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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIceland Sets Precedent: Jails Four Top Bankers for Fraud
Reykjavik, Iceland Four Kaupthing bank executives have been given the heaviest sentences in Icelands history for their role in the nations 2008 financial collapse. It is said that the prison sentences, which were upheld by Icelands Supreme Court, are setting a precedent for the rest of the world.
Hreidar Mar Sigurdsson, former CEO of Kaupthing, received 5 ½ years; Sigurdur Einarsson, former chairman of the board, received four years; Magnus Gudmundsson, director of Kaupthing Luxembourg, received 4 ½ years; and finally Ólafur Ólafsson, one of the banks biggest shareholders, received 4 ½ years.
The bankers were found guilty in December of 2013 by the Reykjavik District Court of hiding the fact that a Qatari investor bought a stake in the firm with money lent, illegally, by the bank itself. Kaupthing announced a few weeks before the collapse that His Highness, Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani had bought a 5.1% stake during the financial crisis in 2008. Kaupthing collapsed under the massive debt.
More at the link: http://anonhq.com/iceland-sets-precedent-jails-four-top-bankers-fraud/
irisblue
(33,034 posts)ChisolmTrailDem
(9,463 posts)ChisolmTrailDem
(9,463 posts)n2doc
(47,953 posts)There will be nothing.
ChisolmTrailDem
(9,463 posts)From the link: Holder, speaking at the National Press Club in Washington, asked the prosecutors to TRY to develop cases against individuals and to report back in 90 days with regard to whether they think they can successfully bring criminal or civil cases against those individuals.
Try to develop cases? Wishy-washy CYA is all he's got. After all, "We tried", right?
There will be nothing because he can't do anything. How do you prosecute the oligarchs who own the oligarchy which Holder serves?
sabrina 1
(62,325 posts)in Iceland's Banks and Government. They received a 'warning' at the time and were 'ordered' by the Banks to take down those documents.
They did not and Iceland was able to identify its criminals, oust the corrupt government and arrest those who were involved.
That was the beginning of the targeting of Wikileaks and Assange because they could not allow any more countries to follow Iceland's example.
I remember when what was a little known Whistle Blowing site put those documents online and how soon afterwards the smearing and attacks on Wikileaks began.
Tierra_y_Libertad
(50,414 posts)Emelina
(188 posts)Because they went after the bankers who caused the crisis in 2008?
n2doc
(47,953 posts)But then they wouldn't be set up for cushy speaking fees when they leave office.
NaturalHigh
(12,778 posts)to Iceland to take lessons?
cwydro
(51,308 posts)Never happen here I'm afraid.
Doctor_J
(36,392 posts)Rex
(65,616 posts)How would Congress make it without banksters?
L0oniX
(31,493 posts)PeoViejo
(2,178 posts)Show him how much you care..