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Wall Street Stunned As Iceland Dares To Jail Banker Involved In 2008 Crash
The impossible is possible. Never say never. Wall Street bankers are staring agog at headlines coming from Europe where, in Iceland, the former chief executive of one of the largest banks in the country which was involved in crashing the economy in 2008 has been sentenced to jail time. As Valuewalk reports, in receiving a one year prison sentence, Sigurjon Arnason officially became the first bank executive to be convicted of manipulating the bank’s stock price and deceiving investors, creditors and the authorities between Sept. 29 and Oct. 3, 2008, as the bank’s fortunes unwound, crashing the economy with it. It appears he was as shocked by the verdict as Wall Street-ers are, "this sentence is a big surprise to me as I did nothing wrong." It was likely all for the people's own good...
Some thought it would never happen. But in Iceland, the former chief executive of one of the largest banks in the country which was involved in crashing the economy in 2008 has been sentenced to jail time.
Iceland banker the first to manipulate bank’s stock price
In receiving a one year prison sentence, Sigurjon Arnason officially became the first bank executive to be convicted of manipulating the bank’s stock price and deceiving investors, creditors and the authorities between Sept. 29 and Oct. 3, 2008, as the bank’s fortunes unwound, crashing the economy with it. Landsbanki was one of three banks that had tallied nearly $75 billion in debt before the final curtain was drawn.
What, me guilty? was the bank executive’s response upon learning of his fate. “This sentence is a big surprise to me as I did not nothing wrong,” Arnason was quoted as saying in a Reuters article after he learned of his punishment. Amason had not decided if he was going to appeal the decision to the supreme court, as the appeal process might take longer than his sentence.
Other Iceland bank executives also convicted
The Reykjavik District Court had lopped off nine months of Arnason’s sentence, saying they were suspended. Other bank executives involved in the situation were convicted: Ivar Gudjonsson, the former director of proprietary trading at the bank, along with Julius Heidarsson, a former broker at the bank. They each received nine-month sentences and six of those nine months were immediately suspended by the court.
All pleaded innocent to the charges, as the the fallout from the 2008 crisis continues to this day in the north Atlantic island and around the world. As a sign of thawing in the crisis, Reuters reported that earlier in the week Landsbanki, the successor to the failed Landsbankinn, agreed to extend a deadline to restructure bonds to the end of the year. If a bond restructuring agreement is reached, it could help the government lift capital controls which were imposed due to the crisis.
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It appears he needs to 'donate' more to the nation's leaders.
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well is a start
Yes, and a good one.
Go ahead, Iceland, show the USSA how it's done. Default on that debt, jail those bankster fucksticks. Damn, I wish we had some prosecutors with balls in 'Murica.
Muricas balls are in Ft knox where that shiny shit used to be
My balls aren't in Fort Knox. I keep them where I keep my shiny stuff. And damn, my balls are cold at the bottom of Lake Hedger.
Sheesh. Just looking at the neckbeard and you know he is going to miss a few episodes of My Little Pony while in prison.
Clawback income?
Came here to post a "do you think he lift's" joke, this far outclasses any Snark I could have come up with waiting for Singapore. Well done.
Anyone who has ever done business in Iceland can tell you straight up that place was/is one of the most greasy banking centers, bar maybe mainland China, Nigeria and the places East of Poland.
3 months in jail for crashing a nation. I hope every minute is spent being gang raped, but my gut tells me they will be golfing.
Listen Zero's.
Looks like he has diabetes which will require special "TREATMENT" during his 3 month stay. He'll need round the clock care by a qualified servant, ah I mean nurse. Or two.
I hope he's ok. I'm a little worried.
Golf in Iceland?
Golf in Iceland google image search results:
https://www.google.ca/search?q=Golf+in+Iceland%3F&rlz=1C1CHFX_enCA565CA5...
It was rhetorical.
1 in year in prison in Iceland for a bankster? Ha! At least he didn't steal VHS tapes from a Kmart in 1995, or he would still be in prison... to this day! Leandro Andrade is serving two 25-years-to-life sentences for stealing $153 worth of VHS tapes from a Kmart in California. His sentence was upheld by the US Supreme Court as constitutional.
Third strike!
SHARS BJORKSON FOUND GUILTY!
FLEES TO NEWFOUNDLAND!
"California is the only state that treats a misdemeanor as a third strike felony."
along with its water, California mistreats just about everything
DaveyJones
That's why I left and feel so good about it every day I wake up. Where I live now the water is pure, the sky is blue and nobody is shooting anyone.
Listen.
Can anyone really "LIVE" in Antarctica?
Slighty off topic 9th but your post made me think about another very harsh sentence. Is that SOB that made "the video" that supposedly instigated the Beghazi attacks still in jail? Is he still rotting in prison somewhere for making a harmless video that nobody watched?
Welcome to the debt serfdom plantation of the New Rome.
Do not pass Go, do not collect $200, bend over you placid sheep!
" Leandro Andrade is serving two 25-years-to-life sentences for stealing $153 worth of VHS tapes from a Kmart in California. His sentence was upheld by the US Supreme Court as constitutional. "
Right before KMart declared bankruptcy in Jan 2002. the upper management awarded themselves handsomely. $30 millions to various officers including $18 millioins to 9 top executives.
