All in the family

As a measure of how difficult it is to investigate things like events leading to the disaster in a small country like Iceland, you only have to look towards the previous and current attorney generals who have been handed that task together. One has a son who is the head of the legal department for Stodir (previously FL Group), previous majority owner of Glitnir, the other’s son is the CEO of Exista, former owners of Kaupthing.

Good luck guys.

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The head of the Independent Investors Association claims that the “mistake” that prevented Birna Einarsdottir, the new head of Glitnir from having to pay the 200.000 million ISK for her shares is illegal and she should have to cough up the dough. The transaction was registered with the Icelandic Stock Exchange even if she was never charged for it by Glitnir which makes the purchase binding.

Good luck Birna.

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That little episode with Einarsdottir is perhaps one of the more striking examples of the inability of the Financial Supervisory Board to do its job. Typically understaffed, underpaid and undersupported staff lead by a political appointee who saw nothing wrong last year in accepting a Christmas gift from the banks.

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Amid all that is going down, somethings are on the way up. Money-forging is increasing and so is petty theft, for example at gas stations where typically in Iceland you pay after pumping. More people are driving off without paying which is prompting gas stations to demand you pay upfront.

So trust is going down.

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