Posted on 12/31/2012 4:00:01 PM PST by opentalk
REYKJAVIK (Reuters) - Two former executives at an Icelandic bank which collapsed in the 2008 financial meltdown were sentenced to jail on Friday for fraud which led to a 53 million euro loss, in the first major trial of Icelandic bankers linked to the crisis.
All three of the small North Atlantic island's top banks collapsed in quick succession in October 2008 due to big debts incurred during a rapid overseas expansion.
Glitnir was the first to fall after the collapse of Lehman Brothers caused international credit markets to freeze up.
(Excerpt) Read more at au.news.yahoo.com ...
Free Jon Corzine!!
While Iceland jails criminal bankers....the US lets theirs off Scot free
… Prosecutors said the two approved a loan to a company which owned shares in Glitnir so that the company could in turn repay a debt to Morgan Stanley. The decision, taken outside the regular decision-making process,
The same thing happened here in the US and around the world. Only on a much grander scale. And it is in fact still going on. The US lets those bankers walk free.
They should put all Wall Street bankers in jail!
By the way the bankers in Switzerland are held personally liable if the bank loses money. WHich may be why Swiss banks never fail or need bailouts!
Didn’t UBS need a bailout?
Correction. In the US they not only get off Scott free, they get multi million dollar bonuses.
Corruption in America will carry on into 2013.
While Iceland jails criminal bankers....the US lets theirs off Scot free
No, we give them powerful government positions.
Here in the US, out banking executives continue to walk free but we had to pay for their bailouts and bonuses after they ran the market into the ground.
I think our congress should be put in prison along with Obama and Company he is the biggest thief and by all accounts allows bankers to act poorly. If they broke the law they should be punished.
sfl
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