Author Topic: When did we sanction the council to gamble with our money ?  (Read 934 times)

Number 6

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When did we sanction the council to gamble with our money ?
« on: October 17, 2017, 10:56:15 am »
It would appear that our local councillors have taken a decision in secret to gamble with taxpayers funds by borrowing money to play at investing in the property market. With most financial sentiment intimating a downward market correction from historic highs this would seem foolhardy to say the least. As they have been secretive about the deals arrangements can we take it that they are accepting personal liability for any losses as they have not consulted the electorate and been transparent on the details ?

http://www.newburytoday.co.uk/news/home/22598/transparency-concerns-over-west-berkshire-council-s-commercial-deal.html

Old Goat

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Re: When did we sanction the council to gamble with our money ?
« Reply #1 on: October 24, 2017, 07:55:48 am »
Trying to be very polite about it, this must rank as one of the most spectacularly stupid ideas they've ever come up with. Have they really not understood that the economic crisis the Council faces is actually a direct result of this type of sophisticated financial gaming?

However, if one takes a step back and gives this a bit more thought, one doesn't even need to be a cynic to feel that this suggests 'austerity' is actually a myth used to cover the implementation of Conservative convictions. 

What makes the WBC senior executives and Councillors think they can buck Wall Street?  That they have clearly used time to spend even thinking about this 'magic bean' scheme, if there was any truth in the need for severe austerity, it's quite obvious that we could extract an expensive level of senior management without noticing the loss.

Number 6

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Re: When did we sanction the council to gamble with our money ?
« Reply #2 on: June 27, 2018, 10:18:19 am »
I hope there will be robust arrangements in place to prevent any losses being underwritten by the local taxpayers and definite safeguards against any taxpayer subsidies ? This kind of scheme should be open to full public scrutiny of the commercial arrangements before any ratification. Left to their own device WBC will put our money at risk and continue their frivolous spending habits.


https://www.newburytoday.co.uk/news/news/24694/council-to-be-in-control-of-its-destiny-with-housing-venture.html

Old Goat

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Re: When did we sanction the council to gamble with our money ?
« Reply #3 on: July 01, 2018, 12:35:02 pm »
Coming from a Council that doesn't even seem able to run a public lavatory, don't hold your breath! 

Number 6

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Re: When did we sanction the council to gamble with our money ?
« Reply #4 on: July 24, 2018, 08:40:49 pm »

Old Goat

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Re: When did we sanction the council to gamble with our money ?
« Reply #5 on: August 04, 2018, 07:45:06 pm »
About as prepared as they are when they see the effects of the Districts commercial downturn on the famed business rate retention experiment.