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Friday, December 13, 2013

Icelandic bank executives sentenced to jail

justice.thumbnailFour former big names of Icelandic failed bank Kaupthing have been sentenced to prison by a court in Reykjavík yesterday for their involvement in market abuses related to a stake taken in the bank by Qatari sheikh Mohammed Bin Khalifa Bin Hamad al-Thani just weeks before its collapse in 2008.

The four men sentenced are Hreiðar Már Sigurðsson, Kaupthing’s former CEO; Sigurður Einarsson, former chairman; Magnús Guðmundsson, former CEO of the bank’s branch in Luxembourg; Ólafur Ólafsson, Kaupthing’s second largest share-holder at the time.

The men received sentences ranging from five-and-a-half to three years in prison in what is by far the largest case brought against executives Iceland’s failed banks by the nation’s special prosecutor following the 2008 financial meltdown....



THIS NEEDS TO HAPPEN HERE IN THE USA - instead we bail them out so they can use taxpayer money to give themselves millions of dollars in bonuses while working men's pensions are dissolved!

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