Bjorgolfur Thor is no longer on the Forbes billionaire list.
And Hannes Smarason of FL Group fame personal debts to Landsbankinn amount to half the IceSave amount owed to the Brits and the Dutch according to the latest calculations. Of course without proper collateral or what?
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Bjorgolfur Gudmundsson is bankrupt. His personal debts amount to 96 billion ISK, the largest individual bankruptcy in Icelandic history.
This is how highly leveraged you can get if you own a bank.
So now 66.66% of the people that were handed Landsbankinn by the Independence Party have become bankrupt. Magnus Thorsteinsson having been bankrupted to the tune of roughly 900 million ISK earlier this year.
Shouldn’t somebody look into the whole bank privatization thingy of 2003…shouldn’t they?
Bjorgolfur would like people to know that his wife herited their house from her parents and would like her to be kept out of discussions of his personal finances.
Fine by us, if he keeps his hands out of Icelandic business and commerce for the rest of his life.
PS: Updated 2.8.2009 – Apparantly Bjorgolfur´s bankruptcy is larger than any individual´s in the UK ever.
DV is putting the other mainstream media to shame. In the wake of the 6 billion ISK debt that Bjorgolfur Gudmundsson and Bjorgolfur Thor want downsized at Kaupthing, the paper has pointed out a small detail that describes the problems Iceland is facing in a nutshell.
The chairman of the board at Kaupthing is Hulda Dora Styrmisdottir, the daughter of Styrmir Gunnarsson, former editor in chief of Morgunbladid. Famously, Sverrir Hermannsson who was the CEO of Landsbankinn before it was privatized resisted the request of David Oddson that the bank should call in Styrmir’s 100 million ISK personal debts, making him bankrupt in the process. Morgunbladid was the main media beacon for the Independence Party and David wanted absolute control.
When Bjorgolfur Gudmundsson begot the bank from David, he of course borrowed money from it to buy Morgunbladid. He also relieved Styrmir of the huge debts.
Now Bjorgolfur needs relief, and guess whose daughter is in a difficult position. Damned if she does, damned if she doesn’t.
An eye for an eye, tit for tat or not?