Iceland investigating Bear Stearns for currency manipulation

[Ichingcarpenter]

Iceland’s Financial Supervisory Authority has begun an official investigation into alleged speculative attacks by international hedge funds on the country’s currency and stock market, according to people close to the probe.

Simultaneously, Kaupthing, one of Iceland’s leading banks, is considering legal action against Bear Stearns, the troubled US bank, for the role it played in a trip to Iceland by a group of hedge funds last January.


The double moves highlight Iceland’s exasperation with the alleged role professional international investors are playing in undermining its currency, the krona, and its stock market.

They also reveal that, having tried to educate international investors about Iceland’s economy with road shows and presentations, the authorities are to step up their response and fight fire with fire, people close to the situation said. Iceland’s economy has grown rapidly and this expansion has created macroeconomic imbalances such as a current account deficit of 16 per cent of GDP in 2007 and annual inflation of 8.7 per cent in March, above the central bank’s 2.5 per cent target.

http://www.ft.com/cms/s/0/10f40df2-fea5-11dc-9e04-000077b07658.html?nclick_check=1

[trof]

1. When Iceland gets on yer case, yer screwn.

I'm just sayin'.

[Ichingcarpenter]

2. You're just saying what?

They don't count? Or they do Count?

[acmavm]

3. Shit, I suppose the taxpayers will have to kick in the cash to cover this

too.

edit: :sarcasm:

[Ichingcarpenter]

4. Bear Stearns is a major Bush backed company

that is so big they can play with Iceland's currency
which could even destroy it.

[acmavm]

5. Thank you for the info. But my point being that we are forced right now to

cover all their shenanigans. This will probably be another one.

There is no reason to bail this corporation out either. It is even against everything republicans are supposed to believe. I understand that it's because of it's connection to bush**. I also understand the the CEOs of all these corporations are still grabbing everything they can get even as the American public is bailing them out. And I want to know where our dem reps are while they're (these very same CEOs) raping and plundering and pillaging. They're being pretty damn acquiescent if you ask me.