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cashinmattress

Icelands Rogue Bankers Get 3-5 Years. No Parole

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Hreiðar Mar Sigurdsson, the former CEO of Kaupthing, was sentenced to five and a half years imprisonment but to remand is he sitting on the investigation.

The sentence is óskilorðsbundinn. Hreiðar Mar had also pay málsvarnarlaun counsel of his total 33.4 million.

Sigurdur Einarsson, former chairman of Kaupthing, was sentenced to five years in prison, unconditionally.

He had also pay málsvarnarlaun defense counsels, called Jónsson, who resigned from the case this year.

Our 10.8 million and Olaf Eiriksson 3.5 million.

Ólafur Ólafsson investor received a three and a half year prison sentence óskilorðsbundinn.

Then he had to pay his counsel málsvarnarlaun Thorolf Jonsson, 14.8 million and counsel who resigned from the case, Ragnar Hall 5.8 million.

Magnus Gudmundsson, former CEO of Kaupthing Luxembourg was sentenced to three years in prison unconditionally.

The reasoning of the court regarding the sentence says: "In determining the sentence is to be noted that the defendants, Hreiðar bruises and Sigurd, was at the time the violations were committed senior executives largest commercial banks in Iceland.

The accused, Magnus, was Managing Director of the Kaupthing Bank hf. and the accused, Olaf, one of the largest single shareholder in the bank through their own.

The criminal business defendants concerning significant amounts.

Have broken unrivaled in the Icelandic case law.

Then to the sentence given to the significant financial loss resulting from violations of the defendants, who were fully committed for the period 18 to 23 September 2008. Prosecutor sees no mitigating circumstances. "

Translated from Icelandic news site, so a bit dodgy in verse.

Two thumbs up from everybody who hates bankers and how they've carved out a living by being scumbags.

BEEB link

Edited by cashinmattress

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Beeb

Iceland jails former Kaupthing bank bosses

It will happen here eventually too.

It had better do so. Because history teaches us that if doesn't (and TPTB resist all attempts to see that happen) then we will eventually wake up one day to the sight of these people (bankers, politicians, etc) 'swinging from lamp posts' or being gunned down on their own front doorsteps! And I would rather we didn't get to that stage.

Edited by anonguest

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Icelandic prisons are like 5 * hotels.

You speak from experience? :D

Seriously though. At least they are being deprived of their 'liberty', which is more than can be said for any one of a number of people who, we all know here, have committed outrageous fraud of various forms over the last decade of monetary madness here in the UK.

We hear, very occassionally, of those involved in frankly criminal activities (e.g LIBOR rigging to name but just one such) having lost their jobs. I never seem to hear any mention of IF they are also barred from very taking on such work ever again? Or are banned from working that industry, etc?

Imagine a school teacher or even public examinations official, for years on end, blatantly rigging exam results for 100's or 1000's of pupils - just so as to meet some target or such like. You reckon they would ever be allowed to work in that field again?

Until such time as the individuals engaging in these well publicised activities are punished, and not just the institution (which then shrugs off the subsequent and expected fine as just a cost of doing business), then this will happen again and again.

We punished individual Nazis, of relatively low ranks, at the end of the war and didnt just settle for the bosses. The excuse of "I was just obeying orders" just won't wash with me or, i suspect, the majority of the public regardless of how much they may accept that banking plays a legitimate and needed function in society, etc.

Edited by anonguest

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