It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
In one of the biggest cases of its kind, seven executives from the Kaupþing bank have been handed prison sentences for market manipulation today.
According to The icelandmonitor: “By fully financing share purchases with no other surety than the shares themselves, the bank was accused of giving a false and misleading impression of demand for Kaupþingi shares by means of deception and pretence.”
They were accused of trying to artificially inflate share prices in 2008 by using the bank’s funds to buy shares.
The Iceland Reveiew reported: The court case began in late April, and the hearings were the most wide-ranging and complex in Icelandic legal history. Over 50 witnesses were called, and testimony lasted for many weeks. They were quizzed on the nine defendants’ suspected illegal trade in their own bank’s shares in the lead up to its collapse. Charges laid by the Special Prosecutor claimed that the widespread illegal trade was carefully choreographed and highly deceptive.
originally posted by: the2ofusr1
a reply to: rockpaperhammock
I was thinking today that if ISIS wanted to gain some street cred they would gather a group made up of known corrupt judges,lawyers,bankers and politicians and do their thing . Can you imagine the fear that would be running through the dark halls of corruption ?
During his time there, he reportedly made 40 large-scale rock sculptures, wrote five books on various topics, and as bloggers remarked, “changed the prison into a multiple star hotel” by getting The Red Cross to buy the inmates new beds, which he personally picked out. At the time, Fréttablaðið reported that the same beds were being used at KEA, Hótel Loftleiðir, Hótel Saga and Hótel Ísland
When asked why Iceland was enjoying such a strong recovery while everyone else is still mired in debt, President Olafur Ragnar Grimmson said in 2013:
“Why are the banks considered to be the holy churches of the modern economy? Why are private banks not like airlines and telecommunication companies and allowed to go bankrupt if they have been run in an irresponsible way? The theory that you have to bail out banks is a theory that you allow bankers enjoy for their own profit, their success, and then let ordinary people bear their failure through taxes and austerity. People in enlightened democracies are not going to accept that in the long run.”