• 16 Oct 2008 at 2:14 PM

Trouble (Continues) In Bjork-ville

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A $750 million bond issued by Icelandic bank Glitnir, due to mature yesterday, was not paid, a spokeswoman for the Icelandic Financial Supervisory Authority said today. Our vacation is looking better and better by the second. Keep it up, Ice people.
Earlier: Who Couldn’t Go For A Quick Jaunt Up North?

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    Comments (16)

    1. 1
      Posted by PhilSeltzer | October 16, 2008 at 2:24 PM

      Bjorkistan.

    2. 2
      Posted by trojan | October 16, 2008 at 2:39 PM

      trade of the year: long pillaging, short sigur ros

    3. 3
      Posted by guest | October 16, 2008 at 2:40 PM

      Iceland’s Swan Song

    4. 4
      Posted by PhilSeltzer | October 16, 2008 at 2:42 PM

      Bjorkistan.

    5. 5
      Posted by Anal_yst | October 16, 2008 at 2:43 PM

      interestingly enough Glitnir just opened/expanded a NYC office about a year, year and a half ago, wonder how thats working out for them…

    6. 6
      Posted by guest | October 16, 2008 at 2:47 PM

      anybody have Glitnir first year numbers? thanks

    7. 7
      Posted by guest | October 16, 2008 at 2:47 PM

      @2, I think Sigur Ros is a counter-cyclical trade. That shit is depressing.

    8. 8
      Posted by guest | October 16, 2008 at 2:53 PM

      Moody’s report dated April 2006. “Iceland’s Solvency and Liquidity are Not at Risk”.
      First line in the Summary. “Moody’s rates Iceland Aaa with a stable outlook.”
      Wake up white people! This report is a great read when you look back. Moody’s and the other rating agencies have no shame. They still don’t get it. They were wrong, very wrong and putting your head in the sand will not help you regain your credibility.
      Aaa, Iceland, hahahaha
      Joke. What’s the captial of Iceland?
      Answer. About $10.

    9. 9
      Posted by guest | October 16, 2008 at 2:55 PM

      I heard they had a credit freeze. Heh.
      Ice.
      F— all.

    10. 10
      Posted by guest | October 16, 2008 at 2:55 PM

      didn’t know i was white…

    11. 11
      Posted by guest | October 16, 2008 at 2:56 PM

      There was an article in the WSJ last week about a former Glitnir BSD who’s gone back to fishing. Like the mythical “let them all go back to Iowa where they came from” that I keep seeing here.

    12. 12
      Posted by guest | October 16, 2008 at 3:42 PM

      I think Iceland is 100% very white people. I also hear from people that have been to Iceland that they have hot women. Maybe they can post hot babes as collateral since fish rots.
      Babes for liquidity. BFL plan.

    13. 13
      Posted by guest | October 16, 2008 at 3:48 PM

      @2. LOL

    14. 14
      Posted by StupidEquityGuy | October 16, 2008 at 9:13 PM

      Iceland’s collapsed banks pose a “substantial” risk to collateralized debt obligations that made bets on corporate debt, according to Standard & Poor’s.
      Kaupthing Bank hf, Landsbanki Islands hf and Glitnir Bank hf were included in 376 CDOs worldwide, S&P said. Another 297 made bets on two of the three banks. The CDOs packaged credit-default swaps that pay investors if there is a default, and the government’s placement of the banks into receivership triggered a settlement of the contracts.
      Because the so-called synthetic CDOs also bet on Lehman Brothers Holdings Inc., which filed for bankruptcy on Sept. 15, and Washington Mutual Inc., the bankrupt holding company of the largest U.S. lender to fail, the “impact of these exposures is likely to be significant,” S&P said in the statement yesterday…

    15. 15
      Posted by NotNasser | October 17, 2008 at 12:16 AM

      “And the northern girls with the way they kiss they keep their bankers warm at night.”
      Thank you beach boys, but its little consolation.

    16. 16
      Posted by StupidEquityGuy | October 17, 2008 at 12:22 AM

      It appears that Barclay’s has figured out how to address their exposure to Iceland…
      http://images.mirror.co.uk/upl/m4/oct2008/2/9/0546E05B-9674-2EFD-A8EE0AEA01933FE3.jpg

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