Iceland has just jailed two of its bankers for fraud stemming from the 2008 economic crisis.
While in the UK we’ve just given a knighthood to former Financial Services Authority chief executive Hector Sants whose incompetence allowed bankers to cause the financial crisis to happen – and while other countries in Europe have decided to bail out their bankers and allow them to continue to award themselves massive pay and bonus packages while telling everyone else they have to suffer massive cuts to jobs, salaries and services – Iceland decided to put their wrongdoers in prison instead.
Two former executives at an Icelandic bank which collapsed in the 2008 financial meltdown have both been sentenced to 9 months in jail for fraud by a Reykjavik court.
And in a twist of unbelievable self-parody, over here ‘Sir’ Hector Sants has also just been hired by Barclays Bank – to help them clamp down on their out-of-control executive bonus and pay structure – on a salary of £3m:
Barclays Pays Executive £3m – to Clamp Down on High Pay!
I know Iceland is supposed to be populated mainly by sheep but I bet they can’t match the 62 and a half million we seem to have got residing over here in the UK.
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veganpanda said:
Interesting that Iceland gave bankers that caused their crisis 9 months in prison, so that’s what people get who cause widespread death & destruction of the poorest & most vulnerable! Hardly a punishment is it, especially as they’ll come out and continue to ruin people’s lives by doing the same, the mega-rich always get away with anything, including murder!!
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sophiecussen said:
What a truly bizarre world we live in!
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Loverat said:
Indeed – Sants was in charge of a regulator which allowed fraudsters to flourish. Not just bankers but market abusers. A few years ago I gave the FSA proof of market abuse on a plate.
It was ignored – presumably because the offender was supposed to be a campaigner against the practice. Exposing him would have caused a further loss of confidence in the markets,
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Jim Braman said:
Thanks for the info!
I’m just glad to have found current information about Iceland! How do you get this stuff, anyway? If I did not have 20 extra minutes to scour the internet, I would not have anything less than 6 months old on the subject!
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