The system used by the Iceland's ruling caste to launder ill-begotten gains is simple to describe. The result is simpler still: The rich got richer and the government got stuck with the bill.
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In his last two posts, blogger Daði Rafnsson looks back at the words of an Icelandic political legend, Vilmundur Gylfason,
What is especially disheartening in Iceland is that, not only did the bankers retain their compensation; they continue to draw salaries in their new positions of authority in the new banks and in the government.
While legislators were hammering out a deal that would keep Iceland from being labeled a pariah state by the IMF and ratings agencies, President Ragnar was protecting his oligarch friends.
I believe that none of the Icelandic political parties are actually standing up for the average Icelandic person.
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