Iceland Sentences 26 Corrupt Bankers To 74 Years In Prison

[Lodestar]

Iceland just sentenced their 26th banker to prison for his part in the 2008 economic collapse. The charges ranged from breach of fiduciary duties to market manipulation to embezzlement.

When most people think of Iceland, they envision fire and ice. Major volcanoes and vast ice fields are abundant due to its position on the northern part of the Mid-Atlantic Ridge. (A hot July day in Reykjavik is around 55 degrees.) However, Iceland is also noted for being one of the Nordic Socialist countries, complete with universal health care, free education and a lot other Tea Potty nightmares. Therefore, as you might imagine, they tend to view and react to economic situations slightly differently than the U.S.

When the banking induced “Great Recession of ’08” struck, Iceland’s economic hit was among the hardest. However, instead of rewarding fraudulent banking procedures with tons of bailout money, they took a different path.

More:
https://www.popularresistance.org/iceland-sentences-26-corrupt-bankers-to-74-years-in-prison/

[LiberalEsto]

1. Can we send them our bankers?

Please please please please?

[kentauros]

4. Or, can we import their judicial system?

And clean house?

[valerief]

11. I think that will help us out in many, many different ways! nt

[appalachiablue]

16. Nordic Justice. That would make a good crime drama. They don't mess around, wow.

In medieval Germany if townspeople caught a merchant cheating, like a fraudy baker using stones or other fill in bread they immediately hung him. It was justified to prevent the criminal from moving to other towns and doing the same thing. A common practice far and wide no doubt.

[hifiguy]

15. There ARE plenty of volcanoes

to drop them in.

[R. Daneel Olivaw]

2. That's commendable. And what do our politicians think and do to our banksters?

Woa, what was that last part?

[Tierra_y_Libertad]

3. If elected she will follow it with a disapproving frown if they don't cut it out.

And, then she will bail them out....again.

[R. Daneel Olivaw]

6. Ah, yes: the Presidential gaze of the hairy eyeball. Works every time.

Who needs meaningful legislation when you have that?

[Tierra_y_Libertad]

8. Or, a warning nudge-nudge, wink-wink.

[appalachiablue]

14. "I'm what's between you and the pitchforks" Pres. Obama allegedly said to bankers in '09.

[tularetom]

26. That's not fair

I'm pretty sure she will have her Attorney General send them a strongly worded letter before she bails them out.

[JDPriestly]

19. Wow! This needs to go viral!

I wonder whether she has ever talked to one of the people whose home was foreclosed or who came close to having their home foreclosed.

I'd like to know what she said to them. Whether she said: "You should have known."

Because I don't think she would have had she heard some of their side of the story.

In the years leading up to the 2008 recession, we received so, so many offers of a second mortgage.

In California, in certain circumstances, a homebuyer can just walk away from the first mortgage when in default. But that's not so easy when you have a second mortgage.

The banks, in my humble opinion, gamed the laws, gamed the homeowners and homebuyers. And look, many of them walked away richer than before.

I may be wrong, and I apologize if I am being unfair. But the stories I heard from homebuyers and homeowners, and what I saw in my own life tells me that the homebuyers were ignorant. The bankers knew. I can't believe they didn't.

If wages don't rise, how can prices on middle class homes rise? Where is the money to pay the mortgages supposed to come from?

And that is what was happening prior to 2008. Demand rose and housing prices rose but wages did not. That creates a great big hole.

Doesn't take a genius or even a banker to see the problem.

But Hillary did not get it.

[R. Daneel Olivaw]

20. The bankers knew. Hillary knew. They're supposed to know.

And Joe average took the hit.

[raccoon]

23. You got that right. nt

[Sentath]

25. or in more cinematic form

[smirkymonkey]

30. Oooo! And did she wag her finger at them too!

Bad ass!

[Rex]

5. So I take it they don't have a Wall Street to hide behind?

We give ours promotions and golden parachutes. Sometimes a sacrificial lamb is offered up.

[SoLeftIAmRight]

7. cut it out

what - that does not work?

[Dems to Win]

9. If this had happened in US, there wouldn't be such a strong anti-Establishment mood today nt

[retrowire]

10. yep. nt

[Spitfire of ATJ]

13. Bingo: Because the establishment would have been doing the right thing.

[avaistheone1]

17. True, and I wish our media would endorse your point of view.

[RKP5637]

28. Exactly!!! Here in the US they get hoards of money to do the SOS again!!! Wake the F up people! n/t

[davidn3600]

12. We can't do that since our bankers are "too big to fail"

[Festivito]

18. We sentenced ours to a long pay in bling bling. eom

[merkins]

21. That's the way you do it

Lemme tell ya them guys ain't dumb
Maybe get a blister on your little finger
Maybe get a blister on your thumb

[raccoon]

22. Way to go, Iceland! US could learn from them. nt

[Octafish]

24. Bring their prosecutors here for a seminar.

William K. Black wants to speak with them.

[RKP5637]

27. And in the US, they get a pat on the back and hoards of money to bring back the SOS!!!

Here in the US it's not about for "we the people," but rather for "we the wealthy oligarchs." And far too many good people of the US are too F'en stupid to get what's going on.

[KamaAina]

29. Go directly to jail

do not pass Go, do not collect $200.