Enforcing moral hazard the Icelandic way (though Ireland may have better longer term prospects)…
There’s a good piece in the San Fran Chronicle which compares Iceland’s handling of the debt crisis favourably with the US’s. It doesn’t say it, but you might also compare it unfavourably with the Eurozone’s mishandling of its crisis too. Iceland’s special prosecutor has said it may indict as many as 90 people, while more than 200, including the former chief executives at the three biggest banks, face criminal charges. Larus Welding, the former CEO of Glitnir Bank hf, once …