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BBC News - Icelandic authorities 'negligent' over banking collapse

Leading Icelandic figures, including ex-Prime Minister Geir Haarde, are guilty of "negligence", a report into the Icelandic banking crisis has said.

More should have been done to limit the damage to Iceland of the collapse of its biggest banks in 2008, it said.

Authorities should also have made sure UK Icesave depositors were insured by the UK, saving Iceland nearly £5bn.

The scathing 2000-page report also cited evidence of possible insider trading by key Icelandic investors.



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Mon Apr 12th, 2010 at 03:44:00 PM EST
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See The Special Report - Bits & Pieces over at the Economic Disaster Area blog. It's just shocking.

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Tue Apr 13th, 2010 at 04:58:02 AM EST
[ Parent ]
Via Economic Disaster Area: Report of the Special Investigation Commission (SIC) (from the Alþing)
The Special Investigation Commission (SIC) delivered its report to Althingi on April 12 2010. The Commission was established by Act No. 142/2008 by Althingi, the Icelandic Parliament, in December 2008, to investigate and analyse the processes leading to the collapse of the three main banks in Iceland. Members of the Commission are Supreme Court Judge, Mr. Páll Hreinsson, Parliamentary Ombudsman of Iceland, Mr. Tryggvi Gunnarsson, and Mrs. Sigríður Benediktsdóttir Ph.D., lecturer and associate chair at Yale University, USA.
The report is not fully translated yet, but it appears the intention is that it soon will be.

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Tue Apr 13th, 2010 at 05:00:30 AM EST
[ Parent ]
Also via Economic Disaster Area: The Failed State of Iceland (Euromoney, 5 March 2010, PDF)

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Tue Apr 13th, 2010 at 05:10:10 AM EST
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