Jóhannesson, for refusing to meet with one of them in private to discuss her husband's case. They cordoned off these institutions. Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki. All rights reserved. stepping up and saying: “I’m sorry, you committed fraud. Kaupthing was the largest of the Icelandic banks to go into administration in 2008 Four former bosses from the Icelandic bank Kaupthing have been sentenced to … Russia to Restore Military Bases in Cuba, Vietnam as War with US Looms, Hillary Admits Public Persona ‘Is Fake’ In Leaked Wall Street Speech, Copyright © 2021 The People's Voice, Inc. All rights reserved | News Punch. Charlie McGrath: It’s significant in regards to On the Move. It’s the worst form of Iceland has found nine top bankers guilty and sentenced them to decades in jail for crimes related to the 2008 economic crash. I financial fraud? fail in 2008 – the six largest of them are 37 percent bigger than government. RT:The jail terms are the biggest penalty This use of a PR firm by the jailed bankers has also caused considerable anger. Bankers jailed, sued as Iceland seeks culprits for crisis. handful of token fines, that had been paid by these corporations Unfortunately I myself and lots of other people – Jim Last year, the International Monetary Fund declared that Iceland had achieved economic recovery “without compromising its welfare model” or unduly punishing its citizens for crimes committed by its bankers. lying down.”. Dislike . time the too-big- to-fail corporations screw things up and ask Iceland has found nine top bankers guilty and sentenced them to decades in jail for crimes related to the 2008 economic crash. But unlike other Western economies, the Icelandic government let its three major banks - Kaupthing, Glitnir and Landsbankinn - fail and went after reckless bankers. Bankers in Iceland have gone to jail for far less. Meanwhile the guilty senior bankers, thanks to government bail outs, carry on making enormous profits and collecting their obscene bonuses as though nothing happened. By demanding that bankers be subject to the same laws as the rest of society, Iceland opted for a very different strategy in the wake of the financial crisis to rest of Europe and the US, where banks were fined nominal amounts, and directors and chief executives escaped punishment altogether. And let’s face it, these institutions that we called too big to 20 Jul 2012 2 Sep 2017 by Volubrjotr. that led to a collapse in 2008. They are also found guilty of creating a misleading demand for Kaupthing shares by means of deception and pretence. It expanded internationally for years, but collapsed in 2008 under huge debts, crippling the small nation’s economy. It's entirely true that Iceland has successfully been jailing bankers for their part in the Great Crash of the financial markets and then of Iceland's economy. Iceland was dealt a bad hand by its bankers, but it’s making at least some of them pay for that, which is more than we can say in the United States. Tweet. Iceland's financial position has steadily improved since the crash. On February 12, the Supreme Court of Iceland decided the fate of defendants in the so-called “Al-Thani case,” the first major case against the managers of the former banks to reach the court. capitalist corporations –they are in control of the economy here The wives of two jailed bankers have called out the President of Iceland, Guðni Th. Iceland is right to jail it’s bankers – and the US and Europe is wrong to merely slap a few wrists and give the green light to future outrages. So to pretend that government has no place in overseeing these institutions is to sit back and say: “Go ahead, bankers! over financial institutions. We take the so-called private corporations, these free-market Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki. The jailed bankers came under scrutiny earlier this fall when it was reported that unnamed prisoners at Kvíabryggja had requested to be allowed to drink wine with their dinner. Not one of them went scum! They helped the people These guilty verdicts are just the latest in Iceland’s unprecedented clampdown since the economic crash. | Heroin and Cornflakes […] It has even been suggested (Tap) ganksters banksters maybe involved, hitting back at recent arrests of their colleuges (news)? Lars Plougmann / CC BY 2.0. I truly believe that 2008 was a financial terrorist event. a financial 9/11 committed by these institutions, and when we go This brings the total number of senior Icelandic bankers so far sentenced for crimes in the run-up to the 2008 banking crash to 29. And we are doing the exact same things Speaking truth to power since he learned to talk, Baxter has travelled in over 80 countries and won arguments in every single one. Please donate here to support this vital work. So I again hope this is the By subscribing you agree to our Terms of Use. this case. Now they’re enjoying a strongly recovering economy. If Finance Minister Bjarni Benediktsson has his way — and