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Forum Post: Iceland's Banksters Arrested, not Bailed Out

Posted 9 years ago on Dec. 4, 2011, 4:19 p.m. EST by fjolsvit (957) from Washington, DC
This content is user submitted and not an official statement


REYKJAVIK (Reuters) - Iceland's special prosecutor arrested the former chief executive of Glitnir Bank on Wednesday and questioned nearly two dozen people related to the collapse of the bank in 2008.

Glitnir Bank was the first of Iceland's top three commercial banks to collapse three years ago, imploding under the weight of huge debts racked up during years of aggressive expansion.

Special prosecutor Olafur Hauksson said his office had made several arrests on Wednesday -- the first for activities related to Glitnir. He told local media that former CEO Larus Welding would be held in custody for up to one week.

"Welding is being held in the interest of the investigation in order to prevent him for influencing other suspects or removing evidence that we're after," he was quoted as saying by Morgunbladid.

Hauksson said he had initiated nine new investigations, made several arrests and questioned nearly two dozen people related to the fall of Glitnir.

Inquiries are being made into the purchase of Glitnir's shares, as well as into loans provided to a number of firms to purchase Glitnir shares. It also investigated a 15 billion Icelandic crown ($126 million) guarantee provided by Glitnir in connection with a share offering in FL Group.

The prosecutor has also been conducting investigations at Kaupthing and Landsbanki. Kaupthing, Landsbanki and Glitnir all collapsed in the space of a week during the 2008 crisis.

(Reporting by Omar Valdimarsson)



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[-] 5 points by qazxsw123 (238) 9 years ago

If you want this to happen in this country, help out with Elizabeth Warren's election in MA; she's the one who's after the WS banksters.

Read on:

Panicked by the prospect of Elizabeth Warren becoming a United States senator, Wall Street lobbyists are pouring money into Scott Brown's campaign:

Financial service lobbyists and other K Street advocates have for weeks been working hard to help the freshman senator win his high-stakes battle for re-election against Elizabeth Warren, a liberal Harvard law professor. Warren is anathema for many finance-sector lobbyists and Wall Street leaders who abhor the newly created Consumer Financial Protection Bureau— a centerpiece of the financial services overhaul—of which Warren was the intellectual architect.[...]

In his two Senate races, Brown’s top five contributors included four financial giants: Fidelity Investments, Goldman Sachs, Massachusetts Mutual Life Insurance Co., and Liberty Mutual Insurance, according to the Center for Responsive Politics. The most generous donor has been FMR Corp., the parent of Fidelity Investments, chipping in at least $97,000 to his campaign committees from executives and the firm’s PAC.

Executives and PACs affiliated with Goldman Sachs pumped at least $60,500 into Brown’s coffers; at least $51,000 from Massachusetts Mutual Life Insurance; and at least $46,000 from Liberty Mutual Insurance.[...]

Inside the Beltway, fundraising has been heating up too. On Nov. 30, veteran financial services lobbyist Dan Crowley, a partner at K & L Gates, hosted a breakfast fundraiser for the senator that drew about a dozen other lobbyists. “There is no Senate race that more clearly reflects the choice for the future direction of the country,” Crowley said, pitting the role of government versus the role of the private sector.

That Wall Street lobbyist is actually right—there is no other Senate race that will more clearly reflect, and have a bigger impact on, the future of our country.

Let's make sure we go in the right direction. Please, contribute $6 to Elizabeth Warren on Orange to Blue.

Keep fighting, Chris Bowers Campaign Director, Daily Kos

[-] 1 points by shadz66 (19985) 9 years ago

Article : "Lessons From Iceland - The People Can Have The Power", by Birgitta Jónsdóttir ; http://www.informationclearinghouse.info/article29722.htm ...

[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago

Iceland's people power is an inspiration. No accident that my nym is Old Icelandic.

[-] 1 points by shadz66 (19985) 9 years ago

@ fjolsvit : That was sort of my guess ! I too am inspired by the Staunch Defence of their democracy and independence displayed by Icelanders.

As an aside but nevertheless rather relevantly, a top tune and some sage advice by another ever-independent Icelander : http://www.youtube.com/watch?v=RPRUsHXEn_k&feature=related !!

Samstaða !!

[-] -1 points by fjolsvit (957) from Washington, DC 9 years ago

Flag this.

[-] 1 points by shadz66 (19985) 9 years ago

LoL : It took me two takes and three reads but I got it in the end ! ;-)

[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago


[-] 1 points by shadz66 (19985) 9 years ago

"Declare Independence ; Raise Your Own Flag !!" (Bjork, see 'You-Tube' link above)

[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago

I wasn't even thinking that. I was just trying to flag this thread for a revisit. This forum software is rather simplistic.

