It has emerged that the banks lent money to shelf-companies that had only one purpose, to buy stock in the banks themselves to inflate the worth of their own stock. Those loans were granted without collateral and they were also made to invest in businesses’ owned by the largest owners of the banks.
The banking system then collapsed. Shareholders lost 95-100% of their worth, the citizen’s of Iceland lost large chunks of their pension and savings.
Are the former managers of the banks going to be prosecuted for this?
If not then Icelands’ dignity will collapse even further than it already has.
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Roy
3 years ago
Time for some new blood in the Alþing! It really doesn´t matter who is chosen as long as no lawyers are in the bunch. Why not start with the most populous city and work toward the least populated choosing the local wino from each city/town/ village and give this group a shot at running the country for 1 year. If they fail to do better than the current group running the country then we have new elections. My money is on the winos!