Somerset's Darkest Days

I try not to blog when my sense of humour has failed. But today, today has to become an exception.

First, a rumour that Mr. Buchanan may be innocent. There is however no confirmation of this on the Council's website. In any normal Local Authority, the news that a leading Councillor has been cleared by the Standards Board would be something to celebrate. In Somerset's darkest days we wonder whether it will even be reported. Give it time? Maybe.

But as they say in the land of Excellence, "let's park that one". It has been trumped.

There is no easy way to say this. Somerset County Council invested £25 million of our money in Icelandic banks.

In confirming this figure, the Leader of the Council is alleged by the BBC to have said "...the money represented 2.5% of the overall portfolio..." and "...the authority had always tried to be prudent and spread investments..."

£4,000,000 a year on spin, and that is the best they can come up with?

Let's re-spin it.

"2.5%"? That means the Council is sitting on £1,000,000,000 of our money (yes, nine "zeros"). That is more than £5,000 for each household. Why in the name of Alan Jones have they been putting the Council Tax up every year?

"spreading investments"? Iceland makes up 0.003% of the world's population. Somerset's investment represented £100 for every member of that population. An equivalent investment in the banking system of the United Kingdom would amount to £6,500,000,000. If every Council in the UK made a similar investment it would come to £820,000,000,000. The Financial Crisis would be over.

"prudent"? It makes you wonder where they've put the other £975,000,000 that they took from Somerset's Council Tax Payers.

Where was Roger Kershaw when BCCI went tits up? Obviously not learning any lessons. And the country wasn't even a couple of years into a credit crunch at the time (yes, "experts" reckon it started well over a year ago, but Taunton clearly did not notice).

Other councils have also been stupid and have lost money. But I don't care about other councils. They are not cramming Excellence down my throat and bringing Stars to my eyes. They are not fleecing me for the privilege of being subject to their fantasies. And as for the Plus ....