Iceland banking crisis news and more

Banks win in courts in Iceland today

2009-12-03T18:19:00.002Z

Reykjavik county judge sentenced a man to pay his, currency loans, to a finance company .
The man claimed that it is illeagal to loan money in Iceland , and base the payments interests rates on foreign currency.
And that is illeagal in Iceland.
But since the man new about the interests rates where based on foreing currency , he lost the case.
Blog pages in Iceland are now angry claiming , that the goverment is protecting their men in the banks.

It will be interesting to see , if this case will be appealed to the Supreme court.
All judges in Iceland are hired by one man , and that is the justice minister.
There is a committie , that goes over those that aplie for the job, but the minister, does not have to follow their ruling on who is the best judge for the job.
So all judges in Iceland are politically hired by the JUstice Minister.

And today ,16.007 people are unemployed in Iceland .

Below you can the Icelandic prime minister walkin in support of stopping violence against women.

This i took on November 26 - 2009 -

Familys need help in Iceland

2009-12-01T17:52:00.000Z

There are now hard times for many familys in Iceland.
Financial situation for many familys is very bad.
Family Help organisation, has helped 430 familys with food donations.
Church is also helping familys with clothes and such for familys that dont have any money.

Now there are 15.922 people in Iceland unemployed.

Protest in Iceland today - video

2009-11-28T20:44:00.002Z

Protest season started again today in Iceland.
People are protesting , why is the Goverment not helping the public, in their debts.
And why is the goverment going to pay the Icesave account,that one of the banks messed up in England and Holland.
Why should the goverment pay the debts of private banks.

Now the goverment is increasing taxes, income tax,VAT tax,gasoline tax and son on.
At the same time the goverment is helping big companys ,with bailout money .

It was very cold today ,but a few hundred people attended in front of the parliement building.
Members of parliement looked out the windows of parliement to see the protest.
Another protest is planned next saturday .'
And of cource - this was a peaceful protest , few police officers where seen at the protest

Prime minister taking a walk with fire - video

2009-11-26T20:27:00.002Z

Yesterday,was the International day of the UN, on stopping violence against women.
And here , Icelands prime minister,Johanna Sigurdardottir, leads a walk , from the culture house in Reykjavik ,to the seaside.
There they watched as the Imagine Peace Light ,was lit as they arrived.
The finance minister ,Steingrimur J. Sigfusson , and the vice cahirman of the Independence party ,Thorgerdur Katrin Gunnarsdottir, ,wich is in the oppositiun in parliement ,where also ther.
This is a day where everybdy shows their support and are friends.
In the end , a small accapella group sang the old Coka Cola song.
The prime minister is in front, blond and with a blue scarf .

News from ICeland - corruption

2009-11-25T18:12:00.001Z

Ministers that might have taken part in the corruption , and may have taken part in the banking collapse,may not have to worry about that they might be held responsable.
According to Iceland law about Goverment ministers, every bad thing or neglect in using their powers, can not be prosecuted after three years.
After three years , you can not prosecute a former minister.

A local newspaper DV.is , says today ,that 30 billion kronas of Jon Asger Johannesson debpt has been written of by Kaupthing bank. ( its name is now - Arion .)
Jon Asger Johannesson ,is the owner of Bonus stores ,tv station,newspapers,and more here in Iceland.

Photo: Jon Asgeir.

The Icelandic public will pay ,goverment raises taxes

2009-11-22T12:44:00.003Z

The goverment is going to pay the banking debts, and to get more money ,it will raise taxes on the public.
Income tax ,VAT tax , and raise tax on what people have to buy .

Like they say ,if banks are doing good, the stockholder earns more money, but if Banks are not doing good, then the public pays.

Yesterday, people attended in front of the goverment house ,to protest ,that Iceland should pay the Icesave ,account,that was made by a private bank.

IMF - the kiss of death ?

2009-11-18T21:10:00.003Z

New book has been published about the banking crash in Iceland last year.
The author is mr. Styrmir Gunnarsson, former editor of the newspaper ,Morgunbladid.
In his book , mr. Styrmir talkes about when tyhe CEO of the Icelandic Central Bank, mr. David Oddson ,met mister Timothy F. Geithner Secretary of the Treasury, USA.

They met , in the middle of the year 2008, and then mister Geithner ,was one of assistance directors of the US central BAnk.
Mr. Oddson asked Geithner ,if the US central Bank could lend Iceland 2 - 3 billion dollars.
Mr. Geithner reaction later, was that the amount to lend Iceland was not an issue, because Icelands financial problems where overwhelming.

The author of the Book,mr. Styrmir also said that Mr. David
also told mr. Geithner that the CEO of the Europian central bank had suggested that ICeland talk to the International Moneytary Fund ( IMF )
Mr Timothy F. Geithner then assistance ceo of the US central Bank and now Secretary of the Treasury, USA. reaction to what mr. David Oddson ,CEO of the ICEland Central Bank ,last year,was, Quote: " Aha,he offered you the kiss of death."

