The Glitnir solvency committee

FME (The Financial Supervisory Authority) now run by Gunnar Andersen started to clean up the Glitnir solvency committee in early August by telling Kristjan Óskarsson that his services where no longer needed. The official story was that his expertise was no longer needed, the general consensus within the financial sector is that it was conflict of interest that was the real reason. Kristján Óskarsson was the head of bank loans at Glitnir before the back went bankrupt.

The bank loan division was the most corrupted of them all and the drive to sell money loans and investments to the public and to the pension funds. The staff got massive bonuses for selling big loans to people and companies. How this man became to be in the committee is unbelievable, but the good thing is that the new director of the FME is showing his power, and finally doing what should have been done years ago in Iceland, and that is to fire people who have no business of being in their positions for any reason.

But the sad part is that the man fired from the committee by the FMA was hired as the managing director of Glitnir by the committee itself only two days later. It is believed to have been the work of Árni Tómasson, the head of the Glitnir solvency committee. By this action the Glitnir solvency committee, just like the Landsbanki solvency committee shows its real face and its real agenda by giving the FME the finger and exposing themselves at the same time as a bunch of corrupt individuals who serve their own agenda, instead of serving the stakeholders of the bank who should get their money back in time.

It seems that they are working for themselves and the people they should be getting the money from instead of seeming to protect them. If there is conflict of interest and suspicion of corruption, it is not smart to give the FME the finger and openly defy them and the ministry of business by sheer arrogance and obvious lack of morality.

This is the same solvency committee that tried and failed, to all good fortune, to make the government take on all the debts of Sjóvá Insurance and Milestone, owned by the Wernerson brothers, that is now under criminal investigation by the special prosecutor. And after the government would have taken over the debts the new Milestone, free of debt should be handed back to the Wernerson brothers who would get 27% stake in the restructured company.

This would have prevented the criminal investigation if the solvency committee had covered up the criminal activity. And why suggest they get 27% debt free and back in charge?

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