The story of Bjorn Ingi Hrafnsson

– Early in the decade, a journalist at Morgunbladid, founder of a company “Caramba”

– Assistant to Foreign Minister then Prime Minister Halldor Asgrimsson of the Progressive Party while the banks are privatized. Landsbankinn is handed to Independent Party loyalists, Bunadarbankinn is handed to Progressive Party loyalists and becomes Kaupthing.

– Nothing much happens at Caramba until 2005 when it suddenly has assets worth 60 million ISK in Kaupthing shares. Quite a turnaround for a government worker.

– A year later Caramba posts a profit of 29 million and assets of 32 million, mostly in Exista(largest shareholder in Kaupthing) stock. A nice addition to a governmental salary.

– The same year, becomes city council member in Reykjavik and forms an 8-strong majority with the Independent Party as the only Progressive Party member in the council.  There are 15 members in the city council and the Independent Party had seven.

– Becomes the main player in the fiasco regarding Reykjavik Energy Invest where he and major Vilhjalmur Vilhjalmsson signed off major exclusive rights to hydro-energy projects abroad with Reykjavik Energy, a company owned by the city to an entity owned by FL Group and Bjarni Armannsson, former Glitnir CEO. The deal was introduced by FL Group to investors in London but when the rest of the city council annulled the deal and much protest in Icelandic society, FL Group posted a record loss for an Icelandic company of over 60 billion ISK. Was this a ploy to save FL Group?

– Abandoned working with the Independent Party and formed a new majority with the minority. It lasted 100 days when the Independent Party managed to lure the Liberal representative into forming a yet another majority.

– Promptly quit his post and has since been employed as the Editor in chief of Markadurinn, Frettabladid’s business section. Frettabladid’s owner was a large owner of FL Group, Jon Asgeir Johannesson.

– Markadurinn is deflated while the biggest Icelandic business news ever take place and doesn’t come close to the reporting done by its rivals. Writes columns saying that the truths behind the crash must be revealed and devotes spreads to conversations at expensive lunches with economists about this and that. Becomes the host of a talk-show on Channel 2 where he interviews political leaders and businessmen like Kaupthing’s former Chairman of the Board.

– Meanwhile most readers want to know what happened behind the scenes when the banks were privatized and when Reykjavik Energy Invest was supposed to be handed to FL Group.

– Caramba’s annual reports for the last two years are not available.


0 Responses to “The story of Bjorn Ingi Hrafnsson”

  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: