Kaupthing and Glitnir banks appear to have colluded to prop up each other’s share prices. Various pieces of evidence have emerged to back up this claim, investigators into the old Icelandic banks say.
Iceland’s FME financial regulator and the special prosecutor into the banking crash are both investigating the old banks and sources claim that plenty of evidence is coming to light on how Kaupthing and Glitnir worked together.
The banks apparently bought their own shares from the market in small batches until they reached permitted limits. Then, RUV reports, they sold those shares to each other in large batches. For example, on 6th September 2007 Kaupthing bought 1.5 billion kronur of Glitnir shares from Glitnir Bank itself. In the same minute, Glitnir bought Kaupthing shares from Kaupthing for the same amount.
Both removed their own shares from their books and were therefore free to start the game all over. In this way the banks fooled the markets and held up their share prices and investigators believe the practice was carried out at the request of the banks’ top people.
To Fisy,
Please close your eyes when reading my bloggs mate,
are the fats proving too real for you?
As to whether I see a lawyer when and when I want is my concern,
whether I have a case number or not is not your concern.
If you have nothing interesting or meaningful to say …
do all of us humans a favour and shut up or go hide in your closet?
To Fisy, Axel, Bromley86,
It is acceptable to have patriotic feelings for your country,
It is in my opinion not correct the way your government is proceeding with handling this Banking/Finance fraud on the basis of soverenity?
It is like saying that a teenager can go into a supermarket and steal some money, and is then save inside his or her parents house?
Get the picture?
That’s better posts — actual factual one explaining your situation again.
>It is easy for you to expect many thousands Bonds holders to forget the loss,
>because you were not defrauded in this manner.
I dont expect that what I exepct is for you to stand up for your rights or shut up.
The way to do that is to either file case your self against those that you believe did wrong you — or get lawyer to do it for you. Even though I dont think you have much of case still I am not lawyer and if I was in you shoes I certaintly would sue.
>I will not entertain any lawyer and I do not need to do so,
>very big Finance institutions will do so automatically for their clients. When they
>are done and dusted with Iceland in the courts,
So you are one that Mike UK Nordic analyst was helping ? Well at least thats good to hear.
Do you have case numbers for us ?
>There is NO doubt that what transpired in Iceland was very illegal with respect to Bond holders.
Strict legality is surely whatever Iceland says it is? Sovereign state etc.
>Bonds cannot be compared to risk investments such shares, hence why my private bank invested in Iceland.
Very true. That’s why shareholders typically get absolutely nothing in an insolvency, whereas bondholders usually (but not always) get a substantial portion of their money back.
>The Bonds were guaranteed investment instruments.
Yes, but guaranteed by who? You had a verbal (verbal!) representation from your Portuguese bank that these bonds were good. This is not a guarantee. I’m not sure that you ever had a guarantee from an Icelandic entity, as I’d have thought it would be odd & unnecessary for a bank to guarantee its own bonds (but then I’m one of those with limited financial knowledge).
If you instead mean that bonds are a safe investment, then you now know better.
>Considered safe investments such as fixed deposits.
I don’t believe that the TIF covered bondholders. (I’m not sure that any compensations schemes do, but in the TIF’s case I’ve seen statements like this, “However, this guarantee does not extend to bonds, bills of exchange or other claims issued by a commercial bank or savings bank in the form of securities.”)
http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=2915
>If it were not for your Finance Minister to introduce the illegal emergency law after the banking crash, the Bond holders would have received as much as 50% of our investment back after the crash.
Agreed.
To Fisy,
All people with limited finance knowledge,
There is NO doubt that what transpired in Iceland was very illegal with respect to Bond holders.
Bonds cannot be compared to risk investments such shares, hence why my private bank invested in Iceland.
The Bonds were guaranteed investment instruments.
Considered safe investments such as fixed deposits.
If it were not for your Finance Minister to introduce the illegal emergency law after the banking crash, the Bond holders would have received as much as 50% of our investment back after the crash.
It is easy for you to expect many thousands Bonds holders to forget the loss, because you were not defrauded in this manner.
I will not entertain any lawyer and I do not need to do so,
very big Finance institutions will do so automatically for their clients. When they are done and dusted with Iceland in the courts,
I will most certainly get some money back.
I have all the time to wait, I have all the patience,
the interest is accrueing.
Brumley did say…Brumley did say…Brumley did say…
anonymous1
>the least you can do is entertain me?
Deliberate Troll posts like your ones that you mostly post this days pollute every discussion and because you like to put in the first post it is getting very boring indeed.
Go and get a laywyer opinion, and THEN come back and post.
Until then I refer you to the reply made in Arkell v. Pressdram.
To Fisy,
incorrect, no imposters here, all genuine mate.
To Bromley86,
you may be the puppet anytime mate, knock yourself out.
To Terry,
thank you for being the co-star :-)
Have some humour people, I lost a fortune in Iceland,
the least you can do is entertain me?
