Byr Savings Bank. Stolen from the inside?

Core shareholders of Byr Savings Bank where put into massive debt according to Gudjon Gudmundsson, chairman of the The Icelandic Savings Bank Association (SISP). The bank lost 29 billion isk last year while at the same time rewarded its core shareholders with  ISK 13 billion in dividents.

Now a year later the bank is asking the Icelandic government for a massive 10 billon isk loan. Other shareholdes, the public, unions, everyone is unhappy about this and thinks the government should not grant them the loan.

People are outraged and claim bank managers suffer from massive immorality. Incidents like this one and the Cayman islands tax havens. It is widely suspected here that many of the offshore deals are illegal, and would be considered tax fraud, corporate fraud and so on.

Barack Obama is fighting the same thing, or the same corruption as it has been called here, in the USA by criticizing companies that do the same thing. Obama actually said about the tax havens…” Cayman. There is a building in the Cayman Islands that houses supposedly 12,000 US-based corporations. That’s either the biggest building in the world or the biggest tax scam in the world, and we know which one it is.

The word online is that people are angry and outraged and want the core shareholders to return the money. People fear that this is just one example of many that are plaging Icelandic society at the moment. More dirt will out people fear.

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