[-] 1 points by shadz66 (19985) 9 years ago

Yes. But I was ! In thinking two "dolphins could share a moment 'on porpoise'!" such that both Tune and Thread could rightfully share an Auditory Re-read in song and sentence ; poem and prose ... all on an Icelandic Tip !!

"Forum Software" and my "Personal OS" are discreet !!! Stay well, 'fjolsvit' & ... http://www.youtube.com/watch?v=4ZBefrTszxU ;-)

Samstaða = Solidarity !!

Viva Los Indignados! y

dum spiro, spero ...

[-] 0 points by alouis (1511) from New York, NY 9 years ago

You ought to make a post about Scott Brown's contributors. More people would see it. While I don't have faith in the electoral process, maybe Elizabeth Warren could do some good, especially if OW continues to be strong and on the offense.

[-] 1 points by qazxsw123 (238) 9 years ago

done! thanks. Can you also do some press digging and see what else we can find about K street?

[-] 5 points by PandoraK (1678) 9 years ago

Iceland leading the way...when will the US follow?

[-] 3 points by ohmygoodness (158) 9 years ago

and many other countries too!!

this has set up a great precedent, Ólafur Ragnar Grímsson their President could be an example of what should be required of the next president/leader of many countries.

He has justly used the power of the people with their consent (through referendums) to defeat external interference and maintain Iceland's sovereignty and recovery from a crisis initiated by fraud and deceit.

[-] 1 points by shadz66 (19985) 9 years ago

Article : "Key Lesson from Iceland Crisis is 'Let Banks Fail', by Haukur Holm ; http://www.informationclearinghouse.info/article29653.htm ...

[-] 2 points by ohmygoodness (158) 9 years ago

Good site - "news that you won't find on CNN = Crap News Network nor Foxnews = Fauxnews"

[-] 1 points by shadz66 (19985) 9 years ago

See Max Keiser talking to Jon Thorisson (3rd Dec.'11), about the new 'Eva Joly Institute' and Iceland’s ongoing fight for justice : http://www.youtube.com/watch?v=DzaDRyAH3NI . fiat justitia ...

[-] 1 points by shadz66 (19985) 9 years ago

Also see Max Keiser interviewing Birgitta Jonsdottir (1st Nov.'11), about the true state of transparency, banking and economy in the latest IMF (self claimed!) 'poster child', Iceland : http://www.youtube.com/watch?v=LfFu9cnaxR4 . fiat lux ...

[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago

When we become the media. Go mediate!

[-] 1 points by shadz66 (19985) 9 years ago

Article : "Iceland Declares Independence from International Banks", by Bill Wilson ; http://www.informationclearinghouse.info/article28391.htm ! fiat lux ...

[-] -1 points by Thrasymaque (-2138) 9 years ago

You can't compare. The laws are different. Iceland resembles more Canada than US.

[-] 2 points by PandoraK (1678) 9 years ago

Principles, that's all, the principles.

[-] -1 points by Thrasymaque (-2138) 9 years ago

You can't bring a case to court on the grounds of principles.

[-] 2 points by PandoraK (1678) 9 years ago

Never mind, I'm too tired to attempt to explain to you.

[-] 0 points by Thrasymaque (-2138) 9 years ago

The way has been up north all along. Emulate Canada and you'll be fine. Drop Jerry Springer and embrace controlled capitalism with a tad of socialism. Just copy your northern neighbor.

[-] 1 points by shadz66 (19985) 9 years ago

Article : "Iceland's On-going Revolution" by Deena Stryker ; http://www.informationclearinghouse.info/article28934.htm ... lux ?

[-] 4 points by GirlFriday (17435) 9 years ago

That is awesome.

[-] 2 points by OccupyCentre (263) 9 years ago

It is. The house of banksters is crumbling. They are going down - for at least 20 years. :)

[-] 3 points by OccupyCentre (263) 9 years ago

Job for all Movement members. Get Bankster names. Catalogue them and assemble dossiers. Photoes, addresses, contacts, crimes, life history. Use Simon Wiesenthal's approach. Never give up. Keep punching. The champ will fall. WIR KOMMEN.

[-] 2 points by CobyART5 (59) 9 years ago

Go Iceland Go!!!!!!!!!!!!!!!!

[-] 2 points by OccupyCentre (263) 9 years ago

Yes! Don't expect the Banksters to get off so lightly in the US or elsewhere. Your turn will come. We in the Movement make you that promise. You hurt us. You are laughing at us. You laugh at the 99%. Watch out! Jail time is coming for you!

