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Forum Post: Iceland Just Jailed Dozens Of Corrupt Bankers For 74 Years

Posted 2 years ago on Oct. 22, 2015, 2:43 p.m. EST by Nevada1 (5843)
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31 Comments

31 Comments


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[-] 4 points by beautifulworld (22801) 2 years ago

"Iceland does what the US won’t: 26 top bankers sent to prison for role in financial crisis" Niiiiice.

http://www.rawstory.com/2015/10/iceland-does-what-the-us-wont-26-top-bankers-sent-to-prison-for-role-in-financial-crisis/

Gee, I wonder why this story is suppressed in MSM.

[-] 5 points by Nevada1 (5843) 2 years ago

Thank you BW for good comment and link.

US is in such a mess, and now the UN is here to make things worse.

[-] 5 points by beautifulworld (22801) 2 years ago

The one thing that gives me hope is that the younger generation does not get their news from MSM. They get it online. Hopefully they'll become more politically active as their knowledge matures. And, at some point, they will be our leaders and I have to think they will turn things around.

[-] 3 points by Nevada1 (5843) 2 years ago

Agree.

[-] 4 points by ImNotMe (1488) 2 years ago

Go Iceland - but consider .. ''At over 2,300 pages, the Dodd Frank Act is the longest and most complicated bill ever passed by the US legislature. It was supposed to end "too big to fail" and "bailouts," and to "promote financial stability." But Dodd-Frank's "orderly liquidation authority" has replaced bailouts with bail-ins, meaning that in the event of insolvency, big banks are to recapitalize themselves with the savings of their creditors and depositors. The banks deemed too big are more than 30% bigger than before the Act was passed in 2010, and 80% bigger than before the banking crisis of 2008. The six largest US financial institutions now have assets of some $10 trillion, amounting to almost 60% of GDP; and they control nearly 50% of all bank deposits.

''Meanwhile, their smaller competitors are struggling to survive. Community banks and credit unions are disappearing at the rate of one a day. Access to local banking services is disappearing along with them. Small and medium-size businesses - the ones that hire two-thirds of new employees - are having trouble getting loans; students are struggling with sky-high interest rates; homeowners have been replaced by hedge funds acting as absentee landlords; and bank fees are up, increasing the rolls of the unbanked and underbanked, and driving them into the predatory arms of payday lenders.'' - From:

From which .. ''We are currently living at a time in history when industrial elites and CEOs are hailed as cultural heroes who have the ability to cure society's ills. The popularity of Donald Trump's current run for the Republican presidential nomination and the History Channel's miniseries, "The Men Who Built America," are recent examples of this fixation, favoring a type of democracy that allows for market fundamentalism as a way for the United States to relieve all its needs and problems.'' & ...

''To date, one of the most ambitious social impact bond ventures is currently happening in Massachusetts, which "recently announced a $27 million seven year 'social impact bound' aimed at reducing the number of at-risk former inmates who go back to prison or jail" (Field, 2014). The particulars for this bond include a grant of $11.7 million from the US Department of Labor. Also, in 2012, the Massachusetts Legislature authorized the secretary of administration and finance to enter into pay for success contracts, "with up to $50 million backed by the commonwealth's full faith credit" (Burton, 2014). In addition, Goldman Sachs, with various other foundations, will provide $18 million in up-front funding to the service delivery program, Roca, which will defer $3.26 million in charges (Butler, 2014). Roca will provide services to "at-risk young men in the Boston, Chelsea, and Springfield areas who are in the probation system or exiting the juvenile justice system" + ..

''What makes the Massachusetts case so interesting is that former Gov. Deval Patrick, whose administration backed social impact bonds, is taking a position with Bain Capital to head up a new investment platform that is focusing on "social impact." An initial report shows that Bain Capital is planning on investing in a "company that operates health clinics in low-income areas, or one that delivers nutritious meals to public schools" (Primack, 2015). Patrick's entrance into the private investment field, which he helped to create through the Massachusetts Executive Office for Administration and Finance while he was governor, shows that in the current neoliberal corporate environment there "is no longer the so-called revolving door between the corporation and the state but rather the integrated entry to the world of power"

radix omnium malorum est cupiditas ...

[-] 5 points by beautifulworld (22801) 2 years ago

In the end, it doesn't matter that Iceland is smaller than the U.S. It doesn't matter if Iceland is more centralized than the U.S. What matters is that their bankers did wrong, they knew it, they prosecuted them, they convicted them and they sent them to jail.

America, take heed. We can do the same here. A crime is a crime, and it turns out that the crimes bankers commit end up affecting huge huge numbers of people in very deleterious ways. They steal money out of the hands of the poor and ruin the quality of lives for millions. So, hey, no matter what, Iceland has set an example for the rest of the world. Jail the bankers and break up and regulate the banks so that these crimes are no longer committed right under the noses of the American people.

[-] 2 points by ImNotMe (1488) 2 years ago

''Americans have thought, for a long time, that they live in the perfect nation - with perfect distribution of wealth and that everything is intrinsically fair. What they are finding out, however, is that during the last 40 years the gulf between the rich and the poor has become so big that our entire economic system is at risk. It has become unsustainable and we cannot go on like this.'' - from your reply that starts; ''That video tells it all." - referring to this: https://www.youtube.com/watch?v=QPKKQnijnsM to be found here:

And furthermore: ''A crime is a crime, and it turns out that the crimes bankers commit end up affecting huge huge numbers of people in very deleterious ways. They steal money out of the hands of the poor and ruin the quality of lives for millions. So, no matter what, Iceland has set an example for the rest of the world. .. Jail The Bankers and break up and regulate the banks so that these crimes are no longer committed right under the noses of the American people.''An emphatic ditto and an amen and also fyi:

fiat justitia ...

