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FRIDAY, NOVEMBER 27, 2009
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 GLOSSIES 
3

'Viking Bankers' Pillaged Iceland

How Iceland went from fishing to finance to ruin

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(Newser) – The bankers who ruined Iceland’s economy possessed the mentality of its fishermen—daring, aggressive, and devoted to the “lucky catch," Michael Lewis writes in Vanity Fair. It's no surprise—after all, they were the sons of fishermen whose massive profits helped modernize Iceland in the 1970s. But speculating on foreign currency is trickier than cod-fishing, writes Lewis, and now Iceland's women are furious over male folly.

“The financial culture is very male-dominated,” said Kristin Petursdottir, whose female-run financial firm still prospers. “It is a pool of sharks. Women just despise the culture.” Lewis' encounters with hard-drinking, confident men—who still believe in elves—seemed to confirm her beliefs. A visit to a Viking museum devoted to gruesome battle scenes completed the picture. "There are plenty of women," Lewis writes, "but this is a men’s history."

A protester holds a sign reading:
A protester holds a sign reading: "People get up and go" as thousands of people gather to protest the government's handling of the economy in Reykjavik earlier this year.   (AP Photo/Brynjar Gauti)
Protesters burn an effigy of the Icelandic Prime Minister Geir Haarde during a demonstration earlier this year over the handling of the financial crisis in Reykjavik.
Protesters burn an effigy of the Icelandic Prime Minister Geir Haarde during a demonstration earlier this year over the handling of the financial crisis in Reykjavik.   (AP Photo/Thorvaldur Kristmundsson)
Unusual rock formations tower over a man walking on the black volcanic sands at the beach at Reynishverif, Iceland.
Unusual rock formations tower over a man walking on the black volcanic sands at the beach at Reynishverif, Iceland.   (AP Photo/Kirsty Wigglesworth, File)
This undated photo released by the Icelandic Tourist Board shows fishing boats in the Westfjords of Iceland. The entire country abandoned fishing for finance, to great cost.
This undated photo released by the Icelandic Tourist Board shows fishing boats in the Westfjords of Iceland. The entire country abandoned fishing for finance, to great cost.   (AP Photo/Randall Hyman)
The Icelandic parliament building in Reykjavik. Iceland's previous conservative-led government failed after the country's banks collapsed.
The Icelandic parliament building in Reykjavik. Iceland's previous conservative-led government failed after the country's banks collapsed.   (AP Photo/Brynjar Gauti)
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The schools of engineering and math were offering courses on financial engineering. We had hundreds and hundreds of people studying finance. - Ragnar Arnason, a professor of fishing economics at the University of Iceland, whose students turned to investments

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3 comments
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riffran
Mar 6, 09 1:24 AM CST
"whats in your wallet"... Reply
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radnip
Mar 6, 09 9:34 AM CST
heh.
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mobilize
Jul 24, 09 9:27 PM CDT
this has to be the dumbest article ive ever read in my life. the op must be a fat miserable troll with icelander insecurity. Go pop your meds and talk to your cat. Noone wants to read your immature take on Icelands economy. Shesh. Clearly it doesn't take ANYTHING to become a writer for newser.com Pathetic Reply
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