October 22, 2015

Iceland sends 26th banker to prison

US Uncut - 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,,.

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.

2 comments:

Laird Wilcox said...

Iceland was wise in the way it handled it's crisis. The United States, on the other hand, was under far more influence from international financial circles to "solve" the crisis without dealing with issues of accountability. Hence, in the U.S. the issue of human agency was circumvented and it was viewed as some mysterious financial fluke that no one was responsible for. We would be far better off if we had acted as Iceland had.

larry parks said...

And the choir said, AMEN!