HomeProtect Yourself From Next Economic Crash
Wednesday, 22 June 2016
Quickly after the financial crisis, derivatives positions increased to new highs. Many of the behaviors that caused the financial crisis remain in place. In Iceland, representatives chose a different path.
Iceland has 26 bankers over his role in the 2008 economic crash, which led to what some mainstream experts are now labeling a “recession-depression.” The banker, charged with breach of fiduciary duties to market manipulation and embezzlement, will be punished for abetting the collapse of Iceland’s three major banks, which led to $114 billion worth of defaults in the $19 billion economy (GDP).
Parliament there voted in favor of emergency legislation to nationalize major banks and created new banks to manage them. Parliament later charged numerous banking officials with fraud and market manipulation. Sentences range from four-to five-and-a-half years.
“Why should we have a part of our society that is not being policed or without responsibility?” said the special prosecutor.
The bankers combine for 74 years in prison. Complains run deep in regards to the stark differences between the way the US government managed the financial crisis and how Iceland did.
Nearly all the financiers who headed powerful American firms in the run-up to the 2008 economic crash remain wealthy, powerful, and free. Not so in Iceland, where jail sentences handed out last week bring the number of bankers imprisoned over the meltdown to 26.
Combined, the bankers will spend 74 years behind bars. While critics of such stringent treatment of the business community often warn that cracking down on finance hurts the economy, Iceland’s experience has shown it’s possible to pursue corporate accountability and broad growth at the same time.
The American form of justice for banking titans has been rather less robust. Prosecutions for all white-collar crime are at a 20-year low. Criminal prosecutions of corporations dropped 29 percent from 2004 to 2014.
Here are some of the bankers jailed thus far. For instance:
Bjarni Ármannsson, President of Glitnir
Bjarni was sentenced to 6 months in prison by the District Court of Reykjavik for major tax noncompliance. His sentence was suspended and he was additionally ordered to repay nearly 36 million ISK of unpaid tax. The Supreme Court of Iceland increased his suspended sentence to 8 months.
In the US, Wesley Snipes, Lauryn Hill and Nas receive the punishment instead.
Whether or not banking officials will be prosecuted if the markets collapse and cause harm to the economy again cannot be unknown. Some argue that persecuting bankers could harm the economy by taking experts out of key positions, while others say the “experts” are the ones doing the harming. For sure, the US has a model for punishing bankers in a court of law in Iceland if it should choose to go that route.
One of the main reasons I found Bitcoin and cryptocurrency was because of the financial collapse back in 2008. As you can see in the article the country of Iceland takes what happened back in that terrible time very serious by handing out jail sentences. You will not see the same level of commitment from the DOJ in the United States and Europe to bring the perpetrators to justice. It is similar to the stimulus package that cost America one trillion dollars of tax payer money that did nothing but finance special interest. It did nothing for main street America. How about 9/11 ? There hasn’t been any formal charges on anyone for anything. Does that seem strange ? Even the boogie man known as Bin Laden was never charged with any crime related to 9/11 because the Justice Department never had any proof he did anything in that horrible event.
When you start thinking about what really happened with the financial collapse in 2008 and the development of the “Bail In” that was put into place and is now law should have everyone prepared for the next ball to drop. The Bail-In is simply using the deposits of money by the people in banks around the world to bail out the criminal banks.
I will not be a victim of any financial fall-out by misleading and criminal banks who control world finance. I will sidestep their fees, dishonesty and all around hell they cause by building a real portfolio with cryptocurrencies like OneCoin and BitCoin.
(Source internet)
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