This report discusses the banking collapse in Iceland. Iceland's banking system had collapsed as a result of a culmination of a series of decisions the banks made that left them highly exposed to disruptions in financial markets. The collapse of the banks raised questions for U.S. leaders and others about supervising banks that operate across national borders, especially as it has become increasingly difficult to distinguish the limits of domestic financial markets.

Text describes action on various war fronts: Navy announces victory -- End for Corregidor -- Rationing moves closer -- Japs push into China -- Marblehead limps in -- Stark for new fronts -- Iceland has its first air fight -- Army of 6,000,000 -- Launch four destroyers -- Anti-Axis move in Spain -- Army camps inspected -- Germans strike convoy -- Malta downs 154 planes -- Madagascar tip seized -- U.S. aids Middle East -- Nazi drive predicted -- RAF attacks roar on. Large world map is keyed to text and illustrates time zones around the world. Inset maps: Corregidor -- Madagascar. Includes photographs: Lt. Gen. Wainwright -- Maj. Gen. Brereton -- Navy raid on Marshall Islands in February -- Under Sec. Patterson -- Kearney destroyer -- Bombs being readied for planes -- Four-engined bomber flying somewhere in Europe -- Cavalry regiment changes mounts to speedy steel.