A good solution for everyone involved

Morgunbladid reveals today that in notes from a meeting at Glitnir on September 30 last year, CEO Larus Welding advocated that shares from Stodir (Formerly FL Group) would be bought out of two of their funds, Fund 1 and Fund 9. He revealed in the meeting that this solution was backed by both the prime minister and finance minister.

Why was this solution needed? Glitnir had advised its customers to put their savings into those funds, while neglecting giving  information the impact of Stodir shares on those funds. Glitnir’s majority owners also happened to be the owners of Stodir, a company in dire need of cash after posting an Icelandic record in losses the previous year.

Why did the ministers care so much? For some reason this man was a board-member in those funds.

Illugi Gunnarsson on the right with David Oddson

Illugi Gunnarsson on the right with David Oddson

Illugi Gunnarsson, Independent Party spin-doctor and first term member of parliament. Former assistant of the prime minister and baffingly a board-member at Glitnir’s funds.

Geir Haarde says that Glitnir told the ministers about the intent and they had not opposed. Arni Mathiesen rejects the notion that the government had asked for this buyout.

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