Icelanders Profit From Prosecuting Banks: “First They Jailed The Bankers, Now They Get Paid”

by | Oct 30, 2015 | Aftermath, Commodities | 44 comments

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    This article was written by Claire Bernish and originally published at the Anti-Media.

    Editor’s Comment: The saga of Iceland remains a cautionary tale to Americans and people everywhere. We are under the yoke of the bankers, but we don’t have to be. Iceland prosecuted banking crimes, and refused to be a victim. As a result, it is prospering. The United States could do the same thing, and have likely even better results – but they won’t. No one will touch Wall Street, and no one will take down the Federal Reserve.

    Until those problems are address, we remain on the shaky waters of sustained collapse and new waves of economic crisis at regular intervals.

    First They Jailed The Bankers, Now Every Icelander To Get Paid Back In Bank Sale

    by Claire Bernish

    First, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki.

    If Finance Minister Bjarni Benediktsson has his way — and he likely will — Icelanders will be paid kr 30,000 after the government takes over ownership of the bank. Íslandsbanki would be second of the three largest banks under State proprietorship.

    “I am saying that the government take [sic] some decided portion, 5%, and simply hand it over to the people of this country,” he stated.

    Because Icelanders took control of their government, they effectively own the banks. Benediktsson believes this will bring foreign capital into the country and ultimately fuel the economy — which, incidentally, remains the only European nation to recover fully from the 2008 crisis. Iceland even managed to pay its outstanding debt to the IMF in full — in advance of the due date.

    Guðlaugur Þór Þórðarson, Budget Committee vice chairperson, explained the move would facilitate the lifting of capital controls, though he wasn’t convinced State ownership would be the ideal solution. Former Finance Minister Steingrímur J. Sigfússon sided with Þórðarson, telling a radio show, “we shouldn’t lose the banks to the hands of fools” and that Iceland would benefit from a shift in focus to separate “commercial banking from investment banking.”

    Plans haven’t yet been firmly set for when the takeover and subsequent payments to every person in the country will occur, but Iceland’s revolutionary approach to dealing with the international financial meltdown of 2008 certainly deserves every bit of the attention it’s garnered.

    Iceland recently jailed its 26th banker — with 74 years of prison time amongst them — for causing the financial chaos. Meanwhile, U.S. banking criminals were rewarded for their fraud and market manipulation with an enormous bailout at the taxpayer’s expense.

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      44 Comments

      1. Some person

        26 people for 74 years total together?
        It should be 26 people for 74 years each.

        • Sean

          Although I agree with you. I read in a different article about this that 6 years is the longest sentence for this type of crime.

        • KY Mom

          I agree the jail sentences should have been LONGER.

          But, at least they were prosecuted and jailed, rather than rewarded with huge bailouts and million dollar payoffs.

          • Romano

            Nobody, either in the US mainstream or alternative media is talking about the upcoming and unavoidable currency crisis in America: the ascendance of China’s Yuan as the new reserve currency, announcement to be made by the IMF next month…gold, silver, guns or ammo won’t do any good to those who will place their hopes (and security) in those assets…ordinary Americans do not have a single clue of what an economic collapse is all about and they will be forced to learn the hard way.

            • Braveheart

              Romano, enough trolling. Move on.

          • Vic

            Socialistic societies deserve what they get. United States included.

            Save the U.S. Vote Conservative.

            • Anonymous

              Conservatives just gave Obama almost unlimited and unaccountable spending power for the next two years.

              How does that save the U.S.?

        • smooze

          I’ve worked in prisons before. Now 74 yrs in an American prison can be a cake walk esp the lower the custody level, outside jobs even unsupervised at some fed prisons.(I take that back 74 yrs would suck ass no matter where you end up.) They can order outside foods, cable tv etc. But that’s America, Iceland on the other hand could possibly have some harsh prisons with no amenities other than to be fed every day. So I wouldn’t discount their prison system just yet.

        • nexusxyz

          At least they got jail sentences. In the US not so much.

      2. Stolz Vorfahren

        Arresting the banksters is wrong. Hang them along with their families and burn down their stolen wealth to the ground.

        • Lone wolverine

          The Bizantines would blind,castrate, and release.curupt government employees . They didn’t have many problems. Cruel and unusual punishment is prohibited by our constitution. A year in general population in one of our prisons ? They wouldn’t last one month. They got Jeff damer they’ll get them . Pay backs a bitch. But they’ll pay doubles .look a likes . Even if sentenced in public how would we know they were in prison. .? The system is too curupt for any justice . These rich people get away with anything regardless of what we’re told . Is Bernie Madoff in prison or is it a double. How would we know? Only the second coming can save us at this point.Reguardless of how bad it will be . ( even so come )

          • Christian Man

            Have another drink. You’re almost there.