[-] 1 points by turbocharger (1756) 2 years ago

I think that fear of the people is a very real thing.

When your politicians live 1500 miles away from you, they can sleep relatively peaceful at night. When they live in the very community, its a different story. Its teh whole reason they made DC how they did, its own little section, a hub of corruption.

[-] 5 points by beautifulworld (22801) 2 years ago

Well, what are they gonna do when 318 million are onto them? Run for the hills? The revolution starts now. Knowledge is spreading. Bankers beware.

www.berniesanders.com

[-] 4 points by Nevada1 (5843) 2 years ago

Rothschild Bankster Indicted..... https://www.youtube.com/watch?v=VZTpum9pGKE

[-] 5 points by ImNotMe (1488) 2 years ago

''Baron David de Rothschild was recently indicted by the French government after he was accused of fraud in a scheme that allegedly embezzled large sums of money from British pensioners.'' from your link and also further fyi:

Haven't really heard much about these stories but then again I'm not in the least bit surprised by that.+

''Baron David de Rothschild has warned about the threat of terrorism and spread of hate messages on the internet. (& said that) “There are downsides to the internet.“Some websites are dangerous for us.”

e tenebris, lux ...

[-] 2 points by Nevada1 (5843) 2 years ago

Thank you for info.

[-] 2 points by ImNotMe (1488) 2 years ago

While all the fraud alluded to above is still going on, please do also consider this:

As corrupt bankers and hedge-fund moguls, dabble in domestic and geo-politics!

fiat lux ...

[-] 1 points by DKAtoday (33315) from Coon Rapids, MN 2 years ago

With a population (I think) that is less than the state of Vermont's - so basically a very small "total" government - I wonder how that played into the success of the population to get criminal charges laid and pursued.

Don't get me wrong - I would love to see our criminal bankers hauled into court under criminal charges - I just think it will be harder for the total population of this country to get together to get it done.

Though I think that supporting Bernie's campaign (including getting representation into all offices state & federal and not "just" the presidency) would move us forward to getting the obscenely wealthy criminals charged and prosecuted.

[-] 2 points by Nevada1 (5843) 2 years ago

Imagine how it would be, under a one world government.

[-] 1 points by DKAtoday (33315) from Coon Rapids, MN 2 years ago

That could be hell on earth or a utopia.

An absolute hell on earth with corp(se)oRAT rule.

Trending towards a utopia if the government actually represented for the people and a healthy environment for all?

[-] 2 points by turbocharger (1756) 2 years ago

"I wonder how that played into the success of the population to get criminal charges laid and pursued."

Fantastically. Its why I am such a big proponent of decentralization.

[-] 0 points by DKAtoday (33315) from Coon Rapids, MN 2 years ago

You idiot - Iceland is about as centralized as you can get.

[-] 1 points by turbocharger (1756) 2 years ago

Ya and its population is 1% of what ours is. Thats the point. 300k people working together is manageable, its basically a city.

[-] 1 points by DKAtoday (33315) from Coon Rapids, MN 2 years ago

So - what "you" are saying - is that - "you" - would like to see the USA dissolved and each state to then become it's own country.

[-] 3 points by turbocharger (1756) 2 years ago

You can keep it a country if you want but you have to return power to the community.

There is no reason bureaucrats in Albany or DC are making rules for schools in Rochester. And when the ones making the decisions are that far off, its outta sight outta mind, someone elses problem to fix. Basic human nature stuff.

[-] -3 points by DKAtoday (33315) from Coon Rapids, MN 2 years ago

Yeah - I just bet you love schools teaching on their own initiative - Jesus riding dinosaurs.

[-] 2 points by turbocharger (1756) 2 years ago

I hysterical how out of the all encompassing strategy of helping kids become smarter, more creative and artistic, innovative, etc... Most of you would rather throw the entire thing out because of the chance some schools might teach the story of how the world was started differently than you want.

Fuck over 100% of the kids because of something that is not really that relevant, its done and over with regardless.

That lone chance that approx .000001% of the 12 year curriculum is something you dont like means we hand 100% of it over to the sociopaths and corporations.

Fuckin incredible.

[-] -2 points by DKAtoday (33315) from Coon Rapids, MN 2 years ago

Yes you are hysterical - hysterically funny/insane. As it is you who would allow the for profit corp(se)oRAT charter school systems to run wild and do their own thing along with all of the other educational misfits who want to teach creationism as well as bigotry. You want 50 states of chaos.

[-] 3 points by turbocharger (1756) 2 years ago

Thats great that you view community power as chaos. Not surprising at all, given the lunatics you vote for.

Once again, Democrats and Republicans simply want to control everything.

[-] -2 points by DKAtoday (33315) from Coon Rapids, MN 2 years ago

That's just great that "you" overlook all the the toxic crap that takes place in stars and bars states. Not that all of the toxic crap happens there - just a consistent amount of it - that happens to do with creationism BS and all sorts of segregation suppression oppression BS as well.

[-] 3 points by turbocharger (1756) 2 years ago

Like I said, the creationism vs evolution is about .000001% of the overall learning experience. If you would like to dwell on that and trash the entire thing over that, well, you should run for office lol.

In regards to the other stuff you listed, where do you see this happening if power was restored to the community?