Posts Tagged ‘Collapse’
Monday, September 20th, 2010
An Icelander who has moved abroad sent a letter to former minister of social affairs Arni Pall Arnason and Althingi MP’s.
I like his style, the letter is titled “You Can Keep This Junk” (excerpts from Pressan.is):
I have paid all my debts religiously from the first day of the collapse. I have had enough of this society which you are taking part in creating and have moved abroad with my family. We are both college-educated and had good jobs in Iceland and there was nothing to indicate that we were about to lose them. Still we decided to get away when we saw the direction things were heading.
Those who robbed us of all our belongings still walk around and get their debts written off like there is no tomorrow but we have to pay all the unfair debts surrounding us and assume the price hikes due to the inflation which is the consequence of the business genius of these same robbers.
As the title of my letter indicates, I am seriously considering stopping paying for this bank-robbery and you can keep this house which I am supposed to “own” in Iceland, everything else has been taken away anyways.
Where I live today I have it good. I have a good salary and a great job. What is most important is that here they handle criminals the way they ought to, and impotent politicians take responsibility for their work.
It would never be tolerated that a minister would hire his friend to a position, but then it would turn out that the friend has left behind him scorched earth wherever he has tread, gets hundreds of millions written off and jumps away from the job after one day. The minister and his friend then to appear in front of the nation to shovel more dirt onto the heap to hide the crap which has already begun building up.
No thank you and good luck with this endless comedy you so enjoy playing. For the love of God, keep acting like clowns because otherwise there will be no material for Spaugstofan and Aramotaskaupid (comedy shows).
Related posts:
- Morgunbladid Drawing The Line?
- Why whales?
- Pigs are flying
Tags: Althingi, Arnason, Bank Robbery, Belongings, Clowns, Collapse, Criminals, Debts, Excerpts, Genius, Good Luck, Heap, Inflation, Left Behind, Pall, Politicians, Price Hikes, Robbers, Shovel, Social Affairs
Posted in Iceland, Market | No Comments »
Friday, May 14th, 2010
The accused Glitnir bank fraudster, Jon Asgeir Johannesson has resigned as the director of the UK high street fashion retailer House of Fraser due to the USD 2 billion lawsuit against him, Financial Times reports.
Johannesson’s resignation has come in the wake of the USD 2 billion lawsuit against him and six others at the New York State Supreme Court for the alleged siphoning of funds from the Glitnir Bank before its collapse in 2008. Johannesson’s position on the House of Fraser board had become untenable after the UK High Court issued a freezing order on his worldwide assets in connection with the lawsuit.
It was stated that Johannesson tendered his resignation on Thursday, nearly four years after leading a consortium that took the company private.
Both House of Fraser and Jon Asgeir Johannesson failed to comment.
Tags: Bauger, Boss, Cnbc, Collapse, Consortium, Fashion Retailer, Financial Times, Fraudster, Freezing Order, Glitnir Bank, High Street Fashion, House Of Fraser, Investors, Johannesson, New York State, Resignation, Scrutiny, State Supreme Court, Uk Retailer, Worldwide Assets
Posted in Iceland | No Comments »
Monday, May 10th, 2010
Special Prosecutor Ólafur Thór Hauksson, who is responsible for investigating the banking collapse in Iceland in 2008, questioned a number of people last weekend to make good use of the time while former Kaupthing directors Hreidar Már Sigurdsson and Magnús Gudmundsson are in custody.
Tags: Collapse, Gudmundsson, Iceland, Proceeds, Special Prosecutor
Posted in Iceland | No Comments »
Monday, May 10th, 2010
Further arrests of former Kaupthing bosses by Iceland’s Special Prosecutor into the banking collapse are considered likely in the near future.
Former Kaupthing CEO, Hreidar Mar Sigurdsson and Kaupthing Luxembour boss, Magnus Gudmundsson are both now sitting in the Litla Hraun prison awaiting trial. The Special Prosecutor’s investigation has uncovered regular serious criminal activity within the bank by senior figures in the lead up to the banking crisis.
