Tim Montgomerie writes:
Lord Oakeshott should have looked in his own backyard before running in front of the Today programme’s microphone: "Councils who have put money in Iceland banks last week, like Winchester who put £1m in a subsidiary of Landsbanki only a month ago, they must have been blind and deaf." Quoted in The Telegraph.
He continued: "By mid-September, the alarm bells were ringing and red lights flashing all over Iceland and its banks. How could the council possibly have missed them?"
But LibDem Sutton had £5.5m deposited with Iceland banks and made a £2m deposit as recently as the end of September.
Sutton Tory councillor Paul Scully is essential reading for more.