An explosive New Years Eve tradition in Iceland culminates at midnight when every man, woman and child goes into the streets and ignites an incredible amount of fireworks. The fireworks are sold by the rescue-teams around the country that are on alert all year round and the profits comprise 2/3 of their annual income. Usually [...]

Saw this brilliant sketch at the Freedom Fries blog. It reminds us of the CEO’s of the Icelandic banks who justified their exorbitant wages and bonuses with claims of being so attractive employees who understand complicated business models better than the rest of us. Funny how no one is hiring the ex-bankers except businesses that [...]

“I got the respect I wanted,” says Thor. “Now I can begin the second half of my life.” An article on Bjorgolfur Thor in Forbes From a guy who will probably have to walk on water, turn water into wine, cure the blind and heal the sick to get his good name back, no matter [...]

In Japan and Hong Kong, bond buyers got stuck holding all-but-worthless debt. In Beverly Hills, a real-estate developer was forced to default after teaming up with an Icelandic bank to build condos near Wilshire Boulevard. A German regional lender, Bayerische Landesbank, suffered big losses on its Icelandic investments contributing to its need for a €30 [...]

There was only one way to find out. Less than a month later, I had sold almost everything I owned – my furniture, most of my clothes, my DVD collection, the guitar I’d never learned to play – everything, basically, that wouldn’t fit into a small suitcase on wheels. And I’d used the money to [...]

In the last two days visits to this site have dropped like the Icelandic Stock Exchange, the approval of the government, Bjorgolfur Gudmundsson´s image and Iceland´s integrity. All because of Christmas. I will be laying swords to a couple of Christmas dinners like an Icelandic bank to European savers. I expect few if any lambs [...]

In November 2007 the Financial Authority saw that Glitnir had 43% of their money-market funds invested in FL Group. Instead of punishing the bank severely for going against the law, it was kindly asked to fix the funds. A Kaupthing fund that invests 80% in foreign stocks is down 34% this year. This in a [...]

Unemployment = 5,5% Inflation = 18% Purchasing power = down 7,5% The calm before the storm of 2009 is here. Retailers suggest that unlike all Christmases in recent memory this one is not going to be paid for by credit, but by cash. Hopefully the media will be awake for the last 10 days of [...]

Olafur Ragnar Grimsson, President of Iceland has made the worst possible plea a head of state could make. He has asked for his pay to be lowered. Olafur has been unusually quiet since the economic crash. He has been accused of turning the presidency into a position that businessmen could exploit for their own gain [...]

KPMG should be really worried about their reputation. Or maybe they’re well connected enough to not have so they don’t have to. Morgunbladid today asks what kind of business ethics are practiced within the walls of KPMG. The paper yesterday told an unbelievable story of an investor who approached the company for assistance on a [...]