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.
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If the Isle of Man FSC had taken the initiative and paid out KSFIOM depositors in full, much of this misery could have been avoided. They have only got themselves to blame.
ReplyDeleteIf they thought we would go away once the liquidation started, it's amazing how wrong they were. Watch this space.......
Much of this misery could have been avoided if the IOM FSC had decided at the start to compensate depositors in KSF IOM in full.It's still not to late for them to do so.
ReplyDeleteThe IOM really underestimated the intelligence and determination of those who were cheated out of their savings to point fingers at those who were to blame and to spread the message worldwide
instantly.
Yes The Isle of Man should have paid depositors out in full then the reputation of the Isle of Man could still be saved.
ReplyDeleteIt would have been cheaper to pay the depositors out in full and then business would have continued to thrive in the Isle of Man.
It will not be long before the Banks will close or leave the Island, they will have seen their business diminish over the last 14 months, since the KSF collapse, and as the Banks have now been made to contribute towards the Governments compensation scheme that will be a drain on their resources.
The Banks might as well be on the mainland where at least the Government have ensured depositors have not lost a penny.
Pity the same cannot be said for the Isle of Man Government, on The Isle of Man even British Citizens, British Tax payers have lost their savings and although it is The British Isles the UK Government will not help these depositors.
For all you depositors who have fought for your country bet you wish you had not bothered now, don't you?
Spread the word "Don't Bank on the Isle of Man" take a look at youtube, facebook and twitter.