As noted before it seems like the best job in the world today is to be on the solvency committee of an Icelandic bank. At Glitnir, Arni Tomasson is busy wondering how to get failing businesses into the “right hands”. Arni was the manager of Bunadarbankinn which lent Bjorgolfur & son the money to buy [...]

Kaupthing’s leaked documents are welcome proof of what people have been saying since last autumn, and what some experts warned for years. The Icelandic banks were controlled by an elite who raked in as much money as possible for themselves, through loans with worthless or no collateral and bonus payments and dividends that were based [...]

The latest of Larus Welding is that he is apparantly heading off to Harvard to do a master’s degree. His application to the university must be quite a read. CEO of Landsbankinn, UK when IceSave was being implemented, then CEO of Glitnir who appeared on national television days before his bank was taken over by [...]

First they tried to stop Wikileaks from publishing this and then the solvency committee of Kaupthing managed to get a ruling against the State Broadcasting News from talking about the findings. Absolutely useless, the information is already everywhere and only confirms what people have been asking, yes Kaupthing like the other Icelandic banks was used [...]

This should be big news. Today’s Frettabladid reports the following: “Two young men, born in 1989 and 1990 who are suspected of massive financial fraud are being kept in isolation under arrest because of the seriousness of their case. This is revealed in the courts’ verdict at their hearing. The men are believed to have [...]

Every day brings a new queasy revelation in the country which the Germans now call Crisisland. Today I met someone who is leaving the country, relieved to get away from all the negativity that has infiltrated every thread of society. Another friend said he foresaw the future in the same way. Occasionally you will find [...]

One of the more serious frauds regarding the Icelandic banks revolved around the small business that nobody had heard about, Stim ehf. On November 14, 2007, a company called FS37 bought shares worth 16.4 billion ISK in Glitnir at 25,5 and 8,4 billion ISK worth of shares in FL Group at 22,05, amounting to 4,3% [...]

Professor Thorvaldur Gylfason was one of those who sounded the alarm bells all along about the corrupt business and political elites in Iceland. His latest column for Frettabladid carries an interesting undertone, “The rector of Reykjavik University, has described in staff meetings at the school how she managed to get the school’s funds into a [...]

Quelle surprise. Pall Kolbeins writes in Tiund, the tax office newsletter that large investors in Kaupthing and Landsbankinn managed to sell their stocks before the economic disaster last year. Half as many individuals owned more than half a million ISK on face value in the two banks at the end of 2008 than at the [...]

Watch Mar Masson, Glitnir’s PR rep who is still in that position twist his tongue during an interview with the Norwegian State Television on October 7, 2008. Asked a reasonable question about his employers that he isn’t used to have to deal with from Icelandic reporters, Mar stops the interview and explains to the reporter [...]