Odd Lots: Iceland Sent Its Bad Bankers to Prison, but People Are Still Angry

Iceland PM Resigns Due to Panama Papers Scandal
Everybody knows by now that a handful of hedge funders made a fortune by betting against housing before the market crashed back in 2008. But, people who bought at the bottom, when everyone else was panicking, also did extremely well. In the latest episode of Odd Lots we speak with Bloomberg Alastair Marsh, who discovered two traders who won big time by buying the most toxic assets in the world during the depths of the panic in early 2009.
Everybody knows by now that a handful of hedge funders made a fortune by betting against housing before the market crashed back in 2008. But, people who bought at the bottom, when everyone else was panicking, also did extremely well. In the latest episode of Odd Lots we speak with Bloomberg Alastair Marsh, who discovered two traders who won big time by buying the most toxic assets in the world during the depths of the panic in early 2009.

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Subscribe to the Bloomberg Odd Lots podcast (iTunes).

Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance, and economics.

This week we embark a little trip. Iceland is known for geothermal beauty, fishing, and being the birthplace of Björk. It also made international headlines in 2008 because of a banking crisis that tipped the country into recession and reverberated around Europe.

Now, Iceland is back in the headlines after the leak of the so-called Panama Papers unveiled offshore accounts held by the country's prime minister and sparked mass protests that eventually unseated him.

While the island nation is one of the few countries that sent bankers to prison after the financial crisis, but discontent remains rife among its small population, underscored by the rise of the anti-establishment Pirate Party.

Joining us to discuss all-things Icelandic are Edward Robinson and Omar Valdimarsson, authors of "Welcome to Iceland, Where Bad Bankers Go to Prison" in the latest edition of Bloomberg Markets magazine.

SoundCloud: 23: Iceland Sent Its Bad Bankers To Prison But People Are Still Angry by Bloomberg

 

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