Free market and fair competition?

Arvakur, Morgunbladid’s publishing company secured a 900 million ISK loan from Landsbankinn while Bjorgolfur Gudmundsson was the controlling owner of both companies. This is what the newspaper DV is revealing today.

Nine hundred million wihout any collateral!  

Yet another proof of why controlling owners of financial institutions should be limited ownership in businesses in other sectors, and why the Financial Authorities must be aware of all loans made to connected businesses. 

Bjarni Armannsson said yesterday that he had believed too eagerly in a free and self-controlling market. And yet he and others like Bjorgolfur who controlled the banks were only to eager to play by their own rules.


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