A tale of wilful malfeasance 2003-2008 - followed by recovery and resurrection in Iceland

The collapse of the Icelandic financial system in October 2008, was unprecedented in both scale and scope, 97% of the financial system collapsed, inflation was rampant, the currency disintegrated, and unemployment was both a social and political issue.This paper endeavours to show, using documentary evidence from 2003-2008, whether the system of monitoring of the banks and economy failed -applying evidence of institutional ascription.The contribution of the paper is to document that both institutional ascriptions, along with corruption and greed, were endemic from 2003-2008.The resurrection and recovery followed a transparent process, based upon objectives of wealth equality along with fairness -inclusive capitalism, to address what went wrong, address the overhang of debt and the rebuild of trust in all institutions, including government itself.