Monthly Archives: October 2008

Editor’s blog: Iceland fears perma-frost as Landsbanki falls

Almost exactly two years ago I spent a weird couple of days up in Reykjavik, Iceland, investigating the mystery of the Icelandic miracle. At about two in the morning, I found myself in Caf Oliver just off the main drag in the capital with the staff of the leading bank Landsbanki, who were vigorously celebrating getting away a $2.25 billion bond issue. The lager and shots were flowing faster than a burst pipe. Landsbanki has today been nationalised, the revellers are now civil servants and Iceland is facing economic collapse.

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Editor’s blog: Shining a light on banking’s dark arts

There’s a very good article by Gillian Tett in the FT today which chides bankers for the murkiness of their world. For the last ten years they have been shielded from view, hard at their arcane business without ever making much effort to explain the workings of their toils to everyone else. ’21st century bankers’, she writes, ‘have been acting like a Blackberry-toting priestly class that assumed that only people who spoke the equivalent of advanced financial Latin should be allowed to attend mass’.

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Editor’s blog: What Moral Hazard?

Chris Blackhurst’s article in today’s London Evening Standardis going to make a lot of folk boil with anger. It’s a clever piece of red rag waving. As the City editor of The Daily Mail’s sister paper (and also an MT Contributing Editor), Chris’s brief will have been to get his finger on whatever the reverse of a g-spot is. An aggro-spot, perhaps. He has succeeded admirably.

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