        • Vic

          It’s only stolen if the “victim” didn’t give up their money willingly.
          They were warned.

      3. AGENT SKINHEAD

        ARREST THE WANKERS.

        The easy money lovin’ limp wristed pricks need a spell in the big house.

        23 hrs in a cell for years on end ‘n’ all alone brings a man to thinkin’ deep about shit that money just cain’t buy.

        Family and friends are priceless.

      4. Asshat

        Bank scum. banks are supposed to be the safest place to keep your $ but not anymore. I’m on vacation this week and went to pickup my check. My work told me I need direct deposit I laughed and walked away. I treat them like morons don’t believe me you can’t make this shit up. I don’t want them in my business they are going under. Would you trust them in this case. Dta don’t trust anybody especially crooked corporations cocksuckers better have my envelope on Thursdays or there will be a definite work stoppage. I hate corporations they are the enemy to me. When they close it on to the next corporate victims for me. Every where I work the help gets treated as animals and if I went somewhere to work and they treated me like a human I’d be thinking they are up to something. Corporations are owned by banks look at Amazon they are owned by douche bank in Germany. Dhl is owned by them too. I worked at Dhl they shorted people’s pay and just played games with people. The douche bank is the most corrupt banking conglomerate to operate on earth. I have tried to find out if they own the company I work for which I won’t mention by name. I see a striking resemblance in style of management.

        • AGENT SKINHEAD

          Bwahahahahaha.

          Hope you have a good time on your week off Asshat.

          You deserve it bud.

      5. Kevin2

        Why do other countries follow the supposedly American idea of, “Equal Protection Under The Law” (which rightly infers equal prosecution) and the birthplace of that concept fails so miserably applying it?

        Our words in the Constitution, Bill Of Rights and US Code are becoming as hollow as the constitution in the USSR five decades ago.

        “An uneducated man robs a train; an educated man steals the railroad”.
        President Theodore Roosevelt

        • Anonymous

          You don’t understand.

          We’re all equal, it’s just that some of us are more equal than others.

      6. finx

        This is wrong. The banks have done nothing wrong and people want to prosecute. I bet 100% of the readers on this website have gotten a opan from the bank. Try getting a loan from your friends or family. Yeah, the banks are better than family. At least the banks will risk their money to let you in a house or a car.

        Get real people. If you dont want loans, banks, or anything else from a civilized community then go live in Somolia

        • Anonymous

          As far as loans go they are giving people next to nothing for savings accounts while they make plenty off the interest they charge. I know people who made small fortunes off of CD and savings accounts when interest was high. Those days are never to return.

        • Anonymous

          Banks will risk their ass to lend? WHERE DID THE BAILOUT MONEY COME FROM. You know that “crisis” that needed to be avoided so martial law wouldn’t be declared.

        • Kfilly

          This moron likes his debt based society. Every dollar created (whether by the Federal Reserve or by signing a loan) is created out of thin air. There is nothing backing the currency. The current system of banking is a system designed to take your wealth and transfer it to the 1%. Enjoy your debt slavery tool!

          • Anonymous

            So what would you propose in place of our current monetary system, how would you implement it (without massive economic calamities), and how will you get the masses of people to support it?

        • Braveheart

          Is this the same fine who used to come trolling here back in 2012 and 2013?

      7. Lone wolverine

        You watch they will destroy Iceland for this one way or another.

        • JJsan

          Yup, the banks can’t allow this to be the norm…… Just saying. Calling in all favors in the future I bet….

      8. AGENT SKINHEAD

        There’s a dear lady named KY Mom who mentioned this bankster story yesterday.

        She’s a tower of knowledge and well worthy of our respect.

      9. FTW

        Icelanders Profit From Prosecuting Banks: “First They Jailed The Bankers, Now They Get Paid”

        Unfortunately, this kind of scenario will never happen in America. Every single piece of our Government is corrupt, and such an action will never take place.

        The people in this country will never pursue this avenue either. We have now become a nation of “takers” than “producers”. The ‘gimme ‘dat crowd sees nothing wrong with our banking policies. As long as they are receiving food and funds to keep a roof over the head. To them, there is nothing wrong with America.

