“The Icelandic central bank made it quite clear in 2007 that it would not be able to stand behind its banks if they had problems. There were other analysts, too, who pointed out all the obvious problems. It was exactly like Madoff — the warnings were there,” she stated.
The Times Online reports that Joly said that both the UK’s Financial Services Authority and authorities in the Netherlands shared the blame. Joly is advising Iceland’s specially-appointed prosecutor Olafur Hauksson on the matter.