[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago

Bear in mind, it's the police who will make those arrests. Treat them with respect even when they arrest you. That's the part of Thoreau's civil disobedience.

[-] 1 points by OccupyCentre (263) 9 years ago

Thanks for the advice. I will look into that area - Thoreau. It is excellent advice. We need our police - to clear the streets of criminal banksters, who rob widows and orphans funds. Banking swine!

[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago

From what I just heard Occupy DC is getting violent. Haven't had a chance to verify.

[-] -1 points by Thrasymaque (-2138) 9 years ago

Not a surprise. As expected.

[-] 1 points by fjolsvit (957) from Washington, DC 9 years ago

Looks like staged violence. My girlfriend has a tendency to over dramatize and misreport. My bad.

[-] 1 points by ScrewyL (809) 9 years ago

See.. And, guess how many people here ridiculed me when I called for the arrest of the bankster criminals in the U.S.of.A.?! FFS!

[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago

The Christians have some kind of tradition about a prophet in his hometown. Any Christians care to flesh this out?

[-] 1 points by CobyART5 (59) 9 years ago

You know why we haven't heard much about Ireland lately? Because they told the NWO Elite Banksters to go take a flying you know what. They said, prove that you lent that money to us without criminality. They couldn't and so Ireland isn't paying. Justice. The whole world should be telling the banks to jump off a bridge.

[-] 1 points by mvjobless (370) 9 years ago

yes. And it's too bad Greece didn't follow suit, as well as Italy and soon Spain. Instead of elected governments in these countries, you now have installed technocrats that are going to save the banks instead of the people.

[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago

All according to protocols set forth well in advance. People have been saying that this was the plan for decades. I used to think those people were nuts, mostly because I trusted the MSM, even though I claimed that I didn't.

[-] 1 points by Nevada1 (5843) 9 years ago

Hi fjolsvit, Excellent. Thank you for post. Also, Mass. Attorney General Martha Coakley suing BoA, Fargo, Citi, JP Morgan and GMAC. Yes, hopefully more justice will follow. Best Regards, Nevada

[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago

They always get sued and scolded. Suing a bank is meaningless. The banksters walk away rich and free. We need prosecutions. Lots of them.

[-] 1 points by Nevada1 (5843) 9 years ago


[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago

N900SA N987SA google them. The banksters have to be in on this. How else could $100 billions of drug money flow through our economy?

[-] 1 points by GypsyKing (8708) 9 years ago


[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago
[-] 1 points by D7ame2Uv (116) 9 years ago

This is great news. However, we are cheering now simply because common sense has become so uncommon. To me that is indicative just how bad things are.

[-] 1 points by ronimacarroni (1089) 9 years ago

I'm sold.

How do I immigrate to iceland?

[-] 1 points by TheUnchainedComic (12) 9 years ago

If found guilty, will icelandic cronies be set adrift upon icebergs or chucked into volcanoes? Peace.

[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago

I don't think Iceland still does blood eagles. Eric the Red was outlawed. Not sure where one would outlaw a person to these days.

[-] 0 points by D7ame2Uv (116) 9 years ago

How about set adrift upon icebergs that have been chucked into volcanoes?

[-] -2 points by rmolsonguitars (7) 9 years ago

Seems they really don't want top investigate the Federal Reserve though the dollar value has dropped no about zero....

If we don't stand up and fight we should at least revoke our enemies banking charter...

Allowing the Federal Reserve to exist and force us to use their Federal Reserve Debt Notes was the start of the downfall of our economic future.

Those Federal Reserve Notes are just like your house or car note... they are debt instruments but you can't pay them off... you lose about 5% every year we continue using them. That's why our dollar is so worthless. I bought my first car with only $3000 $1.00 bills. Now it would take near a wheel barrel full of $1.00 bills to buy a new car. That's because the Federal Reserve Notes are designed that way. It is a way of stealing from you. When we used silver dollars, they could not clip a little off each coin because we would notice. They could not steal directly from the vault because we would notice it. So they found a way to steal using just plain paper for our trade and commerce.

Everyone should know by now that those banksters are not Federal and that there is no Reserve at least for our benefit and the the Notes indicate debt for us as long as we allow the use of the Federal Reserve Notes... Demand... we go back to Constitutional money.

Do you know what Constitutional money is? It is central to our freedom under the Constitution! As long as they can destroy your ability to have a rich financial future. they have taken your freedom for everything else away too!

[-] 0 points by fjolsvit (957) from Washington, DC 9 years ago

Constitutional money is issued by Congress.