With Its Economy On The Mend, Iceland Stuffs Bankers For Second Time

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Sun, 04/10/2011 - 11:19 | 1154852 King_of_simpletons
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I hear UK and Netherland are suing Iceland for their money. HA HA !

Sun, 04/10/2011 - 11:35 | 1154877 masterinchancery
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Yes, how is this "court" going to enforce any "judgment." Invade Iceland and confiscate fish?

Sun, 04/10/2011 - 12:03 | 1154939 AG BCN
AG BCN's picture

They will confiscate Bjork.

Sun, 04/10/2011 - 12:17 | 1154979 anarchitect
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Yes please.  This would end her meddling with my Magma Energy shares, the insular wench.

Mon, 04/11/2011 - 04:23 | 1156969 Popo
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...and yet, Ireland was apparently scared into submission.   Poor dumb Irish.   Slaves to the Brits for the next century... (again).

Sun, 04/10/2011 - 12:14 | 1154959 nonclaim
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A simple proposal for Iceland: those that voted for paying the bill should pool together and pay it. Show how it's done but do it with your own money.

Sun, 04/10/2011 - 12:15 | 1154976 anarchitect
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Precisely so, as is universally the case in all such things.

Sun, 04/10/2011 - 12:59 | 1155056 Normalcy Bias
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They could confiscate Iceland's unfuckingbelievably beautiful women!

Sun, 04/10/2011 - 13:22 | 1155122 Popo
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...in their brief golden years before they spontaneously turn into fat grandmothers.

Sun, 04/10/2011 - 15:00 | 1155414 ThirdEye
ThirdEye's picture

Link Please!

Sun, 04/10/2011 - 17:12 | 1155701 JoeSexPack
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A nice blend of Norwegian (vikings) & Irish (slaves) DNA.



Sun, 04/10/2011 - 18:59 | 1155884 ColonelCooper
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We have a lot of that in the upper Midwest, only it's Norwegian/Swedish and German.  You end up with GIANT beautiful strawberry blondes that can kick the shit out of you like they're swatting a gnat.

Sun, 04/10/2011 - 17:22 | 1155713 JoeSexPack
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Methinks they got that hot from many severe famines & epidemics in Iceland's history.

If 1/3 of the people die, the beauties are among the last to go.

Rinse & repeat over time to get this:




Sun, 04/10/2011 - 13:07 | 1155083 FreedomGuy
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I would just like to see somewhere in some country the bankers and finance people going bankrupt and having their homes foreclosed as the ones who made the bad decisions with terrible consequences. Nowhere have I seen this, yet. What I see are millions of others unemployed, underemployed and taking pay cuts and suffering consequences. Everyone BUT those who created this problem suffer the consequences. That tells me something is profoundly wrong. You don't have to be a dedicated conspiracy theorist to sense something is wrong.

I wish Iceland well and I hope ZH will post articles on bankrupt bankers and financiers...somewhere in this world.

Sun, 04/10/2011 - 13:44 | 1155204 Jack Burton
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Amen! When do these criminal bankers lose their asses instead of the average guy taking the hit!

Sun, 04/10/2011 - 15:57 | 1155542 Fíréan
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Sone fat cat Icelandic bankers, all with huge finanacial empires and living in London, were arrested some time ago ; included brothers Robert  and Vincent Tchenquiz.


Anyone to follow up on that story ?

Sun, 04/10/2011 - 17:04 | 1155689 FreedomGuy
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Fantastic! I would like to see that. I believe that U.S. negligence laws to be very applicable to the financial meltdown we had here in the U.S. and even the world. When "professionals" bought, sold, insured and invested in things they truly did not understand there is a de facto basis for negligence in my mind. As much as I hate lawyers and class action suits there are times for the real thing. Yet, I do not see these and I suspect we are past the point where they could be launched. In fact, there is government complicity as well as protection for these people.

Sun, 04/10/2011 - 19:36 | 1155946 tired1
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Have a close look at Russia, some of the bigger guys have fled to the the City of London, one is in prison. It's a start (actually it's where much of this began).

Sun, 04/10/2011 - 23:40 | 1156667 laughing_swordfish
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+ 5 Billion

Sun, 04/10/2011 - 13:09 | 1155092 Mike2756
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Maybe there is a way for Iceland to turn the volcanoes on, lol. M.A.D. this!

Sun, 04/10/2011 - 18:46 | 1155861 Zero Govt
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the Court will hopefully tell the bwankers when they loan money they risk losing it (Buyer beware) ...just like everybody else. Welcome to the real world dirt bags

Sun, 04/10/2011 - 11:38 | 1154887 AnAnonymous
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When a third world country performed the same trick as Iceland, they were punished by aggressive privatization of national assets in order to repay the Western involved countries. With the support of Western populations.

