Am I alone in seeing a "blame culture" used to excuse responsibility. Surely the people,, charities and Government bodies who have invested in high interest accounts, in particular, those in Iceland must recognize one of the oldest of all warnings. Caveat Emptor.

J.M. Edwards, Bridwater, England

This just show it is a tough time ahead with the world market. Let us all hope we do have a soft landind.

Alaska, Sheffield, England

"investments can go down as well as up"..that is the gamble...so why should anyone get their money back because they gambled wrongly? Of course it is all disastrous, but to learn the lesson that people cannot live beyond their means forever we may have to feel the pain to come.

ed, LONDON,

Statistics would say that if you spread your assets around then you are bound to get caught out more often.

Why not stay with local building societies ?

After all putting local funds in local mutal societies makes a LOT of sense.

Wake up.

Gazza, Midlands, UK

I can't seem to get a copy of John Prescott's Guide to Safe Investment. Has it sold out?

David, Oxford,

If you elect to bank with a non british bank - then Britain should not bail you out - you have opted for higher interest rates off shore, then go after the country that you have chosen to bank in

Chris, s'bury,

If the Councils were told to spread their assets then they are only losing a very small % of their cash - which they CAN afford.

On the radio, a spokesman from Kent council said they had (I think) about £20million in Iceland banks out of a Pension pot of over £2.5 billion. So no tears from me.

Giordano Bennetti, Swindon,

Surely the only just solution here is to dock the pay of council workers in council's that decided to continue investing in Iceland until the losses are made up. Either that or raid their pension schemes. There is no way taxpayers should be punished for councils' incompetence and negligence.

FJ, London,

Now's the time to strip the councils of the dead wood that lies within (60% should do it), streamline the procedures and reduce paperwork, increase efficiency, lower costs, kick-out those who have been so flippant and irresponsible with taxpayers money and finally show the jobsworths the door.

Invicta, Chatham, Kent

Have you been in to a council office recently? They are staffed by bumbling imbeciles, shuffling around in slippers and cardigans. We should not bail out the councils and we should ensure that the majority of these unaccountable public servants lose their jobs. I'm also hoarding tinned food.

daivd, London, UK

Good old Gordon, he abolished boom and bust, now see what he replaced them by!

Colin, London,

Is it not a worry that some organisations actually have all this money to invest, in 'foreign banks' (such as police authorities and 6 million pounds invested by a hospice!) when they are always claiming they are poverty stricken. Government is not responsible, they should have invested in the uk.

Keith, Perigueux, France

councils should punish the goverment then and reck their plans lets face it no matter what happens at this poitn our taxs are going up and labour is losing hte next election.

Councils may as well cause a run on the banks and take all their case out, At this rate we will all be sleeping onour cash

MR W Jones, Liverpool, England

Councils should never have invested in offshore banks. Also, the warning bells had been ringing some months regarding Iceland. I suppose nobody will be bought to justice.

Np, England, UK (while we have food)

If Darling wont make the losses good the councils should draw out all the deposits as suggested and break his? rescue scheme, private investors lost their own money and the loss should not be placed on the tax payers, the councils lost our money, following guidance from the Government.

am, letchworth,

It is the responsibility of central government to ensure that all banks operating in the UK conform to acceptable standards. This is what we pay regulators to enforce. Surely this failure requires all depositors to be refunded by FSA?

Peter York, Tonbridge,

Interesting that this view is being taken. The same of course is happening in the US, with California (so far) asking for help.

Presumably everyone will jump on the band wagon.

I doubt the US Govt will assist, and I doubt the UK Govt will do so either.

Time to trim your costs guys.

Mike, Smiths, Bermuda