Iceland jails bankers responsible for financial crisis

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  • #14916
    missing_kskd
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    http://www.rawstory.com/2015/10/iceland-does-what-the-us-wont-26-top-bankers-sent-to-prison-for-role-in-financial-crisis/

    From the story:

    WORLD
    Iceland does what the US won’t: 26 top bankers sent to prison for role in financial crisis

    FREE THOUGHT PROJECT
    21 OCT 2015 AT 22:16 ET
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    ‘Businessman lighting cigar with $100 dollar bill’ [Shutterstock]
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    Reykjavík, Iceland – In stark contrast to the record low number of prosecutions of CEO’s and high-level financial executives in the U.S., Iceland has just sentenced 26 bankers to a combined 74 years in prison.

    The majority of those convicted have been sentenced to prison terms of two to five years. The maximum penalty in Iceland for financial crimes is six years, although hearings are currently underway to consider extending the maximum beyond six years.

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    The prosecutions are the result of Iceland’s banksters manipulating the Icelandic financial markets after Iceland deregulated their finance sector in 2001. Eventually, an accumulation of foreign debt resulted in a meltdown of the entire banking sector in 2008.

    According to Iceland Magazine:

    In two separate rulings last week, the Supreme Court of Iceland and the Reykjavík District Court sentenced three top managers of Landsbankinn and two top managers of Kaupþing, along with one prominent investor, to prison for crimes committed in the lead-up to the financial collapse of 2008. With these rulings the number of bankers and financiers who have been sentenced to prison for crimes relating to the financial collapse has reached 26, and a combined prison time of 74 years.

    Massive debts were incurred in the name of the Icelandic public, to allow the country to continue to function, which are still being repaid to the IMF and other nations eight years later by the citizens of Iceland. In contrast to the U.S., Iceland has chosen to hold the criminals that manipulated their financial system accountable under the law.

    In the U.S., not a single banking executive was charged with crimes related to the 2008 financial crisis, even though the U.S. itself precipitated the crisis. Icelandic President, Olafur Ragnar Grimmson summed it up best in his response when asked how his country recovered from the global financial crisis.

    “We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the people and didn’t introduce austerity measures like you’re seeing in Europe.”

    WORLD
    Iceland does what the US won’t: 26 top bankers sent to prison for role in financial crisis

    FREE THOUGHT PROJECT
    21 OCT 2015 AT 22:16 ET
    Share on Facebook Share on Twitter
    ‘Businessman lighting cigar with $100 dollar bill’ [Shutterstock]
    Don’t miss stories. Follow Raw Story!

    Reykjavík, Iceland – In stark contrast to the record low number of prosecutions of CEO’s and high-level financial executives in the U.S., Iceland has just sentenced 26 bankers to a combined 74 years in prison.

    The majority of those convicted have been sentenced to prison terms of two to five years. The maximum penalty in Iceland for financial crimes is six years, although hearings are currently underway to consider extending the maximum beyond six years.

    YOU MIGHT ALSO LIKE: Screaming conservative parents ignite chaos at Omaha meeting on optional sex-ed class

    The prosecutions are the result of Iceland’s banksters manipulating the Icelandic financial markets after Iceland deregulated their finance sector in 2001. Eventually, an accumulation of foreign debt resulted in a meltdown of the entire banking sector in 2008.

    According to Iceland Magazine:

    In two separate rulings last week, the Supreme Court of Iceland and the Reykjavík District Court sentenced three top managers of Landsbankinn and two top managers of Kaupþing, along with one prominent investor, to prison for crimes committed in the lead-up to the financial collapse of 2008. With these rulings the number of bankers and financiers who have been sentenced to prison for crimes relating to the financial collapse has reached 26, and a combined prison time of 74 years.

    Massive debts were incurred in the name of the Icelandic public, to allow the country to continue to function, which are still being repaid to the IMF and other nations eight years later by the citizens of Iceland. In contrast to the U.S., Iceland has chosen to hold the criminals that manipulated their financial system accountable under the law.

    In the U.S., not a single banking executive was charged with crimes related to the 2008 financial crisis, even though the U.S. itself precipitated the crisis. Icelandic President, Olafur Ragnar Grimmson summed it up best in his response when asked how his country recovered from the global financial crisis.

    “We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the people and didn’t introduce austerity measures like you’re seeing in Europe.”

    #14917
    missing_kskd
    Participant

    Wow, I did not select all that text. Enjoy, I guess they mean for that to happen.

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