Daily Archives: October 10, 2008

Hindsight is a glorious thing. Of course. But there were plenty of signs that Icelandic banks were heading towards…pardon the pun….an iceberg.

The entire country had been widely compared to a giant hedge fund, given its penchant for debt. And back in March the cost of protecting Kaupthing and Landsbanki’s bonds (via credit default swaps) rose sharply. Read more