Iceland Arrests Former CEO Of Failed Bank

Iceland's special prosecutor has taken Larus Welding, the former head of the failed Glitnir Bank, into custody, Reuters reports.

Glitnir Bank was the first of the top three Icelandic commercial banks to fail in 2008.

Former director of market trade Jóhannes Baldursson and former broker Ingi Rafn Júlíusson were also taken into custody and between ten and twenty other former employees of Glitnir Bank were also investigated.

They are expected to be held for a week, apparently to prevent tampering with evidence or witness coercion.

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