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The Report of the Investigation Commission of Althing

January 01, 1970

Antecedents and Causes of the Collapse of the Icelandic Banks in 2008 and Related Events (Icelandic: Aðdragandi og orsakir falls íslensku bankanna 2008 og tengdir atburðir), better known as The Report of the Investigation Commission of Althing (Icelandic: Skýrsla rannsóknarnefndar Alþingis, or just Rannsóknarskýrsla Alþingis), and earlier referred to as a 'White Book' (Hvíta bók), is a report covering the background and the crash of the Icelandic banking system in 2008.[1]

The Report of the Investigation Commission of Althing
Covers of the report
AuthorInvestigation Commission of Althing
LanguageIcelandic
Subject2008–2011 Icelandic financial crisis
PublishedApril 12, 2010 (2010-04-12)
Media typeGovernment report
Spines of the report.

Investigation edit

Following the collapse of the Icelandic banking system, Prime Minister Geir Haarde began referring to "a white book" intended to reveal the truth about the operations of the fallen banks' on December 11, 2012.[2] On December 12, 2008,[3] by legal act 142/2008, the Icelandic parliament established an investigation commission to, in the words of the law, 'seek the truth behind the events leading to, and the causes of, the downfall of the Icelandic banks in October 2008, and related events', 'granting the Commission 'exceptional investigative powers in order to appease the demonstrators and to meet the public's demand for answers as to why their three largest banks, Glitnir, Landsbanki, and Kaupthing, had collapsed'.[4] As well as arising from popular pressure, the law was passed 'under the leadership of the speaker of the parliament, Sturla Bodvarsson, and pressure from opposition leaders such as Steingrimur J. Sigfusson'.[5]

On December 30, the three members of the commission were appointed, being people 'with impeccable reputation': Supreme Court Justice Páll Hreinsson, who served as chairman; the Parliamentary Ombudsman Tryggvi Gunnarsson; and Sigríður Benediktsdóttir, associate chair in Economics at Yale University.[6] Although driven by popular protest, the establishment of the SIC was not enough to placate the protesters, and the government fell in the so-called 'Kitchenware Revolution'.[7] The commission hired 48 employees or contractors, with five teams, including legal, auditors, ethics, and quantitative analysis teams; some foreign analysts were hired, including Mark Flannery of the University of Florida and Eric Talley of the University of California, Berkeley.[8]

The commission released its report on April 12, 2010 and then held a press conference at 10:30 UTC. The report was made available to the public both in print and online and a summary with excerpts from the report was also published online in English. Despite the deep penetration of Icelandic institutions by people personally connected with the deregulation of Iceland's banks and the associated banking boom, 'fortunately, and perhaps amazingly [...], there was little evidence in the final report [...] of a whitewash. The report turned out to be a detailed description of failure, incompetence, and mishandling, often with shocking direct quotes from SIC interrogations of major government figures or business leaders'.[9]

Artistic responses edit

The report was performed in a non-stop, 146-hour reading by the Reykjavik City Theatre from April 12–18, 2010.[10]

The report was turned into a 'computerized textual mash-up ... resulting in a 65 page long poem' called Gengismunur (“Arbitrage”) by Jón Örn Loðmfjörð; in the assessment of Eiríkur Örn Norðdahl, the poem 'deals with and represents the banality (and hilarity) of the language surrounding the crisis, the politics and the market'.[11] It has also been seen by Norðdahl[12] to have inspired Sindri Freysson's Ljóðveldið Ísland: 65 ár í 66 erindum við þig.[13]

Its earlier, informal name gave the title to Einar Már Guðmundsson's 2009 Hvíta bókin.[citation needed]

External links edit

  • Investigation Commission (English)
  • Investigation Commission of Althing
  • Volume 1
  • Volume 2
  • Volume 3
  • Volume 4
  • Volume 5
  • Volume 6
  • Volume 7
  • Volume 8

