Wall Street on the Tundra | vanityfair.com

Great article about Iceland and its financial collapse with enough side notes about how quirky a place Iceland is to keep it interesting.

Notice that no one asked, What might Icelanders want to do? Or even: What might Icelanders be especially suited to do? No one thought that Icelanders might have some natural gift for smelting aluminum, and, if anything, the opposite proved true. Alcoa, the biggest aluminum company in the country, encountered two problems peculiar to Iceland when, in 2004, it set about erecting its giant smelting plant. The first was the so-called “hidden people”—or, to put it more plainly, elves—in whom some large number of Icelanders, steeped long and thoroughly in their rich folkloric culture, sincerely believe. Before Alcoa could build its smelter it had to defer to a government expert to scour the enclosed plant site and certify that no elves were on or under it. It was a delicate corporate situation, an Alcoa spokesman told me, because they had to pay hard cash to declare the site elf-free but, as he put it, “we couldn’t as a company be in a position of acknowledging the existence of hidden people.” The other, more serious problem was the Icelandic male: he took more safety risks than aluminum workers in other nations did. “In manufacturing,” says the spokesman, “you want people who follow the rules and fall in line. You don’t want them to be heroes. You don’t want them to try to fix something it’s not their job to fix, because they might blow up the place.” The Icelandic male had a propensity to try to fix something it wasn’t his job to fix.

via Wall Street on the Tundra | vanityfair.com.

4 responses for Wall Street on the Tundra | vanityfair.com

  1. Billy says:

    In Iceland they are energy rich. Geothermal energy specifically. Because of that they do alot of alternative energy research. Maybe it’s the elves who do the research?

  2. Joe says:

    Billy, maybe the elves could help you with your fuel cells

  3. Brian says:

    I like “They bought stakes in businesses they knew nothing about and told the people running them what to do — just like real American investment bankers!”

  4. connor says:

    the hidden people reman hidden until they wish to be seen