Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Six defendants in the Kaupþing market manipulation case, the biggest case of this type in Iceland’s history, have been handed prison sentences ranging from one year to four years and six months.
By fully financing share purchases with no other surety than the shares themselves, the bank was accused of giving a false and misleading impression of demand for Kaupþingi shares by means of deception and pretence.
It looks like the bankers did not own the Iceland Government like they do in America.
Iceland was the first country to default because of the depression (my term) of 2008. They had a large amount of cash go away when the CDS became worthless.
It looks like the bankers did not own the Iceland Government like they do in America.
Exactly! Here they get fine, raise their rates to recoup the cost of those fines, and it's business as usual. Some time in a cell would go a long way towards changing that.
Exactly! Here they get fine, raise their rates to recoup the cost of those fines, and it's business as usual. Some time in a cell would go a long way towards changing that.
How can that happen with all the regs that are in place?
When asked why Iceland was enjoying such a strong recovery while everyone else is still mired in debt, President Olafur Ragnar Grimmson said in 2013:
“Why are the banks considered to be the holy churches of the modern economy? Why are private banks not like airlines and telecommunication companies and allowed to go bankrupt if they have been run in an irresponsible way? The theory that you have to bail out banks is a theory that you allow bankers enjoy for their own profit, their success, and then let ordinary people bear their failure through taxes and austerity. People in enlightened democracies are not going to accept that in the long run.”
And the same thing is happening in Greece where the debt is shoveled onto the tax payers from private banks and the citizens that had no say in policy are asked to pay for it.
Policy is designed by the wealthy and they want everyone else to pay for it
Sorry but China does this better. They shoot them.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
