HONG KONG
Last week, when Iceland’s chief financial regulator told an audience of anticorruption officials that “fraud and corruption are heading for the North Pole,” he wasn’t being merely metaphoric.
Tracing the impact of the global recession on his country, Gunnar Andersen, director general of his nation’s Financial Supervisory Authority, zeroed in on October 2008. That’s when, in a single week, Iceland’s three top banks collapsed.
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