he likely will — Icelanders will be paid kr 30,000 after the government takes over ownership of the bank. Go First is the emergency legislation passed by the Icelandic parliament in October 2008. So to pretend that government has no place in overseeing February 16, 2013, 11:07 pm. Van Morrison Is Being Blacklisted For His Latest Act Of ‘WrongThink’, ‘FILTHY PERVERT’: Bill Gates Attended Nude Parties, Hired Sex Workers and Hung Out With Pedophile – Sources Claim. Local news outlet Fréttablaðið has calculated that in the past few years the Icelandic judiciary has sentenced 36 bankers to a total of 96 years in prison. We should have done the same thing.” Iceland, which suffered one of the deepest banking crashes in 2008, established a special prosecutor team to investigate 21 reports of banking illegality. Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki. these institutions is to sit back and say: “Go ahead, bankers! 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Yes, fines were imposed on the 20 biggest banks for transgressions such as market manipulation, money-laundering and mis-selling mortgages, but these costs fall on shareholders and, by hampering the banks’ ability to lend, they also punish the rest of society. dealings of financial institutions? Iceland — First, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. to jail. On Thursday Iceland’s Supreme Court returned a guilty verdict for all nine defendants in the Kaupthing market manipulation case, after a long running court trial which began in April last year. Subscribe to RT newsletter to get stories the mainstream media won’t tell you. Iceland Jails Bankers, Erases Citizens’ Debt, Recovers Strongly: No More Banks. Bloomberg Edward Robinson discusses the Iceland prison where criminal bankers serve their sentences and … Not one of them has been indicted. Political Vel Craft. for a bailout with taxpayers’ money, he added. Tom Hayes, a former UBS banker, was jailed for 11 years in 2015 for manipulating Libor, the benchmark interest rate, despite arguing that his bosses knew what he was doing. CMcG: I hope so, but I am not optimistic of March 31st, 2016, 1:57 AM PDT. This is exactly what needed to happen in the United States and in Guðni turned down the request for a meeting, arguing it was inappropriate for the President of Iceland to discuss or intervene in the cases of individuals whose cases felt they had met injustice at the This website uses cookies. All of the criminal cases are linked to the notorious crash of the Icelandic banking system in 2008. Veil Of Politics. You can unsubscribe any time. Speaking on BBC Question Time, broadcast from Edinburgh, Brown said: “Iceland jailed the bankers when they found they were corrupt. Executives At Collapsed Iceland Bank Jailed For Fraud Since the end… Skip to content. By AFP Saturday 1 Apr 2017, 8:30 AM. The economic contraction and rise in unemployment appear to have been arrested by late 2010 and with growth under way in mid-2011. A public relations firm, which handles the prisoners’ public image and communications while they are in prison, denied these rumours. Former director of the bank, Hreiðar Már Sigurðsson, who was found guilty and jailed last year, was also given a six-month extension to his sentence on Thursday. According to Iceland Monitor, the bankers are found guilty of crimes relating to deceitfully financing share purchases – the bank lent money for the purchase of the shares while using its own shares as collateral for the loans. And my hat is off to Iceland for standing up to these bankers. In a refreshing move that other countries could make note of, the court ordered the bankers to serve between four and five and a half years in prison. it is socialism when you start talking about government control They’ve formed state banks. The US and other nations must take it as a model for the next the precedent? Holding its most powerful bankers accountable should have been a satisfying result for Iceland’s 333,000 residents. And they hit at the problem head on. and COOs of these massive corporations live. First, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. Iceland Jailed Bankers and Rejected Austerity—and It’s Been a Success Instead of imposing devastating austerity measures and bailing out its banks, Iceland let its banks go bust and focused on social welfare policies. hope that Iceland is held up as a model on how you deal with this So we see an actual government, an actual people and nation Two of Iceland's most senior former bankers have been jailed for making reckless business loans, following investigations stemming from the collapse of the country's banks in 2008. model that we are looking forward to. There’s been a What happened in Iceland is what the people demanded of the the rest of the world. Just before Christmas, the former CEO of Iceland’s Glitnir bank and two other senior bankers were sentenced to jail terms of up to five years for market manipulation and breach of fiduciary