A worthless stamp of approval?

The Financial Authorities have cleared Birna Einarsdottir, the CEO of Glitnir of wrongdoings in connection with her purchase of 200 million ISK in Glitnir stock.

Apparently Birna was never charged for the stock and therefore did not lose any money when the bank collapsed in the autumn.

Which begs the question, would you bank with a bank whose CEO does not know whether she has been charged 200 million ISK or not for several months?

Glitnir’s explanation at the time didn’t ring any bells with the Financial Authorities either. They said the money was supposed to be deducted from her future bonus payments.

Which begs the question, would you bank with a bank where its managers are granted these special rights ahead of other investors. Besides, how fat were her bonuses supposed to be?

It all smells like a rat, but then again the Financial Authorities have appeared to be useless exterminators. Their CEO has not seen fit to resign, although he has been caught as the bus driver sleeping at the wheel.

So isn’t the Financial Authorities’ stamp of approval basically worthless today?


1 Response to “A worthless stamp of approval?”

  1. 1 Roy December 9, 2008 at 11:31 am

    Not only asleep at the wheel but also took all of the passengers over the cliff.

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