Kaupthing’s leaked documents are welcome proof of what people have been saying since last autumn, and what some experts warned for years.

The Icelandic banks were controlled by an elite who raked in as much money as possible for themselves, through loans with worthless or no collateral and bonus payments and dividends that were based on thin air.

Black on white it shows how the game worked, business-empirebuilding through cross-ownership and tits for tats all over the board.

The last few days have been strange. Some journalists have pointed out the stunning silence that politicians and members of parliament have been displaying through these tumoultous times. And why is stuff leaking from Kaupthing, not the other banks? Rumour has it that if Landsbankinn’s books were opened up then you’d see much uglier stuff than in Kaupthing, especially relating to the nation’s politicians.  Glitnir’s relationship with FL Group and Jon Asgeir Johannesson is also something people would like to learn more about. And if he got that money out of Kaupthing, how much did he get from the other two which supposedly were even more inviting to him.

So a nation asks, can we have some more?

Related posts:

1. MP’s Answers Raise More Questions About Glitnir’s Fund 9
2. Fraudsters in Isolation – Arrests Finally Made In Iceland
3. Kaupthing In Suicide Mode
4. Finally resignations
5. Who Got The Calls From The Invisible Hand?