Iceland’s Irreplaceable Geniuses

Inexplicably, nearly all of the bank executives, board members, and “experts” remain. Although the government has nationalized all of the banks, it has made no apparent effort to control or investigate the individuals who provided such stellar advice. They are obviously indispensable.

Simon Johnson and James Kwak wrote in the New York Times that the lesson of the 1997 Asian financial crisis is that “when insiders have broken a financial institution, the most direct remedy is to kick them out. … We should not let people think that the best way to guarantee job security is to lose lots of money in a really complicated way.”

From Iris Erlingsdottir at the Huffington Post


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