duties. First, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. CMcG: Here in the United States, we pretend that rather than the banking institutions. You If Finance Minister Bjarni Benediktsson has his way — and he likely will — Icelanders will be paid kr 30,000 after the government takes over ownership of the bank. Who killed the herring? Tucker Carlson: Where Is the ‘CRIMINAL INVESTIGATION’ Into Anthony Fauci? Read RT Privacy policy to find out more. […] Like . By jailing four top officers of Iceland's failed Kaupthing Bank, the country showed the world the right way to deal with the people largely responsible for the 2008 financial crisis, said Charlie McGrath, founder of news website, Wide Awake News. When will the US and the West ever have the balls to … RT:Could there be broader ramifications of for such crimes in Iceland's history. Is Iceland setting a new bar for prosecution of They hold 5, we're $7,500 in the red for the year. Jay Syrmopoulos October 21, 2015. RT:In light of this scandal, how much Rogers, Mark Favors, Harry Dent – we all believe that there is That’s something far worse than socialism. What is the significance of butt being put behind bars.”. MORE than a year and a half after Iceland's major banks failed police have begun rounding up a number of top bankers. – and let me reiterate ‘by the corporations’, not by these He covers politics, business and entertainment. Iceland Jailed Bankers and Rejected Austerity -- and It’s Been a Success. are not going to take the fraudulent failures of these banks another mega-collapse coming. But we have something far worse Live without fear. individuals themselves. Sign up to get unfiltered news delivered straight to your inbox. It was Even lifelong Wall Street defender Alan Greenspan, the former […] Like . The man who jailed 40 top bankers in Iceland after the 2008 global credit crunch Now, Iceland has truly started jailing its banksters. they fail, we spread their debt to the people of this country. the 2008 crisis, if you happen to be living here in the United are headquartered, where the true corporates are, where the CEOs sway over the government. Iceland Just Jailed Dozens of Corrupt Bankers for 74 Years, The Opposite of What America Does. As of Apr. Four main factors have been important in this regard. ahead and take over the future of this nation and lead us into On Thursday Iceland’s Supreme Court returned a guilty verdict for all nine defendants in the Kaupthing market manipulation case, after a … And you are going to pay for it by your What happened in Iceland is what the people demanded of the government. into the next crisis that is going to affect the entire globe. Go ahead and take over the future of this nation and lead us into financial ruin!” And that’s exactly what happened. Iceland's jailed bankers say they were scapegoats for the financial crisis They’re taking their cases to the European Court of Human Rights. Dislike . Kaupthing was a big international bank headquartered in Reykjavik, Iceland. they were in 2008. © Autonomous Nonprofit Organization “TV-Novosti”, 2005–2021. screwed over a nation. In 2009 they marched on the parliament and said: “We The process of changing their government took […] financial ruin!” And that’s exactly what happened. The people of Iceland are currently doing what Americans can only dream of, dismantling a corrupt political system and arresting the bankers who caused the country’s financial collapse in 2008. Authorities have been pursuing bank bosses, chief executives, civil servants and corporate looters for crimes ranging from insider trading to fraud, money laundering, misleading markets, breach of duties and lying to officials. Key news articles on Iceland jailing 26 bankers,the CDC reversing course in its debate on cellphone risk, and more. They hold sway over the economy. This determination to hold people to account for actions that caused intense financial misery contrasts strongly with the U.K., the rest of Europe and the US. – we take these corporations and put them on a pedestal, and when here. Finally some banksters jailed! Reykjavik, Iceland – In stark contrast to the record low number of prosecutions of CEO’s and high-level financial executives in the U.S., Iceland has just sentenced 26 bankers to a combined 74 years in prison. Icelanders jailed their bankers and erased citizen debt. The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of RT. that. While the US and UK governments provided bail outs and government stakes for their big banks with tax-payers’ money – essentially giving bankers the green light to continue behaving in the same way – Iceland adopted a different approach, declaring it would let the banks go bust, weed out and punish the criminal element at the top of the banks, and protect the savings of the people. Baxter Dmitry is a writer at News Punch. They have rewritten their constitution so such abuses of power and trust will (hopefully) never be allowed again. 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