References edit

  1. ^ Rannsóknarnefnd Alþingis, Aðdragandi og orsakir falls íslensku bankanna 2008 og tengdir atburðir, ed. by Páll Hreinsson, Sigríður Benediktsdóttir, and Tryggvi Gunnarsson, 9 vols (Reykjavík: Rannsóknarnefnd Alþingis, 2010).
  2. ^ Gudrun Johnsen, Bringing Down the Banking System: Lessons from Iceland (New York: Palgrave Macmillan, 2014), p. 45.
  3. ^ "1. kafli Verkefni og skipan nefndarinnar | 1. kafli | Bindi 1, kaflar 1-6 | Skýrsla nefndarinnar | Rannsóknarnefnd Alþingis um aðdraganda og orsakir falls íslensku bankanna 2008 | Fall bankanna | Rannsóknarnefndir Alþingis". rna.is. Retrieved 2015-08-01.
  4. ^ Gudrun Johnsen, Bringing Down the Banking System: Lessons from Iceland (New York: Palgrave Macmillan, 2014), pp. 48 and 47 respectively.
  5. ^ Gudrun Johnsen, Bringing Down the Banking System: Lessons from Iceland (New York: Palgrave Macmillan, 2014), p. 51.
  6. ^ Gudrun Johnsen, Bringing Down the Banking System: Lessons from Iceland (New York: Palgrave Macmillan, 2014), p. 47.
  7. ^ Gudrun Johnsen, Bringing Down the Banking System: Lessons from Iceland (New York: Palgrave Macmillan, 2014), pp. 47-48.
  8. ^ Gudrun Johnsen, Bringing Down the Banking System: Lessons from Iceland (New York: Palgrave Macmillan, 2014), p. 52.
  9. ^ Gudrun Johnsen, Bringing Down the Banking System: Lessons from Iceland (New York: Palgrave Macmillan, 2014), p. 49.
  10. ^ "Flutningur skýrslu Rannsóknarnefndar Alþingis á orsökum og aðdraganda hruns íslensku bankanna". griman.is. Retrieved 2015-08-01.
  11. ^ Jón Örn Loðmfjörð, Gengismunur: Ljóð úr skýrslu rannsóknarnefndar alþingis (Reykjavík: Nýhil, 2010), http://lodmfjord.is/gengismunur/; quoting Eiríkur Örn Norðdahl, 'Literature in the Land of the Inherently Cute: The Search for Literary Crisis', in Booby, be Quiet! (Helsinki: Poesia, 2011), pp. 103--24, http://www.poesia.fi/booby-be-quiet/ (first publ. in Polish translation in Kulturalne oblicza Islandii (Krytyka Polityczna, 2010) and in English in The Reykjavík Grapevine, 4/2011 (2011), 12--13, 24, . Archived from the original on 2013-09-14. Retrieved 2014-04-17..
  12. ^ Eiríkur Örn Norðdahl, 'Literature in the Land of the Inherently Cute: The Search for Literary Crisis', in Booby, be Quiet! (Helsinki: Poesia, 2011), pp. 103--24, http://www.poesia.fi/booby-be-quiet/ (first publ. in Polish translation in Kulturalne oblicza Islandii (Krytyka Polityczna, 2010) and in English in The Reykjavík Grapevine, 4/2011 (2011), 12--13, 24, . Archived from the original on 2013-09-14. Retrieved 2014-04-17..
  13. ^ Sindri Freysson, Ljóðveldið Ísland: 65 ár í 66 erindum við þig (Reykjavík: Svarta Forlag, 2009).

