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Friday, June 18, 2010

Iceland setting example: 10 bankers on trial

Unlike any other country affected by the hyper-abusive criminal practices of the banking sector (not the USA, not Britain, not Spain, not Germany, not Greece...), the small Nordic republic is doing the right thing: rounding up the corrupt bankers and putting them on trial.

Main stockholders and managers of three large Icelandic banks, Kaupthing, Landsbanki and Giltnir, are being prosecuted in their country for the crime of fraudulent appropriation of funds via ad-hoc loans from their own banks. The state administrators of the banks, now nationalized, are also considering raising charges against the auditor of these banks, Pricewaterhouse Coopers, for collaboration with the fraud.

The accused bankers are however exiled in foreign countries like the USA and the UK, and while their assets are being frozen, extradition is not yet granted.

Source: EstrategumTrading (in Spanish).

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