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Ichingcarpenter

(36,988 posts)
Thu Oct 22, 2015, 06:48 AM Oct 2015

Iceland sentences 26 bankers to a combined 74 years in prison

In a move that would make many capitalists’ head explode if it ever happened here, Iceland just sentenced their 26th banker to prison for their part in the 2008 financial collapse.

In two separate Icelandic Supreme Court and Reykjavik District Court rulings, five top bankers from Landsbankinn and Kaupping — the two largest banks in the country — were found guilty of market manipulation, embezzlement, and breach of fiduciary duties. Most of those convicted have been sentenced to prison for two to five years. The maximum penalty for financial crimes in Iceland is six years, although their Supreme Court is currently hearing arguments to consider expanding sentences beyond the six year maximum.

After the crash in 2008, while congress was giving American banks a $700 billion TARP bailout courtesy of taxpayers, Iceland decided to go in a different direction and enabled their government with financial supervisory authority to take control of the banks as the chaos resulting from the crash unraveled.

Back in 2001, Iceland deregulated their financial sector, following in the path of former President Bill Clinton. In less than a decade, Iceland was bogged down in so much foreign debt they couldn’t refinance it before the system crashed.

Almost eight years later, the government of Iceland is still prosecuting and jailing those responsible for the market manipulation that crippled their economy. Even now, Iceland is still paying back loans to the IMF and other countries which were needed just to keep the country operating.

When Iceland’s President, Olafur Ragnar Grimmson was asked how the country managed to recover from the global financial disaster, he famously replied,

“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 poor, and we didn’t introduce austerity measures like you’re seeing in Europe.”


http://usuncut.com/world/iceland-sentences-26-bankers-to-a-combined-74-years-in-prison/

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Iceland sentences 26 bankers to a combined 74 years in prison (Original Post) Ichingcarpenter Oct 2015 OP
"I've got a little list" is the way I feel about banksters. hobbit709 Oct 2015 #1
See, put the women in charge and they clean house. nt DURHAM D Oct 2015 #2
Warren would. Hillary won't think Oct 2015 #3
What does Warren or Hillary have to do with Iceland? nt DURHAM D Oct 2015 #4
Iceland, nothing. Giving the banksters what they deserve, everything. hobbit709 Oct 2015 #5
Your comment was about cleaning up bank crime right? think Oct 2015 #6
In our country the woman we could expect to clean house would be Elizabeth Warren rurallib Oct 2015 #7
Bitter experience would tend to support your prediction... Human101948 Oct 2015 #8
A savage tongue lashing like, Unknown Beatle Oct 2015 #19
Hillary won't do it. Most of the bankers that need to go to jail... Javaman Oct 2015 #10
It's like obsessive/compulsive behavior. Nitram Oct 2015 #14
Hillary Clinton is going to throw bankers in jail? Doctor_J Oct 2015 #23
That's a good start. Ilsa Oct 2015 #9
Kicked and recommended to the Max! Enthusiast Oct 2015 #11
K & R N/T w0nderer Oct 2015 #12
K&R. bullwinkle428 Oct 2015 #13
K&R. Glad to hear it. Overseas Oct 2015 #15
Hillary would be a total badass to the banksters 90-percent Oct 2015 #16
So, just under 3 years each? The US is actually doing better Recursion Oct 2015 #17
Madoff would have gotten 6 years in Iceland. He got 150 years here (nt) Nye Bevan Oct 2015 #20
He only got nailed because he stole FROM the 1%. hobbit709 Oct 2015 #26
This is what justice, common sense and courage looks like davemac Oct 2015 #18
Yep colsohlibgal Oct 2015 #21
The truth davemac Oct 2015 #25
Damn what is wrong with us? Oh, yeah. We are owned by the banks. That's what. liberal_at_heart Oct 2015 #22
I hope that's a trend that catches on. lpbk2713 Oct 2015 #24
This is the model to solve the crisis malaise Oct 2015 #27
I can only but offer the traditional Icelandic toast hifiguy Oct 2015 #28
Great Mendocino Oct 2015 #29

rurallib

(62,406 posts)
7. In our country the woman we could expect to clean house would be Elizabeth Warren
Thu Oct 22, 2015, 08:22 AM
Oct 2015

and to contrast to show that just being a woman would not bring about the house cleaning that we really need, few really expect Hillary Clinton to do no better job of going after those responsible for causing our bank failures than Obama has.

