Wednesday, October 12, 2016 7:35:01 PM
decades in jail for crimes related to the 2008 economic crash -
ICELAND JAIL TOP BANKERS FOR 46 YEARS, Rothschild ‘OUTRAGED’ -
Published: October 11, 2016
http://www.blacklistednews.com/Iceland_Jail_Top_Bankers_For_46_Years%2C_Europe_%E2%80%98Outraged%E2%80%99/54625/0/38/38/Y/M.html
Iceland has found nine top bankers guilty and sentenced them to decades
in jail for crimes related to the 2008 economic crash.
On Thursday Iceland’s Supreme Court returned a guilty verdict for all
nine defendants in the Kaupthing market manipulation case, after a long
running court trial which began in April last year.
Kaupthing was a big international bank headquartered in Reykjavik,
Iceland.
It expanded internationally for years, but collapsed in 2008 under huge
debts, crippling the small nation’s economy.
By demanding that bankers be subject to the same laws as the rest of
society, Iceland opted for a very different strategy in the wake of the
financial crisis to rest of Europe and the US, where banks were fined
nominal amounts, and directors and chief executives escaped punishment
altogether.
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While the US and UK governments provided bail outs and government stakes
for their big banks with tax-payers’ money – essentially giving bankers
the green light to continue behaving in the same way –
Iceland adopted a different approach, declaring it would let the banks
go bust, weed out and punish the criminal element at the top of the
banks, and protect the savings of the people.
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iceland-bankers1
Former director of the bank, Hreiðar Már Sigurðsson, who was found
guilty and jailed last year, was also given a six-month extension to
his sentence on Thursday.
According to Iceland Monitor, the bankers are found guilty of crimes
relating to deceitfully financing share purchases – the bank lent money
for the purchase of the shares while using its own shares as collateral
for the loans.
They are also found guilty of creating a misleading demand for
Kaupthing shares by means of deception and pretence.
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iceland-bankers3
The Icelandic Approach
These guilty verdicts are just the latest in Iceland’s unprecedented
clampdown since the economic crash.
Authorities have been pursuing bank bosses, chief executives, civil
servants and corporate looters for crimes ranging from insider trading
to fraud, money laundering, misleading markets, breach of duties and
lying to officials.
Meanwhile the economy that collapsed so spectacularly has rebounded
after letting its banks go bust, imposing capital controls and
protecting its own citizens rather than the elite bank bosses
responsible for the mess.
This determination to hold people to account for actions that caused
intense financial misery contrasts strongly with the U.K., the rest of
Europe and the US. Yes, fines were imposed on the 20 biggest banks for
transgressions such as market manipulation, money-laundering and mis-
selling mortgages, but these costs fall on shareholders and, by
hampering the banks’ ability to lend, they also punish the rest of
society.
Meanwhile the guilty senior bankers, thanks to government bail outs,
carry on making enormous profits and collecting their obscene bonuses
as though nothing happened.
Last year, the International Monetary Fund declared that Iceland had
achieved economic recovery “without compromising its welfare model” or
unduly punishing its citizens for crimes committed by its bankers.
Iceland is right to jail it’s bankers – and the US and Europe is wrong
to merely slap a few wrists and give the green light to future outrages.
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