Landsbanki
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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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Controversial Bank CEO Resigns
Steinþór Pálsson, who has been CEO of Landsbanki since 2010, resigned today from his post, stemming from growing resentment over the bank’s dealings with the finance company Borgun, RÚV reports. Steinþór has been at the centre of controversy ever since news broke…
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Man Fights The Bank And Wins
A man who claims his bank unfairly advised him against selling stock in the bank just before the crash has won in Reykjavík District Court. MBL reports that the man had been advised by the bank to take out an overdraft in…
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Supreme Court Confirms: Jailtime For Bankers
The Supreme Court has sentenced several key players in a market manipulation case within Landsbanki, confirming sentences handed down to the bankers by lower courts. RÚV reports that former bank manager of Landsbanki Sigurjón Þ. Árnason, along with former Landsbanki investment bankers…
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Protest At Landsbanki – Photos And Video
About 60 protestors showed up at Landsbanki just moments ago, and delivered a resignation letter to the bank’s CEO. When Grapevine arrived, some 60 people were gathered in front of Landsbanki at around noon today. The action was sparked in part by…
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Most Icelanders Against Privatising Banks, Public Services
The majority of Icelanders want to keep their public services public. Although there is a slight uptick in support for privatising public broadcasting, this support remains below 30%. A new poll from Market and Media Research put the spotlight on privatisation, by…
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Former Landsbanki Manager Receives 12 Month Sentence
This Wednesday morning, Sigurjón Þ. Árnason, former bank manager of Landsbanki, was sentenced to twelve months in prison, by the Reykjavík District Court. Thereof, he will serve nine months on probation. Sigurjón was arrested in 2011. His time in custody will be…
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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…
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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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Landsbanki Profit Billions
Landsbanki, one of lceland’s largest commercial banks made 29 billion ISK in profits last year and 70%, (20 billion ISK) of that will be paid as dividends to the bank’s shareholders, reports RÚV. The Icelandic state owns roughly 97% of the bank…