The news that the Icelandic banks in Luxembourg helped out some of their customers by hiding their assets by using other customers’ businesses and accounts abroad seems to confirm a story I heard a year ago.
An elderly businessman who had sold his production company (someone who actually dedicated his life to creating something), had sold his business a couple of years ago for a tidy sum. He took it to Luxembourg on Kaupthing’s advice and promptly lost most of it when the stock market in Iceland collapsed. One night he found billions in his online bank account, took it to the bank and demanded an explanation.
It came a day later, “A temporary error.”
According to the RUV news tonight, a customer of an Icelandic bank realised that a company he owned in Luxembourg had been granted a loan and stocks were purchased in its name without his knowledge.
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July 12th, 2010 → 11:03 pm @ Dadi
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