Icelandic bank is investigated

Iceland’s financial watchdog is investigating allegations of market manipulation at fallen bank Glitnir. The Icelandic bank was one of the first to collapse in the credit crunch. It is now facing a probe into whether it loaned money to third parties to buy its own shares. Fellow Icelandic bank Kaupthing has faced a similar inquiry. The special prosecutor is looking into potential criminal activity in Iceland prior to the collapse.