In the later part of 2008 ,Iceland was not sure about seeking help at the IMF.
Then mr. Paul Thomsen ,head of an IMF mission in Iceland,came to Iceland and had a meting with the Prime minister ,Mr. Geir H. Haarde.
Mr. Haarde told him that the IMF could not treat Iceland as a third world country.
Mr Thomsen promised that the IMF would not do that.
And after that meeting , mr Thomsen is supposed to have phoned his superior at IMF ,and said , quote: " I Got Him "

Now mr. David Oddson is the editor of the newspaper ,Morgunbladid.
Mr. Styrnir,who wrote this book,with this information ,is a former editor of the Morgunbladid.
Photos .

Top : Timothy F. Geithner Secretary of the Treasury, USA.

Middle: David Oddson

Bottom . Paul Thomsen ( in center )

Iceland not corrupted ?

2009-11-17T17:20:00.001Z

Transparency International ,rates ICeland as the 10th least corrupt country in the world.
Iceland was number one in 2006.
Here you can see the list of Transparency International

National assembly in Iceland today

2009-11-14T16:35:00.000Z

Today ,there was a national assmebly, 1500 hundred people,discussing what values should be in ICeland.
They where selected from every part of ICeland,through random selection,using the national registry.
Nine inidviduals,where on every table,and they had all,special discussion .
Some had education,others had democracy and so on.
This assembly ,is by a independent group, and every thing to hold this assembly,was donanted by inidviduals ,and companys.

Integrity is the value the representatives of the National Assembly considered most important for society.
Equal rights, respect and justice follow. Next are love, responsibility, freedom, sustainability and democracy.
The family, equality and trust are also high priorities.

Spirits are high and participants and staff are focused on delivering good results for the country.
The participants are divided into groups working at 162 tables.
Nine people are at each table and their first task this morning was to agree on values.

What comes from this assembly,will be put online,and goverment ,individuals,goveremnt,and everybody ,can use it for their own purposes.

Protest in Iceland today -- video

2009-11-11T18:48:00.005Z

Due to the banking crisis and economy problems here in ICeland ,everybody has to save money.
And the towns and city must save to.
One town near just south of Reykjavik ,Hafnarfjordur,has been cutting down expences, and when they decided to cut down on service for the young and teenagers,then the teenagers got angry.
The town council decided to cut down on the teenagers social center, the center where teenagers can come after school .
Today teenagers in the town protested , and went in front of the town hall ,and the mayor came out,and promised to talk to the teenagers at a meeting.
And teenagers always protest peacefully.
Speaches where made and they asked the mayor ,why cut down expences on the young .
Media was there ,so the mayor answered the questions,and ,of course ,promised to go over the expences and the savings .
And he promised to speak to the Teenagers representives , and not in closed rooms .

Some Schholmasters gave the kids the the afternoon off,so the could protest,but others did not,so their parents had to call the school,and ask for permission to attend the protest.

Iceland corrupt - poll in Iceland

2009-11-09T18:11:00.001Z

According to a opinion poll,made here in Iceland ,by The University of Bifrost , Iceland is pretty corrupt.
The asked 1350 individuals,and and 63% answered the poll.
67 % of those that answered ,think that Icelands politics and goverment system is very corrupt .

But according to Transparency International,Iceland is one of the least corrupt nations.

Strange sentences in Iceland - probation is popular

2009-11-07T16:27:00.003Z

A 38 year old man ,was sentenced yesterday by a county court in the sout part of Iceland.
He was sentenced for giving alcohol and sexually abusing two times, a thirteen year old girl.
He used her inexpieriance and that she had drunk alcohol ,and his strengh and age ,and sexually assoulted the girl two times.
The girls mother went berserk when this happened last year ( september) at the mans house.

He was sentenced to 8 month - and all on probation.
He will not have to serve any time in jail.
According to Icelandic law, the minimun sentence is 1 year in jail.

A few months ago , a man was sentenced for 8 months in jail ,no probation.
He had stolen meat in a shop .

Kaupthing bad loans to Kaupthings bank CEO.

2009-11-07T15:51:00.002Z

6 of the former CEO´s of Kaupthing Bank,got 400 millions in loans from Kaupthing,to buy land properties in Iceland .
The loans where in Japanese yens ,and are now around one billion krona.
The former CEO´s are Hreiðar Már Sigurðsson, Ingólfur Helgason, Magnús Guðmundsson, Sigurður Einarsson, Steingrímur Páll Kárason and Þorvaldur Lúðvík Sigurjónsson.

No American Ambassador in Iceland.

