About halfway through “Iceland’s Secret” by @jared_bibler - incredible story. Besides the unbelievable scale of the crimes reported, its also a fascinating look at the enabling role of culture and language https://t.co/l3zHHullb9
The great financial crisis of 2008 should really be called the Never Ending Financial Crisis:
UBS just settled a DOJ case of misselling RMBS between 2006 and 2007 for 1.4bn$.
It just took 16 years.
An eye-opener and a cautionary tale, Iceland’s Secret is evidence of the brazen and protracted frauds that occur if bankers are given a free pass by a country’s journalists, regulators, and government.
My review of @jared_bibler’s Iceland’s Secret #ICYMI https://t.co/97WdMODyGD
The #BSCC Geneva Chapter is delighted to invite you on 25 April to its Speaker’s Corner with @jared_bibler.
He is an expert on the Icelandic financial crisis and will share his insights.
Learn more about the crisis and register your interest here: https://t.co/YmA9EhdQES
"We are thus also witnessing the bankruptcy of a casino finance system [and] a political elite that kept it running for 15 years ... the decadent parties, the inevitable and messy crashes, and the taxpayer-backed clean-ups will keep repeating."
https://t.co/MYabupuMeH
@dumav Great line here from a Bloomberg piece today on DB:
“With markets in a state of heightened anxiety, displays of strength [by banks/regulators] fell flat as investors looked at them as signs of weakness instead.“
Credit Suisse’s collapse after years of scandals, infighting and bad investments leaves a nation that prides itself on orderliness and stability pondering the ramifications for its own reputation — and the economic and political fallout. @jared_bibler
https://t.co/XufSmq9Uru
"Yet despite the devastating events of 2008, the dragon of deeply corrupt financial markets has still not been slain, in Iceland or anywhere else. Iceland in 2004–08 is a preview of coming attractions for the world’s big markets.
Today we find ourselves back in the equivalent of the 1930s, thinking the Great War is over and done with. We naively refer to 2008 as the Global Financial Crisis, as if there will only ever be one, when GFC II almost certainly looms on the horizon.