Nutshell | Wicelandic Post

Posts Tagged ‘Nutshell’

A Business Friendly Country

Wednesday, March 10th, 2010

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 made easy by the country’s banks, accountants and business laws. Through those channels, twisting and turning is made strikingly less hazardous.

DV reports that the owner of Leonard, one of Iceland’s most prestigious stores handling jewellery and fine watches transferred the operations onto a new social security number and signed an agreement with his wife that she would assume control of the new company. Last week he was declared bankrupt himself. But through this manoeuvre the couple has managed to get rid of the old debts but still keep the store.

This is not an exceptional case, but a blueprint for why so many of the most reckless business people of the last decade are still heading the companies they’ve run into the ground.

This is why Geir Haarde and David Oddson used to say their aim was for Iceland to become a “business friendly” country.

I for one don’t understand why business schools bother with explaining basic rules in finance and economics to their students anymore. Why are they still teaching that “those who assume the greatest risks also should reap the greatest rewards because they can also incur the greatest losses”?

Why don’t they just teach students how to create two business entities and shove debts into one and assets into the other? You keep your assets and the debts fly off to “money heaven”.

Wasn’t that also how IceSave was supposed to work for Landsbankinn’s owners and management team?

Tags: Blueprint, Business Entities, Business Laws, Business Schools, Entrapment, Fine Watches, Fuzz, Geir Haarde, Getting A Job, Last Decade, Manoeuvre, New Social Security, New Social Security Number, Nutshell, One Don, Prestigious Stores, Private Business, Social Security Number, Twists And Turns, Zeta Jones
Posted in Iceland, Market | No Comments »

The Enemy Reveals Himself

Sunday, March 7th, 2010

With a smug grin he revealed last night and today what he had wanted all along. It wasn’t a national referendum on IceSave. It was for the government he opposes to resign.

Steingrimur J. Sigfusson asked the nation how it thought an agreement could be made with a saboteur on our very own negotiating team.

Of course Sigmundur David Gunnlaugsson, chairman of the Progressive Party and founder of the InDefence pressure group would never have dreamt up a more favorable situation. Half of the nation had bought his spin and handed him the spin necessary to demand a clear path to the power tables. Preferably before the congressional report on the economic crash due out soon.

I hate to say I told you so, but I did and Icelanders were played by a snake oil salesman and too many of them bought it. He has divided the nation and now humbly offers to lead it from distress.

The enemy does not have Iceland’s interests at heart. It is all about the money (did we mention how he became a billionaire through an unholy alliance of politics and business) and the mandate to lead Iceland during these turmoilous times when the wealth and debts of the nation are distributed.

Iceland’s enemy number one has revealed himself and his name is Sigmundur David Gunnlaugsson.

Tags: Billionaire, Clear Path, Congressional Report, Debts, Discourse, Economic Crash, Enemy Number One, Favorable Situation, Icesave, Mandate, National Referendum, Negotiating Team, Norway, Nutshell, Power Tables, Pressure Group, Progressive Party, Saboteur, Snake Oil Salesman, Unholy Alliance
Posted in Iceland, Market | No Comments »

What Have You Done?

Thursday, January 7th, 2010

Yesterday I spoke to two grown up, salt of the earth people who had signed the InDefence petition. They were adamant that they had signed against Iceland paying the IceSave debt. Their understanding of the issue was that a national referendum would give the nation an opportunity to say no to paying the debt.

What could have been so hard to misunderstand about the InDefence petition’s opening statement?
“I challenge the president of Iceland, Mr. Olafur Ragnar Grimsson to reject the new IceSave bill. I think that it is fair to demand that the economic burden imposed on the Icelandic public and the future generations of this country will be put to a national referendum where the Icelandic nation gets to vote on it.”

The front page of Frettabladid also reveals an interesting turnabout. Sigmundur David Gunnlaugsson and especially Bjarni Benediktsson are now against a national referendum. They would prefer the bill to be revoked and new negotiations should take place between Iceland and the UK and Netherlands. Petur Blondal, the Independence Party MP who sponsored a bill a couple of weeks ago asking for a national referendum said yesterday that “MP’s have to sponsor bills all the time which they don’t necessarily agree on wholeheartedly” as he now claims that a national referendum would be less preferable to renegotiating.