Is he forced to watch those VHS tapes in jail as punishment?
What a fucked system. It must cost at least $10,000 per year to keep that fellow in jail for a lousy $153.
They should have made him work a month for nothing and call it quits.
If they had given him $10,000 to begin with the guy might have started his own business and contributed to society instead of society paying for him.
If you think the American justice system is about either logic or justice, you're an idiot.
Iceland is a shining light in punishing these banksters.
The BRICS are, and will more fully, join in shedding light on the Babylonian Banksters, in the days ahead.
"Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter." - Isaiah 5:20
as required everywhere, Iceland had a miniature political revolution, threw out many established politicians, told the banks and criminal debt deals to fuck off and chased many financial criminals to far off lands. THey have jailed more than anyone.
Iran has done better:
http://www.latinpost.com/articles/13371/20140524/iran-executes-billionai...
"Shars was found to have misrepresented a deal with one Olaf Knudson, a sheep herder from Bjorkkankluger. After tallying up the losses of 3,374 Viking Penumbras...and twenty four seal skins...the Great Horn of Oblast was rendered invoking the Right of Umbrage per The Long Boat Rioty...
Meanwhile back in America...
I think you could have called them the "shinning light" if they tossed those fuckers into a volcano. It's a start though.
To 'Seek-Truth,
Don't forget the guilt of those 'Stockholm syndrome' types that protect the abusers by oppressing the victims.
Firing on all cylinders
U.S. Economic Growth Moderate Yet Steady As Global Growth And Inflation Downshift | http://hedgeaccordingly.com/2014/11/u-s-economic-growth-moderate-yet-ste...Only a year? He got off easy.
Should be a year plus however long it takes him to make a formal statement admitting that he did something wrong. So, probably 20 to life.
Super, finally a country starts. In US impossible to think about. Here bankers pay little tip, called fine, for their crime and continue. Best examples: LIBOR, anyone went to jail? Bankers in US control government which are their puppets. By the way, in Europe the same.
Nail him
As in "To the wall"?
We can only hope he gets 'gang nailed' by a marauding pack of prison Viking's vowing Odin's revenge on the banking scum.
comforting to say least..
Well look at the convicted criminal bankster doing time.
IT'S ABOUT TIME!
Think we could send them Sandy Weill? Sort of a "banker rendition." First we'd have to dig him up from whatever hole he has crawled into. Like Saddam. I am sure the employees he ripped off year after year would be happy to take up a collection for airfare. SW loves naming things after himself. Possibly they could call it Black Site Sandy.
Makes me want to visit Iceland and spend a few thousand over there.
The people of Iceland should be proud! There are so many banksters that should be hanged.
Makes me want to MOVE to Iceland. The debt monster is gone, they're jailing the criminals, and the chicks are so hot they make the volcanos look like glaciers.
Kyle Bass called Iceland a "roach motel".
Sometimes the Kylester gets it wrong.
"This sentence is a big surprise to me as I did not nothing wrong"
Yes you did. Now you have a year to figure out exactly what it was. You're a smart guy. You'll figure it out.
Don't bend over for the soap.
The dude will only spend 3 months in jail (at the most). Not exactly a cause for celebration.
That's three more months than Corzine got, so I'm celebrating. Actually, I started the celebration before I even read this post. Black Label and a good cigar. I'm too poor (read: not a bankster), so I can't afford the hookers and blow.
Something tells me he will recieve a lot of punishment in those "three months", if he even survives.
Okay, if he is repeatedly cornholed by giant gay viking prisoners with chubby fetishes for 3 continuous months then I'll agree he may have served his debt to society... but just barely.
Fuck, you owe me one mouthful of Scotch. That was so fucking awesome. +1000
Sorry about your drink. Your replacement is in the mail and should get to you about the same time Germany successfully repatriates their gold ;-)
how to train his dragon
e_goldstein
Is it possible we could have a ZH fund to "reimburse" that gay Viking prisoner for services rendered. Perhaps even a bonus pool if he meets the goals we submit for vote.
Doubtful, but my guess is the Vikings would be happy taking their bonus out of Arnason's ass. Why overpay?
"..cornholed by giant gay viking prisoners .."
...you can spot a gay viking by his horny helmet
Prison in Scandinavian countries is like being a member of an American country club. He'll be perfectly fine.
By itself it's no cause for celebration, but it's a start. Through the whole fucking sordid decades-long affair of banksters repeatedly gang-raping taxpayers, it's the first small step in the right direction. There need to be many, many more.
This was the comment that caused me to blow my mouth full of Scotch on the screen actually.
"My God! No salmon fishing on the River Ug this year????!!! What will the neighbors say!"
Wake me up when Switzerland...hell, even Italy (no offense meant by that btw) arrests somebody.
Not that Icelandic aluminum isn't the best of course...
Too little, too late.
How many lives have the banksters terminated?
How many lives have the banksters made miserable?
How many times can you kill a monster? - unfortunately, only once.
That's the problem, they didn't kill him. SSDD.
