Supervisory Institutions Failed

The Parliamentary committee believes that supervisory institutions have failed. There was great inclination to interpret the regulatory options narrowly and not to use them. The banks could easily do as they pleased and could bypass regulations and government and serious fraud was sometimes not referred to prosecutors.

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Parliamentary report: Bankers Carry the greatest Blame

The Parliamentary committee believes that the management and main owners of the financial institution carry the greatest responsibility for the collapse of the banking system. It is clear that banking in Iceland was characterized to a considerable extent by bad business habits and disrespect for the law and regulations. This was apparent in the way the owners and management behaved towards regulatory agencies and government

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Two Bills Recommend Court Case Against former Ministers

The long awaited report of the nine member committee of has just been published. The committee is split three ways on what to do. Five members out of nine suggest that four ministers be brought before a special court, Landsdómur. The four are: Prime Minister and leader of the Independence Party Geir Haarde, former Minister of Commerce Björgvin G. Sigurdsson, former Minister of Finance Árni M. Mathiesen and former Minister for Foreign Affairs Ingibjörg Sólrún Gísladóttir

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Will Politicians be charged? Three way Split on Committee

The parliamentary committee on whether to charge former ministers with negligence has finished its report and is split three ways according to RÚV. Committee members belonging to three political parties, the Left Green Alliance, the Progressive Party and the Movement want to charge four former ministers. The representatives of the Social Democratic Alliance want to charge only two and write a separate report. The members belonging to the Independence party of former Prime Minister Geir Haarde think that no charges should be brought and write a separate report.

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Columnist Says Government is Killing IBM Datacenter

American columnist David Chernicoff writing on ZDNet September 9 said that plans of datacenters in Iceland are being shot down by Icelandic politicians: “They survived earth quakes, severe weather, and a volcanic eruption that shut down air travel over a good portion of the planet, but it looks like the big plans of Icelandic datacenter providers may have been shot down by that most insidious of creatures; their own politicians.”

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