Tycoon Apologizes to Icelandic Nation Skip to content

Tycoon Apologizes to Icelandic Nation

By Iceland Review

Icelandic tycoon Björgólfur Thór Björgólfsson apologized to all Icelanders for his part in the asset and debt bubble which led to the collapse of the Icelandic banking system in October 2008 in a letter published in Fréttabladid yesterday.

Björgólfur Thór Björgólfsson. Photo by Geir Ólafsson.

“I apologize for my complacency towards the warning signs that were piling up. I apologize for not having followed my hunch when I did spot the danger. I apologize to you all,” Björgólfsson wrote, according to visir.is.

In the letter, Björgólfsson said he welcomes the publication of the Special Investigative Commission’s report on the events leading up to the banking collapse, the causes of the collapse and related affairs.

“I chose not to comment much on the progress of things while the commission’s work was ongoing but now that it is completed I want to explain my standpoint,” Björgólfsson wrote.

“I made decisions that I thought were sensible and correct at any given time and I am certain that I didn’t violate any laws,” Björgólfsson maintained.

“But when I look around me and see the consequences of the collapse, I cannot help blame myself. I should have had a better judgment and I should have been more eager to take responsibility for where the Icelandic economy was headed,” he added.

Public relations agent Andrés Jónsson at Gód samskipti told pressan.is that Björgólfsson’s apology shows that he is “naïve” and has “too much faith in himself.” The apology was lacking in sincerity, Jónsson said.

Click here to read more about the crisis report.

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