Political satirists often say the main problem they have is no matter how outlandish their ideas about what politicians and government are doing, they're always bested by the real thing. Whether it's the adoption of waterboarding by the Bush White House* or the nationalisation of two banks in less than a year, politicians are just more creative when it comes to absurdity.

So hats off then to the Audit Commission, the government's local authority spending watchdog, who has £10 million invested in Icelandic banks. This is incompetence and ingenuity on a whole new level and I for one think their talents should be recognised.

* "Can we keep our insane torture policy Mommy? Can we, can we, can we?"