Bankers jailed, sued as Iceland seeks culprits for crisis

[cory777]

Source: AFP

REYKJAVIK — More than a year and a half after Iceland's major banks failed, all but sinking the country's economy, police have begun rounding up a number of top bankers while other former executives and owners face a two-billion-dollar lawsuit.

Since Iceland's three largest banks -- Kaupthing, Landsbanki and Glitnir -- collapsed in late 2008, their former executives and owners have largely been living untroubled lives abroad.

But the publication last month of a parliamentary inquiry into the island nation's profound financial and economic crisis signaled a turning of the tide, laying much of the blame for the downfall on the former bank heads who had taken "inappropriate loans from the banks" they worked for.

On Wednesday, the administrators of Glitnir's liquidation announced they had filed a two-billion-dollar (1.6-billion-euro) lawsuit in a New York court against former large shareholders and executives for alleged fraud.

"I think this lawsuit is without precedence in Iceland," Steinunn Gudbjartsdottir, who chairs Glitnir's so-called winding-up board, told reporters in Reykjavik.

Read more: http://www.google.com/hostednews/afp/article/ALeqM5hkg5VhwETJHWaiIqxwwj_PsHQ2Dg

[Scuba]

1. A model to be adopted, post haste

[glinda]

24. Yup. Bankers, Oil Company & Helliburton Execs, the list is long....

[happygoluckytoyou]

35. Kaupthing, Landsbanki and Glitnir (Islandic for Dewey Cheatem and Howe)

[Enthusiast]

38. Yeah baby!

Do it now!

[Capt. Jack]

71. Coming to a theater near you....

Virtually All The Wall Street Banks Under Investigation- Defend Your Foreclosure!
May 14th, 2010 · No Comments · Foreclosure

The names of the Plaintiffs who are foreclosing on our neighbors across the county, by and large are not names that you recognize as your local banking or lending operations. They are not, in most cases, the name of the lender that wrote the mortgage or lent the money. The foreclosing plaintiff is typically a servicing company (Saxon Mortgage Servicing) or US Bank as Trustee For The Ixis Trust. The Wall Street Journal and major new outlets are now reporting that many of the big names that are foreclosing are under a variety of federal investigations. When the investigations are concluded, the feds will know what we’ve all learned recently….the loans they’re foreclosing on now were never intended to be paid back or paid on time.

Click Here for Some Eye-Popping Fraudulent Wall Street Fun! ---> http://mattweidnerlaw.com/blog/2010/05/virtually-all-the-wall-street-banks-under-investigation-defend-your-foreclosure/

http://www.foreclosurehamlet.org

Question EVERYTHING!

[DJ13]

2. So they jail bankers in Iceland

And we give our bankers tens of billions of dollars and tell them they were bad, dont do it again?

We're doing it wrong.

[izquierdista]

6. Only for a short while

There is a better place to put them:
http://www.youtube.com/watch?v=2qU5rxc4e6g&feature=related

[jgraz]

16. But do they ice bankers in Jailland?

:shrug:

[bemildred]

3. Excellent.

The fear of the law is exactly what the banking community needs to help it straighten up.

[salguine]

8. The only problem with your assertion is that, in this country,

the bankers essentially ARE the law. Congress takes their marching orders from Wall Street, not the other way around.

[bemildred]

9. Things could change. nt

[salguine]

18. In a country where debate on what to do about too-big-to-fail banks ends with

the banks getting bigger, and the misanthropes who largely destroyed the entire global economy not through mere miscalculation but through malicious tampering get even bigger bonuses the following year? I'm not holding my breath.

[bemildred]

29. Well, I'm not suggesting that it's going to be easy. nt

[Abq_Sarah]

34. Congress

Takes their marching orders from the groups that give them the most money. They (congress) are the problem.

[GOTV]

46. Voters

They need the money because most people will not vote for someone they haven't seen on TV a lot. Voters are the problem.

