Kaupthing
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EU Court Allows Lawsuit Against Bank Which Advised Investing In Failed Icelandic Bank
The European Court of Justice has ruled that a woman in Portugal is in fact allowed to sue a bank which advised her to invest in Kaupthing Bank in 2008, shortly before that bank collapsed. The lawsuit in question is directed at…
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Failed Icelandic Bank Linked to Manchester City Scandal
An investigation by German magazine Der Spiegel shows that a subsidiary of a failed Icelandic bank was deeply involved in Manchester City football club’s violation of UEFA finance rules. Kaupthing was one of the three banks that went bankrupt ten years ago,…
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36 Bankers, 96 Years In Jail
Local news outlet Fréttablaðið has calculated that in the past few years the Icelandic judiciary has sentenced 36 bankers to a total of 96 years in prison. All of the criminal cases are linked to the notorious crash of the Icelandic banking system in 2008. …
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“Major Deception” Occurred With Bank Sale, Investigation Finds
The Parliamentary Investigation Commission (RNA) has concluded that the German bank Hauck & Aufhäuser was never an investor in The Agricultural Bank of Iceland (Búnaðarbanki) when the Icelandic government’s 45.8% share in the bank was sold to the now-defunct Kaupthing Bank in…
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For & Against: Bonuses For Bankers
FOR: If there’s one group of marginalised people who suffer constant persecution, it’s bankers. They’re the last minority over whom it’s still ok to pour scorn and ridicule. They’re hugely underappreciated, and get nothing but abuse for all the hard work that…
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Kaupthing Bankers Awarded Bonuses In Closed Meeting
In a closed door meeting held yesterday, the holding company of Kaupthing bank awarded bonuses to certain “key employees” totaling 1.5 billion ISK, with some receiving payouts of 100 million ISK or more. Foreign shareholders were present at the meeting, which was…
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Jailed Bankers To Be Freed
Three jailed Kaupthing bankers will be freed today due to a change in legislation. Former Kaupthing Chairperson of the Board Sigurður Einarsson, former Kaupthing Luxembourg CEO Magnús Guðmundsson and former 10% owner of Kaupthing Ólafur Ólafsson will all be released from Kvíabryggja…
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Kaupthing Bankers Acquitted Of Additional Charges
Reykjavík District Court has acquitted three Kaupthing bankers of additional charges added to the ones they are already convicted of committing. RÚV reports that the court ruled this morning to acquit former Kaupþing director Hreiðar Már Sigurðsson, former Kaupthing Chairperson of the…
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Pity The Poor Bankers Who Ruined Us All
Last night, Icelanders were treated to a group interview on television station Stöð 2 with three of the Kaupthing bankers whose actions were instrumental in bringing down the Icelandic economy in 2008, and are all currently doing time in the Kvíabryggja minimum…
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Michael Moore Did Not Visit Prison To Film Icelandic Bankers
An Icelandic member of Michael Moore’s film crew says they did not visit Kvíabryggja prison in order to film the convicted bankers there. Filmmaker Ísold Uggadóttir, who was a part of Michael Moore’s film crew during his visit to Iceland, told RÚV…
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“Marple Case” Sentences Handed Down
Prison sentences were handed down to three of the four financiers charged with fraud and embezzlement in the so-called Marple Case today. Vísir reports that former Kaupþing director Hreiðar Már Sigurðsson; former Kaupthing Luxembourg director Magnús Guðmundsson and investor Skúli Þorvaldsson have…
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Judge Will Not Be Forced To Leave Trial Over “Lack Of Impartiality” Accusations
Reykjavík District Court has dismissed a request that a judge in the so-called Marple Case recuse himself for allegedly lacking impartiality on the matter. Kjarninn reports that Hörður Felix Harðarson, the lawyer for former Kaupþing director Hreiðar Már Sigurðsson, filed a motion…
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Seven Sentenced In Kaupthing Market Manipulation Case
Reykjavík District Court handed out prison sentences yesterday to several former Kaupthing bankers for engaging in market manipulation. Kjarninn reports that Former CEO Hreiðar Már Sigurðsson, former chairman of the board Sigurður Einarsson, former director of Kaupthing in Iceland Ingólfur Helgason, former…
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Former PM: Kaupthing Emergency Loan “A Mistake”
Former PM Geir H. Haarde told viewers in a televised interview that lending the failing Kaupthing bank 500 million euros in October 2008 was “a mistake”. Kjarninn reports that Geir gave Stöð 2 news an interview last night, wherein he discussed some…
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Who Knew Banking Was Really About Dead Cats?
The Reykjavik District Court is now one week into what has been dubbed the “large Kaupthing market manipulation case.” So far, the court heard the oral testimony of two traders, Pétur Kristinn Guðmarsson and Birnir Snær Björnsson, and their superior, head of…
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Bankers On Trial, Again
The Reykjavík District Court began hearing oral testimony on Monday in the largest case relating to the events leading up to the crash of 2008. Nine former managers of Kaupthing bank are on trial for market manipulation in the 11 months leading…
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Bankers Behind Bars: Is Iceland Living Up To That Meme
One frequently encounters foreigners who believe that Iceland offers a unique model of how to deal with a financial crash. A popular internet meme that purports to explain how Icelanders dealt with the crash features a photo of President Ólafur Ragnar Grímsson…
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So What’s This Jailing Of Bankers I Keep Hearing About?
For several years, the internet has been teeming with stories of how Iceland sent their bankers to jail. They are, largely, not true. While a handful of bankers have received jail sentences in the years since the 2008 financial crash, their sentences…
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No “Special Treatment” For Convicted Bankers
Director of the Icelandic Prison Service Páll Winkel wants the general public to know that the convicted Kaupthing bankers will not be treated any differently than other prisoners. In the wake of convictions of four former Kaupthing bankers, one of those convicted…
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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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Icelanders Really Jailed Some Bankers Today
The former CEO of Kaupþing, former chairman of the board of Kaupþing, former CEO of Kaupþing Luxembourg and former owner of 10% of Kaupþing all got sentenced to prison today by the supreme court of Iceland, reports Kjarninn. Former CEO Hreiðar Már…
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Finance Minister Pushes Creditors
Finance Minister Bjarni Benediktsson has warned that defunct banks Kaupthing, Glitnir and Landsbanki could go bankrupt unless creditors agree to a “haircut on debts”, reportsReuters. In the aftermath of the 2008 crash Iceland installed capital controls, limiting much needed investment, but these cannot…
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Court Orders Former Bank Mogul To Pay Up – Again
Ingólfur Helgason, former Chief Executive of Kaupthing Bank, has been ordered by the Reykjavík District Court to repay debts to the tune of 167 million ISK, reports RÚV. In all Ingólfur owes Arion Bank 167 million ISK in 2 unpaid loans. He will now…