He was showing the same motivation of those working for big corporations that exploit our planet's natural resources regardless of environmental and human costs. They were sentenced by the Reykjavik District Court after the two men were indicted a year ago on charges that they had "misused their position and grossly endangered the bank's funds" by lending €102m to a company called Milestone ehf without guarantees or collateral, the prosecutor said. Not so in Iceland, where jail sentences handed out last week bring the number of bankers imprisoned over the meltdown to 26. Iceland Arrested Their Criminal Bankers, Economy Booming « WonderLust […] economic downfall in Iceland are being rounded up like roaches, arrested, and put behind bars at an exponential rate. Instead, he skipped off across the field looking for someone else's pint of scrumpy to pour away. We made it easy for you to exercise your right to vote. This is why Iceland was right to jail bankers - and Britain wrong to merely slap a few wrists and strip away a couple of knighthoods. By jailing four top officers of Iceland's failed Kaupthing Bank, the country showed the world the right way to deal with the people largely responsible for the 2008 financial crisis, said Charlie McGrath, founder of news website, Wide Awake News. In 2008 Glitnir became the first of Iceland's big banks to fail, an event that triggered the biggest recession in six decades and led to an 80pc collapse in the value of the Icelandic currency (Krona) against the euro. For bankers, risky sales were incentivised with enormous bonuses, and bad debt was insured against with credit default swaps. Part of HuffPost News. At 10 pence the refund did not provide incentive enough for most adults to return their glasses, hence the festival was filled with battalions of children weaving through the crowds, their wobbly stacks of plastics protruding like glistening shark fins. On top of this came news last week that Britain's financial watchdog, the Financial Conduct Authority, has shelved a planned inquiry into the culture of banking. Eleven Icelandic former bankers have been sentenced to at least 4½ years in prison. At the time Milestone was a shareholder in the bank. After Joe Biden’s first 100 days in office, how do the markets view him now? Reykjavik, Iceland – In stark contrast to the record low number of prosecutions of CEO’s and high-level financial executives in the U.S., Iceland has just sentenced 26 bankers to a combined 74 years in prison.. 10 years ago. The Icelandic króna had declined more than 35% against the euro from January to September 2008. By. This brings the total number of senior Icelandic bankers so far sentenced for crimes in the run-up to the 2008 banking crash to 29. Instead, he probably set out that morning collecting empty glasses with rosy-cheeked enthusiasm. So while it’s true that Iceland jailed bankers, tentatively recovered after being badly affected by 2008 global financial meltdown, and has historically enjoyed remarkably low rates of … The sentences are longest for the most senior figures within the banks. What you wouldn’t know, if you just been looking at the headlines (Google “Iceland jails bankers” and you’ll see what I mean), is that Iceland had not actually been jailing bankers. All of the criminal cases are linked to the notorious crash of the Icelandic banking system in 2008. Published. Mr Welding has been indicted on separate charges for his role in approving a smaller business loan to holding company FS38 ehf, a company linked to the former high-profile former chief executive of the Baugur Group, Jon Asgeir Johannesson. The domestic parts of the country's three biggest banks were saved, while their international arms were liquidated. Mr Johannesson, who has also been indicted in relation to the loan, became famous in business circles around the world in the years before the Icelandic crash for a debt-fuelled acquisition spree that included a string of high-profile retailers including department store chain House of Fraser, Hamleys toy shops, , frozen food chain Iceland, fashion chain All Saints and Woolworths. Combined, the bankers will spend 74 years behind bars. Just before Christmas, the former CEO of Iceland’s Glitnir bank and two other senior bankers were sentenced to jail terms of up to five years for market manipulation and breach of fiduciary duties. Bankers jailed, sued as Iceland seeks culprits for crisis, from the Daily Telegraph (Australia)/AFP. on. I would have liked to have seen his shame at being caught and his discomfort at having to hand over four of his hard-earned pound coins. By contrast not a single senior banking executive in the US or the UK has been jailed for their role in the financial crisis. Agence France-Presse. Iceland Dismantles The Corrupt, Arrests 10 Rothschild Bankers, Then Issues Interpol Arrest Warrant For Rothschild Banker Sigurdur Einarsson! Iceland is the only nation that put top finance executives behind bars after the 2008 crisis. 18, we're $4,500 in the red for the year. (Bloomberg). 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