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The Enemy Reveals Himself

With a smug grin he revealed last night and today what he had wanted all along. It wasn't a national referendum on IceSave. It was for the government he opposes to resign.

Steingrimur J. Sigfusson asked the nation how it thought an agreement could be made with a saboteur on our very own negotiating team.

Of course Sigmundur David Gunnlaugsson, chairman of the Progressive Party and founder of the InDefence pressure group would never have dreamt up a more favorable situation. Half of the nation had bought his spin and handed him the spin necessary to demand a clear path to the power tables. Preferably before the congressional report on the economic crash due out soon.

I hate to say I told you so, but I did and Icelanders were played by a snake oil salesman and too many of them bought it. He has divided the nation and now humbly offers to lead it from distress.

The enemy does not have Iceland's interests at heart. It is all about the money (did we mention how he became a billionaire through an unholy alliance of politics and business) and the mandate to lead Iceland during these turmoilous times when the wealth and debts of the nation are distributed.

Iceland's enemy number one has revealed himself and his name is Sigmundur David Gunnlaugsson

"The future is already here -- it's just not very evenly distributed" William Gibson
by ChrisCook (cojockathotmaildotcom) on Sun Mar 7th, 2010 at 05:30:41 PM EST
[ Parent ]
Huffington Post: IceSave Agreement: Just Sign It! (Iris Erlingsdottir, January 2 2010)
Tens of thousands of investors--individuals, municipalities, and charities--took advantage of the exceptionally high rates offered on Landbanki's IceSave savings accounts, only to discover that these accounts were not formally backed by any government. Landsbanki officials had inexplicably failed to register as a domestic bank in either country, and thus were not backed by government deposit insurance. When Landsbanki went into receivership on October 7th, British authorities invoked anti-terror legislation on October 8th to freeze Landsbanki's assets there.
(my emphasis) WTF!?
... Ólafur Ragnar should sign the bill because it's the right thing to do, and because the consequences of rejection would be disastrous.


[If the bill is not signed] the current government would almost certainly fall, and any chance at reasonable reform would die. The conservative Independence Party that ran Iceland until the collapse would retake power and restart the party. The businessmen whose reckless actions placed the county in danger would return with the illicit funds they've placed in off-shore accounts and buy Iceland's resources for a song.

Most importantly, the new government would take whatever steps necessary to ensure that these culprits never see the inside of a jail cell. The investigation of the misdeeds that led to Iceland's collapse has proceeded very methodically, and the special prosecutor now appears on the cusp of indicting some of the Independence Party's biggest supporters. If the investigators are allowed to continue, we'll see whether the rumors of money laundering for the Russian mafia are true, whether vast amounts of money are indeed sitting in Tortola, whether bank employees exploited pension funds with same glee that Enron employees exhibited while ripping off California consumers, and whether our politicians and regulators were bribable.

By signing it, Ólafur Ragnar would ensure that the new government would be able to finish what it has started--a thorough investigation into the events that led to our fall. Unless Eva Joly and Ólafur Þór Hauksson are permitted to complete their task, not only will the wrongdoers escape justice, but we will show them that there are no adverse consequences for their incompetence and malfeasance.

This raises the question of who is behind the InDefence group that started the petition against the Icesave law.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Sun Mar 7th, 2010 at 05:40:01 PM EST
[ Parent ]
Landsbanki officials had inexplicably failed to register as a domestic bank in either country


If our Credit Union had pulled this crap as President my head would have been on a spike outside the state banking regulators building.  And rightfully so.

The more I learn the more the story exists in bizarro-world.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Sun Mar 7th, 2010 at 05:55:59 PM EST
[ Parent ]
From The Market Ticker:
    Iceland: Now Finish The Job

The bankers, with superior knowledge and all their grand mathematical models, took a bet.

The bet was that they could intentionally make bad loans and intentionally fail to disclose risks, and if the bet turned out poorly the people, who did not consent to be stooges, would bail them out.

Iceland's people have said no.

by xurxo on Mon Mar 8th, 2010 at 07:13:28 AM EST
[ Parent ]
Economic Disaster Area: What Is Going On In Norway? (October 10th, 2009)
What on earth are Sigmundur David Gunnlaugsson and Hoskuldur Thorhallsson of the Progressive Party, doing in Norway?

The official spin is that they are explaining the economic situation in Iceland, and perhaps fishing for a loan without IMF's conditions.

But why are two managers of a failed Icelandic hedge fund in the podium with them? Boreas Capital which has ties with Landsbankinn and is run by close friends of Bjorgolfur Thor.

And why is the hedge fund registered at the same address as an investment company owned by Sigmundur David's father?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Sun Mar 7th, 2010 at 06:24:08 PM EST
[ Parent ]


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