Iceland sentence 26 high level bankers for their role in the 2008 financial crisis!
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It offers possibility of dramatic increase in real investment & real growth that is very much needed today in Pakistan
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Iceland’s Supreme Court have sentenced four bank bosses from Kaupthing bank to serve jail time. In a refreshing move that other countries could make note of, the court ordered the bankers to serve between four and five and a half years in prison. Pictured above the bankers are; Sigurdur... #bankers
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Former Landsbanki boss Sigurjon Arnason is sentenced to 12 months in prison for market manipulation, becoming the third Icelandic bank boss to be sent to jail.
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Any rebels in Iceland willing to trade BTC for the local currency (or goods, or anything really)? http://t.co/N7jgcqLHGO
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I was invited by the organisers of the 2014 Winter Symposium of the third research group of the Nordic Summer University (NSU), devoted to the concept of crisis, as an Icelandic citizen and scholar to offer a concise picture of the events in our country, which experienced in the year 2008 a much-televised economic crisis or kreppa, as it is called locally. In what follows, I provide two succinct and inevitably selective pictures: one small, another big.
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From
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Norse money-god Niord was famed for being able to give riches to anybody he wanted. In modern Iceland newly-minted money is falling from the digital heavens.
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The risk in Iceland's financial system has dissipated, but the basic businesses of banking have shrunk as well.
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In 2008, Iceland experienced one of the most dramatic crashes any country had ever seen. Since then, its recovery has been just as impressive. Are there lessons to be learned? SPIEGEL went to the island nation to find out.
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INTO THE BITCOIN MINES | On the flat lava plain of Reykjanesbaer, Iceland, near the Arctic Circle, you can find the Bitcoin mines, Nathaniel Popper reports in DealBook. There, more than 100 whirring silver computers, each in a locked cabinet and each cooled by blasts of Arctic air, are the laborers of the virtual mines where Bitcoins are unearthed. The custom-built machines, running an open-source Bitcoin program, perform complex algorithms 24 hours a day, seeking to win a block of 25 new Bitcoins from the virtual currency’s decentralized network.
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As the New York Times' Nathaniel Popper points out today, this professional cost-sharing arrangement now how Bitcoin mining gets done.
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Four former bosses from the Icelandic bank Kaupthing are sentenced to prison in the heaviest sentences for financial fraud in Iceland's history.
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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation
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