If Hannes Holmsteinn Gissurarson and Milton Friedman were right and capital flows  like a river to wherever it is put to the best use possible, then someone must have built a dam somewhere on the way to float 1 billion ISK into the safe haven of the curious company Lamba ehf. Lamba which is officially [...]

New Kaupthing has reported the management of Exista, employees of Deloitte and the law firm Logos to the Special Prosecutor because of the sale of Exista’s shares in Bakkavor Group on September 11, 2009. Brothers Agust and Lydur Gudmundsson financed their own 8,4 billion ISK purchase of 39,2% in Bakkavor through Exista which is mostly [...]

How did the brothers, Agust and Lydur Gudmundsson score the majority ownership of Bakkavor? Well, with a vendor loan from Exista the company Lydur told the nation was heading for a bankruptcy earlier this evening. Which is where the brothers are also the largest shareholders. A vendor loan is basically a fancy way of saying [...]

When I was a student at a university in the US, the women’s soccer coach was fired from his job for pushing a player. This despite his record of leading the team to the final four in consecutive seasons. This was eight years ago and he still hasn’t been able to find another job as [...]

Eva Joly came in with a bang in Iceland today when after a couple of months away she returned to state her displeasure at the way things are being done in investigating the economic crash. She said she did not want her name associated with the investigation unless some radical changes would be made. And [...]

I spent most of last week in the UK. I intended to keep blogging while there but when I ascended from Icelandic soil I experienced such relief at being away for a few days that I decided to use the opportunity to refresh from the most depressing winter of my life, probably most Icelanders’ life. [...]

With hindsight, the episode looks all the more uncomfortable because of Kaupthing’s complex relationship with Tchenguiz. He was not just its largest customer but also led a series of private equity-style joint-venture deals in which Kaupthing co-invested its own money. Moreover, in early 2007 he became a major investor and board member in Exista, an [...]

You would think that Icelandic MP’s would have had the guts to stand up to the architects of the ruin in this manner now that this country is in a worse shape than the UK. But they won’t. Instead, foreign minister Ossur Skarphedinsson has decided to hand Valgerdur Sverrisdottir a position as a leader of [...]