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25 People to Blame for the Financial Crisis

Blameworthy

 

David Oddsson

 

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Over the two decades in which David Oddsson held public office, first as Iceland's Prime Minister and then as the governor of the central bank, he ushered in a new era of free market economics, privatizing Iceland's three main banks, floating its currency and ushering in a golden age of entrepreneurship. Whoops. Iceland's economy instead is a textbook case of macroeconomic meltdown: The three banks, which were massively leveraged, are in receivership, GDP could drop by 10% this year, and the IMF has stepped in after the currency has lost more than half of its value. Nice experiment.

 

See pictures of the global financial crisis.

Watch TIME's video, "In Iceland, Frozen Accounts, Boiling Assets."