A few words about the 1% cut in Central Bank interest rates…

…way too little…way too late…

The FL Group toybox

DV has been writing about the toybox of Hannes Smarason, Thorsteinn Jonsson and Magnus Armann. Apparantly they have a collection of luxury cars that they have been hiding in an underground car-park but are now preparing to transfer them abroad.

It is suspected that this large collection of vehicles could go some ways to explain the massive operation costs behind FL Group where they were board members and managers. The company which had fifty employees had operations costs of 6.1 billion ISK or 122.000.000 ISK per employee in 2007, the same year it reported a then record-loss for an Icelandic company, 67 billion ISK. 

FL Group was a public company, listed on the OMX Stock Exchange.