The Icelandic Financial Supervisory Authority geta new director

The Financial Supervisory Authority (FME) get a new director. Gunnar Þ. Andersen is the man to lead the investigation into the corruption that lead to the financial collapse of Iceland.

Andersen worked at Landsbanki from 1991-2003. He left when Bjorgolfur Gudmunsson bought the bank because BG would have fired him otherwise. After that he worked at Helly-Hansen in Norway as an level executive. He then worked for the Pepsi-Cola Company the USA and for the United Nations in NYC, as an investment advisor for the financial department. He was investing for the UN pension fund. He has a degree in business from University of Iceland and an MBA from University of Minnesota.

This sounds good, but this seems to be a much more political and sinister reason behind this appointment. It has even been called a mistake on behalf of the minster of commerce, Gylfi Magnusson.

The blogsphere has more interesting points to say than the media in fact…

The talk is that he has no experience from the financial market, and that could be his biggest strenghts. But that remains to seen. He is believed to be the whistle-blower of the Hafskip case against Bjorgolfur Gudmunsson before BG struck it rich in Russia.

Others say that this is an interesting development. Especially since Andersen Bj0rgulfur Gudmundsson are not to be to fond of each other. It is being put forward that Landsbankin will finally be “busted” so to speak, like so many have been waiting for. Bjorgolfur has to sell West Ham football club in England and things are not going to well for him. Like the rest of the business men who are responsable for the Icelandic financial collapse, he has accounts in Tortola and other tax havens. We wrote about his son and it turnes out to be one of the most read articles of this website.

Others claim that unfortunately Andersen didn’t have much knowledge of banking in general and that the Landsbanki staff didn’t think much of him. He is claimed to be an somewhat of an expert in financial regulation and work-methods, but nobody seems to have noticed that within the Landsbanki.

The sinister political plot, and perhaps the reason behind his appointment might be to specially focus on taking down the Landsbanki former owners and business partners. He must take his job seriously and he must get the respect of the general public by opening up the communications lines between the FME and the media, as well as showing people that he means business. Cracking down on the main culprits is a must for him, especially since it seems abundantly clear that the bank managers in all of the banks deliberately broke the laws in very serious ways.

Even if people are somewhat sceptical, this does not have to be a bad thing. This guy could be a very strong asset non the less. If he is willing to what needs to be done. The reason for the scepticism is all the people who have been politically hired or hired via personal connections, that have not been able to do their jobs properly. It has been imprinted into the Icelandic pshychy to distrust.

Strangely enough, so many people still follow this way, and dont want it no other way.

Lets hope this will be a good thing.


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