The Independent Party and the Progressive Party privatized the national banks in the beginning of the century.
When Bunadarbankinn was handed to Progressive Party members on a silver platter by Valgerdur Sverrisdottir and Halldor Asgrimsson, the Independent Party´s David Oddson and Geir Haarde felt the need to hand Landsbankinn to Independent Party favorites Bjorgolfur Gudmundsson and Bjorgolfur Thor.
No one in those groups had any experience of running big international financial institutions. Within five years Bunadarbankinn had become Kaupthing, one of the world´s 100 largest banks and one of the 700 largest companies in the world.
It seemed like magic, it turned out to be sorcery.
Bjorgolfur Gudmundsson, Bjorgolfur Thor, Agust Gudmundsson, Lydur Gudmundsson, Jon Asgeir Johannesson, Olafur Olafsson, Finnur Ingolfsson, Karl Wernerson, Robert Wessman, Palmi Haraldsson, Hannes Smarason abused the power that came with owning a bank to purchase the rest of Iceland, and expensive acquisitions abroad with loans from their own banks. Bjarni Armannson, Larus Welding, Jon Sigurdsson, Hreidar Mar Sigurdsson, Sigurdur Einarsson, Ingolfur Helgason, Sigurjon Arnason and Halldor J. Kristjansson made this possible as CEO´s.
There was no competition, but pure oligarchy in Iceland.
The Independent Party, the Progressive Party and Samfylkingin turned a blind eye. Members of parliament got special treatments within the banks. The Financial Authority was crippled by limp Independent Party management.
The Left/Greens have failed as an opposition leaders for offering extreme solutions where sensible ones are needed.
The Liberals have cemented themselves as anything but sensible.
Iceland´s ruin has been extreme. The International Monetary Fund describes it as the worst in history, compared to the size of the economy.
No reconciliation has been made. None is apparant on the horizon.The politicians stay put in their offices. The businessmen are dumping debt inside the nationalized banks and buying their companies back for change.
The great battle of our time is at its beginning. The one between citizens and political parties.