Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search
 

PeoViejo

(2,178 posts)
Thu Apr 9, 2015, 01:18 PM Apr 2015

Iceland Sets Precedent: Jails Four Top Bankers for Fraud

Reykjavik, Iceland – Four Kaupthing bank executives have been given the heaviest sentences in Iceland’s history for their role in the nation’s 2008 financial collapse. It is said that the prison sentences, which were upheld by Iceland’s 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/

16 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
 

ChisolmTrailDem

(9,463 posts)
8. Pffft, right?
Thu Apr 9, 2015, 01:39 PM
Apr 2015

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)
4. Thank you Wikileaks and Julian Assange, who released the documents proving the corruption
Thu Apr 9, 2015, 01:22 PM
Apr 2015

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.

Emelina

(188 posts)
5. Remember when Britain put the nation of Iceland on the terror list...
Thu Apr 9, 2015, 01:25 PM
Apr 2015

Because they went after the bankers who caused the crisis in 2008?

n2doc

(47,953 posts)
6. If Obama and Holder had Put Dimon and his ilk in Jail back in 2010-2011, they would be nat'l Heroes
Thu Apr 9, 2015, 01:29 PM
Apr 2015

But then they wouldn't be set up for cushy speaking fees when they leave office.

 

Rex

(65,616 posts)
12. But but but...we can't do that to our CEOs! Who would pay for our Presidental campaigns?
Thu Apr 9, 2015, 04:09 PM
Apr 2015

How would Congress make it without banksters?

Latest Discussions»General Discussion»Iceland Sets Precedent: J...