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The more things change, the more they stay the same, Vol. 2000-and-something

So, Íslandsbanki, nee Glitnir, has appointed a new chairman of the board.

He is Jón Sigurðsson, former chairman of the board of the Financial Supervisory Authority.

As some of you may remember, the FSA was supposed to regulate the banks and keep them from growing so big that their collapse would spell disaster for the entire country.

Which it failed to do.

Welcome to the New Iceland.

UPDATE: A few weeks after this was announced, Jón Sigurðsson decided to refuse the seat on the Íslandsbanki board. Hm. Could it be because he’s thought to be one of those under investigation by the parliamentary committee looking into the collapse?

ON A BRIGHTER NOTE, WE HAVE SNOW
Our Christmas snow has finally arrived here in the capital. Everything is covered in a thick layer of white and it sure looks pretty out there. Meanwhile, the frost is set to intensify, as if it wasn’t cold enough already around here. Right now it is -3°C [27F] and the sun came up at 11.22 and will set this afternoon at 3.36.

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  • James December 28, 2009, 1:24 pm

    Gamekeeper turned poacher…

  • Knute Rife December 28, 2009, 5:07 pm

    Meet the new stooge. Same as the old stooge.

  • BRADSTREET December 28, 2009, 8:21 pm

    Meet the new Boss;
    Same as the old Boss.

    The Who: Won’t get fooled again.

  • Joerg December 29, 2009, 7:07 am

    At least, they didn’t return Íslandsbanki to Jón Ásgeir Jóhannsson – dusted off and free of debt – to start all over again.

    One might argue, that the FSA didn’t have the ressources and political backing to do proper supervision. But it would be surprising, if there weren’t any new faces available to do this job.

    When will they hand over New Landsbanki to Davið Oddsson?

  • Joerg December 29, 2009, 10:21 pm

    The appointment of Jón Sigurðsson as chairman of the board of Íslandsbanki has a particularly negative connotation after reading the following brochure of Landsbanki from 2008 with the title “Icesave launched in the Netherlands”:

    http://silfuregils.eyjan.is/wp-content/uploads/2009/01/landsbanki-islands.pdf

    In this brochure Jón Sigurðsson is endorsing this venture with the headline “Finances of the Icelandic banks are basically sound”.

    Which shows, that Jón Sigurðsson not only failed to supervise the banks properly, he even acted as a poster boy for this doomed venture.

    How can somebody like him be trusted with such a responsible job now? And all that before an investigation has been made about the responsibility of the FMA for the crash. Isn’t this a premature acquittal without a proper trial? I just don’t get it.