What could have been so hard to misunderstand a few days ago when these very politicians sponsored and voted on a bill for a national referendum?

Tags: Blondal, Discourse, Economic Burden, Few Days, Frettabladid, Front Page, Future Generations, Independence Party, Mp, National Referendum, Negotiations, Netherlands, Nutshell, Petition, Politicians, President Of Iceland, Ragnar, Salt Of The Earth, Turnabout
Posted in Iceland, Market | No Comments »

Channel 4: IceSave Coverage (Video)

Tuesday, January 5th, 2010

Channel 4’s story about IceSave.

“The Icelandic economy, the state being debt-less, this would not be too much for the state to swallow”. – David Oddson

Tags: Channel 4, Complexity, Debate, Discourse, Economy, Icesave, Nutshell, Oddson, Video Channel
Posted in Iceland, Market | No Comments »

Unexpected Support Against IceSave

Friday, December 11th, 2009

It is really nice to see the support the InDefence group has received in its fight against the IceSave agreement as this screen shot from their website where Icelanders are urged to sign a petition for the president to veto the bill once it is out of Althingi.

Icelanders are especially touched by Brad Pitt taking the time from his UN duties, the movies and Angelina and the kids to state his support.

Old friends Adolf Hitler and Benito Mussolini know injustice when they see it so they have signed up.

And most interestingly, Dutch finance minister Wouter Bos is with Iceland and so are Gordon Brown and Alistair Darling.

Rumour has it that both Donald and Scrooge McDuck have also shown their support.

Proof that either Icelanders are fighting a just cause or that they just mess everything up they come close to these days.

InDefence claims that 32.899 people support their cause. And that number is used in the media to show the overwhelming support the petition has received.

Adolf and friends say thanks.

Tags: Adolf Hitler, Alistair Darling, Angelina, Bandwagon, Benito Mussolini, Brad Pitt, Chaos, Finance Minister, Gordon Brown, Icesave, Injustice, Nutshell, Old Friends, Overwhelming Support, Petition, Rumour, Scrooge Mcduck, Sheep, Taking The Time, Wouter Bos
Posted in Iceland, Market | No Comments »

Sullenberger’s Friends

Friday, December 4th, 2009

When Jon Gerald Sullenberger came forward as the main witness against Baugur in the largest court case of the decade, he was assisted and urged on by Styrmir Gunnarsson, then editor in chief of Morgunbladid and Jonina Benediktsdottir, Johannes Jonsson’s (Baugur founder) former lady-friend and rabid supporter of David Oddson.

Their connections to David Oddson and the part of the Independence Party which wanted to see Baugur demolished even if it was a major contributor to the party were apparent.

It appears Jon Gerald who now has opened Kostur, a grocery store which is supposed to gain market share from Baugur’s stores as the place where conservatives can shop with good conscience, approached the Independence Party’s very own favourite bank Landsbankinn in 2006 and tried to get 30 billion ISK worth of Venezuelan bonds into asset management without sufficient disclosure of ownership or origins. The bank, which now says it suspected money laundering and did not accept the money, was obliged to let the Fincancial Crimes Unit of the police know. DV has been covering this story in the last few days.

The police says they didn’t report anything at the time. Did some people get the protection they needed in David Oddson’s Iceland?

Tags: Asset Management, Baugur, Conscience, Conservatives, Contributor, Court Case, Crimes Unit, Discourse, Grocery Store, Gunnarsson, Independence Party, Johannes Jonsson, Jonina Benediktsdottir, Lady Friend, Landsbankinn, Market Share, Money Laundering, Morgunbladid, Nutshell, Private Business
Posted in Iceland, Market | No Comments »

The Icelandic Discourse in A Nutshell

Tuesday, November 10th, 2009

It seems like Icelanders will be unable for quite some time to get their heads around the important issues in Iceland.

Seems like something is in the way.