The bankers suck and need to be indicted, like this big shot in Iceland. With the crisis over Cyprus the issue is coming— do we stop their bailout, or will they steal our bank accounts. It really is Glass Steagall Act of 1933, or die. We need the FDIC protection for only the deposit bank accounts, or else they will steal your bank account, just like already in Cyprus and in the case of Bankia in Spain. You will get it in the neck, so fight. http://larouchepac.com baby.
Attorney General Eric Holder might learn a thing or two from authorities in Reykjavik, who on April 24 will officially indict Sigurdur Einarsson, former chairman of Iceland’s largest bank, Kaupthing, for his role in orchestrating five large-scale market manipulation conspiracies in 2008. Eight other senior staff members will also charged, according to Euronews March 26.
The case against Einarsson is the largest fraud prosecution brought to Iceland’s court in recent years, and possibly one of the largest ever seen in Europe. The disgraced executive, who carried out some of his shady activities while living in London, is charged with secretly using bank funds to indirectly buy Kaupthing shares to prop up its share price, The Guardian reported today.
Two other former bank executives have already been sentenced to jail for their conduct leading to the 2008 crisis. Loans from Kaupthing to selected clients allowed them to purchase the bank’s shares. An Icelandic parliamentary report revealed that, without the knowledge of other of the bank’s shareholders, almost 42% of Kaupthing shares were held by the bank as loan collateral.
Einarsson is also on trial in Reykjavik over unrelated market manipulation charges involving the purchase of a 5% stake in the bank by Sheikh Mohammed Bin Khalifa al-Thani of Qatar, which took place just weeks before Kaupthing’s 2008 collapse.