Investigations into Kaupthing began shortly after the bank was taken over by the government in autumn 2008 and the Special Prosecutor has ordered several raids and searches over the last year in connection with the case. Among the things being investigated was the allegation of Kaupthing owners’ engaging in illegal market manipulation to support the bank’s share price.
Kaupthing loaned many billions of kronur to holding companies which then used the money to buy Kaupthing shares or bonds issued by the bank, Visir.is reported.
The so-called Al-Thani issue falls into this category. Kaupthing loaned Sheik Mohammed Bin Khalifa Al Thani ISK 25 billion in the summer of 2008 and the Sheik then bought a five percent stake in the bank. The shady deal is described as a show-trade and came shortly after Kaupthing bosses met to discuss the importance of getting new foreign investment.
Suspicious transfers of money from Kaupthing in Iceland to foreign accounts shortly before the bank’s demise are also a key element of the Special Prosecutor’s investigation. Little or no explanation for the transfers has been found so far. Undisclosed sources put the figure transferred overseas, mostly to Luxembourg, at around ISK 100 billion (USD 786.5 million at today’s exchange rate). Part of this sum is probably connected to the previously mentioned loans to buy shares.
Still more investigations into Kaupthing are in progress at the FME national financial regulator and have not been handed over to the Special Prosecutor yet. The Luxembourg-based Kaupthing daughter company, Black Sunshine is the subject of one such investigation.
Tags: Al Thani, Allegation, Banking Crisis, Collapse, Demise, Financial Regulator, Foreign Investment, Gudmundsson, Illegal Market, Isk, Khalifa, Kronur, Magnus, Market Manipulation, Shady Deal, Share Price, Sheik Mohammed, Special Prosecutor, Undisclosed Sources, Visir
Posted in Iceland | No Comments »
Sunday, May 9th, 2010
Icelandic Prime Minister, Johanna Sigurdardottir says she feels the Special Prosecutor’s decision to start arresting key banking figures marks a milestone in Iceland’s recovery from the banking crash.
The PM told reporters that she feels Iceland has reached a predetermined crossroads, with Thursday’s arrests beginning the process of forcing the big players in the collapse to shoulder responsibility.
Finance Minister, Steingrimur J. Sigfusson echoed Sigurdardottir’s views, saying he was always sure that prominent arrests would be made and that this should send a message to sceptics that the investigation is in full swing and at the top of the nation’s priorities.
A public poll on Visir.is suggested that over 96 percent of participants support the arrest on Thursday of Hreidar Mar Sigurdsson, the former CEO of Kaupthing.
Tags: Boss, Ceo, Collapse, Crash, Crossroads, Finance Minister, Full Swing, Iceland, Johanna, Kaupthing, Milestone, Participants, Prime Minister, Priorities, Public Poll, Special Prosecutor, Visir
Posted in Iceland | No Comments »
Saturday, May 8th, 2010
Sigurdur Einarsson, the former Chair of the Board at Kaupthing Bank, has not answered the Special Prosecutor’s request to return to Iceland quickly in connection with the arrests of two other senior bank fiugures.
No information is available on when Einarsson will return to Iceland.
Einarsson began at the bank in 1994, was its CEO in 1997 and Chiarman of the Board between 2003 and 2008. He is described by some as the architect of Kaupthing’s breakneck expansion. Einarsson has been living in London for a while, Visir.is reports.
Sigurdur Einarsson has been invited to an interview with the Special Prosecutor next week; but it is not known if he will turn up. Hreidar Mar Sigurdsson and Magnus Gudmundsson were arrested this week immediately following such interviews.
Tags: Architect, Boss, Ceo, Collapse, Fraud, Gudmundsson, Iceland, Investigators, Kaupthing Bank, Living In London, Magnus, Special Prosecutor, Wages
Posted in Iceland | No Comments »
Friday, May 7th, 2010
Magnus Gudmundsson, the former head of Kaupthing Bank in Luxembourg and the current head of Banque Havilland, has also been arrested in connection to the Icelandic Special Prosecutor’s investigation into the banking collapse.
