Iceland Jails More Bankers

 Icelandic courts have just sentenced another 3 top bankers to prison for terms ranging from 2 to 5 years for their roles in the 2008 financial crisis that nearly bankrupted the nation.
The bankers were from Landsbankinn and Kaupping – the two largest banks in the country. They were found guilty of market manipulation, embezzlement and breach of fiduciary duties.
Iceland has now sent a total of 26 bankers to jail for the financial collapse of 2008, more than all other nations combined.
Included are the bosses from the three largest banks and the former permanent secretary of the Ministry of Finance.
In 2008, massive debts were incurred by Icelandic banks which fell on the shoulders of the Icelandic public and are still being repaid by Icelandic citizens 8 years later.
How did tiny Iceland survive? According to Iceland’s president, Olafur Grimmson:
“We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the people and didn’t introduce austerity measures like you’re seeing in Europe.”
Will jailing a handful of bankers really make a difference?
Yes. Even though Iceland is a tiny country, it is setting the standard for strengthening the rule of law – and the rule of law is the essence of civilization – the only thing that protects the weak against the rich and powerful.

In the U.S., not a single banking executive was charged with crimes related to the 2008 financial crisis.
The crisis forced Iceland to look deeply into its financial system and now a sweeping monetary reform proposal is being considered by the parliament.
I’m still reporting from Washington. Good day.






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