So the courts are finally nailing someone from the banks, in this case Kaupthing. But so far it is just the pawns that have been sacrificed. The real criminals have so far been protected.
Two young men, a fund manager and a broker are accused of having put in false offers for shares in Exista, to keep the share price artificially high. This was done so that the fund manager’s fund did not lose value and is of course highly illegal.
These guys were under incredible pressure to perform. And as one of them said, he had been put in charge of tens of billions, barely thirty years old without any training.
When I got my job at Kaupthing, I asked what kind of training new employees would receive. The answer was a reassuring nothing and a challenge to a ambitious, young man, “we like to throw people into the deep end and see if they can swim. We keep the ones that swim.”
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Melvin Godfried
2 years ago
Probably some truth about keeping the swimmers insofar as Hreiðar Már and Sigurður have swum to the continent!
IceSave: Weapon Of Massive Debt And Destruction
2 years ago
[...] What seems to puzzle the British is the lackadaisical approach that Iceland has taken towards the main perpetrators of the economic collapse. Remember the banking collapse of Iceland? That was what started the whole thing, and IceSave is only a small part of the mess the nation finds itself in. When the whole banking sector goes bust it is obvious that something wicked has been going on. While the US wheels off Bernard Madoff to jail, Kenneth Lay dies in prison and the Danes chase Stein Bagger until he is in jail, the only two people convicted of any financial misdemeanours in Iceland are two small time employees of Kaupthing. [...]