74 year sentences for fraudsters high level; US and rest of Europe rescued his.
In a story that is not informed by any means of communication generalist western Iceland sentence just five senior bankers to jail for having contributed directly to the collapse of the economy in 2008.
This makes a total of 26 bankers behind bars in Iceland, most of them CEOs (Senior) of large financial institutions, and no low-level operators.
Starts At 10:00 min on time line bar.
Most prison sentences meet two to five years, according to a report of Iceland Magazine , which states that the three executives and two in Kaupthing Landsbankinn, with a prominent investor, have been convicted.
Their crimes include market manipulation, embezzlement, and breach of fiduciary duty. Its market manipulation destroyed the country’s economy and even today continues to Iceland to repay money to the IMF global loan sharks, as well as governments of other countries, which remained operational nation.
The article explains that trials have been possible because instead of protecting and rewarding the very institutions responsible for the fall and the gangsters who run them, the Icelandic government let them fall and then created a financial control authority strictly monitor banks.
The president of Iceland, Olafur Ragnar Grimsson said:
Why banks are considered the Holy Church of the modern economy? Why private banks are not like airlines or telecommunications and allowed to go bankrupt if they have managed irresponsibly? The theory of the need to bail out the banks is a theory that bankers are taking their own benefit, after their success, then make ordinary people bear the burden of their failure through taxes and austerity. The citizens of liberal democracies will not accept this for the long term.
“We were wise enough not to follow the prevailing orthodoxies in the Western financial world for the past 30 years. We have introduced foreign exchange controls, let the banks be broken, we provide support to the poor, and not introduced austerity measures as those applied in Europe. “
While the economy is far from what it was, it has stabilized and is able to recover.
Meanwhile, the governments of the US and Europe rescued most directly responsible for the financial crisis that hit the world economy.
In the US, Congress gave US banks $ 700 billion TARP bailout route at the expense of taxpayers.
Not a single banker in the US has been accused of a crime related to the financial collapse, there is still virtually no regulation of banks and banks registered record profits of nearly $ 160 billion annually, all “money” created out of nothing.
The “banquerousureros” remain protected, at all levels, and the effects of their criminal actions continue to worsen every day.
Another financial catastrophe is a fact.
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