87-year-old British widow lost almost her entire £600,000 life savings
 

http://www.dailymail.co.uk/news/arti...hore-trap.html

An 87-year-old widow has lost almost her entire £600,000 life savings because of the Icelandic banking crash.

Ruth Burridge worked seven days a week for more than 20 years running a seaside pub to put aside the cash in a Derbyshire Building Society offshore deposit account.

But now her nest-egg will virtually disappear because the Derbyshire?s offshore accounts were taken over last November by Kaupthing, the Icelandic bank that collapsed last week.

Thousands more British investors with offshore accounts could face huge losses, too.

Neither Jersey nor Guernsey has protection schemes for UK citizens.

Under the depositors? scheme run by the Isle of Man Financial Services Commission, investors in the accounts run by Kaupthing have a maximum protection of £50,000 each.

Mrs Burridge will now be forced to sell her idyllic £500,000 home in the village of Fishbourne, near Chichester, West Sussex, and is likely to spend the rest of her days in a care home.

http://www.dailymail.co.uk/news/arti...ers-brink.html

'The devils are enjoying their last days in Hell' - the billionaire, his blonde wife and friends who helped bring Iceland to the brink.

They giggle and drink bottle after bottle of expensive wine, blithely unconcerned by the turmoil around them.

This was Icelandic billionaire Jon Asgeir Johannesson, dressed casually in black, legs outstretched, and his merry court at 1am yesterday, holed up in a chic hotel in the capital Reykjavik.

His failed bank Glitnir, of which he is the majority shareholder, owes millions of pounds to British investors, including companies, town halls, police authorities and charities.

She was just stacking the cash anyway, 87 years old and tons of cash in the bank. Hello? wake up and smell the roses.

No deposit = no loan.

That money may have disappeared for her, but bet your fucking ass that money is in someone elses pocket now.

life hurts.....sometimes

You have a choice

Your life savings in a single bank paying an exceptionally high interest rate, let's say 10%

or

A quarter of your life savings in that bank at 10%, and the other three quarters in three other banks paying a few percent less.

risk:reward. I bet a lot of people choose the first.

how did the old bitch made all that cash? probably watering down the fucking drinks

Compound interest.

If you understand the basic principle, you too can get rich.

just sad to see an 87 year old women loose al she has
really really sad

Yeah, do what she did and get rich at 87. Yay. I was rich by 30 and have never owned a CD in my life :2 cents:

Feel bad for her, but why keep it offshore if she was saving so much in one account?

And bragging about it on GFY...
She wins. :glugglug

OMG it's better to get big home trezor

Actually a bank is exactly where someone 87 years old should have most of their money. Just make sure it's insured.


.

87 year old, she doesnt even need money.
And the reason she had the money offshore was to avoid taxes, so fuck her! =)

jealousy :1orglaugh

Putting all your eggs in one basket is stupid, especially if it isn't insured.

How's the prices in iceland now? Is everything much cheaper or is the inflation keeping the prices at the same level? and is euro accepted in stores and restaurants?

I'm sure she paid much more than her fair share of taxes in her life...

That's sad :(

Sad, I feel bad for her. If you loose all you have at 20/30/40 you still have time to make it again, at 87 it's to late...

I did but then i thought, these people are only putting their money in icelandic banks because of the high interests rates (GREED), so if you gamble to get more on the principle of greed then it is only your own fault if you lose your money.

But if it was a British bank she lost her money in it would be a different story.

Don't put all your eggs in one basket...

brutality!

well at least shes not in jail like that 87 year old is in florida

Very original comments.

"Greed", "Don't put eggs in one basket", "She is 87, fuck her", "She must be a tax cheat".

Yeah the lady got raped and that is her fault because she was dressed too sexy.

This board deserves its name. The Go Fuck Yourself community.

Makes Robert Kiyosaki even more relevant. People really need to understand what he teaches.

Exactly what I was thinking. The fuckers who created this mess are sitting pretty and sipping wine, the victims are left penniless. Just heard that one of the top executives at Royal Bank of Scotland, another badly run failed bank, will retire on over a $1,000,000 yearly pension. I wish I could earn that by fucking people up the ass.

Well she can always take that 50,000 that is insured and hire a hitman to kill the banker.

Thats what I would do if I were 80 something.

I just lost £35,000 to Kaupthing Edge (Iceland based bank).

Tried to withdraw it last week, it never came out the account but the account shows ZERO.

I'm hoping to get it back.

That sucks!!!

Totally fucked up.

What stinks is that she trusted a small local business (in comparison to the massive banks) and didn't know she had to track what huge international would eventually take her money.

arm yourself, the mccainiacs are going to ride up after the election.

I just don't understand people who work there entire lives to build up a thier retirement money of $100,000's and they put it into Building societies that are historicly prone to going bankrupt and losing your funds. They will pay you an extra 2-5 percentage points more a year than the banks and people are just ignorant of the extra risk involved I guess.

Sad story, I bet that is one of 10,000's or 100,000's hurt from this crises.

Matt

poor lady!