Iceland's Secret: The Untold Story of the World's Biggest Con

Jared Bibler, born in Massachusetts, moved to Iceland in 2004 and became the lead investigator into some of the largest financial crimes in the world. His work helped Iceland become the only country to jail its bank CEOs in the wake of the 2008 crisis, but the real story is far more complex and sinister. The crisis is a cautionary tale for the world, an inside look at the high crimes that inevitably follow Wild West capitalism.

\n Format: Hardback
\n \n Publication date: 05 October 2021
\n Publisher: Harriman House Publishing
\n

Born in Massachusetts, Jared Bibler relocated to Iceland in 2004, only to find himself in the midst of an unprecedented financial crisis a few years later. Personally wiped out and seeking to uncover the truth about a collapse that brought the pastoral country to its knees, he became the lead investigator into some of the largest financial crimes in the world. This work helped Iceland to famously become the only country to jail its bank CEOs in the wake of the 2008 crisis.

However, the real story behind that headline is far more complex and sinister. A decade after the investigations, the story can finally be told in full. The crisis, barely understood inside or outside of Iceland even today, is a cautionary tale for the world: an inside look at the high crimes that inevitably follow Wild West capitalism. With the next global financial meltdown just around the corner, this untold tale is as timely as ever.

The crisis began in 2008, when Iceland's three largest banks, Glitnir, Kaupthing, and Landsbanki, collapsed due to a combination of risky investments and a global financial downturn. The government of Iceland, led by Prime Minister Geir Haarde, responded by nationalizing the banks and implementing a financial restructuring plan. However, the crisis soon spread beyond Iceland, as the collapse of the banks had a ripple effect on the global financial system.

Bibler, as the lead investigator, was tasked with uncovering the truth about the collapse and holding those responsible accountable. He spent years conducting investigations, interviewing witnesses, and analyzing financial data. His work led to the arrest and prosecution of several high-profile individuals, including the former CEO of Glitnir, Bjorgvin Sigurdsson, and the former CEO of Landsbanki, Jon Thorsteinsson.

However, the real story behind the collapse is far more complex than just the actions of a few individuals. It is an inside look at the high crimes that inevitably follow Wild West capitalism. The crisis was a result of a combination of factors, including a lack of regulation, a culture of greed, and a failure of oversight by the financial industry. The banks had been making risky investments, such as in the housing market in the United States, without properly assessing the risks. They had also been heavily exposed to the global financial downturn, which caused a sharp decline in the value of their assets.

The crisis also exposed the weaknesses of the Icelandic financial system. The country had a small population and a highly dependent economy, which made it vulnerable to external shocks. The banks had been heavily reliant on foreign loans and investments, which made them vulnerable to a sudden loss of confidence. The government had also been slow to respond to the crisis, as it had been reluctant to nationalize the banks and implement a financial restructuring plan.

The crisis had far-reaching consequences for Iceland and the global financial system. It led to a sharp decline in the value of the Icelandic krona, which caused a severe economic downturn. The country had to implement a currency exchange rate cap and impose a series of austerity measures to stabilize its economy. The crisis also led to a loss of confidence in the global financial system, as investors feared that other countries would be vulnerable to similar collapses.

In conclusion, the crisis in Iceland in 2008 is a cautionary tale for the world. It is an inside look at the high crimes that inevitably follow Wild West capitalism. The crisis was a result of a combination of factors, including a lack of regulation, a culture of greed, and a failure of oversight by the financial industry. The collapse of the banks had far-reaching consequences for Iceland and the global financial system, and it serves as a reminder of the need for stronger regulations and oversight to prevent future crises.

\n Weight: 474g\n
Dimension: 146 x 223 x 28 (mm)\n
ISBN-13: 9780857198990\n \n