If Hillary is elected I sure hope I eat those words. But based on what we know, bankers should be able to continue to operate the way they have under Obama if Hillary is elected.

 

Human101948

(3,457 posts)
8. Bitter experience would tend to support your prediction...
Thu Oct 22, 2015, 08:26 AM
Oct 2015

Hillary will probably give them a savage tongue lashing and let it go at that.

Javaman

(62,521 posts)
10. Hillary won't do it. Most of the bankers that need to go to jail...
Thu Oct 22, 2015, 08:40 AM
Oct 2015

are the very same people and members of corporations who are funding Hillary's campaign.

she's not about to jail the very people that are funding her run.

Nitram

(22,791 posts)
14. It's like obsessive/compulsive behavior.
Thu Oct 22, 2015, 09:09 AM
Oct 2015

Bernista's can't help themselves. No matter what the topic, they will butt in with a diss of Clinton and a shout out to Bernie. Sigh.

90-percent

(6,829 posts)
16. Hillary would be a total badass to the banksters
Thu Oct 22, 2015, 09:57 AM
Oct 2015

I just can't wait to hear her on DAY ONE:


Hey, you banksters and amoral money handlers:


CUT IT OUT!


-90% Jimmy

Recursion

(56,582 posts)
17. So, just under 3 years each? The US is actually doing better
Thu Oct 22, 2015, 11:04 AM
Oct 2015

SMH

Then again I guarantee you that most alleged opponents of "the banksters" don't even know which bank executives' trials are starting right now, because the doctrine is that That Never Happens.

hobbit709

(41,694 posts)
26. He only got nailed because he stole FROM the 1%.
Fri Oct 23, 2015, 06:38 PM
Oct 2015

If he stole from the 99% like Goldman-Sachs, JP Morgan, etc. they wouldn't have done anyhting to him.

 

davemac

(28 posts)
18. This is what justice, common sense and courage looks like
Thu Oct 22, 2015, 05:27 PM
Oct 2015

Take a good hard look folks. This is what should have happened around the world after the crash in 2008. But it didn't. Why? Because in the USA, the UK, Ireland...pretty much most of the EU.....Corporatists owned the politicians, the media and, especially in the case of the USA the judiciary (vote for your judge? Huh? Can it get any dumber?). Obama, hand-picked by the banksters did the banksters dealings and protected them. None put a foot in a courtroom let alone jail. In these elections, Hillary is their fall-back should the Republicans (their bought for and paid for Party) fail. Voting for someone because they are Christian (I think, in the case of America, we should correctly name these Khrystuns - not to be confused with followers of Christ who help the poor and who do not fawn and paw the golden calf), or white, or black, or which sexual parts are found on your body.....it is about the type of Government you want to rule your country....do you want banksters in jail or do you want them ruling over your government, do you want free education or endless wars, do you want clean rivers and fresh air or do you want Oligarchs to destroy the environment to create wealth they couldn't even possibly ever spend because, in some bizarre fantasy, you hope to one day be one of those Oligarchs?

colsohlibgal

(5,275 posts)
21. Yep
Thu Oct 22, 2015, 10:30 PM
Oct 2015

I continue to be bewildered at how oblivious and/or tone deaf most Clinton people are. If you lay out actual facts, like her Iraq vote or her Wall Street sugar daddies, you are "bashing her" according to her supporters.

There should have been 24/7 perp walks of Wall Street big shots, and that includes the rating agencies who branded those toxic investments as AAA. Then a return of sane Wall Street regulations. Obama promised to be tough on Wall Street and did nothing of the sort. How gullible does one have to be to believe HRC will do anything much different, they are cut from the same Neo cloth.

lpbk2713

(42,753 posts)
24. I hope that's a trend that catches on.
Thu Oct 22, 2015, 11:36 PM
Oct 2015


If they were convicted in the US that would cancel out their credentials if I'm not mistaken.

No more bankstering for you.

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