Kaupthing market manipulation trial

Further insight into “Kaupthinking”

2015-05-10 23

The ongoing case against nine Kaupthing managers and staff gives an intriguing insight into the bank’s extensive buying and selling of own shares, which the Office of the Special Prosecutor claims involves market manipulation and breach of fiduciary duty. Witness statements by foreign employees have been especially informative.

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Who Knew Banking Was Really About Dead Cats?

2015-04-28 23

The Reykjavik District Court is now one week into what has been dubbed the “large Kaupthing market manipulation case.”


While we must wait for weeks before the verdict is handed down (and then months before the Supreme Court hears the case: because of course it will be appealed!), the traders’ testimony and the evidence offered by the prosecution has given us interesting glimpses into what life is like inside a bank that is fighting for its life.


Unquestionably the most fascinating evidence presented thus far are recorded landline phone conversations between the traders and their superiors, which were recorded according to bank protocol.

We learned, for example, that the traders and their superiors referred to Kaupthing as a “dead cat.” ...

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