Bringing Down the Banking System

Gudrun Johnsen is Vice Chairman of the Board of Directors at Arion Bank, Assistant Professor of Finance at the University of Iceland, and Research Associate in the Department of Private Law at the University of Oslo, Norway. She served as a Senior Researcher with Iceland's Special Investigation Commission following the banks' collapse.

PART I: BACKGROUND 1. Illusion of Prosperity 2. Collapse 3. Panic 4. Investigation 5. Financial Liberalization PART II: HOW DID THE BANKERS DO IT? 6. Funding the Banks 1 7. The Geyser Crisis 8. Love Letters to the Rescue 9. Playing Tricks on the European Central Bank PART III: WHY DID THE BANKERS DO IT? 10. The Web of Ownership 11. Tunneling Money Through Related Party Lending 12. Market Manipulation and Falsification of Equity 13. Wages of Failure PART IV: WHY DIDN'T ANYBODY STOP THE BANKERS? 14. Funded By the Ill-Informed 15. Debt Free State, Isolated and Without Credit 16. Putting a Poodle on the Watch 17. What Have We Learned?