Part 5/11:
In 2008, the world witnessed the catastrophic failure of Iceland’s banking sector, which ignited a domino effect resulting in tripled unemployment within six months and extensive savings losses for the country's citizens. Regulatory bodies, which were meant to protect the interests of Icelanders, failed egregiously. Reports surfaced that many regulators had colluded with the banks, with many former regulators transitioning into lucrative positions within the very institutions they once monitored.