[loudsue]

49. No. Corporate-owned media is the problem...monopolies.

And no more Fairness Doctrine.

[Celtic Merlin]

47. As I've been saying for years . . .

Public funding of political campaigns - with a ban on all private contributions - gets our Legislative Branch back into OUR pockets and out of the corporations' pockets.

Until Americans demand it, neither house of Congress will be responsive to the needs of "We the People".

Celtic Merlin
Carlinist

[mbperrin]

4. Bankers in jail!

Sounds great! Can we do some, too?

[Angry Dragon]

5. Arrest and jail time..works for m

Like to see that happen here

[Kingofalldems]

7. K and R for the teabaggers and freepers to see

[Zoroastor]

10. Seeking culprits? Have they investigated...

...the American GOP and the Bush administration? :) The global economic disaster started here, didn't it?

[Amonester]

33. These banksters of Iceland copied the U.S. banksters' model

but it seems Iceland's pols are not for sale like the U.S. pol$ R.

[The abyss]

11. Gotta Love these folks!

Recommend +1

[SocialistLez]

12. YOU RULE ICELAND!! NT

[grahamhgreen]

13. YAAAAAAAAA! Finally! Obama - step up! It's your turn to bat!

[jgraz]

17. Don't hold your breath

If he won't even investigate -- let alone jail -- torturers and traitors, why would he do it for little things like collapsing the world economy and looting the treasury?

[depakid]

14. Since the Obama admistration isn't interested in accountability- maybe other nations can indict

and extradite some of these criminals.

[Name removed]

15. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[DeSwiss]

19. I've been waiting a long time.....

...to see that headline.

- We need to see more of it and closer to home.....

K&R

[niceypoo]

20. GO, go go!!

[sabrina 1]

21. Iceland did it right. First step, they threw out their

complicit government. Greeks need to do the same thing. Then go after the criminals. You can't do that if you still have the criminals operating within the system, as we do here.

And we need to do it also. It's a bit harder here, but maybe throwing out most of the incumbents who voted for the bailouts would send a message.

And then, throw out the new guys in the next election if they start getting any ideas.

[ExPatLeftist]

57. Not as good as it may appear...

We threw out the government and then basically put a bunch of the same bastards back into the parliament. Real change has yet to come. I hope they follow through on these guys though - and get the money back (that which was not spent on insane parties and birthday visits by superstars, that is)...

[bikebloke]

61. The Greeks already threw out the bums.

Pazok, the socialists, has been in power about 9 months. They inherited the mess by the neocons, NeoDemoKracia.

[sabrina 1]

66. Yes, I have read that and it's a shame that

there was so much corruption that they had to deal with. Now, however, the public is angry at being asked to pay for that corruption. I don't think any bankers have been held accountable in Greece. From what I've read so far, many of them have their money safely out of the country, and even themselves.

I think it would help the new government if they followed Iceland's example and started going after their corrupt government officials and bankers and started to retrieve some of the stolen money.

And if it doesn't happen here, a lot of politicians are going to lose their seats this Fall. It's way past time to start finding out where all the money went and holding those who gambled with this country's economy, accountable.

[RainDog]

22. THAT'S how you stop the financial bullshit

And demonstrates how much more democratic Iceland is than the U.S.

[killbotfactory]

23. Why is it so rare to see wealthy, powerful people being held accountable for their crimes?

Yes, that was a rhetorical question.

[Odin2005]

25. I say they should "Sacrifice" them and throw them into the volcano!

:evilgrin:

[dalaigh lllama]

30. Don't forget to bundle them first!

SO much more efficient. :evilgrin:

[Diclotican]

48. Odin2005

Odin2005

That would posible mean poluting the nature, becouse it must be just shit in the persons who managed to ruin the Iclandic State..
But at the other hand it would get a message to others, who want to manipule the stocks, to get the money..