2009-11-06T12:48:00.002Z

No American Ambassador has been in Iceland since the beginnign of this year.
One member of parliement has asked the foreign secretary , why is there no Ambassador in Iceland .
Gudlaugur Thor ,member of parliement also asked the foreign secretary about the implications it has for us countries if the United States has not employed ambassador here.
He also asked, it there no ambassador ,because of the event last year when the former ambassador , Carol van Voorst ,when she was about to leave Iceland ,got a letter from the Icelands Foreign Office,wich told her ,that the President was going to give her a Presidential medal - the Fálkaordan.
But when she was on her way to the President ,house at Bessastadir,they got a phonecall from the Presidents office ,and where told that ,she would not be getting the medal.
No more explanation was offerred.
According to sources,the ambassador was not pleased,but continued to Bessastadir.
There had been some mistake made at the Presidential office.
The President apologized for this mistake to the ambassador ,but told her also - " that the medal is only for those that deserve it "
The Presideant of the USA ,Barack Obama had appointed mr. Robert S. Connan as US ambassador to ICeland , but he did not accept it.

Photo: Carol van Voorst

Mcdonald´s has left Iceland ---- video

2009-11-01T19:05:00.002Z

Bad things are happening all over our little planet.
Economic crisis, global warming, unemployment, wars and so on.
But today its looks like that Doomsday is upon us !

This is the last day of McDonalds in Iceland.
Feelings are running high,tears have fallen ,many will flag at half mast tomorrow.
Ithas been a sad day for Burger lovers.
I went to Mcdonald´s just after noon today , and there was a big line to it.
And i went again just minutes ago , and there where more cars in the line.
Inside there was also a line of people,getting there last McDonald´s in ICeland.
Tomorrow , no more McDonald´s.
Nobody wanted to be interviewed ,because ,feelings are running high,and nobody wants to break down on video ,and cry in public.
At midnight tonight , the golden arch will be turned off , and tomorrow ,there will be another name, where McDonald´s was before, and that name will be - Metro Burger.
Not as Classy as McDonald´s but still , they will serve burgers .

But yesterday night,at 24:00 hours ( GMT ) the lights of Mcdonalds where turned off.

Still corruption in ICeland - investigation

2009-10-31T19:45:00.003Z

According to an investigation by an independent investigator, top jobs in the public sector in Iceland ,are all political.
Ministers appoint friends, relatives,or there friends in their political party.
This has always been in Iceland.
If you want something,then it is better to know someone high up.

And nothing will change, even though things are bad ,due to the Banking crisis.
Years from now,all the same people will be in charge,Bankers, politicians and so on.
Een though members of parliement took part in banking crisis,got big loans, ( in the hundreds of millions ) and do not have to pay the loans.

But the public, they are expendable.
They must pay all , less pay,higher taxes and so on .
Even though the took no part in the Banking Crisis.

But to keep up the good humor in people, here is a video i tool last week ,when the ICelandic Symphony was interuppted ,by Darth Vader himself.
He is in the later half of the video .
Hope you like it.

People in trouble in Iceland , and children got big loans

2009-10-29T21:16:00.005Z

Looks like that every politician here in Iceland is thinking only about themselves.
The old pensioners are getting less pension, taxes will be raised, the disabled gett less money .
But money to the politicians and poltical parties from the parliement are not going down.
They still get all there wages, and everythinhg that goes with it.

Before the elections last april ,everybody running for parliement ,where promising to help the public and all.
But after the election , the all forgot their promises .
And since then ,people have been moving to other countries.
Family help independent service, i helping familys to get food and other things.

Looks like nobody will be held responsable for the corruption here in Iceland .
They are all going to help eachother ,those that are in power and the banking community .

Children got big loans

Islandsbanki - the new bank ,that was formerly known as - Glitnir, gave 10 children illeagal loans to buy stock in BYR a financial bank , before the banking crash last year.
The childrens parents demanded the loans , but there was no permission for this by the Sheriff, so it was illeagal.
Today Islandsbanki wrote these loans off , and apologized for this.

Mcdonald´s leaves the Icelandic economy ! video

2009-10-27T20:16:00.001Z

Due to the bad economy here in Iceland , McDonalds, is closing down next saturday .
According to the CEO of McDonalds in Iceland, this is because that the Icelandic currency is low, and they have to import everything from Germany.

The Icelandic Krona has fallen 100 % to the Us Dollar since the banking crisis last year.
So the McDonalds franchise is no more in ICeland , and instead there will still be burgers at the McDonalds location, but new name - and no Mcdonalds franchise.

The new burger place will be called - Metro .
It will only use domestic beef ,cheese and so on.

Part of the Western civil civilization , as we know it , will leave Iceland next Saturday .
But as you can see on the Video - Colonel Sanders is not far away from the McDonalds location.
KFC , will still be in Iceland , so there maybe some hope yet !

