Iceland Sends 26 Bankers to Prison

[spartacus686]

Simply put, Iceland does what the US won’t; sending 26 top bankers sent to prison for role in financial crisis.

To summarize the article a bit, 26 bankers in Iceland were convicted today for a combined jail sentence of 74 years in prison for their role in the 2008 financial meltdown. 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.

 

 

 

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[DefyTheOutcome]

On one hand, I am overjoyed that some banksters are getting whacked for the catastrophe they caused.

On the other hand, is it not normal to be held accountable for your own actions?

[PGHammer]

On one hand, I am overjoyed that some banksters are getting whacked for the catastrophe they caused.

On the other hand, is it not normal to be held accountable for your own actions?

If it were, it would not be news about any single group of individuals (regardless of common profession) being sent to durance vile - in any nation.

Chew on that comment for a bit.

[+Fulcrum Subscriber¹]

Hey look, mister. We serve hard drinks in here for men who want to get drunk fast, and we don't need any characters around to give the joint "atmosphere". Is that clear, or do I have to slip you my left for a convincer?

[MikeChipshop Member]

And that's why mums go to Iceland! 

 

/me fetches coat.

[Noir Angel]

On one hand, I am overjoyed that some banksters are getting whacked for the catastrophe they caused.

On the other hand, is it not normal to be held accountable for your own actions?

That's how western capitalism tends to work. The guilty get bonuses for destroying our economy, the innocent get punished with austerity.

Good to see these parasites get exactly what they deserve.

[DocM]

Did they also jail the politicians and bureaucrats who set the policies that allowed them to do it? That's as big a problem as the bankers, and it covers the entire political spectrum. 

[Melfster]

They also need to jail all the lobbyist who buy the politicians.  If people think their vote matters they stupid as Trump rightly stated the politicians are bought buy the highest bidder thats why nobody goes to jail.

[PGHammer]

They also need to jail all the lobbyist who buy the politicians.  If people think their vote matters they stupid as Trump rightly stated the politicians are bought buy the highest bidder thats why nobody goes to jail.

That is also - like it or not - partially OUR fault as voters.  Whenever likability is a substitute for integrity - under any system of government - the juju will inevitably be not merely bad, but awful.

[FloatingFatMan]

Did they also jail the politicians and bureaucrats who set the policies that allowed them to do it? That's as big a problem as the bankers, and it covers the entire political spectrum. 

 

You might find this interesting to read.

http://www.collective-evolution.com/2013/01/11/why-did-media-keep-the-recent-peaceful-icelandic-revolution-quiet/

Essentially, they threw their government out the window, and good for them for doing it, too! THAT'S democracy baby, yeah!

Also, to add, my local council lost a LOT of money (millions) in the crash thanks to them stupidly investing it in Icelandic bank accounts. I 100% fully support the outrage the Icelandic people felt when their government decided every single Icelandic citizen would have to bear the burden of repaying that loss.  That money was from taxes, it belonged to me and the other people of the area I live in, but it was NOT the fault of the Icelandic people.  I'd rather nail my local council officers to a tree for their stupidity than take a single penny from those folks, and hurrah to them for getting rid of their corrupt government and cancelling the "debt"!

Edited October 26, 2015 by FloatingFatMan

[+Audioboxer Subscriber²]

Good guy Iceland.

[Radium]

I want to move to Iceland. I'm Swedish so it's not too far away for me. I would have to move to central Reykjavik because I have no driver's license and I'm a real loner. I look up to their republic, they take action against corruption (some call it lobbying) while the rest of northern Scandinavia see more corruption each year (former parliamentarians become lobbyists). Sure, the banks in Sweden were on stable grounds in comparison to the Icelandic banks. None of the major Swedish banks suffered enough to being close to shutting down, but they still give us bad intrest rates (0.00%) while making profits in the tens of billions upon billions and they want insane fees when they gamble with our money (they pretty much only give you that option). And I thought that they wanted us to lend them our money but they just rely on the fact that we're pretty much forced to rely on them since we aren't aware of other options. I'll wait for my fixed-term loan to run out and I'll take my money elsewhere if they don't play on equal terms.

I'll finish my current trade school program and look into moving to Iceland. I'd love to learn Icelandic. Anyone here that know of any companies in Reykjavik that need someone who specializes in GNU/Linux systems?

[FloatingFatMan]

Iceland is a great place, but just one really big problem... Pretty much -everything- has to be imported there, so the cost of living is quite high.

[webeagle12]

Iceland is a great place, but just one really big problem... Pretty much -everything- has to be imported there, so the cost of living is quite high.

Go try living in Norway. 

[FloatingFatMan]

 

Go try living in Norway. 

I never said everywhere else was cheaper!