Iceland Has Sent 26 Bankers To Prison While US White Collar Prosecutions Hit Record Low
While the U.S. government famously bailed out the banks that created the 2008 financial crisis, the Icelandic government took them over and continues to prosecute the bankers who helped cause the collapse.
MintPressNews.com
October 23, 2015
REYKJAVIK, Iceland — While the number of cases against alleged corporate criminals fell to record-lows in the United States, Iceland is continuing to prosecute the bankers who caused the 2008 global financial crisis, with dozens already landing prison sentences.
So far, Iceland has sentenced 26 bankers to a combined 74 years in prison. The latest to face charges are five top executives from two of the country’s largest banks, Kaupþing and Landsbanki, which the Icelandic government took control of in the wake of the 2008 financial collapse.
These charges stand in sharp contrast to the situation in the U.S., where fewer corporate executives than ever are facing criminal prosecution. A report from researchers at Syracuse University revealed that during the first nine months of the 2015 fiscal year, federal prosecution for white collar crime fell to a 20-year low.
Iceland has reserved its harshest sentences for the top managers at the offending banks, according to an Oct. 14 report from Iceland Magazine:
“The former top bosses of Kaupþing have received the longest sentences to date. Hreiðar Már Sigurðsson, the former CEO of failed bank Kaupþing and Magnús Guðmundsson, the CEO of Kaupþing Luxembourg, top the list, having been sentenced to a combined six years in prison for extensive market manipulation, embezzlement and breach of fiduciary duties.”
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