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L0oniX

(31,493 posts) Sun Jun 28, 2015, 10:01 AM Jun 2015

113

Iceland Just Jailed 7 Bank Executives For Market Manipulation [View all]

Their sentences range from one to four years.

According to The icelandmonitor: “By fully financing share purchases with no other surety than the shares themselves, the bank was accused of giving a false and misleading impression of demand for Kaupþingi shares by means of deception and pretence.”

They were accused of trying to artificially inflate share prices in 2008 by using the bank’s funds to buy shares.

The Iceland Reveiew reported: The court case began in late April, and the hearings were the most wide-ranging and complex in Icelandic legal history. Over 50 witnesses were called, and testimony lasted for many weeks. They were quizzed on the nine defendants’ suspected illegal trade in their own bank’s shares in the lead up to its collapse. Charges laid by the Special Prosecutor claimed that the widespread illegal trade was carefully choreographed and highly deceptive.

By jailing these executives of Iceland’s failed Kaupthing Bank, the country showed the world how to deal with corrupt banks.

37 replies

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Iceland Just Jailed 7 Bank Executives For Market Manipulation [View all] L0oniX Jun 2015 OP

K&R for taking the correct actions right from the start. PowerToThePeople Jun 2015 #1

Meanwhile, back in the good ol' USA, JEB Jun 2015 #2

What we have is legal bribery and influence peddling. Americans need to wake up to Dustlawyer Jun 2015 #14

Well said. Especially the Bernie part. Enthusiast Jun 2015 #23

You are so right on! Enthusiast Jun 2015 #21

And we haven't declared war on Iceland yet? Wilms Jun 2015 #3

We're preparing to attack Sylvania first. L0oniX Jun 2015 #4

Fredonia will not be pushed around by hifiguy Jun 2015 #29

Kudos To Iceland colsohlibgal Jun 2015 #5

And,not only that - packman Jun 2015 #6

K&R..... daleanime Jun 2015 #7

Iceland is culturally homogeneous, evidently sociopathy lacks the high social cachet it has here Fumesucker Jun 2015 #8

Apparently their banksters did not value campaign contributions enough. L0oniX Jun 2015 #9

You mean bankers go to jail CTBlueboy Jun 2015 #10

Even Dutch (RR) punished some of them for the S & L fraud in the 80s. But now the banksters rule, appalachiablue Jun 2015 #12

If only we would follow suit. smirkymonkey Jun 2015 #11

Amen! appalachiablue Jun 2015 #13

What a novel idea, a crime is committed and they go after the culprits. n/t Jefferson23 Jun 2015 #15

one to four years frankly seems very lenient for such crimes rurallib Jun 2015 #16

Quick! Let's tell Obama to schedule a Presidential visit to Iceland! jalan48 Jun 2015 #17

Megafuckingsighage... Rex Jun 2015 #18

Will this get the USA started on a similar action Omaha Steve Jun 2015 #19

Any day now..... Enthusiast Jun 2015 #22

Oh probably not. =( But it SHOULD! ]=( calimary Jun 2015 #24

Kick and R BeanMusical Jun 2015 #20

K&R! This post deserves hundreds of recommendations! Enthusiast Jun 2015 #25

I'm sure that Hillary will get this all straightened out. L0oniX Jun 2015 #26

Yes. She would never tolerate the financial sector running roughshod over the American people. Enthusiast Jun 2015 #27

This is how it is done, Mr. Obama. hifiguy Jun 2015 #28

+1 L0oniX Jun 2015 #34

This is the end seveneyes Jun 2015 #30

K&R Banksters and fraudsters best start stocking up on aloe vera. nt raouldukelives Jun 2015 #31

Nothing of that sort will happen here, sadoldgirl Jun 2015 #32

That it took them 7 years to bring the case suggests the difficulty bhikkhu Jun 2015 #33

you honestly think that fines deter these people??? Doctor_J Jun 2015 #35

here's what happens to criminals in the US Doctor_J Jun 2015 #36

^^^this^^^ Nailed it! L0oniX Jun 2015 #37