Iceland's Secret: The Untold Story of the World's Biggest Con w/ Jared Bibler - EP215

Economics Explored

Show host Gene Tunny interviews Jared Bibler, author of the book "Iceland's Secret: The Untold Story of the World's Biggest Con." Jared discusses his firsthand experience during the brutal 2008 financial crisis in Iceland, where he worked at a collapsed bank and later at the financial markets regulator. He sheds light on the dodgy behaviour of bankers leading up to the crisis and the severe consequences that followed. Stay tuned to the end of the episode for Gene's interpretation of Iceland's secret and its relevance to economies worldwide.

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About Jared Bibler

Jared started his career as a consultant for a Wall Street giant in Boston and New York until moving to Iceland to support the Icelandic pension funds’ foreign investments. He resigned from his job at a leading Icelandic bank a weekend before the 2008 Icelandic financial crisis.

He was subsequently hired to lead a special investigation team, which referred more than 30 criminal cases to the Special Prosecutor of Iceland, including the largest stock market manipulation cases to be prosecuted globally.

Jared’s insider knowledge and unwavering persistence helped Iceland to famously become the only country to jail its bank CEOs. But the real story, deeply complex and sinister, has direct relevance today as banks once again begin to tumble.

What’s covered in EP215

• 00:02:56 Iceland's financial crisis was fueled by the growth of banks that became Enron-sized and collapsed, causing significant damage to the economy.
• 00:05:49 Financial industry corruption and collapse.
• 00:11:30 Iceland's banking system collapsed.
• 00:19:33 Icelandic banks manipulated stock prices.
• 00:27:26 The financial system is vulnerable.
• 00:34:58 Banking fraud and economic collapse.
• 00:35:58 Currency crisis in Iceland.
• 00:47:19 Iceland faced an economic crisis and unemployment.
• 00:50:54 Iceland's recovery transformed into something ugly.
• 00:57:38 Lessons from Iceland's banking collapse.
• 01:00:16 Incentives and regulation in finance.

Links relevant to the conversation

Amazon page for Iceland’s Secret:

https://www.amazon.com.au/Icelands-Secret-Untold-Worlds-Biggest/dp/0857198998