How are they trying to cook this up? The banks are now agitating for re installing bonus systems for the employees of their private banking and corporate banking divisions. Now it is great if bonus systems are available for employees, but when implementing those some basic questions must be answered. What are we rewarding? Remember, [...]

The case of Glitnir lending money to children aged 1-17 for shares in BYR Savings & Loans is so filthy it is hard to grasp. The bank, with current CEO Birna Einarsdottir as a top manager allowed the parents of ten children to borrow up to 24 million ISK in their name. Amid public outcry [...]

One should think that transparancy is of utmost importance for any Icelandic government since the heyday of the behind-closed-doors governance of the Independence Party and the Progressive Party. Questions remain regarding the true ownership of Magma Energy, which has now gotten its hands on valuable energy resources through a game of remiscent of previous governments. [...]

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% [...]

This week the CEO of BM Valla, a cement-producer accused the state-owned Islandsbanki (formerly Glitnir) of distorting competition in favor ofrivals Steypustodin. The reason is supposed to be that Islandsbanki has taken over Steypustodin and is trying to rescue what can be rescued from their business. So they have been directing business from construction companies [...]