Why is the MAGA movement so susceptible to crazy conspiracy theories?

[cheeryble]

I have a deposit in the Isle of Man.

I just read the details of the compensation scheme. Here's some of it:

The Isle of Man has a depositors’ compensation scheme (DCS) which may compensate you if a bank in which you have deposited money fails. Please read the DCS Regulations 2010 for full details of the 2010 DCS (in operation from 23 October 2010). The following is a summary.

To pay compensation to depositors, a fund is created when a bank fails. The fund comprises contributions from other deposit takers (banks and building societies) in the Isle of Man (to a maximum of £100 million) and money from the Isle of Man Government (also to a maximum of £100 million). Therefore the amount contributed by deposit takers and Government together is limited to £200 million outstanding at any one time, no matter how many defaults may take place. The Scheme Manager may (but does not have to, or may not be able to) borrow money to increase the fund value.

There is no time limit for payment of compensation. The amount of compensation paid and the timing of compensation payments will depend upon the size of the deposit taker which fails and the amount of funding contributed. The payment period will also vary according to whether, and to what extent, the DCS borrows, the timing of the contribution from the Treasury and the timing of levies from participants.

Well I don't know about the size of deposits at the institutions on the Isle of Man, but my best guess would be that 200mGBP is nowhere near enough.

So is this compensation scheme so much hot air?

[12DrinkMore]

I have personal experience with this.

When the icelandic banks failed, the Isle of Man promptly came up and gave me back my money.

The <deleted> Guernsey lot have totally removed themselves from any responsibility regarding Landsbanki, another bank which I mistakenly had some money with, and I am now looking to have a so-called 10% "haircut". Those with the Landsbanki being the only depositors on the globe to suffer a loss. So up yours, Guernsey, my money will never again reside under your jurisdiction.

As you point out, the amounts they are talking about fall well short of the total amount of deposits. However, in the likely event of another upstanding member of out robust financial system going tits up, the chance of 100% of the assets disappearing into nothing is unlikely and so you only need the scheme to top up the difference between what is left and what the claimants are after.

But be careful out there, the rats are always circling to remove you from your assets.

Edited April 2, 2011 by 12DrinkMore

[personchester]

I have personal experience with this.

When the icelandic banks failed, the Isle of Man promptly came up and gave me back my money.

The <deleted> Guernsey lot have totally removed themselves from any responsibility regarding Landsbanki, another bank which I mistakenly had some money with, and I am now looking to have a so-called 10% "haircut". Those with the Landsbanki being the only depositors on the globe to suffer a loss. So up yours, Guernsey, my money will never again reside under your jurisdiction.

As you point out, the amounts they are talking about fall well short of the total amount of deposits. However, in the likely event of another upstanding member of out robust financial system going tits up, the chance of 100% of the assets disappearing into nothing is unlikely and so you only need the scheme to top up the difference between what is left and what the claimants are after.

But be careful out there, the rats are always circling to remove you from your assets.

Your last "para" is not based on facts, and thus not appropriate.

[12DrinkMore]

I have personal experience with this.

When the icelandic banks failed, the Isle of Man promptly came up and gave me back my money.

The <deleted> Guernsey lot have totally removed themselves from any responsibility regarding Landsbanki, another bank which I mistakenly had some money with, and I am now looking to have a so-called 10% "haircut". Those with the Landsbanki being the only depositors on the globe to suffer a loss. So up yours, Guernsey, my money will never again reside under your jurisdiction.

As you point out, the amounts they are talking about fall well short of the total amount of deposits. However, in the likely event of another upstanding member of out robust financial system going tits up, the chance of 100% of the assets disappearing into nothing is unlikely and so you only need the scheme to top up the difference between what is left and what the claimants are after.

But be careful out there, the rats are always circling to remove you from your assets.

Your last "para" is not based on facts, and thus not appropriate.

Which bit, exactly?