Iceland jails four bankers

How get USA to jail bankers who almost collapsed economy

from Elemental Forums
Iceland has just convicted four of the top officers of the Iclandic bank that collapsed becuase of their creative banking practices. Link to BBC article; http://www.bbc.co.uk/news/business-25349240 How can we get the US government to really go after the senior banksters who have damaged the economy for main street and middle class folks? Iceland shows it can be done.
42,028 views 10 replies
Reply #1 from Elemental Forums Top

Generally people who play accounting tricks like the ones in that story go to prison in the US too.  

As an example, it just happened at Goldman over the last month or so.  A trader played games on the accounting of a big trade trying to hide the trade.  9 months in jail.

If you're talking about the financial meltdown and why more people haven't gone to prison, well that's a significantly larger problem than simply lying in your accounting.  It's a hugely more complicated problem than what happened in Iceland (or Enron, for an example of a US equivalent).  Even determining where the blame lies is hugely contentious and political, let alone proving it to a jury and sending people to jail. 

Reply #2 from Elemental Forums Top

Being rich can get you off from killing people in the US.  There's pretty much nothing a banker could do in the US to get put in jail.

 

Texas teen Ethan Couch gets 10 years' probation for driving drunk, killing 4 because his parents are rich and let him live a life of luxury without boundries.  His defense was he suffers from "affluenza".

http://www.cnn.com/2013/12/11/us/texas-teen-dwi-wreck/index.html?hpt=hp_c3

 


 

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Reply #3 from Elemental Forums Top

http://www.businessinsider.com/ubs-bankers-convicted-of-rigging-municipal-bond-markets-2012-8

http://seattletimes.com/html/businesstechnology/2019226484_sundaybuzz23xml.html

http://www.washingtonpost.com/business/economy/sigtarp-the-watchdog-thats-putting-bankers-behind-bars/2013/12/06/9dd2068e-4b25-11e3-9890-a1e0997fb0c0_story.html

http://www.huffingtonpost.com/2013/10/23/bank-of-america-fannie-mae-freddie-mac_n_4151479.html

15 seconds of googling.  

As for:

Quoting smeagolheart, reply 2

Being rich can get you off from killing people in the US.  There's pretty much nothing a banker could do in the US to get put in jail.

If you think that is a phenomena unique to the US, to the modern world or to the rich you haven't been paying attention.  It has been the case for the entirety of human history everywhere in the world that the more well connected you are the easier it is for you to skirt the rules.  It's less about riches than it is connections to the right people.  Being rich makes it easier to be well connected, but its the connections to people with influence that are largely to blame.  

Don't pretend it's a problem unique to the US.  

Reply #4 from WinCustomize Forums Top

Brings a whole new meaning of putting the crooks in the cooler.    :-"

Reply #5 from Elemental Forums Top

Quoting Kantok, reply 3

http://www.businessinsider.com/ubs-bankers-convicted-of-rigging-municipal-bond-markets-2012-8

http://seattletimes.com/html/businesstechnology/2019226484_sundaybuzz23xml.html

http://www.washingtonpost.com/business/economy/sigtarp-the-watchdog-thats-putting-bankers-behind-bars/2013/12/06/9dd2068e-4b25-11e3-9890-a1e0997fb0c0_story.html

http://www.huffingtonpost.com/2013/10/23/bank-of-america-fannie-mae-freddie-mac_n_4151479.html

15 seconds of googling.  

As for:

Quoting smeagolheart, reply 2
Being rich can get you off from killing people in the US.  There's pretty much nothing a banker could do in the US to get put in jail.


If you think that is a phenomena unique to the US, to the modern world or to the rich you haven't been paying attention.  It has been the case for the entirety of human history everywhere in the world that the more well connected you are the easier it is for you to skirt the rules.  It's less about riches than it is connections to the right people.  Being rich makes it easier to be well connected, but its the connections to people with influence that are largely to blame.  

Don't pretend it's a problem unique to the US.  
  I wasn't trying to speak for every world country that's why I mentioned the US and pointed out a pertinant case of the rich not playing by the same rules the lower classes have to play by.  I also never claimed historical backings or counterpoints again just pointing out an outrageous case that was a headline but yesterday.

Reply #6 from Elemental Forums Top

Quoting smeagolheart, reply 5

 I wasn't trying to speak for every world country that's why I mentioned the US and pointed out a pertinant case of the rich not playing by the same rules the lower classes have to play by.  I also never claimed historical backings or counterpoints again just pointing out an outrageous case that was a headline but yesterday.

My mistake.  I misunderstood your point.  

Reply #7 from Elemental Forums Top

Quoting Kantok, reply 6

Quoting smeagolheart, reply 5
 I wasn't trying to speak for every world country that's why I mentioned the US and pointed out a pertinant case of the rich not playing by the same rules the lower classes have to play by.  I also never claimed historical backings or counterpoints again just pointing out an outrageous case that was a headline but yesterday.

My mistake.  I misunderstood your point.  
And your googling shows some of the cases where US bankers have actually got prison time so Bankers can go to jail in cases that may or may not be the exception to the rule. 

Reply #8 from WinCustomize Forums Top



Iceland jails four bankers

Sounds like a good start...;)

Reply #9 from WinCustomize Forums Top

Iceland jails four bankers

where the hell is Starkers when there's good news around...   :|

maybe he moved to Iceland... and started a movement.... *_*

 

 

Reply #10 from WinCustomize Forums Top

Quoting smeagolheart, reply 2
Texas teen Ethan Couch gets 10 years' probation for driving drunk, killing 4 because his parents are rich and let him live a life of luxury without boundries. His defense was he suffers from "affluenza".

 

then his parents should have gone to gaol for him.... for not teaching him... "consequences"... or better yet... gaol's a good place for him to start learning ...