From Iceland — Special Investigative Commission Report Gets Global Attention

Special Investigative Commission Report Gets Global Attention

Published April 14, 2010

Apparently the concept of a committee organized to find out who was responsible for ruining the country is a novel idea, as news of the SIC report has spread like wildfire throughout foreign media sources.
The Financial Times, the BBC, and the Independent all have a similar take on the SIC report, explaining how the commission found bank managers, financial supervisory authorities and politicians alike all “negligent”.
However, The Guardian also ties in the involvement of British investors such as property expert Robert Tchenguiz. “Tchenguiz, or businesses linked to him, had been granted loans with a value equivalent to 25% of Kaupthing’s equity by early 2008. Further overdrafts were repeatedly agreed in subsequent months, many to fund margin calls from other banks,” the Guardian explains.
The Daily Mail takes an even harsher tone towards British authorities, saying that “the Bank of England knew Iceland’s banking system was unsafe but did not pass on the warning to savers.”

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