Baldur Gudlaugsson, the under-fire permanent secretary from Iceland’s Ministry for Education, Science and Culture has announced he will resign from his post, according to a statement from the Ministry.
In a letter to all staff at the Ministry for Education, Science and Culture, Gudlaugsson says that all the media attention he has received in recent days due to his alleged insider trading (selling personal Landsbanki shares shortly after sitting in on a meeting with UK Chancellor Alistair Darling and shortly before the bank’s collapse in autumn 2008) have had, “A disturbing effect on my daily work, as well as beginning to have a negative effect on the work and trustworthiness of the entire Ministry”.
Gudlaugsson leaves his job in the hope that the Ministry and its staff will be able to continue and develop their work unencumbered by personal allegations against one man. He will leave his post at the ministry and in the government of Iceland at the end of this month, the statement says.
What happened to all the money then? Shouldn’t handing it back be part of the resignation package?
>Shouldn’t handing it back be part of the resignation package?
Of course not. He is innocent until proven guilty, at which point he’ll flee to Russia :) .
One could claim that this is more proof if needed on the corrupting influence of UK Chancellor Alistair Darling.
“a disturbing effect on my daily work”
Prison may have an even more disturbing effect on his daily routine…
It seems clear that whatever was said at the meeting in Darling’s presence, it convinced Gudlaugsson to shift his shares pretty damn quick. Darling gleaned enough to know that he needed to set up ING with his co-conspirators in the Netherlands to take care of the 170,000 Edge accounts. All pre-known and pre-ordained yet still councils and individuals continued to place their monies in these banks oblivious to the goings-on at the highest level – who allowed this to continue…
Comment of a basic editorial nature, involving those journalist ethics, etc.
“Alleged insider trading Icelandic ministry worker resigns.”
is the in every way correct title for this post.
Whilst you are correct Fisy, I don’t suppose you have a comment on the ethics of owning shares when you are also in a position to act on information not generally available?
As I said he’s innocent until proven guilty. But we all know that he is guilty as sin :) .
Brumley wrote:
>comment on the ethics of owning shares when you are also in a position to act on information not generally available?
General concept of insider trading as an offense is idiotic.
It is good idea to make sure public know when an insider has made a buy or sell of shares but having this ” insider trading ” idea as criminal offense is idiotic.
It makes good jobs for the burcrats and lawyers but protects no-one.
>But we all know that he is guilty as sin :) .
Who is this ” we “?
Unless you have seen underlying evidence of what else was out there in public domain this keeps to be a smear.
If he has done something criminal knowing the penalities then let him be bought in front of judge.
I caution you before about this kind of thinking and expressing before Brumley but because of crazy poor search feature here that cant let me search based on posters names I cant find it.
( It was in a good thread about other things too. )
But really ones who should know a * lot better * are IceNews editors.
>Who is this ” we “?
Well, obviously not you Fisy. But presumably pretty-much anyone who doesn’t hold to your position that his benefitting from knowledge gained in the course of performing his public duties is okay.
Hell, in any civilised county (and bear in mind that it’s quite possible that the UK has this same problem, I just don’t know), he should have been prevented from owning those shares. As he would have been (and here I’m on sturdier ground) if he was an accountant in the UK and Landsbanki was a client. Ethics.
And, a belief that someone is guilty is not the same as them actually being found guilty, as my posts have indicated.
>I caution you before about this kind of thinking and expressing before Brumley
It’s priceless to see you write this sort of thing. So it’s alright for you to extrapolate from the known facts about, I don’t know, let’s say Kaupthing. But not for me to about this :) .
Fisy said:
“Unless you have seen underlying evidence of what else was out there in public domain this keeps to be a smear.”
——————————————-
Coincidental trading of shares after a confidential meeting with UK chancellor Darling where (lethal) insider information was discussed at the highest level.
What exactly has Baldur offered as a defense of his integrity in this matter when he was challenged by the journalists?
“General concept of insider trading as an offense is idiotic.”
I am sorry but insider trading (even though it is common) is considered an offense everywhere.
There are lots of reasons for this: if it would be allowed people would lose confidence in the stock market.
Honestly, I would probably have done the same as mr. Gudlaugsson , but it is still an offense.
And Bromley is right: in other countries a goberment worker would not be allowed to have shares in a company he is reperesenting on behalf of his goberment.
In Holland (a country wich certainly has a degree of corruption) people who take an office in the goberment are supposed to sell their shares/ stocks in order to avoid situations like this.
“having this ” insider trading ” idea as criminal offense is idiotic.”
If you’re advocating legalising insider trading, then I suspect your moral compass has broken. Do you also hear God’s voice coming from traffic lights? And your thoughts seem to come out of the TV?
Insider trading is unacceptable. Martha Stuart and others have been put in prison for doing just that.