Tag Archives: kaupthing

Stacy Summary: The second third link is an hour and a half long video that you might like to watch on this Sunday. What are the headlines in your part of the world? Any good stories from Asia? Australia? Ireland? etc.?

• Update: The Max Keiser / new media campaign on the forum (thanks gino!)

• The Waterfall Effect (h/t @all who posted & emailed)

• William K. Black on this latest of the increasing numbers of financial fraud disasters  (video)
  

• Illinois workers take on Wells Fargo

• Big firms increase pay incentives based on short term market gains

• The tide has gone out on Iceland’s dirty banking fraud

Eva Joly, the French-Norwegian MEP and fraud expert hired by Iceland and now working with the Serious Fraud Office, now believes it will be “the largest investigation in history of an economic and banking bank collapse”.

Many of the banks’ secrets are likely to be inextricably bound up with corporate Britain and the success of these investigations in tracing and recovering assets is likely to affect every UK household.

Local authorities lost £1bn – or 5pc of all the money from council tax – in the over-leveraged institutions, leaving many facing the prospect of drastic cuts in services or steep hikes next year as they wait for the proceeds of the banks’ administration to dribble through.

And:

Kaupthing’s loan book, which was leaked on to the internet last week, shows that around one third, or €6bn (£5.1bn), of its €16bn corporate loan book was going to a small elite of men connected to the bank’s owners and management.

Several investigations into Kaupthing centre on share ramping, where the bank would allegedly give loans with no interest or security in order to buy shares in that same bank – boosting the share price.