- Landsbanki executive who transferred ISK 107 million from bank subsidiary into own account in early October claims he did so to “rescue deposits”. What a swell guy! Mbl. reports.
- Vilhjálmur Bjarnason, head of Association of Icelandic Investors and one of the investors in Glitnir bank, has initiated legal proceedings against Old Glitnir over severance deal that the bank paid out to its former CEO Bjarni Ármansson. Ármansson received severance pay in the amount of some ISK 900 million [USD 8.1/ EUR 6.2 million] when he stepped down as CEO of the bank in spring 2007. Moreover he kept his salary and performance-related benefits for one year, plus the bank bought his shares at a premium. Bjarnason charges that the bank’s equity was substantially depleted by the action [No! really?]. Proceedings will commence in the new year and Vilhjálmur is our pick for the Champion of the Underdog award. Fréttablaðið reports.
- Parliament passed legislation yesterday to raise tariffs on alcohol, tobacco, oil and automobiles in order to raise revenues for the state. Happy days. Mbl. reports.
- The Suðurnes Travel Board is in discussions to move live reindeer to the Reykjanes peninsula, just for show, [i.e. not for hunting – that will be reserved for those lucky reindeer who remain behind in the East]. Mbl. reports.
WE HAVE OUR SNOW BACK
That storm blew through here last night with a vengeance, lasting about two hours. Since then the weather gods have been utterly benign and right now are presenting us with a postcard-perfect scene, replete with fresh snow and Yule lights. -2°C [28F], sunrise this morning is RIGHT NOW! at 11.12 am, sunset due for 3.31 this evening.