@Terry:
Maybe if I was more mischievous and had a better imagination, you might be right. But alas you are not! :)
Brumley Brumley Brumley…
> Imposter says:
May 10, 2011 at 12:13 pm
Mischief over ;)
Aha!
>so I have been keen to allow some through — which has already proved enough to rile Fisy and others.
http://www.icenews.is/index.php/2011/05/08/evidence-of-co-operative-cheating-at-glitnir-and-kaupthing/#comment-551171
My money is on Alex being the imposter – trying to increase postings in these duller times prior to the court case!
But there again, my money was on IceSave – so I’m probably wrong……
This is a smear campaign!
First Bromley is accused of being almost bright enough to be an Icelander!
http://www.icenews.is/index.php/2011/04/01/uk-and-dutch-councils-to-be-priority-claims-on-old-icelandic-banks/#comment-548610
And now an Anonymous1 slur.
However, I have to admit – at one point I thought that Fisy was the alter-ego of Bjarni – but alas not – just his echo : )
I normally post via WordPress under the impression that that protected the name. A mistaken impression, as my last post was made without logging in.
This time, I’ve done the same but haven’t put a link in the website field, so it should be indistinguishable from my normal Name.
Mischief over ;)
Fisy says:
May 9, 2011 at 6:19 pm
Could this anonymous1 be Brumley in disguise? ;)
Imposter posting troll !
Brumley posts as him self.
( IceNews please don’t let the imposters post as me .)
>Please explain the joke?
Ah, it would appear that the joke is that there are two Fisys.
“Kaupthing was behind 80% of the trade in Kaupthing shares after privatisation?”
They manipulated share prices from the start and from the fall of 2006 they were behind 80% of the trade in KB shares, there was some cooperation in this fraud with Glitnir, who also controlled its share prices.
>Could this anonymous1 be Brumley in disguise? ;)
Please explain the joke? Unless you’re really insinuating that I’m using a sock puppet, in which case I think you know what you can do.
On the subject of Kaupthing (still waiting for your response to the judicial review Fisy – so vocal before and yet so silent (at least on that) after), does this article actually say what it appears to after Google has mangled it? I.e. that Kaupthing was behind 80% of the trade in Kaupthing shares after privatisation? Surely I’m misreading this and it’s only 80% in the period leading up to the crash?
http://www.ruv.is/frett/storfelld-syndarvidskipti
j / anonymous1 the icesaving.nl 469 people that was not compensated in Holland above their EUR 100.000 ( in the UK it was all deposits paid out but in Holland it was only up to 100.000 EURO ) and did have EUR 40 million at stake between thm did put in law suit here :
http://www.icenews.is/index.php/2009/04/15/dutch-savers-demand-answers-from-iceland/
http://www.mfa.is/media/MFA_pdf/Icesave_Key_Figures-_Fact_Sheet.pdf
Why not use same law firm as them ? You are a bond holder but this is about the loss so why not try contacting them ?
Could this anonymous1 be Brumley in disguise? ;)
To the trol brigade, i.e. Fisy and Alex,
I find anything from Iceland to be that of a banana republic.
Hence I will critise anything I find to be that of banana republic material. Still cannot believe what goes on in Iceland.
Even countries such as Libya, Cuba, Venezuela and Zimbabwe are safer investment countries.
This country should be isolated as much as possible, a 10m fence all around it would be a start.
A real circus, which one of you is the principle clown?
Hi Fisy and Anonymous1,
I have been rejecting considerably more than half of Anon.’s comments because they are repetitive troll posts. However, he/she has a valid point to make so I have been keen to allow some through — which has already proved enough to rile Fisy and others.
I’d like to remind readers that trolling is not allowed and posting the same comment on lots of different articles will result in all comments being rejected.
Thanks for reading IceNews and for engaging in the debate
Alex, editor
5) If you really are not just a troll will you put you efforts into some thing more constructive than posting in every thread here — like sueing in court ?
http://www.icenews.is/index.php/2011/03/08/icesave-referendum-ballot-question-revealed/#comment-547746
http://www.icenews.is/index.php/2011/03/22/icelandic-government-on-shaky-ground/#comment-548377
1) Yes.
2) Yes (but not much in your case).
3) Only Geir Haarde. Possibly.
4) Seems unlikely. Not for the big ones.
Even if there are 1000 evidence of serious fraud,
1) Will anyone be arrested and jailed?
2) Will the creditors get any money?
3) Will the politicians get reprimanded and jailed for these crimes hapening under there noses?
4) Will any fat cat bankers or rich schemers loose their ill-gotten gains?
NO
Is this all they could come up with?
Nearly 3 years and a little news about fraud?
Many Billions of Dollars and Euros dissapeared to “money heaven”, and this the only news they come up with?
Money is very much like energy, it can only be transferred from one medium to another and does not just dissappear as some magicians ask us to believe?
There must be massive evidence of fraud.
But I suppose in order for everyone to live happily ever after,
it is not in the interest of Iceland to find out?
Patience is running out!