Kaupthing

Resolution committees posed to sue Icelandic state over FX loans

July 5, 2010

So, the resolution committee of [collapsed] Glitnir bank has made a public apology to its creditors on account of the foreign currency loans being deemed illegal. “I just have to apologize to the creditors. It is impossible to feel proud when legislation on lending that has been in effect for nine years is declared illegal,” [...]

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So, was it worth it?

June 8, 2010

DV served up a delicious little scoop yesterday in the form of a telephone conversation transcript between two Kaupthing insiders, one Halldór Bjarki Lúðvíksson from the bank’s Corporate Division, and Lilja Steinþórsdóttir, from Internal Auditing. In the phone call, the two discuss the involvement of Sheik Al Thani of Qatar, who purchased a 5% share [...]

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Invalidating the invalidation of the Kaupthing loans

May 18, 2010

So, Fred posted a question in the Forums concerning loans to Kaupthing staff and personal liabilities, which have now been rescinded. [Sometimes you readers are way ahead of me!] Anyway, yes, that was one of the main news items yesterday, and one I was planning to write about. Those of you who have been following [...]

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Now, about those arrests

May 12, 2010

First of all, I want to say thank you for all the kind words of support in the comments to the last few posts, and to those of you who emailed me. They really mean a lot, and you are right: letting the bastards win is not an option. Indeed, that seems to be the [...]

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Black Report: Let the cleansing begin

April 20, 2010

I don’t think I can overstate just how important the publication of the fact-finding report into the bank collapse [aka the Black Report] is for this nation. It’s our own truth commission report, and already it’s causing major waves. Eva Joly, in an interview with DV last weekend, said: … I would like to emphasize [...]

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Mea non culpa

April 14, 2010

It was painful to watch Valgerður Sverrisdóttir, who was Minister of Finance and Industry for the Progressive Party at the time when the banks were privatized, cross-examined on Kastljós this evening. It is now generally agreed that the outrageous corruption that proliferated inside the banks ca. 2002-2008 began with their privatization. As I’ve written about [...]

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Leakedy leak

March 15, 2010

So WikiLeaks today publishes Kaupthing’s claim book in its entirety, all 28,167 claims and 520 pages of it. To quote WikiLeaks: This document contains a list of 28167 claims, totally 40 billion euro, lodged against the failed Icelandic bank Kaupthing Bank hf. The document is important because it reveals billions in cash, bonds and other [...]

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Negotiations, raids and a Wikileaks story that was leaked

February 12, 2010

It’s been a really interesting news day, though there have been no Big Explosions. More like minor tremors, which with any luck will have a long-lasting ripple effect. First, renegotiations on the Icesave debacle are due to commence next week. That’s correct – the British and Dutch have agreed to return to the bargaining table, [...]

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Arion Bank’s bizarre acrobatics

February 10, 2010

God, there are so many corruption scandals emerging these days that my head is spinning. I’d love to inform the World at Large [that's you] about them but honestly, I wouldn’t know where to start. Except maybe with Kaupthing Arion Bank’s bizarre and completely outrageous settlements with this country’s former tycoons. First, Hagar. Hagar is [...]

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The ties that bind. And make you incompetent.

January 27, 2010

So, the Office of the Special Investigator into the bank collapse carried out a series of raids yesterday in conjunction with the Serious Fraud Office in the UK [as Andrew mentioned in the comments to the last post]. The raids are aimed at brothers Ágúst and Lýður Guðmundsson, former owners of Kaupthing bank, and in [...]

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