Iceland indicts more banksters

from the NY Times:



The former chief executive and former chairman of the failed Icelandic lender Kaupthing Bank were indicted on Wednesday on charges of fraud and market manipulation.

Hreidar Mar Sigurdsson, the bank’s former chief executive, and Sigurdur Einarsson, the former chairman, are expected to stand trial at the beginning of March in Iceland, their lawyers said. The court hearings could last for several months. Both men have pleaded not guilty to the charges.

The indictments are the latest step by Iceland’s special prosecutor to investigate the executives behind the 2008 collapse of Kaupthing, which crippled the country’s banking system and paralyzed its economy.

During the boom years, Kaupthing and other Icelandic banks expanded far beyond their small domestic market, relying on Icelandic authorities and others to finance their efforts. Then the credit crisis hit, and Kaupthing crumbled under the weight of its $50 billion debt load, leaving creditors in the lurch. ...................(more)

The complete piece is at: http://dealbook.nytimes.com/2012/02/22/2-former-executives-of-failed-icelandic-bank-charged-with-fraud/