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

The official Landsbanki whitewash

After looking more at this interesting document called: Report on moratorium and other issues concerning Landsbanki Íslands hf. One chapter caught my attention more than others. Page 9 and 10 in the document is the explanation of the banking crisis and economic crisis in Iceland. . .

This [the report] is correct up to a point. They stretch the explanation far by blaming the whole collapse in Iceland and of the banks on the international credit liquidity crisis or the credit crunch that went in free fall with the Lehman Brothers collapse.

To say that this was the only reason is not only simplistic, but misleading as well. What about all the money leaving all the banks? What about all the loans and financial acrobatics to owners, offshore companies and strange business partners? What about all the investments abroad and in Iceland in companies and individuals without collateral?

To answer this so people understand: It is insane for the resolution committee to actually blame the whole system failure in Iceland on the international credit crunch. Independent Icelandic News website 30-Jan-10.

http://icelandtalks.net/?p=878