Iceland court sentences third bank CEO to prison

[pampango]

Ex-Chief of Iceland Bank Sentenced to Jail for Role in 2008 Crisis

The former chief executive of Landsbanki of Iceland was sentenced to prison on Wednesday, the third of the top executives of the country’s three largest banks that the government has successfully prosecuted and jailed for misconduct during the financial crisis.

Sigurjon Arnason was ordered jailed for a year at a hearing at the Reykjavik District Court on Wednesday, but nine months of his sentence were suspended and will be served as probation.

Iceland was one of the countries hardest hit by the financial crisis and was forced to nationalize its three largest lenders in 2008.

Mr. Arnason is the third former chief executive of an Icelandic bank to be ordered jailed for misdeeds in the run-up to the nationalization of Landsbanki and two other of the island nation’s biggest lenders.

http://dealbook.nytimes.com/2014/11/19/ex-chief-of-iceland-bank-sentenced-to-jail-for-role-in-2008-crisis/

Impressive how Iceland has dealt with the CEO's of its financial institutions. The "Icelandic way" is a different thing, since it also applied for membership in the EU in 2009 (though they have put it on hold recently) and concluded a 'free trade' agreement with China in 2013. Iceland sure has its own way of dealing with things.

[hobbit709]

1. Too bad we wouldn't do that here

Instead we gave them government positions.

[belzabubba333]

2. hey doj you watching this?

[treestar]

3. What did the laws they were

Prosecuted under say. And what is the process. We can't do anything here unless its against our law here. And proven under our standards.

[Initech]

4. If only we could do that here.

[NV Whino]

5. Let's just send our bankers to Iceland.

Problem solved.