President of Iceland vetoes Ice Safe agreement

Posted 06/01/2010 - 19:44 by Brabander

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2010-01-06 (All day)

If you read the comments following this article you will note that many contributors regard the president of Iceland as some sort of latter day viking hero. It is clear that many, but not all, contributors are Icelandic nationals. Worryingly many appear to regard us as greedy "investors" and not innocent depositors!
I have tried to post a comment to set the record straight but was unable to do so.
I was especially annoyed that the president of Iceland was portrayed in such a flattering light when nothing could be further from the truth.
I repeat here what I wrote so that you can inform any friends you may have in Iceland:
“The article by Jeremy Warner was perhaps a little bit inflammatory but fundamentally correct.
I must admit that the ridiculous comments by some of the Icelandic correspondents made me very angry. They are perhaps Icelandic nationals resident in the UK who work(ed) for some of the banks.

I have a personal stake in this debacle. Around 10 years ago I placed a large deposit with Singer & Friedlander which at that time was considered a “blue chip” British bank. Please note this was NOT an investment it was a deposit. If I had wanted to invest in the bank I would have bought its shares.
When Kaupthing was allowed to purchase S&F I was given a written guarantee by Kauthing HQ in Iceland that they would be the ultimate guarantor of my deposit. On that basis I felt satisfied that my deposits were safe.
15 Months after the demise of KSF I have received less than 40% of my deposit back and I have lost all interest payments I should have received in the interim. It is very likely that I will never get back all my deposits and I will certainly have lost ALL my interest earnings. I am a pensioner and depended on these interest payments!
I have in the mean time found out that my bank has lent money to some of its directors and has also lent large sums for very dubious investments by croneys of the directors. The owners of my bank were Icelandic nationals and this also applies to its most senior management.
What galls me most that the depositors with Kaupthing in Iceland have been FULLY compensated and I therefore totally reject the contention that Iceland, as a country, should not take any responsibility for this.
The Icelandic correspondents paint the president of Iceland Grimsson as some sort of viking hero. He is nothing of the sort! He is part of the cabal who created the Ponzi schemes which resulted in the growth of the Icelandic banks. He was Finance Minister in Iceland in the period from 1988 to 1991 and since then he has been a strong supporter of the expansion of Icelandic banks abroad.
In 2005 he even made a speech in London when he said that the world could learn a lot from the way Iceland had managed its economy!
We have further evidence of his credentials as president of Iceland when he vetoed a perfectly sensible law to prevent the owner of a newspaper owning more than 25% of a TV/radio station and vv. We can therefore assume that he is no great democrat!
It should also be remembered that he is strongly supported in his stance by the opposition party which until recently was the party which was in government. It was under their regime that the Icelandic banking expansion occurred.

I feel sorry for the ordinary people in Iceland who probably never benefited from the Ponzi schemes hatched up by the Icelandic banking elite but I find it pretty disgusting that the party which was in charge when these schemes were hatched up and implemented is now the very party which refuses to take responsibility for its actions and that these gangsters are now aided and abetted by the president of Iceland. He claims to be protecting the citizens of Iceland. He is doing nothing of the sort, he is cynically protecting his own legacy and perhaps also the interests of his wife's friends and as they were among the biggest borrowers from Kaupthing!!

The British and IOM governments also carry some of the blame as they permitted incompetents to run the FSA/FSC, but the main blame lies with the Icelandic authorities in charge at that time. This includes president Grimsson.”
Foot note: If you check the web for information re the second wife of Iceland's president you will find that she moves in the same circles as the Tchenguiz's of this world. Enough said!