GOOD! Iceland Just Jailed Dozens of More Corrupt Bankers

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GOOD! Iceland Just Jailed Dozens of More Corrupt Bankers /killcen/ 10/22/15 (Thu) 19:15:10 No.747

In stark contrast to the record low number of prosecutions of CEOs and high-level financial executives in the U.S., Iceland has just sentenced 26 bankers to a combined 74 years in prison.

The majority of those convicted have been sentenced to prison terms of two to five years. The maximum penalty in Iceland for financial crimes is six years, although hearings are currently underway to consider extending the maximum beyond six years.

The prosecutions are the result of Iceland’s banksters manipulating the Icelandic financial markets after Iceland deregulated their finance sector in 2001. Eventually, an accumulation of foreign debt resulted in a meltdown of the entire banking sector in 2008.

According to Iceland Magazine:

In two separate rulings last week, the Supreme Court of Iceland and the Reykjavík District Court sentenced three top managers of Landsbankinn and two top managers of Kaupþing, along with one prominent investor, to prison for crimes committed in the lead-up to the financial collapse of 2008. With these rulings the number of bankers and financiers who have been sentenced to prison for crimes relating to the financial collapse has reached 26, and a combined prison time of 74 years.

Massive debts were incurred in the name of the Icelandic public, to allow the country to continue to function, which are still being repaid to the IMF and other nations eight years later by the citizens of Iceland. In contrast to the U.S., Iceland has chosen to hold the criminals that manipulated their financial system accountable under the law.

https://archive.is/NGMyw

http://www.activistpost.com/2015/10/iceland-just-jailed-dozens-of-corrupt-bankers-for-combined-74-years-in-prison.html

*.* 10/23/15 (Fri) 17:49:36 No.753

In a story not reported on at all by any Western mainstream media source, Iceland just sentenced another five high level bankers to prison for directly contributing to the collapse of the country’s economy in 2008.

This brings the total to 26 bankers now behind bars in Iceland, with most being CEOs of large financial institutions, rather than low level traders. … …

Their crimes include market manipulation, embezzlement, and breach of fiduciary duties. Their market manipulation destroyed the country’s economy and to this day Iceland is still having to repay the global loan sharks at the IMF, as well as governments of other countries, which kept the nation operating.

Iceland’s President, Olafur Ragnar Grimmson noted:

“Why are the banks considered to be the holy churches of the modern economy? Why are private banks not like airlines and telecommunication companies and allowed to go bankrupt if they have been run in an irresponsible way? The theory that you have to bail out banks is a theory that you allow bankers enjoy for their own profit, their success, and then let ordinary people bear their failure through taxes and austerity. People in enlightened democracies are not going to accept that in the long run.”

The President added:

“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.”

https://archive.is/1KgcP

Ireland to Prosecute Top Banker Who Destroyed Their Economy *.* 03/18/16 (Fri) 19:45:21 No.1470

A former head of a major Irish bank has been extradited from the U.S. and brought before Dublin District Court to face several charges stemming from the bank’s role in the 2008 financial crisis.

David Drumm, former chief executive of Irish Anglo Bank from 2005 until 2008, had been arrested in Boston in October 2015, and originally attempted to fight extradition — but he recently withdrew the objection and was returned to Ireland early on Monday.

Drumm faces 33 charges in Ireland, which echoes Iceland’s unprecedented move to hold its bankers criminally accountable for their role in that country’s economic meltdown. Though Drumm predictably denied wrongdoing, his charges include “fraud, forgery, misleading management reporting, unlawful lending, falsifying documents, and false accounting, linked to financial transactions prior to the collapse of Anglo,” according to the Irish Times.

Though prosecutors consider Drumm a flight risk — after all, he seemed to be seeking safe haven inside the United States — the court allowed the ex-banker to post bail under several conditions. Drumm’s passport is currently being held by the Gardaí (Garda Síochána, or Irish Police), and under the bail arrangement, he assured the court he would not apply for another and does not possess a U.S. passport.

Seven of Drumm’s relatives offered to put their houses on the line as ‘security’ for his bail, though the judge only required four names.

As RT reported, Drumm is alleged to have participated in transactions totaling around €7 billion between Anglo and a second lending institution, Irish Life and Permanent. Anglo “posted the worst corporate results in Irish history with losses of €17.5 billion for 2010.”

The former banking executive has not yet entered a formal plea. He faces a maximum penalty of 10 years in prison if found guilty.

Iceland, and now Ireland, have taken action to hold criminal bankers accountable for their direct role in the economic devastation which enveloped most of the world beginning in 2008 — the exact opposite of what the US does.

http://archive.is/FmDGW

http://www.activistpost.com/2016/03/ireland-to-prosecute-top-banker-who-destroyed-their-economy-guess-where-he-was-hiding.html