought with that objective in mind.

There needs to be a massive injection of ethics, morality, integrity and justice in a new IOM 'mind set' if people are to trust this offshore financial centre. Until then don't gamble; play safe - DON'T BANK ON THE ISLE OF MAN as it could seriously ruin your wealth.