Bankers going to Jail; Iceland – 26, U.S. – 0

Dec 2, 2015

So for those of you who think that Bankers can’t go to jail for lying and market manipulation — the very basis of the way securitization was practiced — I present Iceland.

Eleven former bankers have been sentenced to four and a half years or more in prison. The former top bosses of Kaupþing have received the longest sentences to date. Hreiðar Már Sigurðsson, the former CEO of failed bank Kaupþing and Magnús Guðmundsson, the CEO of Kaupþing Luxembourg, top the list, having been sentenced to a combined six years in prison for extensive market manipulation, embezzlement and breach of fiduciary duties.[e.s.] The maximum combined sentence for financial crimes according to Icelandic law is six years.

Courts can sentence people to longer prison terms than six years in cases where the crimes are systematic and repeated, and in cases where people make a living from engaging in financial crimes. Future cases against Magnús and Hreiðar Már will determine if the courts consider the two to have engaged in financial criminality of a scale which justifies expanding on the maximum sentences.

Read more: http://www.certifiedforensicloanauditors.com/editor/11.15/26-bankers-already-sentenced-to-combined-74-years-in-prison.html#ixzz3sM8NJSZ1

So what deal was made with Bush and Obama to not prosecute because the politicians who didn’t have one clue about finance were scared the world would end if they didn’t protect the criminals who undermined the U.S. economy and the world economies. Why were they scared? Answer: because they trusted the criminals who told them that is what would happen.

Posted in Uncategorized |