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What is going on? I live in the united states an as everyone knows the stock market is crashing.......but the corperate heads are still making in the millions of dollars. WTF how can everyone be in dept and filing bankruptsy and be a millionare. What is your opnion on people making money because of their position and making the little people poor..........................
Oct 1, 2008 4:49 PM
Comments · 25
For the football fans out there, it seems like West Ham United is the first club to experience the trouble in the financial sector because West Ham was bought by some folks from Iceland in 2006.

(The Dutch minister of Finance (Treasurer whatever) has now confirmed that it will also guarantee the first €20.000, in other words the Dutch tax payer has to pay € 1.5 billion. )
October 10, 2008
Very interesting stuff. Thanks, Harregarre.
October 9, 2008
It also seems like people with accounts at "Icesave" will not be getting their money back. In the Netherlands the rule with Icesave is that Iceland has to pay the first € 0-20.000 and the Dutch state will pay €20.000 - 100.000. If you have saved more than €100.000 you're basically screwed. Also, Iceland can probably not pay back the first €20.000 so everyone with savings there is screwed. (In the Netherlands about 120.000 people who had about 1.5 billion in savings.)
October 9, 2008
Update: The most stable bank of Iceland "Kaupthing" has been nationalized as well. The Icelandic stock market has been closed a couple of hours ago and they intend to keep them closed for a couple of days. Another phenomenon has occured recently called "silent run on the bank". In a normal run on the bank people withdraw all their savings and you end up with long lines in front of banks. The silent equivalent happens online. The recently nationalized bank Fortis (in the Netherlands) lost 5 billion euros due to people withdrawing money online.
October 9, 2008
Their currency, excuse me.
October 9, 2008
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