Almost a year since the collapse of the Icelandic banks, the rotten nature of these financial corpses is slowly beginning to emerge.

It has now become clear that this was no ordinary crash. . . . Eva Joly, the French-Norwegian MEP and fraud expert hired by Iceland and now working with the [UK] Serious Fraud Office, now believes it will be "the largest investigation in history of an economic and banking bank collapse". . . .

But among the worst affected by the crisis are 10,000 savers with £840m tied up in Kaupthing in the Isle of Man and 2,000 savers with £117m in Landsbanki in Guernsey. All lost their entire savings with no compensation and are still waiting in line with a queue of commercial creditors.  15-Aug-09.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6034654/Iceland-what-ugly-secrets-are-waiting-to-be-exposed-in-the-meltdown.html