What Iceland’s Spectacular Banking Collapse Teaches Us About Tether

As recounted in thrilling detail in the new book “Iceland’s Secret,” the Icelandic banking scandal was a beast all its own, a whole-cloth fraud that originated a full decade before the financial crisis. When the tide went out, though, it revealed an entire country had been swimming naked. The book’s author, Jared Bibler, had a better-than-front-row seat. An American-born Icelandic citizen, Bibler did time on Wall Street before eventually winding up at Landsbanki, one of the three major Icelandic banks, shortly before the financial crisis.