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The difficulties that government prosecutors face in cobbling together fraud cases against even the most nefarious executives illuminates the fact that, legally, corporations are big, fancy responsibility-diffusion mechanisms. It’s what they were designed to do: Let a bunch of people get together, take some strategic risks they might otherwise not take, and then make sure none of them is devastated individually if things go south.
Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.
...The island’s households were helped by an agreement between the government and the banks, which are still partly controlled by the state, to forgive debt exceeding 110 percent of home values. On top of that, a Supreme Court ruling in June 2010 found loans indexed to foreign currencies were illegal, meaning households no longer need to cover krona losses.
... Iceland’s special prosecutor has said it may indict as many as 90 people, while more than 200, including the former chief executives at the three biggest banks, face criminal charges. That compares with the U.S., where no top bank executives have faced criminal prosecution for their roles in the subprime mortgage meltdown.
Another kid with a defeatist attitude. You're going far.
originally posted by: WanderingNomadd
a reply to: pl3bscheese
"Trump will prevent the battle of the empires". Again no evidence, Logical or fact, to support such.
The will for it will only come with enough citizens making the demands and electing the right people.
originally posted by: AmericanRealist
a reply to: WanderingNomadd
a reply to: SentientCentenarian
the biggest buildings in my town are malls and stadiums. My local football team and the employees at the Foot Locker are the criminals??