Former Kaupthing CEO Hreidar Mar Sigurdsson was also arrested yesterday.
Magnus Gudmundsson worked for Kaupthing for many years and was a close friend and ally of Hreidar Mar Sigurdsson and former Chair of the Board, Sugurdur Einarsson.
According to Visir.is, both South Iceland prisons are full, meaning that the Kaupthing pair were held at a police station overnight, pending their bail hearing today.
Tags: Ally, Boss, Ceo, Collapse, Gudmundsson, Investigators, Kaupthing Bank, Luxembourg, Magnus, Police Station, Prisons, Raid, South Iceland, Special Prosecutor, Wins
Posted in Iceland | No Comments »
Saturday, May 1st, 2010
The biggest change in support in this weeks Iceland Gallup poll is for the Independence Party; but leader Bjarni Benediktsson told reporters he was not surprised. The recent banking crisis report had a foreseeable effect, he said, and it will take time to win people’s trust again.
After increasing in popularity in every opinion poll since the autumn, the Independence Party have now dropped six points to 28 percent – the same as the Left Greens who add four percent.
The Social Democrats are up two percent on 23 percent support and the Progressive party add a point and are on 14 percent.
There have been calls for fresh elections in some quarters and Bjarni Benediktsson says he would welcome such a move despite the slump in Independence Party support: his is still the biggest party in Iceland.
There has been prominent discussion of the support given from Icelandic banks and companies to politicians in the run up to the banking collapse but Benediktsson reiterated that
all his MPs are working hard to be totally transparent, to regain public trust and to maintain the good name of their party.
Tags: Autumn, Banking Crisis, Biggest Party, Bjarni, Collapse, Crash Report, Crisis Report, Democrats, Gallup Poll, Greens, Independence Party, Mps, Opinion Poll, Politicians, Popularity, Progressive Party, Public Trust, Quarters, Six Points, Slump
Posted in Iceland | No Comments »
Sunday, April 25th, 2010
The tax inspector is currently investigating extensive tax evasion practiced by most of the Icelandic “outvasion Vikings” and other main players of the Icelandic economy in the lead-up to and the aftermath of the banking collapse in October 2008.
Tags: Aftermath, Big Shots, Business Tax, Collapse, Economy, Tax Evasion, Tax Inspector, Vikings
Posted in Iceland | No Comments »
Tuesday, April 20th, 2010
Former Minister of Foreign Affairs Ingibjörg Sólrún Gísladóttir, who was in office at the time of the banking collapse in October 2008, spoke unexpectedly during a Social Democrat caucus on Saturday, saying that she failed herself, her party and voters.
Tags: Collapse, Democrat Caucus, Foreign Minister, Minister Of Foreign Affairs, Social Democrat
Posted in Iceland | No Comments »
Tuesday, April 20th, 2010
Norwegian-French magistrate Eva Joly, who serves as assistant to Iceland’s Special Prosecutor for the banking collapse, said the report published by the Special Investigative Committee on April 12, which analyzes the causes of the collapse, is well written.
Tags: Collapse, Crisis Report, Eva Joly, French Magistrate, Iceland, Investigative Committee, Norwegian, Special Prosecutor
Posted in Iceland | No Comments »
Monday, April 19th, 2010
The employees of the Reykjavík City Theater completed their reading of the more than 2,000-page, nine-volume report on the 2008 banking collapse, published by the Special Investigation Commission on April 12, at noon yesterday. They had read the report out loud continuously, day and night, for more than 145 hours.
Tags: Collapse, Crisis Report, Iceland, Investigation Commission, Page Nine, Reykjavik City, Volume Report
Posted in Iceland | No Comments »
Monday, April 19th, 2010
Attempts by the Central Bank of Iceland to strengthen its foreign currency reserves in the lead up to the banking crash were characterised by desperation and internal anarchy, according to a bank economist.
