Bankers jailed! sued as Iceland seeks culprits for crisis

breitbart.com ^ | May 12 01:44

[VU4G10]

More than a year and a half after Iceland's major banks failed, all but sinking the country's economy, police have begun rounding up a number of top bankers while other former executives and owners face a two-billion-dollar lawsuit. Since Iceland's three largest banks -- Kaupthing, Landsbanki and Glitnir -- collapsed in late 2008, their former executives and owners have largely been living untroubled lives abroad.

But the publication last month of a parliamentary inquiry into the island nation's profound financial and economic crisis signaled a turning of the tide, laying much of the blame for the downfall on the former bank heads who had taken "inappropriate loans from the banks" they worked for.

On Wednesday, the administrators of Glitnir's liquidation announced they had filed a two-billion-dollar (1.6-billion-euro) lawsuit in a New York court against former large shareholders and executives for alleged fraud.

[RockinRight]

Legit, or, just looking for a boogeyman to blame?

[Buckeye McFrog]

Coming Soon to a Capitol Hill near you...

[tcrlaf]

Remember how the left TRUMPETED the “Irish Miracle”, of replacing Manufacturing with “Green” finance Sector jobs?

“Greening the Economy of Ireland”-2005

http://docs.google.com/viewer?a=v&q=cache:VSSLx3VWh2MJ:www.nuim.ie/nirsa/news/documents/Greening_the_Economy_on_the_Island_of_Ireland-1.pdf+ireland+green+economy+2005&hl=en&gl=us&pid=bl&srcid=ADGEESiIYKTqDfuMymsFcrmeu_LdYOM3RZ1F3jM9zf3HR8Oy_ZEN3tyamQ-1T3UgXd3O7vACHZzpWLN2gZbqq_FkH21XhJYcu7evjqZxhTQ5maTwwxINznGFp-1ldJYxQhLoYe4DHtW3&sig=AHIEtbQybT4qjZtdoEjsANbZ-IO51WHlng

[subterfuge]

Failure is illegal in Iceland?

[VU4G10]

Sheikh Al-Thani participates in scam to keep share prices up



One massive surprise of the summer was the acquisition of 5% of shares in Kaupthing by Quatari Sheik Mohamed bin Khalifa Al-Thani. Surprise because even though few expected the bank to be nationalized before the end of the year most did not consider shares in the Icelandic banks a good investment at the time, especially 5%. Kaupthing blasted it as great news that showed confidence that wealthy foreign investors had in the bank. Turns out like most of the dishes cooked up and served by the management’s of the Icelandic banks, it was too good to be true. A company in the Caribbean, owned by Al-Thani borrowed the money which financed the transaction from two other Caribbean companies which in turn got the money from Kaupthing. This is reported by Morgunbladid. One of the companies belonges to Olafur Olafsson, one of Kaupthing’s largest shareholders who was one of the select few picked by the Progressive Party to receive Bunadarbankinn when it was nationalised and then turned into Kaupthing. The bank then struck a currency deal where the bank bought euros from Al-Thani which landed him enough profit to pay up the loan for the shares. All a big scam to keep the illusion going. Al-Thani and Olafur are reported to be friends.

[Red Badger]

I see a volcano in their futures..........

[SlaveNoMore]

When will the round up of the bankers crooks happen here in the U.S.?

They knowingly pre-package crap pies and sell it on the market for outrageous profits, get bailed out with our tax dollars, then borrow at 0% interest and "lend" it back to us at interest.

They have privatized the profits and collectivized the losses. Now, we're going to bailout foreign con artists as well. The largest bank robbery in history is occurring before our eyes. Only it's the bank's doing the robbing!

[The Great RJ]

They are going after the wrong guys...they should be jailing all the members of their legislature who either knew or ought to have known what was going on.

[gogogodzilla]

What’s that got to do with Iceland?

[cricket]

Three names for starters. . .Barney, Chris. . .Chuck.

[tcrlaf]

Sorry... Dyslexia...

But the left cheered about Iceland for the exact same reason.

[Bitsy]

Remember how the left TRUMPETED the “Irish Miracle”, of replacing Manufacturing with “Green” finance Sector jobs?

My 44 year old co-worker is from Ireland and is a liberal. Why, I have no clue because she said the fun stuff they did growing up can’t be done now because it is too expensive. Most of the shops in her little town have closed because they have no work and her mother needs to see a doctor but there is a two year waiting list. Yep. Socialism. Isn’t it grand? Yet, she is a socialist - go figure.

[MNJohnnie]

Democrats Reject 5% Down Payment Rule
IBD’s Capital Hill ^ | 5/12/2010 | Ed Carson

Maybe they should be looking in the mirror to see who to jail

[SuzyQue]

I guess it’s “the devil she knows” and is less feared than the idea of taking care of herself.

[Bitsy]

I guess it’s “the devil she knows” and is less feared than the idea of taking care of herself.

True. She readily admits she doesn't understand our political system but she loves Obama and all the social benefits that come with him. People who come to this country should be required to study our constitution, bill of rights and every other paper that explains how our government is SUPPOSED to work. Socialism has never worked. It is like the saying the definition of insanity is doing the same thing over and over again looking for a different result.