October 22, 2018
(Source: AmericanNewsx) – Another banker just got sentenced to prison been an accomplice in the economic collapse in 2008, which makes it the 26th banker the country will be jailing this year.
The charges he was been jailed for included breach of fiduciary duties, market manipulation and embezzlement.
While most people think of Iceland, they visualize fire and ice. Major volcanoes and vast ice fields are plentiful due to its location on the northern part of the Mid-Atlantic Ridge. (A hot July day in Reykjavik is roughly 55 degrees.) Meanwhile, Iceland is also renowned for being one of the Nordic communist countries, with absolute universal health care, free education and many other Tea-Potty nightmares. Consequently, as you might imagine, they have a tendency of viewing and reacting to economic situations somewhat differently than the United States.
When the banking induced “2008 Great Recession of” struck, Iceland’s economic hit was amongst the hardest. Nevertheless, instead of rewarding dubious banking procedures with plenty of bailout money, they took a different approach.
Before the economic recession, Iceland had one of the more flourishing economies in the world, despite the fact that their total populace (327,000) wouldn’t even fill a medium size American city. When the recession struck, they were among the hardest and earliest hit. However, instead of turning to the vaults to shower the banks with money, they let the financial institutions fail. They also refuse traveling down the Republican /European strictn raod. Instead, they kept their social programs in place at a time when they were most required.
And, they sent dubious bankers to prison.
When the country 3 major banks collapsed, this resulted in non-payment totaling $114 billion in a country having a gross domestic product (GDP) of about $19 billion only. In O2008, october to be precise, the legislature passed emergency legislation to preside over the domestic activities of the major banks and created new banks to handle them. However, they did not eventually take over any of the foreign assets or duties. Those remained with the original banks, leading straight into bankruptcy.
Then charges were leveled against several banking executives for market manipulation and fraud, resulting in jail time ranging from four to five and a half years. The special prosecutor said, why should we have a part of our society that is not being controlled or a part without accountability?
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