rational geekery

Dave Osler has a great piece over at LC. As the newspapers tear into UK councils who invested in Icelandic banks, Dave explains exactly what the authorities were up to ::

For some reason, this morning’s newspapers are full of outcry about what UK councils are doing investing in Iceland anyway. The answer to that seems quite simple; they were seeking the best returns for the council tax payer, which is exactly what they should be doing. Remember, Iceland’s leading banks offered high rates of interest and enjoyed AAA credit ratings. Sounds fair enough to me.

The effin' scoundrels! How dare they invest my taxes in high-return, triple-A accounts. Outrageous. Quick! Someone contact the tabloids.