Local authorities have a fiduciary duty to maximise their investments for the benefit of their council tax payers. However they must do so with the advice of so called 'investment experts'. So it's not the fault of the councils that their money is where it is/was. They were folowing advice from 'experts'
There is NO obligation on the [part of this government, or any other, to compensate investors, over and above the limits already set, I.E. £50,000 pounds. Just because it's 'our' money, doesn't mean it should be treated any differently from any other monies invested.

XG