It must not be funny if you are one of the people who put their cash into an Icelandic bank, but how can a country simply keep all these investments when it Nationalises a bank.  Surely that must seem like theft to those savers.

What is worse is that a lot of money that has been saved belongs to Charities, UK Local Authorities and Police Authorities.  Ultimately this is our money. 

The sad thing is that the writing has been on the wall for the Icelandic situation for a while.  As early as May this year the financial press was warning of the risks, so why do the public bodies that hold our money not study the market?

Sky news has a great article that lists the details of the Local Authority investments.