      10. Really???

        About $4400 US. Not bad. Dead bankers would be better.

      11. eppe

        I posted about this on 2-14-2014.

        If Iceland can do it, why cannot the United States do the same?

        If you are someone who is truly worried about the dismal direction of the U.S.A., as I am, why is it that a small country in the middle of an ocean can reverse their situation, but we seem to cannot do the same? Better yet, why can we not take the ‘best’ of each nation and apply it to the good ole USA? If we could do that, I believe we could turn this nation around in a short amount of time.
        Case in point: In 2008- Icelandic citizens force the resignation of both the prime minister and the effective government.
        In 2010- The prime minister was indicted, over 200 criminal charges were filed against the bankers, and all of the former CEO’s of the three biggest banks were arrested. Others were forced to leave the country.
        In 2010- An assembly is elected to write a new constitution to avoid entrapments of dept. Twenty five citizens is chosen – “With NO political affiliation”. The only qualifications for candidacy are adulthood and the support of thirty people.
        In 2010- The main bank of Iceland was nationalized.
        In 2010- The new government forgave debt exceeding 110% of home values.

        I know that seems too good to be true, but it would be a good start. We have dug ourselves into such a deep hole, with our government in huge dept, rouge politicians spending money we do not have on things we do not need or want. So in an essence, if we “FIXED” the banking and political problem here, it would be a great start. This also relates to the FEDERAL RESERVE printing pieces of paper with dead presidents on it like there was no tomorrow. If this keeps up, hyperinflation will eat us all alive. All you have to do is look at countries that have done this already, without success I might add.

        Next, let us take the “gun” situation we have here. If we could model our system after the country of Switzerland, where you are required to have a gun in your household, much of the gun violence could be eliminated. Where as USA has 4.2 gun deaths per 100,000 people last year, Switzerland had zero. Would this not be a better situation to have? The Swiss also have to prove at a gun range that they can handle a gun. I have always said “Gun control is being able to hit your target”. Also I have said, “Guns DO NOT kill, it is the bullets that kill”. Maybe that is the real reason our government is buying all the ammo they can get their hands on, taking the raw materials for ammo, and driving prices up beyond belief. If you remove ammo from the equation, all your guns become inaccurate throwing devices. While we are on the issue of Switzerland, when young adults get out of high school, it is mandatory that they serve two years in the military. Smart move in my eyes, but also Switzerland does not go and stick their noses in everyone else’s business. We have had way too many young men and women killed or maimed in other countries where we did not belong. The USA is not the world’s policeman, but our politicians think we are. If we would take our own resources and bring them home, hardened our borders, and developed our own natural raw materials, we could let the countries in the Middle East fight between each other, since we would not need to buy their hydrocarbons, example OIL, natural gas, etc. Since fracking has come about, the USA is exporting our raw materials out, whereas we should be keeping them here, storing them here, and in essence dropping the price of said items.

        While we are on the discussion of raw materials, we need to keep what we have here, bring back the manufacturing process and stop buying from countries like China, Indonesia, etc. Remember when “Made in the USA” was something we looked for on a product, since we knew it was a quality product. Try to find that today, almost nonexistent. Bringing home the ability of substantial employment back home, we would stop getting cheap junk from other nations who know that they will sell us anything if it is cheap enough. With unemployment in the range that it is at now, (20-30%), not what our government tells us at (6-7%), which we all know this a lie, we could maybe get 90+ million off food stamps, and the other entitlements that our government shells out for NOT working. Just take a look at the Middle America, where the oil business is booming, from the initial drilling to the transportation of these raw materials or final products to keep this nation running and producing. Also take a look at Middle America in the agricultural sense, we are the breadbasket of the world, and always can produce more than we consume. Which brings up the problem with GMO products? We are finally seeing that this way of producing is not good for humans or animals that we humans eat. GMO’s have been around for a decade or two, and we are seeing that it is not a good thing. If we could stop subsidizing the farmers to NOT grow the maximum crops that they could, would you think that food prices would not come down and be healthier for us all? I know there are some exceptions, but as a whole, if we got rid of the politicians who endorse this behavior as stated above, would we not be in a better situation? I know I have seen the price of basics, milk, bread, vegetables, meat, and others go up in price so much, I do not see how we can sustain ourselves for much longer. I guess that is the reason many people are starting “Victory Gardens”, so they know what they are eating is safer, better, cheaper, and have the knowledge of where it came from. I could go on and on about what could be done, and until we eliminate “The Powers That Be”, I fear nothing is going to get better.

