When the Banks went bust hedge funds made billions and the people paid the price. Ransacked is the story of one ordinary family who decide to fight back.
In contrast to similar documentaries, ‘Ransacked’ starts at the moment of crisis beginning and tells a story of recovery. Alongside bigger institutional details the film follows one family that, after losing everything, took the bank to court. Both personal and informational story lines play into each other throughout the film.
Iceland’s banking sector was deregulated and privatized in 2000-2003. Within five years the banks were 11 times the nation’s GDP with short term funding and long term assets – some of them very risky. By October 2008 global capital markets froze and Iceland’s banking sector collapsed. ‘Ransacked’ explains how hedge funds and the global economy crushed the lives of normal people. Thorsteinn Theodorsson lost his business, his wife and almost his own life, but with the help of his daughter who trained as a lawyer he took on the bank. After several losses, he finally won at the Supreme Court and was vindicated.
Eight years after the crash, the world financial markets are heading back into the same cycle of boom and bust. The hedge funds will be waiting for the next opportunity. Time is running out for a failed system.