On the back of managing to lose £10 million which they've never been able to explain, have no idea where it went and will never ever recover. Only a stupid council would lend an organisation £10m for it to be siphoned off elsewhere.
I don't necessarily disagree with all your sentiments. I still think it is somewhat harsh to call them stupid; as mentioned before they saved us when some Councils may not have been so 'constructive'. Anyway its just an opinion as is yours. The word I would have used is chaotic or even inept.