info.LandsbankiAction.org.gg   30-Mar-2016: Liquidators' Update, see Deloitte site

Iceland Shrinks 8% as Prices Increase 11% in Deepest Recession

Oct. 12 (Bloomberg) -- Arni Hallgrimsson lost his job as a public relations consultant when Iceland’s three biggest banks collapsed last year, putting him out of work for the first time since 1980. After a stint cleaning the docks at a whaling station during the summer hunt, he’s unemployed again. . .

Some of those in power during the good years are beginning to make a comeback. Former Prime Minister and central bank Governor David Oddsson was named editor-in-chief of Iceland’s oldest newspaper, Morgunbladid, last month. The day before the announcement, 40 of 100 employees were fired . . .

Thus far no one has been charged with a crime in connection with Iceland’s economic failure. Gunnar Andersen, director of Iceland’s Financial Supervisory Authority, said Aug. 5 that 20 cases of banking malpractice have been sent to a special prosecutor, and the FSA is investigating another 20 cases.

A commission, created by parliament to “seek the truth” about events that led to the banks’ downfall, is scheduled to announce its findings Nov. 1. Chairman Pall Hreinsson, a Supreme Court judge, has said that never before has any group had to break such bad news to the Icelandic people. 12-Oct-09.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=awXzaHHx8T6M