The Central Bank went public on 7th October 2008 with news that Russia had provided Iceland with a four billion dollar loan to strengthen the krona. Prime Minister Vladimir Putin had personally signed off on the deal. But it later emerged that the revelation had been built on a serious misunderstanding and there was actually no loan at all.
The very same day, the Central Bank decided to peg the krona’s exchange rate. But the peg was dropped after just one day and had been built on nothing more than the bank governors’ wishful thinking, Central Bank economist Thorarinn G. Petursson told the banking collapse parliamentary investigators – adding that the Bank had been totally rudderless.
He particularly points to the Central Bank’s release of the Russia loan news, saying that Governor David Oddsson wanted to make the message public at the first possible opportunity in order to beat the Ministry of Finance to it. Petursson told the committee that he believes the handling of the banking collapse was an all-time low point in the story of the Central Bank of Iceland.
Tags: Anarchy, Bank Of Iceland, Central Bank Of Iceland, Collapse, Currency Reserves, David Oddsson, Desperation, Dollar Loan, Economist, Exchange Rate, Foreign Currency, Investigators, Krona, Loan News, Ministry Of Finance, Misunderstanding, Petursson, Revelation, Russian Dream, Vladimir Putin
Posted in Iceland | No Comments »
Monday, April 19th, 2010
Jon Asgeir Johannesson and his family owed the Icelandic banks around ISK 300 billion (USD 2.3 billion at today’s rate). His parents owed ISK 60 billion each.
The Althingi report into the banking collapse which was released last week reveals that the British businessman Robert Tchenguiz was the banks’ biggest debtor, owing around ISK 360 billion. Olafur Olafsson was next, owing ISK 164 billion – and both of their debt burdens have doubled in euros since 2007.
Jon Asgeir Johannesson is the third biggest debtor on the list, owing the Icelandic banks ISK 126 billion. Bjorgolfur Gudmundsson owes around ISK 70 billion.
Jon Asgeir’s parents are sixth and seventh, and his wife is ninth on the list.
Tags: Banks, British Businessman, Collapse, Debt Burdens, Debtor, Gudmundsson, Johannesson, Olafsson, Parents, Robert Tchenguiz
Posted in Iceland | No Comments »
Thursday, April 15th, 2010
Icelandic tycoon Björgólfur Thór Björgólfsson apologized to all Icelanders for his part in the asset and debt bubble which led to the collapse of the Icelandic banking system in October 2008 in a letter published in
Fréttabladid yesterday.
Tags: Banking System, Collapse, Debt Bubble, Led, Tycoon
Posted in Iceland | No Comments »
Wednesday, April 14th, 2010
Oh Icelanders, is there anything you can't make avant-garde? The Times' Robert Mackey explains :A Fresh from presenting two plays inspired by the epic collapse of the countrya s banks, actors at the Reykjavik City Theatre are in the middle of an ambitious, if not particularly dramatic, effort to read the entire text of a new 2,250-page report on ...
Tags: Actors, Avant Garde, Banking Crisis, Banks, Collapse, Epic, Performance Art, Reykjavik City, Robert Mackey, Two Plays
Posted in Iceland | No Comments »
Wednesday, April 14th, 2010
According to the report published by the Special Investigation Commission (SIC) on Monday, the Central Bank of Iceland made a series of mistakes before the banking collapse in October 2008.
Tags: Bank Of Iceland, Central Bank Of Iceland, Collapse, Crisis Report
Posted in Iceland | No Comments »
Wednesday, April 14th, 2010
The media failed in their role in the period leading up to the banking collapse, as the task force on ethics and procedures concluded in their report, which was published along with the Special Investigative Commission’s report on Monday.
Tags: Collapse, Crisis Report, Ethics, Iceland, Task Force
Posted in Iceland | No Comments »