Bankers going to Jail; Iceland – 26, U.S. – 0

Livinglies's Weblog

So for those of you who think that Bankers can’t go to jail for lying and market manipulation — the very basis of the way securitization was practiced — I present Iceland.

Eleven former bankers have been sentenced to four and a half years or more in prison. The former top bosses of Kaupþing have received the longest sentences to date. Hreiðar Már Sigurðsson, the former CEO of failed bank Kaupþing and Magnús Guðmundsson, the CEO of Kaupþing Luxembourg, top the list, having been sentenced to a combined six years in prison for extensive market manipulation, embezzlement and breach of fiduciary duties.[e.s.] The maximum combined sentence for financial crimes according to Icelandic law is six years.

Courts can sentence people to longer prison terms than six years in cases where the crimes are systematic and repeated, and in cases where people make a living from engaging in financial crimes. Future…

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