Iceland's Banking Crisis

Apparently, Iceland is having issues as well. I don't understand the whole situation yet... so don't jump to too many conclusions.

A couple banks have been having issues: Iceland's Landsbanki and Glintir. I don't think they've gone bankrupt yet although media seems to think they have. One of the banks, Landsbanki, was actually nationalized. I don't know why. I don't know what happened. But for some reason, they were 100% nationalized. That was actually what I was hoping our government would do. I guess this is a good chance to see how it works out. Of course, the US government is much different than Iceland and we don't have a Financial Supervisory Authority like they do (And no, I do not count the Fed because the Fed doesn't actually regulate any of the laws or regulations the banks have to abide by). Maybe we should make one (Hint Hint... ).

I don't know what is going on with Glintir. Apparently, stocks are the issue. The Landsbanki bank held stock in a major company somewhere else (Wyndeham which I know nothing about) and another bank (Standir) that held stock in that company also bottomed out. I don't know where Standir is located. The question is what is going to happen to the stock in Wyndeham?

What I will be focusing on is what happened to make the government nationalize Landsbanki in the first place. There's some sort of issue with their banks that causing a "crisis" just like ours and I would like to know why, what, and whether or not they are actually related. I'm sure the media says so, but I know that I'm not going to trust them without some substantial proof.

http://www.timesonline.co.uk/tol/news/politics/article4916919.ece
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3166726/Iceland-bank-crisis-could-swallow-Scottish-taxpayers-money.html
http://www.printweek.com/news/851404/Iceland-nationalises-Wyndeham-shareholder-Landsbanki/