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Minister of Finance Bjarni Benediktsson Resigns
Independence Party MP Bjarni Benediktsson has resigned as Minister of Finance, he announced in a press conference this morning. The announcement comes in the wake of a ruling from the parliamentary ombudsman stating that Bjarni was not qualified to handle the recent…
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The Poet of Capital’s Artistic Mastery
Am I just a version of the end of days? Am I just an effect of a modern phase? Am I just the end point of the grand parade? Should we be afraid? -‘American Psycho’, the Musical I’m going to assume you’ve…
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Court Fines Bankers Over 5 Billion For Fraud
Reykjavík District Court ordered former Milestone investment bankers to pay a 5.2 billion ISK fine yesterday and sentenced them to prison for breach of trust, distorting financial statements and cooking the books, reports RÚV. Brothers Karl and Steingrímur Wernersson, who owned the…
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Trust In Iceland’s Parliament Drops Further
According to a new Gallup poll only 18% of Icelanders trust the parliament – a 6% drop since last year, reports Kjarninn. The results are perhaps no surprise in the wake of recent actions by the government to withdraw Iceland’s EU bid…
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Convicted Icelandic Banker Seemingly Drunk On National TV
Recently convicted banker, former chairman of the Kaupthing board, Sigurður Einarsson, conducted an interview with RÚV last night, while seemingly heavily intoxicated. An unnamed RÚV source who was present when the interview was broadcast has confirmed with the Grapevine that newsroom staff…
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HSBC Leak Reveals Icelandic Tax Dodgers
Accounts leaked by a whistleblower reveals that banking giant HSBC helped clients across the world evade hundreds of millions of dollars worth of tax, including six individuals with ties to Iceland across 18 accounts. RÚV reports that a total of 1.3 billion ISK…
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Finance Minister’s Family Purchase State Assets Behind Closed Doors
Finance Minister Bjarni Benediktsson’s family was granted early access to an unadvertised share sale that allowed them to purchase a stake in Landsbankinn asset Borgun, reports Kjarninn. In all, Landsbankinn sold 31.5% of Borgun shares in this sale to a number of companies. The largest…
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Creditors Closer To Pay Out
The outlook for hedge funds caught in Iceland’s $85 billion banking failure may be looking up, reports Bloomberg. The administrators overseeing claims against one of the three banks that defaulted in 2008, Glitnir Bank hf, say recent talks with a government committee…