While British and American bankers who brought the world's economy to its knees in 2008 have barely faced the consequences for their actions, in Iceland, it's a different story.
The Nordic nation, which was one of the worst affected by the 2008 financial crisis, has sentenced 26 bankers to a combined 74 years in prison.
In two separate rulings last week, the Supreme Court of Iceland and Reykjavik District Court sentenced six top managers of two national banks for crimes committed in the lead up to the banking sector's collapse, bringing the total number of people who have faced the music for their roles in the crash to 26.
At the moment the maximum penalty for white collar crime in Iceland is six years.
Iceland deregulated its financial sector in 2001, and manipulation of the markets by bankers led to a system-wide meltdown when the global economy tanked in 2008.
Iceland's economy is now in comparatively rude [??] health since the country was forced to borrow heavily from the International Monetary Fund seven years ago.
As Iceland's president Olafur Ragnar Grimsson said when asked how the country recovered so quickly:
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.
In the US and the UK, of course, we just bailed them out.
http://i100.independent.co.uk/article/meanwhile-in-iceland-the-26th-banker-has-been-jailed-for-their-role-in-the-2008
Originally posted by robbie carrobieSo maximum by now all the jailed bankers are out and back to work at the same banks🙂
While British and American bankers who brought the world's economy to its knees in 2008 have barely faced the consequences for their actions, in Iceland, it's a different story.
The Nordic nation, which was one of the worst affected by the 2008 financial crisis, has sentenced 26 bankers to a combined 74 years in prison.
In two separate rulings ...[text shortened]... nt.co.uk/article/meanwhile-in-iceland-the-26th-banker-has-been-jailed-for-their-role-in-the-2008
Originally posted by robbie carrobieI'm thankful at least some bankers in Europe are going to jail for this, but that's not how it's done here. The rich in America (through their heavy influence of our conservative lawmakers) have built in safeguards for themselves, and manipulated our laws in such a way that when they are found guilty, they either get off with paying a fine (without admitting guilt of course), or when they have to serve jail time, it's typically in a facility we call "camp cupcake" minimum security facilities designed for the likes of Bernie Madoff and others, complete with tennis courts, parks for picnics, and other niceties. While other inmates in America endure gang rapes, beatings from other inmates, and sometimes murder, our conservative lawmakers in America make sure our wealthy prisoners are comfortable, safe, and well cared for.
While British and American bankers who brought the world's economy to its knees in 2008 have barely faced the consequences for their actions, in Iceland, it's a different story.
The Nordic nation, which was one of the worst affected by the 2008 financial crisis, has sentenced 26 bankers to a combined 74 years in prison.
In two separate rulings ...[text shortened]... nt.co.uk/article/meanwhile-in-iceland-the-26th-banker-has-been-jailed-for-their-role-in-the-2008
Regarding jail time for those bankers here in America who are responsible for much of the financial hardships of the great recession, don't hold your breath, because it's not going to happen. Our conservative lawmakers in America are making sure they'll be comfortable, safe, and well cared for as well.
http://www.forbes.com/2009/07/13/best-prisons-cushiest-madoff-personal-finance-lockups.html
Originally posted by bill718It's usually actually even worse as those fines tend to be paid not by people committing fraud but by the corporations that employ them - i.e. the shareholders and customers of the banks end up paying the fines while the people responsible for the fraud walk away unscathed.
I'm thankful at least some bankers in Europe are going to jail for this, but that's not how it's done here. The rich in America (through their heavy influence of our conservative lawmakers) have built in safeguards for themselves, and manipulated our laws in such a way that when they are found guilty, they either get off with paying a fine (without admitting ...[text shortened]...
http://www.forbes.com/2009/07/13/best-prisons-cushiest-madoff-personal-finance-lockups.html
Originally posted by robbie carrobieIf it were clear that crimes were committed I'm all for harsh punishment, but losing money isn't a crime.
While British and American bankers who brought the world's economy to its knees in 2008 have barely faced the consequences for their actions, in Iceland, it's a different story.
The Nordic nation, which was one of the worst affected by the 2008 financial crisis, has sentenced 26 bankers to a combined 74 years in prison.
In two separate rulings ...[text shortened]... nt.co.uk/article/meanwhile-in-iceland-the-26th-banker-has-been-jailed-for-their-role-in-the-2008
Originally posted by robbie carrobieJust let them fail? But I thought Obama and company said that they were too big to fail robbie.
While British and American bankers who brought the world's economy to its knees in 2008 have barely faced the consequences for their actions, in Iceland, it's a different story.
The Nordic nation, which was one of the worst affected by the 2008 financial crisis, has sentenced 26 bankers to a combined 74 years in prison.
In two separate rulings ...[text shortened]... nt.co.uk/article/meanwhile-in-iceland-the-26th-banker-has-been-jailed-for-their-role-in-the-2008
Do you feel the same about companies like GM, or just the banks?
Arresting them is all well and good, but where are the firing squads? 😛
Originally posted by whodeyEasy whoders its not the Spanish civil war all over again!😵
Just let them fail? But I thought Obama and company said that they were too big to fail robbie.
Do you feel the same about companies like GM, or just the banks?
Arresting them is all well and good, but where are the firing squads? 😛