Four Iceland bank executives jailed

[hedgehog]

Former CEO Hreidar Mar Sigurdsson was given a five-and-a-half sentence and former chairman Sigurdur Einarsson was sentenced to five years.

Magnus Gudmundsson, the head of the Luxembourg unit, and the bank’s second-largest shareholder, Olafur Olafsson, both were sentenced to three-and-a-half years.

They were indicted in February 2012 by Iceland's Special Prosecutor investigating the nation’s economic collapse.

http://www.rte.ie/news/2013/1212/492500-four-iceland-bank-executives-jailed/

[Tuesday Afternoon]

1. DU Rec

[Scuba]

2. Boy, wait'll the liberal media hears about this!

[Enthusiast]

17. Yeah, it'll be on every channel.

[malaise]

3. This is how you deal with criminals

Bravo Iceland - a little country shall lead the way.

[tclambert]

9. Surely you're not suggesting we put financial criminals in jail with those horrible potheads!

Why, they might come into contact with minorities or POOR PEOPLE. NOW YOU SEE WHAT YOU'VE DONE? MY CAPS LOCK IS ON!

[malaise]

10. I'd release the potheads

to prevent the from being exposed to filth

[Enthusiast]

16. LOL! + one a whole bunch!

[lastlib]

13. ...or (Horrors!) "blah people"!!

What is this world coming to??? When people want to put gang-bankers in prison, and for what--stealing ("legally&quot a few little houses??!? Why, you'd think RICH people lived in them.........!

[VanillaRhapsody]

26. I love it...Gang Bankers....they do drive-by foreclosures!

[lastlib]

31. lol!

(or street-corner credit swaps...)

[WillyT]

4. HUGE K & R !!! - THANK YOU !!!

GO ICELAND !!!

[hedgehog]

5. More info here:http://www.bbc.co.uk/news/business-25349240

[rurallib]

6. I'll be goddamned. Somebody someplace is finally going to jail

Something I was sure I would never see.

[TBF]

7. There is a lot we can learn from Iceland. nt

[Z_California]

8. Let's hope this goes viral

Not the story, but the arrests. The criminals running amok on Wall Street need to know shit's real or it will never stop.

[dotymed]

29. Oddly enough they were arrested 2-2012

and the MSM hasn't mentioned it here, nor has it gone viral.
Sanders for President...a peaceful revolution.

[tclambert]

11. In America, it is considered subversive to even think about jailing bank executives.

You're thinking subversive thoughts right now, aren't you? Stop it. Stop it. They'll hear you.

[ProSense]

12. 2009 NYT article about Iceland's collapse

Iceland’s Government Collapses
http://www.nytimes.com/2009/01/27/world/europe/27iceland.html

Reuters on the current convictions:

Ex-Kaupthing bankers convicted of abuses related to Qatari investment
http://in.reuters.com/article/2013/12/12/iceland-kaupthing-idINL6N0JR39Y20131212

[SoapBox]

14. I'm sure we will hear about it on the nightly news!

Oh...not and NEVER.

[Enthusiast]

15. Hear this, Third Way assholes? Iceland is doing the right thing.

This is what we want here. Law and order. No special justice for the wealthy connected.

[Whisp]

18. May we have some more, please. K&R

all around the world.

[Brigid]

19. And the number of American banksters jailed is . . .

We all know the answer to that one, don't we?

[BlueJac]

20. Should of happened here too!

[Vashta Nerada]

21. Huh.

You won't see that in this country.

[Doremus]

22. Here's a story we won't see on network news

It should be leading every news program there is. Instead, I doubt if even a small percentage of ppl will ever hear about it.

[niyad]

23. and here is a companion DU thread about that--and icelanders reqriting their constitution

http://www.democraticunderground.com/10024167368

[ReRe]

24. Go Iceland! Now That's a democracy!

Here in the U.S.? Like Norman Goldman just said......"What we need is a political enema."

[liberal_at_heart]

25. That's what happens when you have a democracy, not an oligarchy.

[DeSwiss]

27. You're next!

- K&R

[mcp37]

28. Wait, you can do that?

I thought members of the financial (under)world only went to jail if they ripped off other rich people a la Madoff? Regular citizens matter too? I'm so confused!!! What's happening to the world!!

Seriously though I hope they put them under the jail. We can't even figure out a way to make the banks pay a fine that isn't tax deductible, much less get them to admit that what they are doing is simply robbing the country blind.

[raccoon]

30. Way to go, Iceland! nt

[Marblehead]

32. very important story....

[sabrina 1]

33. Thank YOU Julian Assange and Wikileaks, who exposed the corruption in Iceland's Banks, and

Government and are paying a price themselves now for doing so.

And this should have happened, and might have if Assange had not been silenced, right here.

[jessie04]

34. Good, throw away the keys.

[jsr]

35. That's how you do it.

[HereSince1628]

36. Well that establishes something of a floor for being too big to prosecute.

If you aren't as big as Mr Sigurdsson, you are vulnerable..

Motivating the 0.069% to accrete more capital to remain above that threshold.