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This is Money Blog (Free subscription) | 23/12/2008
In February, Thisismoney's banking correspondent Alan O'Sullivan presciently asked whether Iceland's Kaupthing Edge could be the next Northern Rock. It collapsed in October. Kaupthing's defence epitomised the smoke and mirrors used to fool savers, shareholders, regulators and even the media: 'Unlike Northern Rock, the bank can rely on the large liquid assets of its corporate banking arm....