        Without ranting and raving on like a lunatic, I really believe we need to get back to the basics on the initial idea that our founding fathers so well put down on paper 238 years ago. They knew what was going down, and warned us about it so many years ago. If the founding fathers could see where we are now, they would be shaking their head in disgust. I could put down many “quotes” that have been recorded in history, but that would take many pages that the general population would not take the time to read. I guess what I am trying to get across to all the readers, we as Americans are in deep trouble. Why can we not rise up and revolt to take our great country back from the 1% who is trying to keep us down? Right now we have the government trying to “governmentize our healthcare”. If anyone out there can name one entity that the government has taken over and actually made it better, please let me know. Having researched this extensively, Obamacare is one big failure. How can our government spend 600 million on a WEBSITE and fail so miserably? I can tell you one thing; we have been lied to, bamboozled, scammed, and trashed to the point of no return? I can only hope that the American people can stand up, revolt, and take control as the Icelandic people have. Yes I know there will always be problems, and common sense is not prevalent in the government as of today.
        But if a small country such as Iceland can right many wrongs, why can we not do the same? Shoot, I am even scared to put my name down as the author of this document, knowing it will rile up many feathers, and could get me terminated as a human, just because I would like to “RIGHT” many of the wrongs out there in the world as of today. I hope those that read this will remember, this nation was not built by people who have the same rationalization of those in power now. May GOD bless us all, we really need it now…

        “eppe”

        Yes, it is long winded as some stated, but does it not make sense???

        • eppe

          Brave and Swinging:

          Blairsville, GA, 9am awful waffle on the north side, going toward Young Harris.

          Let me know asap, otherwise I’ll go hunting….

          • Braveheart

            Pepe, day 2 at the BOL for me and I’ve got some things going on here that won’t allow me to make it this time. Sorry about that. My next trip is scheduled for a week before smashing and will be spending 2 weeks on that trip. Maybe next time. I would still be honored. Have to go back to the city on Sunday.

            • Braveheart

              Pepe, btw,that long post was one of your best ever.

              • Braveheart

                Pepe, I meant to say my next trip is a week before Christmas.

        • AGENT SKINHEAD

          sobering post eppe.

          And not a single shot fired in Iceland.

      12. Asshat

        Thanks skin gonna go blasting tomorrow. Oh and finx I don’t get loans from the bank or family I live in my means and don’t play fuckin games with my finances. Last vehicle I bought I didn’t take a loan I paid cash. I’m not rich but I don’t like paying the banksters interest. I’m not going down the tubes with the banks and I’m not giving them a loan when they fail either. You must be terrible with $ finx. Banks are leeches sucking the life from you if like hosting that speak for yourself.

        • Braveheart

          Asshat, same here. Braveheart never plays the credit game, period. I also live within my means. No credit cards or loans for me ever.

        • AGENT SKINHEAD

          Enjoy.
          Catcha later.

      13. Houston/Cypress/Katy/Shtf

        Well Eppe, that about sums it up. This explains why they came up with deagle.com. Its a mathematical impossiblity.

        Aka,

        HCKS.

        We are f….k..d

      14. olde reb

        The way the Federal Reserve/Wall Street embezzles $3 billion daily is analyzed here: https://www.scribd.com/doc/48194264/rip-off-by-the-Federal-Reserve-revised.

        What does Wall Street do with the embezzled money ? They cause world wide economic chaos and oppression. Ref.  http://farmwars.info/?p=12078 FUNDING THE NEW WORLD ORDER.

      15. B from CA

        Hope is alive. Justice prevail. America look and learn.

      16. nexusxyz

        The banks are gigantic ‘skimming’ operations that extract value from the real economy. They add no value and for every dollar of profit they make they no doubt destroy many hundreds of dollars in value.

        I think they have reached a point that if there is a financial crisis most of them will be bankrupt in a matter of hours given their exposure to ‘carry trade’ operations and derivatives. it won’t be fun but they will cease to exist.

      17. Jurassick

        Here’s a fact: If Iceland had the same proportion of welfare enabled, resource draining, food stamp entitled, criminally involved inhabitants that do nothing for the good of society like we have here in the states then they would never be as prosperous.

        Also, I can’t decide on the greater evil: a gov’t bailing out a bank or a gov’t taking over ownership of a bank

        • Anonymous

          Are you just blaming the welfare crowd or are you including the snakes in suits too?

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