Funny how a location can change the perception of an act, in this US world order where supposedly the act is judged with no concern of the doer position.

Sun, 04/10/2011 - 12:06 | 1154947 sun tzu
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How is this a US world order? Anyone with a brain knows that London is the world's premier banking and financial center. 

Sun, 04/10/2011 - 12:19 | 1154982 caconhma
caconhma's picture

" London is the world's premier banking and financial center. "

No shit.

This statement is utterly misleading. The accurate statement should be: London is the leading world's banking center controlled by the criminal Rothschild family and their Zionist associates.


One thing more. The FED is not an American corporation. It is a foreign entity controlled by the Rothschild family from London. America is once again a British colony. So much for American founding fathers and the War for Independence.

Consequently, why should the FED and the Congress give a shit about America and its people? There are no reason for it!

Sun, 04/10/2011 - 12:48 | 1155037 frenchie
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Sun, 04/10/2011 - 13:00 | 1155062 Slartebartfast
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Sun, 04/10/2011 - 14:29 | 1155335 Fiat Money
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Here's the head slime-ball of them all, Evelyn de Rothschild, BLAMING EVERYONE BUT HIMSELF and his fellow mega-banksters for the economic crisis, in this short interview with fluff-ball host Maria Bartiromo. 


 EdR is actually very clever with his WEASEL words: "I don't think we shoud be talking about the past"... "the realization that we are all in this together," ..."the need for action must be taken very quickly," etc.

  Note his heavy use of  meaningless assertions ("we must," "we're all in this together," etc.) which lends him an air of reserved dignity while actually saying very little. 

Also note   "you had to face up to the facts that you couldn't let THESE PEOPLE collapse" - by which "people"  he means Mega-Bankers!   He EXPRESSES CONCERN for those who've lost their jobs & pensions... but NOTHING SPECIFIC.   

 He talks about the need for REGULATION, "regulation IS important.. but you have to have the regulators supervised" - without mentioning, that as OWNER of the pretend "moderate"  The Economist magazine, he and his minions PUSHED for DEREGULATION of financial markets, by the TAG TEAM of  rubin, summers, emanuel  "Democrats" and  greenspan, bernanke, geithner, enron ken lay, dick armey, phil gramm, thomas lynch, & jim bliley (et al) republicans,  which "Derivatives," CDOs, and especially Credit Default Swaps were INVITATIONS to  FRAUD,  eg. Golddamn-Sachs selling toxic bonds they KNEW were going to BLOW UP,  but GS taking out CDS contracts with AIG, hoping to double their money from the original fraud sales -  all this de Rothschilds PRETENDS IGNORANCE, as his fellow mega-banksters continue to suck every last drop of nutrients & vitality out of the corpse of the late, great Western democries' economies.

Sun, 04/10/2011 - 14:50 | 1155389 uno2well
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Sun, 04/10/2011 - 16:18 | 1155591 hardmedicine
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Sun, 04/10/2011 - 16:26 | 1155613 Moe Howard
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Mon, 04/11/2011 - 04:49 | 1156986 AnAnonymous
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Anyone with a working brain shall be able to know that banks are only one component of domination. One needs more attributes than only financial power to achieve hegemony.

Sun, 04/10/2011 - 12:13 | 1154961 Dr. Kenneth Noi...
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When a third world country performed the same trick as Iceland, they were punished by aggressive privatization of national assets in order to repay the Western involved countries.

3rd world country loans were to their spendthrift, crony pinko _governments_, not to their corrupt private banks.  There's no reason that anyone who isn't a share- or bondholder in any of these shit banks should lose a plug nickel.

Sun, 04/10/2011 - 12:01 | 1154937 goldfish1
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REYKJAVIK (Reuters) - Iceland faces more economic uncertainty and a drawn-out European court case after its voters rejected for a second time a plan to repay $5 billion to Britain and the Netherlands from a bank crash.

The British and Dutch governments voiced disappointment with the result of Saturday's referendum, in which almost 60 percent of voters opposed the repayment deal.

...The debt was incurred when Britain and the Netherlands compensated their nationals who lost savings in online "Icesave" accounts owned by Landsbanki, one of three overextended Icelandic banks that collapsed in late 2008, triggering an economic meltdown in the country of 320,000 people...

...But voters rejected the idea that taxpayers should foot the bill for what they see as bankers' irresponsibility.

