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Frozen Assets: How I Lived Iceland's Boom and Bust
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Product Description
Product Description
Iceland truly lived the boom and bust. Once a tiny country on the edge of Europe, in less than two decades it became a global financial powerhouse.
This is the story of how one man, one bank and one country experienced and affected the course of world economic history. Armann Thorvaldsson, a former CEO at Kaupthing in the UK, tells the story of how his company was transformed into a £6 billion international bank, by far the largest in his country’s history. Helping to build the biggest names in Icelandic business, Thorvaldsson represented the money behind such household names as easyJet, Matalan, Iceland and Karen Millen. As the boom got bigger, the Icelandic bankers worked and played hard with their international clients, including Gordon Ramsay, the Candy brothers, Mike Ashley and Robert Tchenguiz. Moving from Reykjavik to London, Monte Carlo and St Tropez, they seemed unstoppable.
Yet, when the bust came, even the most frantic attempts to save the bank were fruitless, leading to the total collapse of the Icelandic economy. Thorvaldsson’s reflections on exactly what happened and why, make compelling reading.
From the Inside Flap
This is the story of how one man, one bank and one country experienced world economic history.
Armann Thorvaldsson, a former CEO at Iceland’s Kaupthing Bank in the UK, tells the story of how he witnessed the bank grow from a small brokerage house to a £6 billion international bank. As the bank expanded, Thorvaldsson represented the money behind such household names as Iceland, easyJet, and Karen Millen. He travelled from Reykjavik to London, to Monte Carlo, and partied on yachts with celebrities.
And then it all came crashing to a halt.
As the financial crisis engulfed the world, even the most frantic efforts to save the bank were fruitless. Iceland was slammed with anti–terrorist laws in a major diplomatic incident, and the country’s economy was in tatters.
Frozen Assets is a powerful story about big ambitions, big money and hubris.
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Customer Reviews
Most Helpful Customer Reviews
6 of 6 people found the following review helpful
Format:Hardcover
This is a well-paced book - because you know that Iceland's bubble is going to burst, the tension keeps building throughout. The last few chapters really convey the drama of things falling apart, but you also end up with a real insight into why all this happened. An entertaining (and cautionary) tale!
2 of 2 people found the following review helpful
Format:Hardcover
Armann comes across as smart and honest. The author, thankfully keeps the reader's perspective in mind throughout. The details are seldom boring and he manages a fun mix of drama, reflection and storytelling. The writing style is very on-point but could do with a bit of variation.
Highly recommended!
Highly recommended!
5 of 6 people found the following review helpful
Format:Hardcover
This book delivers on its promise of giving readers a genuine insight into the collapse of Kaupthing and the whole Icelandic economy. I heard an interview with the author (former CEO of Iceland's largest bank)on BBC radio and needed a better understanding of exactly what happened in Iceland. The book is very easy to read, although some of the types of trading discussed by the author went over my head. You don't need to understand these to enjoy the book, though.
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Most Recent Customer Reviews
Poor
An awful book. If you know anything about finance you would know that the Icelandic banks were complete amateurs with no sense of what they were doing. Read more
Published 7 months ago by Trader Bhoy
Frozen Assets
A good read giving an interesting insight into Iceland's recent economic rise and fall and the absurd rewards on offer to Investment Bankers for putting together deals whether or... Read more
Published 19 months ago by MikeMarch
Rosy
Most books written by insiders tend to overlook the substantial issues facing their concerns, and this book is no different. Read more
Published on 22 Mar 2010 by Morten Pedersen
Frozen Assets - My View
Very interesting account of what happened. Shows honestly both the entrepreneurial spirit and the naivety of the Icelandic growth story. Read more
Published on 8 Dec 2009 by London Reviewer
It might get a fiction prize
The author has been admirably economical with the truth. I am sure there are a great many depositors in his former bank who wish he had been equally economical with their savings!
Published on 4 Nov 2009 by Tom Jones
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