DV is putting the other mainstream media to shame. In the wake of the 6 billion ISK debt that Bjorgolfur Gudmundsson and Bjorgolfur Thor want downsized at Kaupthing, the paper has pointed out a small detail that describes the problems Iceland is facing in a nutshell. The chairman of the board at Kaupthing is Hulda [...]

When the banks were privatized just after 2000, Landsbankinn was sold to the Samson group for 11 billion ISK. The official explanation was that the team of Bjorgolfur Gudmundsson, his son Bjorgolfur Thor and their business partner Magnus Thorsteinsson had the money and suficcient know-how. The real explanation was that after the Progressive Party had [...]

The UK government will provide the Icelandic government with a loan that is supposed to cover its total commitments because of IceSave in the UK and Holland. These commitments are 650 billion ISK, according to the agreement between the nations and the interest rates are 5,5% annually. Payments of the loan will not begin until [...]

But while Baugur set its sights on the Faroe Islands with the acquisition of 50% of the six-strong SMS supermarket chain, Bravo International was headed for more turbulent waters. The move into brewing was bold. The Russian economy was in crisis and foreign investment drying up. Yet the Icelanders were not only ploughing money into [...]

West Ham United will be taken over by a consortium of international banks in the coming weeks. Icelandic government-appointed officials running the stricken investment bank Straumur are set to take control from Bjorgolfur Gudmundsson at Upton Park as they seek to recover the money lost in the collapse of that nation’s economy. From The Guardian