robthill’s posterous

I have been listening to the podcast from Radio 4's File on 4 about the investment problems of local councils, in particular the losses they are likely to make on their loans to Islandic banks.  While some of the naivete was eye-watering this particular councillor's rebuttal of blame was hilarious.

He said "the investments were low risk until the banks started to collapse".  Is that not the same as saying it was quite safe walking by the sea until I fell over a cliff?

website http://robthill.wordpress.com