Comments on: My Tweets from the Black Report press conference this morning http://icelandweatherreport.com/2010/04/my-tweets-from-the-black-report-press-conference-this-morning.html Thu, 17 May 2012 15:30:33 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Luna_Sea http://icelandweatherreport.com/2010/04/my-tweets-from-the-black-report-press-conference-this-morning.html/comment-page-1#comment-15268 Luna_Sea Wed, 14 Apr 2010 03:07:17 +0000 http://icelandweatherreport.com/?p=3919#comment-15268 Alda, So grateful for all this information. Thanks a million! Alda,
So grateful for all this information. Thanks a million!

]]> By: idunn http://icelandweatherreport.com/2010/04/my-tweets-from-the-black-report-press-conference-this-morning.html/comment-page-1#comment-15255 idunn Tue, 13 Apr 2010 18:57:10 +0000 http://icelandweatherreport.com/?p=3919#comment-15255 Somewhat surprised, certainly dismayed. Perhaps you should advertise? If a valuable window into Iceland from without, much here should prove of interest to those on the ground. Like yourself, maybe they grow weary of hearing it. But I have the distinct impression that in need this one of the few sources, anywhere, they could turn to in finding out such things. Something like the Black Report doesn't come out every day. Moreover many will best understand it by that read here. Somewhat surprised, certainly dismayed. Perhaps you should advertise? If a valuable window into Iceland from without, much here should prove of interest to those on the ground. Like yourself, maybe they grow weary of hearing it. But I have the distinct impression that in need this one of the few sources, anywhere, they could turn to in finding out such things. Something like the Black Report doesn’t come out every day. Moreover many will best understand it by that read here.

]]> By: Michael Lewis http://icelandweatherreport.com/2010/04/my-tweets-from-the-black-report-press-conference-this-morning.html/comment-page-1#comment-15254 Michael Lewis Tue, 13 Apr 2010 18:06:40 +0000 http://icelandweatherreport.com/?p=3919#comment-15254 “Mistakes were certainly made. The private banks failed, the supervisory system failed, the politics failed, the administration failed, the media failed, and the ideology of an unregulated free market utterly failed,” Johanna Sigurdardottir She is wrong on the last point - if we had unregulared free market - why are taxpayers bailing out failed institutions. The problem was with regulators not regulation. There was enough regulation, it simply wasn't implemented. Poor spin, by a poor manager. “Mistakes were certainly made. The private banks failed, the supervisory system failed, the politics failed, the administration failed, the media failed, and the ideology of an unregulated free market utterly failed,”

Johanna Sigurdardottir

She is wrong on the last point – if we had unregulared free market – why are taxpayers bailing out failed institutions. The problem was with regulators not regulation. There was enough regulation, it simply wasn’t implemented.

Poor spin, by a poor manager.

]]> By: alda http://icelandweatherreport.com/2010/04/my-tweets-from-the-black-report-press-conference-this-morning.html/comment-page-1#comment-15250 alda Tue, 13 Apr 2010 13:52:58 +0000 http://icelandweatherreport.com/?p=3919#comment-15250 Andrew -- I'm a little chuffed I must admit that you should be asking me this question. Thing is, Eiríkur Bergmannn gets his Guardian articles prominently featured in the Icelandic media, whereas when I write mine, nothing happens. :) Not sure if it's because he's (relatively) well known (by Icelandic standards -- it's not that hard) or because he's male. Incidentally, no doubt others would be asking something similar in the Icelandic media -- i.e. "who is this Alda?" Foreigners are often surprised to hear that this blog is virtually unknown in Iceland. As for the subject of his piece -- I'm under intense time pressure and just don't have time to look right now! Perhaps others can help. Andrew — I’m a little chuffed I must admit that you should be asking me this question. Thing is, Eiríkur Bergmannn gets his Guardian articles prominently featured in the Icelandic media, whereas when I write mine, nothing happens. :)

Not sure if it’s because he’s (relatively) well known (by Icelandic standards — it’s not that hard) or because he’s male.

Incidentally, no doubt others would be asking something similar in the Icelandic media — i.e. “who is this Alda?” Foreigners are often surprised to hear that this blog is virtually unknown in Iceland.

As for the subject of his piece — I’m under intense time pressure and just don’t have time to look right now! Perhaps others can help.

]]> By: Andrew http://icelandweatherreport.com/2010/04/my-tweets-from-the-black-report-press-conference-this-morning.html/comment-page-1#comment-15249 Andrew Tue, 13 Apr 2010 12:42:33 +0000 http://icelandweatherreport.com/?p=3919#comment-15249 Is Eirikur Bergmann well-known at all? Would you agree with his view? http://www.guardian.co.uk/commentisfree/2010/apr/13/iceland-truth-committee-report How Iceland lost its soul. The truth committee report damns a testosterone-driven financial sector where caution was dismissed as old-fashioned. Is Eirikur Bergmann well-known at all? Would you agree with his view?

http://www.guardian.co.uk/commentisfree/2010/apr/13/iceland-truth-committee-report

How Iceland lost its soul.
The truth committee report damns a testosterone-driven financial sector where caution was dismissed as old-fashioned.

