GOOD! Iceland Jail Top Bankers For 46 Years, Rothschilds ‘Outraged’

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Iceland has found nine top bankers guilty and sentenced them to decades in jail for crimes related to the 2008 economic crash.

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.

Kaupthing was a big international bank headquartered in Reykjavik, Iceland. It expanded internationally for years, but collapsed in 2008 under huge debts, crippling the small nation’s economy.

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.

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.

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.

They are also found guilty of creating a misleading demand for Kaupthing shares by means of deception and pretence.

These guilty verdicts are just the latest in Iceland’s unprecedented clampdown since the economic crash. 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.

Meanwhile the economy that collapsed so spectacularly has rebounded after letting its banks go bust, imposing capital controls and protecting its own citizens rather than the elite bank bosses responsible for the mess.

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So… what does Holla Forums think about how Iceland handles the corrupt 1%?

It's good that they actually punish them instead of let them persist with no consequences

You're not from here, are you?
Jail is too tame for Holla Forums's taste

It's a start, but it's more intelligent to design the economy so such market manipulation cannot occur rather than relying on imprisonment as the only deterrent.

For example people do hard drugs usually because they are miserable, suicidal and want to escape from reality, and we use imprisonment as a deterrent for drug abuse rather than actually trying to improve their living standards so they don't want to do hard drugs in the first place.

Tons of rich kids who drive BWMs and live in mansions do drugs, they aren't miserable. Some people are biologically prone to addiction.

A gesture as meaningless as the impeachment of Nixon.

A handful of bankers went to jail, the debt relief measures amounted to less than 4% of total household debt (an especially meaningless gesture, there, given the rate of inflation in Iceland at the time, which was lowering the cost of old debts by double digits), Iceland did (in fact) bail out two of its banks, and the Big Three only went down because it would have been literally impossible to save them.

So we get this pyoor ideology about "look guys, the system totes works!"

Statistically countries with higher rates of income inequality tend to have higher rates of reported drug abuse. Furthermore, most drug addicts are in the low-income bracket. And I didn't say all drug addicts do it for the same reason.

It's not 46 fucking years, the media is sensationalizing it to say "s-see? you're not a second class citizen, honest!". It's 46 years IN TOTAL amongst 9 people. So 5 years each.

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