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Iceland stares into Icesave abyss
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02-27-2010, 11:33 PM
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Jxmwzgpv
Join Date
Oct 2005
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434
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Not really. Sorry.
This is public information though:
http://www.ft.com/cms/s/0/683b2926-1...44feab49a.html
An internal Kaupthing credit report leaked on the internet last year laid bare the kind of questionable lending practices and business connections under investigation by Mr Hauksson’s team.
It showed that much of the bank’s lending went to its own biggest shareholders and a select group of favoured clients – often with little or no security. Investigators are probing whether some of the loans were reinvested in the bank to pump up its share price.
http://www.ft.com/cms/s/0/86df95d2-8...nclick_check=1
Foreign hedge funds were initially blamed by many Icelanders for bringing the country to its knees, but Vilhjalmur Bjarnason, director of the Iceland Shareholders Association, says the evidence increasingly suggests home-grown culprits. “We did not need hedge funds to bring the system down. The insiders did at least as much damage,” he says.
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