The shroud has officially fallen. The Black Report.

So what is in the “Black Report”?

English summary of the report is here.

In very short, the report is massive, but in this first hour of its release this is it so far.

The banks gave their owners far to much loans and the banks worked for the biggest shareholders (owners and their friends) and ignored the general shareholder.

Morality and social norms went out the window. Self interest, theft, no clue for consequences of their actions (they did not care or take it into account) and last but not least vices became virtues, and virtues became vices.

Davíð Oddsson attacks the report committee for being unqualified, and claims they need other relevant material to throw at the old regime at the Central Bank. He did not trust ministers and with held information. Megalomania and pure madness is evident.

Björgvin G Sigurðsson minister of Banking… “I knew nothing” and “on the contrary, I reacted correctly to all obstacles”.

Jón Ásgeir and his family, and his companies, like Baugur had borrowed to much from all the banks. In very short, He was to big to fail. The whole system, banks, businesses like his all got so mixed together that they had to carry on supporting a broken system. The banks gave him to much and so he controlled them because they could not bankrupt him. In short: He raped the system, the nation and the Icelandic public. Nobody dared to press charges out of fear of total collapse. At the same time, he cashed in, borrowed, stole and got away with it.

Björgólfur Thor: He took massive amounts of money from Landsbanki in the last days before the fall, to save his company Actavis from falling into the hands of Deutsche Bank. That bank now has Actavis, but where is all the money?

Jónas Fr. Jónsson: Head of the FME (financial authority) sat in the toilet reading the funny pages. He did not do anything, he had no clue what he was supposed to do, and he was in the pocked of bank owners. He joined them for lunch and golf. He did not even wash his hands.

The government should have reacted back in 2006. They did not.

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