]]> By: alda http://icelandweatherreport.com/2010/04/my-tweets-from-the-black-report-press-conference-this-morning.html/comment-page-1#comment-15248 alda Tue, 13 Apr 2010 10:01:13 +0000 http://icelandweatherreport.com/?p=3919#comment-15248 Thanks everyone -- especially you, Elín!! :) Yes, the report paints a sorry portrait - bribery was RAMPANT and the level of corruption and incompetence beggars belief. We have of course been consistently fed this information over the last 18 months but to see it brought together in one place, summarized like this, is both enlightening and depressing. But like I said on the Facebook page last night, this is a tremendously important milestone for this nation. Really, the effects of the report should not be underestimated. Thanks everyone — especially you, Elín!! :)

Yes, the report paints a sorry portrait – bribery was RAMPANT and the level of corruption and incompetence beggars belief. We have of course been consistently fed this information over the last 18 months but to see it brought together in one place, summarized like this, is both enlightening and depressing. But like I said on the Facebook page last night, this is a tremendously important milestone for this nation. Really, the effects of the report should not be underestimated.

]]> By: Michael Schulz http://icelandweatherreport.com/2010/04/my-tweets-from-the-black-report-press-conference-this-morning.html/comment-page-1#comment-15247 Michael Schulz Tue, 13 Apr 2010 08:46:44 +0000 http://icelandweatherreport.com/?p=3919#comment-15247 Genius (?): is it the absence of more substantive english translations that keeps the international (media) reactions at bay ? Disingenuous (?): did they transform "salaries" into "permanent loans" thus escaping taxes? Genius or not, incompetence does not equal innocence, and is not exclusive to criminal intend. M. Genius (?): is it the absence of more substantive english translations that keeps the international (media) reactions at bay ?
Disingenuous (?): did they transform “salaries” into “permanent loans” thus escaping taxes?
Genius or not, incompetence does not equal innocence, and is not exclusive to criminal intend.
M.

]]> By: Peter - London http://icelandweatherreport.com/2010/04/my-tweets-from-the-black-report-press-conference-this-morning.html/comment-page-1#comment-15242 Peter - London Tue, 13 Apr 2010 05:36:43 +0000 http://icelandweatherreport.com/?p=3919#comment-15242 "Eh? Are you sure about that? If they were advertising money market funds, but mainly investing the money into their own companies, that is just basic fraud. " The banks were borrowing money and giving it to their owners and personal friends. To keep this scheme going they also gave massive 'loans' to politicians, journalists, academics and anyone else who may potentially criticise them. AKA bribes to silence the critics. To attract further investment they offered higher than normal interest rates and boosted the share prices by buying their own share and fabricating their accounts and asset values. The correct name for this process is a Ponzi scheme, not banking, and the politicians media and central bank were all active participants in various ways in an organised criminal activity. You have a quarter of the parliamentarians given multi million dollar loans (proportional to their position within parliament) ; that is not normal business practice, its criminal bribery. “Eh? Are you sure about that? If they were advertising money market funds, but mainly investing the money into their own companies, that is just basic fraud. ”

The banks were borrowing money and giving it to their owners and personal friends. To keep this scheme going they also gave massive ‘loans’ to politicians, journalists, academics and anyone else who may potentially criticise them. AKA bribes to silence the critics.
To attract further investment they offered higher than normal interest rates and boosted the share prices by buying their own share and fabricating their accounts and asset values.

The correct name for this process is a Ponzi scheme, not banking, and the politicians media and central bank were all active participants in various ways in an organised criminal activity. You have a quarter of the parliamentarians given multi million dollar loans (proportional to their position within parliament) ; that is not normal business practice, its criminal bribery.

]]> By: idunn http://icelandweatherreport.com/2010/04/my-tweets-from-the-black-report-press-conference-this-morning.html/comment-page-1#comment-15240 idunn Tue, 13 Apr 2010 01:05:23 +0000 http://icelandweatherreport.com/?p=3919#comment-15240 "Banks paid high grants to politicians, which reduced their capacity to criticize." - Alda (tweet) In other words, a bribe? I noticed where universities were also silent due, uh, 'grants.' Or that the public was ill-informed because financial institutions dictated that appearing in the media. Hmm. It all looks like a recipe for some kind of 'disaster.' “Banks paid high grants to politicians, which reduced their capacity to criticize.”
- Alda (tweet)

In other words, a bribe?

I noticed where universities were also silent due, uh, ‘grants.’ Or that the public was ill-informed because financial institutions dictated that appearing in the media. Hmm. It all looks like a recipe for some kind of ‘disaster.’

]]> By: TomThumb http://icelandweatherreport.com/2010/04/my-tweets-from-the-black-report-press-conference-this-morning.html/comment-page-1#comment-15239 TomThumb Tue, 13 Apr 2010 00:20:23 +0000 http://icelandweatherreport.com/?p=3919#comment-15239 Thanks Alda. I read the section (in English) about bank branches in England and in the Netherlands. I was impressed by how officials from Landisbanki ignored the rulings that it should move deposits from branches to subsidiaries to shore up depositors insurance guarantees provided by those nations. Right up until it was too late the bank was 'lawyering' to oppose moving to subsidiaries and to resist the order to stop new deposits. My intuition tells me that the bank must have known that they could not continue without new deposits because of their bad loans and unrealistic interest rates promised to depositors. We will see if my intuition proves true as more of the Report is translated! Thanks Alda. I read the section (in English) about bank branches in England and in the Netherlands. I was impressed by how officials from Landisbanki ignored the rulings that it should move deposits from branches to subsidiaries to shore up depositors insurance guarantees provided by those nations. Right up until it was too late the bank was ‘lawyering’ to oppose moving to subsidiaries and to resist the order to stop new deposits. My intuition tells me that the bank must have known that they could not continue without new deposits because of their bad loans and unrealistic interest rates promised to depositors. We will see if my intuition proves true as more of the Report is translated!

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