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This study analyzes media framing of the Icelandic social movement against government officials involved in the 2008 global financial crisis. This study draws on the work of criminologist Jack Katz (1980) on social movements against white-collar crime. Katz (1980) argues that a social movement against white-collar crime emerged in the United States in the 1970s as a response to declining confidence in the American political economic system after the Watergate crimes. This study expands on existing research by drawing from framing theory to better understand the collective action frames of activists involved in the Icelandic social movement. In Iceland, the criminal misconducts of political elites served as a catalyst for a social movement against white-collar crime. Using data from international newspapers articles on the Icelandic social movement from October 2008 – September 2009 this study performs qualitative and quantitative content analysis. Specifically focusing on the framing of grievances among activists, the results reveal several recurring themes, including concerns about unemployment rates, economic concerns, corruption, illegality, and grievances against an illegitimate government. Additionally, the results of this analysis illustrate the necessity for future research on social movement activity specifically aimed at white-collar crime.