Iceland Continues To Hold Financial Plunderers Accountable.
In the USA we bail out the frauds and the failed, scold them for renewing their old ways, perks, golden parachutes, convoluted salaries and egomaniacal arrogance.
In Iceland they investigate them, arrest them, prosecute them, send their asses to jail and seize everything that can repay a nation. They even have a married Lesbian Holy Terror Prime Minister…and we considered ourselves enlightened, evolved and committed to principles and justice.
What a joke!
More On Iceland Bank Boss Pay And The Demise Of Spkef
Following this weekend’s two big Icelandic banking stories, further information and opinions have come forward, among others from Icelandic Prime Minister Johanna Sigurdardottir, who says that bank directors’ huge salaries are a direct provocation so soon after the banking crash.
It emerged during the last week that the directors of Islandsbanki and Arion Bank are taking home millions of kronur each month in salary and that Arion has awarded its boss nearly 45 percent more pay in 2010 than in 2009.
On her Facebook page, the Prime Minister said that such sums of money are completely unfair while so many in Iceland are still struggling with the worst effects of 2008′s banking crash. An Arion board member meanwhile defended the move, saying that the higher wage relates to a new bank director and is therefore not a pay rise but a whole new employment contract.
The other big banking story of the weekend was the merger of SpKef into Landsbanki due to the savings bank’s terrible liquidity position.
Minister of Finance Steingrimur J. Sigfusson told RUV that he would have liked to rescue the bank, which he described as a linchpin of the savings banks network; but added that it would have cost the state as much as ISK 20 billion (EUR 124.2 million). By forcing Landsbanki to take over the troubled bank, the taxpayer is saving at least ISK 8 billion, he said. This means, however, that the state is still faced with a roughly 12 billion krona bill.
Some 120 people worked for SpKef and Landsbanki has promised to save all the jobs it can — although it will not rule out redundancies outright. SpKef branches in Isafjordur, Olafsvik, Grindavik and Reykjanesbaer will be closed down and merged with local Landsbanki branches. The other 14 (mostly rural) SpKef branches will remain open but will be re-branded as Landsbanki.
REYKJAVIK, Iceland — Iceland's prime minister has married her partner under a new law legalizing same-sex marriage in the country.
REYKJAVIK, Feb 20 (Reuters) - Iceland's president on Sunday triggered a referendum on an updated plan to repay $5 billion to Britain and the Netherlands for debts incurred in the financial crisis, renewing uncertainty over economic recovery.
Lawyers for what was once Iceland's biggest bank are due to file a High Court lawsuit later against the British government.
Kaupthing Bank is suing Britain over a decision to place the bank's British arm in administration.
The Treasury placed Kaupthing Singer and Friedlander in administration on October 8, at the height of Iceland's financial crisis.
Officials said the action was aimed at protecting British retail depositors as the country's financial system collapsed as the credit crunch kicked in.
Iceland took control of Kaupthing a day later.
It has argued that Britain's actions helped bring about Kaupthing's failure prematurely.
"The Resolution Committee of Kaupthing has decided to sue the British Government and has the full support of the government," a press release from the Icelandic prime minister's office said.
Iceland has long been angry at Britain's handling of the situation.
The use of anti-terror legislation to seize the assets of Icelandic bank Landsbanki infuriated Iceland.
Prime Minister Geir Haarde referred to the matter repeatedly in the weeks that followed, always holding out the possibility of a lawsuit.
A Treasury spokesman said the Treasury was not aware of any legal action.