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macfarlan

Iceland Prosecutes 26 Top Bankers

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From the article; 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.

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

Edited by macfarlan

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Interesting...From the article..

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.”

I look forward to Pesto giving us a full report on the BBC 6pm news this evening and explaining in detail the Icelandic Presidents statement....... :)

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Interesting...From the article..

I look forward to Pesto giving us a full report on the BBC 6pm news this evening and explaining in detail the Icelandic Presidents statement....... :)

Disturbing though he refered to "austerity measures"... cd hv at least called them using the right terms linguistically. What they did in Iceland was closer to austerity proper.

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