"I know this will probably hurt us internationally, but it is worth taking a stance," Thorgerdun Asgeirsdottir, a 28-year-old barista, said after casting a "no" vote.

Sun, 04/10/2011 - 12:26 | 1154989 A Man without Q...
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The situation with Icesave had echoes of the collapse of BCCI decades ago.  People deposited with Icesave because they paid a much higher rate of interest than other banks, but didn't consider the reasons why.  The funny thing was that just like BCCI, quite a few accounts were those for businesses and local government, where the person responsible was supposed to place in a large UK institution, but secretly put the funds in the higher interest account and pocketed the difference.

However, a big part of the blame should go to the "financial" media - i.e. the "money" sections of the press, that recommended the bank in return for the advertising revenue they got from Icesave, and didn't ever explain the risk or the fact it was not a UK domiciled bank.


Sun, 04/10/2011 - 13:28 | 1155144 Husk-Erzulie
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Britain and the Netherlands compensated their nationals who lost savings in online "Icesave" accounts owned by Landsbanki  Why don't I believe this describes even the first sentence of the first chapter of the whole story.

Sun, 04/10/2011 - 15:09 | 1155445 anonnn
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...in return for the advertising revenue...

A clever myth!

 The person, a specific human, who makes the  decision what is printed/said in the newspaper, tv program, etc is simply paid-off, well and irresistably, in cash, sex, gifts, career promotion or any of unlimited manner of "favors". Untraceable and unprovable, if done right.





Sun, 04/10/2011 - 12:05 | 1154950 bonddude
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Icelandic volcanoes will shit all over Europe in...3...2...1...

Sun, 04/10/2011 - 11:19 | 1154857 unwashedmass
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good for iceland!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Sun, 04/10/2011 - 11:36 | 1154883 DeadFred
DeadFred's picture

Point man is a very dangerous position.  Good luck to them.  I'll be interested to see which scenario plays out.  1 the threats were hollow bogeymen stories and they get away with it. 2 The banksters know it's vital to nip this sort of thing in the bud and pull out the stops to make Iceland into an object lesson for others to fear.  Hope the good guys win.

Sun, 04/10/2011 - 12:12 | 1154968 mick_richfield
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Dangerous: true.  But if I had to pick anyone to walk point, the people of the Elder Edda would be at the top of my list.

Doesn't it seem like the big banks would be just the kind of place where Loki would work?

If I were not now here
inside the hall of Aegir,
I would carry thy head in my hand,
and thus would thy lies be punished



Sun, 04/10/2011 - 13:40 | 1155183 cossack55
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+14.4 trillion

Thats freakin' it. I am buying a 4' x 6' Iceland flag from an Iceland store and will fly that baby at the top of the pole from now on. I am herby declaring Icelandic Liberty.  Do you think they have a Iceland Gadsden flag with a volcano rather than a snake?

Sun, 04/10/2011 - 11:21 | 1154858 gordengeko
gordengeko's picture

Sweet, tell those King George heirs to fuck off Iceland!

Sun, 04/10/2011 - 11:21 | 1154860 Fix It Again Timmy
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FooK You bankers, we will not bail out your stupidity and greed... you go, Iceland!!!

Sun, 04/10/2011 - 11:49 | 1154910 ZeroPower
ZeroPower's picture

Ya! You go lefty socialist nut! Free money for ALL! And gold plated food stamps!!

Sun, 04/10/2011 - 12:08 | 1154952 sun tzu
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Socialists are the ones that want the bailouts you dumbass jerkoff

Sun, 04/10/2011 - 12:12 | 1154967 ZeroPower
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This rhetoric has been spewed before - it was socialist to save GM et al., but its not socialist to redistribute private wealth to the public.

Im all for mandating private corps to clean up their shit, but Iceland is simply a failed case. If the nation will choose to go down this path, the country's lending situation will be similar to Russia during the Ruble Crisis.

I suggest you take a look outside of the box at what refusing to provide the $5Bn will do.. hint: a precedent.


Sun, 04/10/2011 - 12:47 | 1155036 frenchie
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how do you call redistributing private losses to the public then ?

Sun, 04/10/2011 - 12:57 | 1155058 weinerdog43
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Sun, 04/10/2011 - 13:45 | 1155200 Rick64
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Sun, 04/10/2011 - 12:51 | 1155040 pan-the-ist
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Because Icebank, a company that does business internationally, lost money in Iceland, the people of Iceland need to pay it back?

If you come to my door and claim that you lost 5bn in my yard and I should pay it back, I would tell you to fuck off.  Privatize gains, socialize lossed eh?

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