But, even tho they have arrested some of them, Im afraid it would just be a show of force.. They might get a light setence, nothing hard, and then they are out doing what they allways have been doing, sheating, stealing, plunder somewhere else... They are nothing less like the pirates, they just dosen't are like bloody, but the result is the same, missrability for most pepole who got in their way... It was 16 persons in Icland, who "ruled" the economical life, and ruined it becouse they could.. Most of them are out of Iceland, and have no plans what so ever to came back to Iceland.. And they have the paper to get nice jobs elsewhere maybe in the bank system in the US who "Need the expertise"...

Diclotican

[defendandprotect]

26. White collar jailing? Sounds like progress!!

[Liberty Belle]

27. I caught my bank stealing from me today.

Got a statement saying they found a "mistake" in a deposit and had deducted $545 from my account.

I called and pointed out that my math was correct, and that because this deposit included a large amount of cash, I'd asked their teller to verify my addition, which she did and initialed the deposit. Thank God. They admitted they were wrong and agreed to restore my money.

How often do they do these ripoffs and get away with it? What if I hadn't had a teller double-check my math and initial it? I think this was intentional. Our parent company tells me they've had several similar complaints of "mistakes" in the past, always in the bank's favor (2 different banks); apparently I was the first to actually check and catch them red-handed.

Has anyone else had this problem?

[Iowa]

36. Yes. I have had problems with banks. That's why I haven't used one for many years...

I have never had a problem with my local credit union.

[Blue_Tires]

28. Holy fuckin' DAMN -- holding banking execs accountable?

how UN-American(!)

[deacon_sephiroth]

31. I LOVE to see that happen here, oh how I would weep with joy

It still blows my mind that the ones responsible for such financial atrocities here in the US were never drug from thier limos into the streets to face the mob.

[laughingliberal]

32. A model to which to aspire without a doubt! nt

[AllyCat]

37. Iceland needs money. So we hire them to come do this to OUR banksters

for a small fraction of what we pay to bail them out. Voila!! Two problems solved at once.

[aquart]

41. I'm comfortable with this level of outsourcing.

But only till they teach us how to do it ourselves.

[abelenkpe]

60. LOL! Me too. :)

[Joe Chi Minh]

69. I've always wished we could outsource our UK government to continental

European politicians. What's good for the goose...

[FlyByNight]

39. Accountability: a novel concept

I'll be shocked if anything like that happens here in the US. Hell, by and large, the banksters were bailed out, they kept their jobs and were allowed to get their bonuses. Nauseating.

The republic is dead.

[aquart]

40. Viva Iceland!

GET THE GREEDY BASTARDS.

[marmar]

42. Wow.....Good for Iceland.

Not that the bank-owned, spineless politicians over here will follow suit.

[Bluenorthwest]

43. Iceland is so far ahead of the US in so many ways

The leaders that are bringing justice, well, here in the US some of them do not even have equal rights, and come from minorities that the leadership of this country claims are not sanctified by God whereas they and their bankser buds are holy and righteous. Our leadership is corrupt and prejudiced.

[robcon]

44. Let the scapegoats be sacrificed. It's worked in the past.

:sarcasm:

[JackRiddler]

50. No, you're right - they should blame the Greeks instead of the bankers!

[Flipper999]

45. This warms my heart

:)

[Yeahyeah]

51. Savages.

[T Wolf]

52. If only the US would take this approach to the criminals who have destroyed so much

in their pursuit of their next billion.

But it will never happen here. They own us and the system they have set up - there is no regulation and no accountability.

These cretins must be taken out, by any means necessary. If the government won't do it, individuals have to step up.

[ooglymoogly]

53. Gee, the rare and allusive common sense actually still exists somewhere in the world.

quelle supreeeeez.

[ooglymoogly]

70. correction; elusive

[dpbrown]

54. I think the naming convention should change if Steinunn is male and not Gudbjart's daughter

Just sayin'

[ExPatLeftist]

55. It's about time.

We have been calling for the blood of these assholes for a long time now. But I will believe it is over when we get the money back and these guys are rotting in prison. The problem is that key people in the government and media are good pals and/or related to these guys, and they have a tendency to make a big show with little result in order to appease the people. Wait and see.