January 01, 1970
report, investigation, commission, althing, antecedents, causes, collapse, icelandic, banks, 2008, related, events, icelandic, aðdragandi, orsakir, falls, íslensku, bankanna, 2008, tengdir, atburðir, better, known, icelandic, skýrsla, rannsóknarnefndar, alþing. Antecedents and Causes of the Collapse of the Icelandic Banks in 2008 and Related Events Icelandic Addragandi og orsakir falls islensku bankanna 2008 og tengdir atburdir better known as The Report of the Investigation Commission of Althing Icelandic Skyrsla rannsoknarnefndar Althingis or just Rannsoknarskyrsla Althingis and earlier referred to as a White Book Hvita bok is a report covering the background and the crash of the Icelandic banking system in 2008 1 The Report of the Investigation Commission of AlthingCovers of the reportAuthorInvestigation Commission of AlthingLanguageIcelandicSubject2008 2011 Icelandic financial crisisPublishedApril 12 2010 2010 04 12 Media typeGovernment report Spines of the report Contents 1 Investigation 2 Artistic responses 3 External links 4 ReferencesInvestigation editFollowing the collapse of the Icelandic banking system Prime Minister Geir Haarde began referring to a white book intended to reveal the truth about the operations of the fallen banks on December 11 2012 2 On December 12 2008 3 by legal act 142 2008 the Icelandic parliament established an investigation commission to in the words of the law seek the truth behind the events leading to and the causes of the downfall of the Icelandic banks in October 2008 and related events granting the Commission exceptional investigative powers in order to appease the demonstrators and to meet the public s demand for answers as to why their three largest banks Glitnir Landsbanki and Kaupthing had collapsed 4 As well as arising from popular pressure the law was passed under the leadership of the speaker of the parliament Sturla Bodvarsson and pressure from opposition leaders such as Steingrimur J Sigfusson 5 On December 30 the three members of the commission were appointed being people with impeccable reputation Supreme Court Justice Pall Hreinsson who served as chairman the Parliamentary Ombudsman Tryggvi Gunnarsson and Sigridur Benediktsdottir associate chair in Economics at Yale University 6 Although driven by popular protest the establishment of the SIC was not enough to placate the protesters and the government fell in the so called Kitchenware Revolution 7 The commission hired 48 employees or contractors with five teams including legal auditors ethics and quantitative analysis teams some foreign analysts were hired including Mark Flannery of the University of Florida and Eric Talley of the University of California Berkeley 8 The commission released its report on April 12 2010 and then held a press conference at 10 30 UTC The report was made available to the public both in print and online and a summary with excerpts from the report was also published online in English Despite the deep penetration of Icelandic institutions by people personally connected with the deregulation of Iceland s banks and the associated banking boom fortunately and perhaps amazingly there was little evidence in the final report of a whitewash The report turned out to be a detailed description of failure incompetence and mishandling often with shocking direct quotes from SIC interrogations of major government figures or business leaders 9 Artistic responses editThe report was performed in a non stop 146 hour reading by the Reykjavik City Theatre from April 12 18 2010 10 The report was turned into a computerized textual mash up resulting in a 65 page long poem called Gengismunur Arbitrage by Jon Orn Lodmfjord in the assessment of Eirikur Orn Norddahl the poem deals with and represents the banality and hilarity of the language surrounding the crisis the politics and the market 11 It has also been seen by Norddahl 12 to have inspired Sindri Freysson s Ljodveldid Island 65 ar i 66 erindum vid thig 13 Its earlier informal name gave the title to Einar Mar Gudmundsson s 2009 Hvita bokin citation needed External links editInvestigation Commission English Investigation Commission of Althing Volume 1 Volume 2 Volume 3 Volume 4 Volume 5 Volume 6 Volume 7 Volume 8References edit Rannsoknarnefnd Althingis Addragandi og orsakir falls islensku bankanna 2008 og tengdir atburdir ed by Pall Hreinsson Sigridur Benediktsdottir and Tryggvi Gunnarsson 9 vols Reykjavik Rannsoknarnefnd Althingis 2010 Gudrun Johnsen Bringing Down the Banking System Lessons from Iceland New York Palgrave Macmillan 2014 p 45 1 kafli Verkefni og skipan nefndarinnar 1 kafli Bindi 1 kaflar 1 6 Skyrsla nefndarinnar Rannsoknarnefnd Althingis um addraganda og orsakir falls islensku bankanna 2008 Fall bankanna Rannsoknarnefndir Althingis rna is Retrieved 2015 08 01 Gudrun Johnsen Bringing Down the Banking System Lessons from Iceland New York Palgrave Macmillan 2014 pp 48 and 47 respectively Gudrun Johnsen Bringing Down the Banking System Lessons from Iceland New York Palgrave Macmillan 2014 p 51 Gudrun Johnsen Bringing Down the Banking System Lessons from Iceland New York Palgrave Macmillan 2014 p 47 Gudrun Johnsen Bringing Down the Banking System Lessons from Iceland New York Palgrave Macmillan 2014 pp 47 48 Gudrun Johnsen Bringing Down the Banking System Lessons from Iceland New York Palgrave Macmillan 2014 p 52 Gudrun Johnsen Bringing Down the Banking System Lessons from Iceland New York Palgrave Macmillan 2014 p 49 Flutningur skyrslu Rannsoknarnefndar Althingis a orsokum og addraganda hruns islensku bankanna griman is Retrieved 2015 08 01 Jon Orn Lodmfjord Gengismunur Ljod ur skyrslu rannsoknarnefndar althingis Reykjavik Nyhil 2010 http lodmfjord is gengismunur quoting Eirikur Orn Norddahl Literature in the Land of the Inherently Cute The Search for Literary Crisis in Booby be Quiet Helsinki Poesia 2011 pp 103 24 http www poesia fi booby be quiet first publ in Polish translation in Kulturalne oblicza Islandii Krytyka Polityczna 2010 and in English in The Reykjavik Grapevine 4 2011 2011 12 13 24 The Reykjavik Grapevine Features Literature in the Land of the Inherently Cute Archived from the original on 2013 09 14 Retrieved 2014 04 17 Eirikur Orn Norddahl Literature in the Land of the Inherently Cute The Search for Literary Crisis in Booby be Quiet Helsinki Poesia 2011 pp 103 24 http www poesia fi booby be quiet first publ in Polish translation in Kulturalne oblicza Islandii Krytyka Polityczna 2010 and in English in The Reykjavik Grapevine 4 2011 2011 12 13 24 The Reykjavik Grapevine Features Literature in the Land of the Inherently Cute Archived from the original on 2013 09 14 Retrieved 2014 04 17 Sindri Freysson Ljodveldid Island 65 ar i 66 erindum vid thig Reykjavik Svarta Forlag 2009 Retrieved from https en wikipedia org w index php title The Report of the Investigation Commission of Althing amp oldid 1105534786, wikipedia, wiki, book, books, library,

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