Illugi Gunnarsson and Bjorgvni G. Sigurdsson resign as MP’s. Not because they have done something wrong but because they want an opportunity to clear their “good names”. That is also what Bjorn Ingi Hrafnsson said when he stepped down as editor of Pressan.is Now Thorgerdur Katrin Gunnarsdottir has also resigned…”temporarily”. The lessons learned for the [...]

After the state announced that it was going to take over 75% of Glitnir it was clear that Stodir/FL Group, the largest owner of the bank would go under. It had been clear for some time that Baugur, Stodir/FL Group’s owner was in a bad shape financially. This created an immense problem for two funds [...]

Below is a list of those politicians, investors and bankers who have accepted responsibility for their part in the economic crash in Iceland after the publishing of the Special Investigation Committee’s Report. 1. Bjorgolfur Thor apologized to the Icelandic nation in an open letter in Frettabladid April 14, 2010. 2. 3. 4. 5. 6. 7. [...]

The long-awaited report is out and it appears that the wait was worth it. It is more revealing and tougher than most people expected. Bits and pieces here taken together from the reporting of visir.is, dv.is, eyjan.is, pressan.is and mbl.is Of course many Facebookers and bloggers of left and right leanings are already finding blame [...]

Lack of respect towards normal and healthy ways of doing business within the business sector, especially the banks. Politicians who did not understand or want to confront reality. Special interests over national interests. Just what we have been talking about in the last 18 months. English translations available here. Before writing about the report I [...]

“The pain has been incredible. The government sold the banks to people with no banking experience and questionable management experience. To be honest I think it will take more than five years to get out of this financial hole, unless we strike oil. Our credibility has been completely shattered.” From Euromoney

Through elaborate twists and turns Catharine Zeta-Jones had to risk her life in a break in to get her hands on the jewels she coveted in Entrapment. But if you happen to own or control a business which has been bankrupted in Iceland in the last couple of years, the way back to 2007 is [...]

until the end of February…the investigation committee’s report… …now what?

According to DV.is Asbjorn Ottarsson, Independence Party MP paid himself and his wife 65 million ISK in dividends from their fishing company Nesver in 2008. The company lost 574 million ISK in the same year and had a negative equity of 157 million ISK. This is one of the 63 people who is supposed to [...]

It is clear as dayligth that the political and financial elites which control the “four parties” decided early in the economic collapse to sacrifice the indebted households in the country. This was done while a fortress was erected around owner of capital and the criminals who bankrupted the country. Most things indicate that the politicians [...]