McDonalds opened in Iceland in 1993.
And Mr. David Oddson , who was CEO of the Central bank during the Banking Crisis last year, and in 1993 he was Icelands Prime minister , was the first guest and ordered the first McDonalds hamburger in ICeland .
Will he get the last burger on saturday ?
Stay tuned !

No more Mcdonalds in Iceland

2009-10-26T18:11:00.002Z

Due to the bad economy here in Iceland , McDonalds, is closing down.
According to the CEO of McDonalds in Iceland, this is because that the Icelandic currency is low, and they have to import everything from Germany.
McDonalds opened in Iceland in 1993.
And Mr. David Oddson , who was CEO of the Central bank during the Banking Crisis last year, and in 1993 he was Icelands Prime minister , was the first guest and ordered the first McDonalds hamburger in ICeland.

Darth Vader pushes Symphony controller and takes control ! 2 video

2009-10-24T17:42:00.001+01:00

I went tonight to see the Icelandic Symphony,play at a full house .
Mr. Micheal Krajewsky was conducting,and the theme was , John Williams movie music.
Mr Krajewsky ,is known for conducting Movie music and has worked with many Symphony orchestras , in San Francisco ,Dallas,Detroit, Baltimore,Stþ Louis to name a few.
I called the Symphony ,and they gave me permission to videotape and put it on the Internet, and everywhere else .
And on this clip ,there is a little bit of a Shocker !
There comes a unknown individual ,dressed in black and with a helmet ,and he walks on the stage ,and pushes mr.Krajewsky off the stage ,and takes over conducting the Symphony .

And when the music is over , he gets great applouse from the Icelandic people that where there enjoying great music by John Williams.
He ( Darth Vader ) comes in the middle of the video .
Enjoy .

Darth Vader pushes Symphony controller and takes control !

2009-10-24T11:02:00.001+01:00

And when the music is over , he gets great applouse from the Icelandic people that where there enjoying great music by John Williams.
He ( Darth Vader ) comes in the middle of the video .
Enjoy .

Permanent Secretary investigated in Iceland

2009-10-18T21:14:00.003+01:00

Iceland's government says it has reached a deal with Britain and the Netherlands to repay the $5.7 billion ,to compensate savers who lost funds in the collapse of the Icesave Account.
This deal is not very popular in Iceland. People say, why should the public pay for private banks crash .
Former health minister Mr. Ogmundur Jonasson ,resigned last month in protest.

Now the special prosecuter is investigating the Permanent Secretary of Education ,mr. Baldur Gunnlaugsson.
When his was Permanent Secretary to the minister of finance, after he and the finance minister ,had met the Finance minister of Britain ,mr. Darling, Baldur sold his stocks in Landsbanki, few days before the Bank crashed.
Special Prosecutor is investigating like it is insider trading.
Not all media in Iceland is following this story .
The paper that the former central bank ceo ,and former Prime minster,now is editor, Morgunbladid, does not follow this story about the Permanent Secretary .
Mr. David Oddson ,the editor and Baldur , are both in the Independence party .
Photos:
top: Baldur Gunnlaugsson
Bottom: David Oddson

Iceland news - people leaving Iceland

2009-10-18T11:53:00.002+01:00

Many Icelanders are now leaving the country.
Around 2.694 ctizens have left Iceland ,in the first nine months of 2009.
Now there are 14.819 unemployed in Iceland .

Market abuse by Icelands Banks - video

2009-10-17T11:13:00.002+01:00

Financial control group has sent issues concerning comprehensive market abuse by Kaupthing bank to the Special Prosecutor office.
They belive that the bank systematically tried to influence their share price and create a constant demand for shares and thus sent the wrong and misleading message to the market shares in real terms.

This was done in a manner that the bank, which at a given time could only have a maximum 5% in himself, bought shares and then sold them on to selected customers against loans. In this way the bank could be active in the market with its own shares.

The majority of those who participated in a poll made by one the Icelandic Newspapers , wants the government resign the agreement with the IMF.

Here you can a video ,on how people felt last year about the IMF

Police raid KPMG and Price Waterhouse Cooper in Iceland

2009-10-15T20:26:00.003+01:00

Many think that auditors have some responsabilty in the Banking crash in Iceland .
KPMG and Price Waterhouse Cooper Audit companys in Iceland ,where raided by the Special prosecutor in Iceland on the 1. of october 2009.
It is done as a part of investigation into potential criminal activity at three collapsed national banks.

Computer data and documents where taken ,from KPMG and Price Waterhouse Coopers,which had the banks as clients.
22 Police officers and 6 foreign accountants raided the Audit companys.

The raid was suggested last spring by Jean Michael Matt, a french special court audit investigator.
It looks like that the raids are quite embarrasing for KPMG and Price Waterhouse Coopers.