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If this topic interests you, I recommend you read the book by Gudrun Johnson called "Bringing Down the Banking System: Lessons from Iceland". It is a translati
by bmh_ca 11y ago
If this topic interests you, I recommend you read the book by Gudrun Johnson called "Bringing Down the Banking System: Lessons from Iceland". It is a translation and summary of the Report of the Investigation Commission of Althing (the Icelandic Parliament).
https://en.wikipedia.org/wiki/The_Report_of_the_Investigation_Commission_of_Althing https://en.wikipedia.org/wiki/The_Report_of_the_Investigatio...
The Report of Althing is, in my opinion, the most comprehensive since the Amulree Report of Newfoundland in 1933, and one of the very few reports to investigate causes of the crisis.
As a matter of interest, I seem to recall that 83 million euros was given to Icelandic bankers for their part in the crisis. The proceeds unaccounted for numbered in the billions. Much of what the banks did was modelled on Enron-style deception, a practice which remains quite commonplace now in the financial marketplace.
- e15ctr0n 11y agoAnother great book to read is Michael Lewis' Boomerang: Travels in the New Third World (2012) which is a compilation of articles on the 2008 recession that he wrote for Vanity Fair magazine. The one on Iceland is called "Wall Street on the Tundra - Iceland" and you can see its preview here: http://www.vanityfair.com/culture/2009/04/iceland200904 http://www.vanityfair.com/culture/2009/04/iceland200904 (The complete article is behind Vanity Fair's paywall.)