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Related: About this forumIceland Jailed Bankers and Rejected Austerity—and It’s Been a Success
http://www.commondreams.org/views/2015/06/12/iceland-jailed-bankers-and-rejected-austerity-and-its-been-successWhen the global economic crisis hit in 2008, Iceland suffered terriblyperhaps more than any other country. The savings of 50,000 people were wiped out, plunging Icelanders into debt and placing 25 percent of its homeowners in mortgage default.
Now, less than a decade later, the nations economy is booming. And this year it will become the first culturally European country that faced collapse to beat its pre-crisis peak of economic output.
Thats because it took a different approach. Instead of imposing devastating austerity measures and bailing out its banks, Iceland let its banks go bust and focused on social welfare policies. In March, the International Monetary Fund announced that the country had achieved economic recovery without compromising its welfare model of universal health care and education.
Iceland allowed those responsible for the crisisits bankersto be prosecuted as criminals. Again, a sharp contrast to the United States and elsewhere in Europe, where CEOs escaped punishment.
Why should we have a part of our society that is not being policed or without responsibility? asked special prosecutor Olafur Hauksson in the wake of the collapse. It is dangerous that someone is too big to investigateit gives a sense there is a safe haven.
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Iceland Jailed Bankers and Rejected Austerity—and It’s Been a Success (Original Post)
eridani
Jun 2015
OP
Sherman A1
(38,958 posts)1. K&R!
eridani
(51,907 posts)2. And they have now jailed some more!!
Iceland Just Jailed Seven Bank Executives for Market Manipulation
http://www.nationofchange.org/2015/06/27/iceland-just-jailed-seven-bank-executives-for-market-manipulation/
In one of the biggest cases of its kind, seven prison sentences for market manipulation today.
According to The iceland monitor: 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 pretense.
They were accused of trying to artificially inflate share prices in 2008 by using the banks 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 banks 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 Icelands failed Kaupthing Bank, the country showed the world how to deal with corrupt banks.
http://www.nationofchange.org/2015/06/27/iceland-just-jailed-seven-bank-executives-for-market-manipulation/
In one of the biggest cases of its kind, seven prison sentences for market manipulation today.
According to The iceland monitor: 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 pretense.
They were accused of trying to artificially inflate share prices in 2008 by using the banks 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 banks 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 Icelands failed Kaupthing Bank, the country showed the world how to deal with corrupt banks.
mother earth
(6,002 posts)3. K & R nt