In a story not reported on at all by any Western mainstream media source, Iceland just sentenced another five high level bankers to prison for directly contributing to the collapse of the country’s economy in 2008.
This brings the total to 26 bankers now behind bars in Iceland, with most being CEOs of large financial institutions, rather than low level traders.
Most of those jailed will serve terms of two to five years, according to a report by Iceland Magazine, which notes that three executives at Landsbankinn and two at Kaupþing, along with one prominent investor, have been prosecuted.
Their crimes include market manipulation, embezzlement, and breach of fiduciary duties. Their market manipulation destroyed the country’s economy and to this day Iceland is still having to repay the global loan sharks at the IMF, as well as governments of other countries, which kept the nation operating.
The article explains that the prosecutions have been possible because rather than protect and reward the very institutions responsible for the collapse, and the gangsters that run them, the Icelandic government let them fail, and then created a financial supervisory authority to strictly oversee the banks. …