When the banks defaulted and became insolvent in Iceland – the international banking community pressured Iceland to take on the debt and pass austerity programs by raising taxes on and cutting services for the Icelandic people for the bank’s ills. The Icelandic government said no … declared bankruptcy, cut debt burdens for anyone with mortgage debt exceeding 110% of the value of their home and decided to prosecute the bankers who caused the fiasco in the first place. Having jailed several – they haven’t given up. They’re going after these bankers who are hiding out in foreign countries now.
In America – we know where the bankers are …. they’re at ritzy fundraisers for politicians. They’re laughing it up over how America is filled with a bunch of suckers. If we wanted to find them – we wouldn’t have to look far. I want asses in jail cells. I have yet to see a Wanted sign for an international financier but I’ve heard about case after case after case of settlements where banks are giving billions when they get caught breaking the law. And yet – the CEOs remain in place and everything goes back to business as usual.
I repeat again – I want asses in jail cells. Make no mistake – nothing else will change this behavior short of serious jail time or execution. Pick one. These guys responsible for millions of people’s suffering shouldn’t feel safe on a square mile on this planet. The message should be … we will find you and then it’s going to get really serious. We’re freezing your assets and then when you lose in court – we’re taking it and giving it back to victims. You’ll get your day in court … SOON. As in swift punishment. But that’s not the America we live in.
Press Europe explains how Iceland is going after the bankers responsible for the 2009 economic collapse HERE:
To ease the prosecutor’s job, the government modified the laws on banking secrecy. “Today, we have access to all information with no objections possible,” claims Olafur Hauksson. Suspected bank fraud, swindles, professional identity theft, misuse of funds, the types of investigations are wide-ranging and the three – soon to be four – interview rooms are never empty. The prosecutor says he is currently working on “a hundred priority cases”.
Most of those targeted are former banking sector officials or were board members of banks before the crisis. These Icelanders have often opted to relocate abroad – to Luxembourg, for example – to further their careers. A dispersal that complicates the task of Hauksson’s team. Yet searches continue and the team pursues its investigations abroad in the foreign subsidiaries of the Icelandic banks and includes questioning foreigners. “We enjoy full international cooperation,” stresses Olafur Hauksson.
Paul Krugman points out that the Iceland economy is rebounding quite nicely HERE:
And yet with all of that – the international community is still trying to push Iceland to be a part of the failed European Union despite a heavy majority of Icelanders being against it. We’ve written about that HERE.
Like us on Facebook?