The worldwide crisis continues as institutional crime controls governments.
The alternative media has crowned Iceland as the world leader in problem solving the financial crisis.
While I saw the positive sign when Iceland said no to the bank bailouts and then chose to prosecute high ranking senior corporate executives, and politicians guilty of crimes, what remains to be addressed is the fraudulent international monetary system.
Iceland still has to address the monetary system and capital controls (their foreign trade, central bank and national currency creation).
The Icelandic government is considering legislation to lift capital controls with recommendations from the IMF.
To say Iceland is the model for the world would be short-sighted.
However, public pressure to enforce their rule of law and arrest criminals in important offices is a good thing with a clear message:
“Banksters” are not welcomed in Iceland. ~Ron
Iceland finds all guilty in banker market-abuse case
Iceland’s Supreme Court has return a guilty verdict for all nine defendants in the Kaupþing market manipulation case, the court trial for which began in April 2015.
Back in June last year, the Reykjavik District Court found seven of the nine defendants guilty, acquitting two.
Birnir Sær Björnsson, Einar Pálmi Sigmundsson and Pétur Kristinn Guðmarsson. Photo: Iceland Monitor
By fully financing share purchases with no other surety than the shares themselves, the bankers were accused of giving a false and misleading impression of demand for Kaupþingi shares by means of deception and pretence.
The Supreme Court has now overturned the acquittals, finding Björk Þórarinsdóttir (credit representative at Kaupþing) and Magnús Guðmundsson (former CEO of Kaupthing Luxembourg) also guilty alongside the other seven.
No punishment has been handed out to Þórarinsdóttir and Guðmundsson, however.
In addition, Hreiðar Már Sigurðsson, former Director of the bank, who had initially received no further penalty, having previously been sentenced in the ‘Al-Thani affair’, has now been given a sixth-month extension to his prison sentence.