Reykjavík, 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.
The majority of those convicted have
been sentenced to prison terms of two to five years. The maximum penalty in
Iceland for financial crimes is six years, although hearings are currently
underway to consider extending the maximum beyond six years.
The prosecutions are the result of
Iceland’s banksters manipulating the Icelandic financial markets after Iceland
deregulated their finance sector in 2001. Eventually, an accumulation of
foreign debt resulted in a meltdown of the entire banking sector in 2008.
According to Iceland Magazine: In two separate rulings last week,
the Supreme Court of Iceland and the Reykjavík District Court sentenced three top managers of Landsbankinn and two top managers of Kaupþing, along with one prominent investor, to prison for crimes
committed in the lead-up to the financial collapse of 2008. With these rulings
the number of bankers and financiers who have been sentenced to prison for
crimes relating to the financial collapse has reached 26, and a combined prison
time of 74 years.
Massive debts were incurred in the
name of the Icelandic public, to allow the country to continue to function,
which are still being repaid to the IMF and other nations eight years later by
the citizens of Iceland. In contrast to the U.S., Iceland has chosen to hold
the criminals that manipulated their financial system accountable under the
law.
In the U.S., not a single banking executive was charged with
crimes related to the 2008 financial crisis,
even though the U.S. itself precipitated the crisis. Icelandic President,
Olafur Ragnar Grimmson summed it up
best in his response when asked how his country recovered from the global
financial crisis.
“We were wise enough not to follow
the traditional prevailing orthodoxies of the Western financial world in the
last 30 years. We introduced currency controls, we let the banks fail, we
provided support for the people and didn’t introduce austerity measures like
you’re seeing in Europe.”
While Iceland has prosecuted those
that caused their financial crisis, America has done the opposite. In 2008,
after Congress bailed out the failing American banks to the tune of $700 billion
dollars, courtesy of the American taxpayer, many of the executives of
institutions that received TARP bailout funds ended up getting large bonuses!
The prosecution of the Icelandic
banksters represents an accountability that does not exist in the United States
of America. It seems clear that the financial “Masters of the Universe” are the
ones that truly control the political apparatus in the U.S., making it obvious
there is no one who is going to hold them accountable for manipulating and
crashing the financial markets.
This
story was originally published at The Free Thought Project
http://www.rawstory.com/2015/10/iceland-does-what-the-us-wont-26-top-bankers-sent-to-prison-for-role-in-financial-crisis/
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