[pattmarty]

56. It's shit like this that could unite the progressive/liberals and................

..........the (more saner) teabaggers. What is needed today, just like 100 yrs ago is a UNITED populist movement to sweep out these political leeches in power in our government and to change it to government that really represents the "people" instead of moneyed interests.

[bvar22]

58. Now, There is a blueprint for Justice AND Reform.

Unfortunately, instead of justice, we are going to get another "Uniquely American Solution."

[sakabatou]

59. Why the fuck aren't we doing that here?

[eridani]

68. Question of the century n/t

[kenfrequed]

62. Hell yes!

This is the way we should have handled the banks in the US that defrauded the public!

[CAcyclist]

63. Let Iceland lead the way nm

[Joanne98]

64. They used the country as a hedgefund. I hope they hang them!

[newscott]

65. Well didn't a lot of western law come from early Icelandic society?

I say we follow their example again!

[Turbineguy]

67. A good start.

[ellie]

72. I regret that I am too late to recommend this

[Capt. Jack]

73. How Main Street has Destroyed Wall Street....

http://theburningplatform.com/blog/2010/05/10/the-big-short-how-wall-street-destroyed-main-street/

I guess now would be a good time to shoot the greedy homeowners.

It’s crystal clear. From the very beginning the homeowners have gamed the system. They started by tricking the property appraiser (lender’s agent) into submitting an outcome-based appraisal.

Then, millions of homeowners shrewdly conned the “lenders” into dismissing all agency and fiduciary responsibility in the underwriting process....going so far as to force the “lenders” into forging documents.

Then, the greedy homeowners forced the “lenders” to securitize the loan in such a fashion as to bifurcate the mortgage from the note.

On top of that, the homeowners secretly cooked up the concept of “Credit Default Swaps” and forced the “lenders” to insure the collateral at the full (outcome based) value 30X over.

Having successfully pulled the wool over everyone’s eyes - these irresponsible homeowners showered themselves with well deserved bonuses.

Realizing they were too big to fail, these irresponsible, reckless homeowners lined the pockets of legislators and received enormous sums of taxpayer bailouts.

The result of these cunning maneuvers by the fraudulent homeowner scheme has them sitting fat and happy in the cat birds seat. Yup, that’s how they did it. And they’re getting away with it.

Savings drained - check, 401ks all gone - check. Kicked out of their homes - check. “Lenders” made whole many times over via Credit Default Swaps - check. Homeowners foreclosed and “lender” buys back property for pennies on the dollar - check.

Follow the money and you’ll find the culprit. It’s about time we hold these homeowners accountable.

The websites below are sponsored by a well-healed, politically connected, PR machine of greedy volunteers...and contain detailed information on how the collusion on Main Street has ripped off Wall Street.

Don’t look though...it’s just spam.

http://www.foreclosurehamlet.org

http://www.4closurefraud.org

[LeftishBrit]

74. Good; thieves and gangsters SHOULD live in fear of the law.

[howaboutme]

75. Capital punishment

Capital punishment is rarely a deterrent to crimes of passion or violence or committed by those less educated, and I despise the idea that an innocent person could be convicted.

But when it comes to the devious minds of the already super rich and their inherent greed, and of the ilk, that caused this enormous tragedy to so many people worldwide, I could be convinced that it might be appropriate for those on top of these corrupt firms and the lax regulators to be charged and convicted of gross crimes against civilization, and if found guilty given the death penalty.

If 12 of the worst were left hanging in front of Wall Street for several months I can guarantee that it would never happen again and that all the wringing of hands and talk of new regulations would be unnecessary. This group would immediately get the message and that would be all the deterrent needed for the next century. Instead the politicians will do nothing and these same actors will come back and do it again.