Its time to let the women take charger…oops!

One of the most curious aspects of the new government-owned banks is that the top management is pretty much the same as before.

In wake of the economic disaster, there are loud voices that call for women to be put in charge of the main institutions of society. The argument goes that women are more risk-awerse, more responsible and could never have led us to such ruin.

So those who did not know Birna Einarsdottir were happy to see her appointed as boss of the new Glitnir Bank. But Birna has been one of Glitnir’s top managers for quite a while now and therefore could hardly be accused of being the role model for risk-awerse, responsible women.

And now this has emerged. This spring Birna bought Glitnir stock for 200 million ISK, just over $2 million at the time. But by “mistake” the stock was never registered to her limited company (for tax reasons you see) and therefore she did not lose 190 million when the bank went bust. Questions have been asked, how can the bank fail to register such a big transaction? And why wasn’t she charged the amount when the purchase was supposed to go through?

The answer is staggering. Her bonus payments for the next couple of years were supposed to cover the purchase and therefore she was never charged the amount.

Unethical? Illegal? This is the new time of the woman in charge. Doesn’t seem so different.


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