Iceland jails Bank CEO 12 years

"for manipulating Bank's share price during 2008 that caused economy to crash".


http://rt.com/business/207195-iceland-bank-ceo-sentenced/

i thought that was a great article. Enjoy.

 

It's 12 months, not 12 years and he's only going to be in jail for 3 months of it... not exactly a deterrent.

 

my bad; its just interesting that somewhere breaking these financial laws is still punishable by jail and elsewhere its a fine thats 1/1000 of the profit made from that crime

 

12 years was click bait for me, but even if it's just 3 months at least he wasn't too big to jail http://www.rollingstone.com/politics/news/gangster-bankers-too-big-to-jail-20130214.

 

3 months jail for destroying the country's economy... I wonder how much you get for selling drugs.

 

Don't knock it. That's an Empire funding operation!


http://en.wikipedia.org/wiki/Illegal_drug_trade

 

Incidentally, if you search the net, you'll find reference to the following anecdote (from recall so pardon my errors, but the essence is there)

A US government agency forced Wachovia Bank to turn over about 600 million of Drug Cartel money after it was found laundering for the South American Cartels. As a result of that 'betrayal', the other cartels withdrew all their laundered funds from Wachovia, forcing it to collapse. That collapse had a major impact on Lehman Brothers who held a large amount of Wachovia debt.

So the GFC could arguably be said to be caused by the withdrawal of proceeds from the illegal drug trade.