Real monsters are unkillable. About the only way that one can stop a monster is to lock it up. Otherwise, it just keeps getting bigger and meaner.
Water under the bridge. But isn't there a war crimes tribunals on the international level?
Waaaaaaaahahahahahahahaha
I wonder what Iceland's prisons for this kind of ilk are like. Any chance of him becoming terrified to take a shower?
None. Iceland is a country of mostly reasonable peaceful people. They'll probably ask him for consent whenever he drops the soap.
The Eichman defense
It's more like the Sergeant Schultz defense: I SEE NOOOOOTHINK! I KNOW NOOOOOOTHINK!
Ilsa, She Wolf of the SS was filmed on the set of Hogan's Heroes. Ilsa did not take kindly to men who disappointed her.
We need to tell the other prisoners he's a police informant.
Good thing for US banksters - the statute of limitations have mostly all passed. Not that they matter, as you certainly wouldn't see the same thing in the US, anyways. I'd have thought a token executive would have been thrown to the wolves by now, but apparently this gaggle of Ali Baba's 40 Thieves is playing a different game.
Arnason apparently didn't donate enough to the right political party. He shoulda been a bundler. Now he's going to jail and he's gonna learn the Grab Your Ankles Two Step.
Every once in a while they toss one out of a window or bathtub em as of late
Well, at least it's a start.
Never gonna happen in the USSA, because the soap box and the ballot box have effectively been bought and paid for.
The only thing left is the cartridge box(es), and the importation of some guillotines.
no importation of said be-heading devices.... support made in garage varieties spur local growth ya know
actually, thousands of these types worldwide should have felt the "necktie" by now.
I doubt if anyone on Wall Street is 'stunned' as that shit will never happen here...
Looks like a pedophile. He won't last long.
"The impossible is possible. Never say never. Wall Street bankers are staring agog at headlines coming from Europe where, in Iceland..."
But that is Iceland. Why should Wall Street bankers be agog of what does not apply to them, in a country where bankers are above the law?
The sentence is SHITE
Charges = TREASON = CHINESE CAPITAL PUNISHMENT, NO LESS
baby steps baby steps we'll get there ( I'm trying to be fucking optomistic about this, as hard as that is anymore)
Jail, him hell! Take the bastard out and hang him and the rest of his Satanic Tribe!
Everything that Iceland does is tokenism. That's why KPMG certified Iceland as a great investment when they overleveraged their banks at the whims of the Wall Street, The City, The Vatican Bank, et cetera. KPMG knew they had their chosen patsy country to blow up and everyone else was safe until the unpredicatable happened and the financialization scheme
was exposed for the world to see. KPMG should be first to be jailed IMHO.
Dont forget Standard and Poor's which slapped a Triple A rating on that shit paper.
Yeah.
Lars Bjorkson. "He did it."
I'm amused that the entire article was written without attempting to name the bank he worked for. It's just 'one of the banks.'
Landsbankinn according to Google, but your point is taken.
Jail that fat f**k. Those prisoners won't kick his arse but they will do something else to his fat hairy arse .....
He should have fled to the U.S. where fraud is perfectly legal (as long as you work for an oligarcorp)..
What's the rationale for it being only a year? I don't get it. Billions=1 year? What if you steal a car in Iceland? Do you get an hour of community service?
Love the Icelandics. Yes, even Bjork. Would have been good to see a stiffer sentence though. What do you think? Chop both his legs off, maybe sew one back after 12 months if he apologises to everyone in Iceland personally and can show continued good behaviour?
Iceland, the only country I can think of that almost has real laws that are enforced equally.
Usa has pretty much ripped up the law, in the USA the law only applies to you if you are not a corrupt asshole counterfeiter.
He should be executed for treason
Correct. Iran has done so with their banksters:
http://www.latinpost.com/articles/13371/20140524/iran-executes-billionai...
Ya, unfortunately only the Chinese and the Iranians know how to deal with bankers psychopaths.
Icelandic jails, total capacity 121 inmates. Some (most?) of them do not even have window bars nor walls:
https://en.wikipedia.org/wiki/Prisons_in_Iceland
I don't think Mr. Sigurjon Arnason is sweating over the 1 year sentence...
hopefully he brought his own lube
He claimed he was "doing Thor's work".
He will be so Thor he can't stand up.
WRONG. It was fucking loki!
3 months in jail can amount to a lot of ass blasting - he'll make someone a good wife for those 3 months
Bankers on Ice! Nice!
I bet they get better terms next time they deal with a banker. Think this guy will squeeel like a pig?
Icelanders = Viking warriors
Rest = sheeps
Jail, ass rapes, then nail guns.
Meanwhile, the Dutch central bank has quietly repatriated 130 tons of gold from the US:
http://www.dnb.nl/en/news/news-and-archive/nieuws-2014/dnb315314.jsp
What you say Germany?
He should get a bullet.
One year is a promotion, not a punishment.
Fittingly, he looks like a cross between Lloyd Blankfein & a sow's ass.
Clearly Iceland needs a colored revolution. Either that or outright liberation by the USMC.
Iceland is the only country that got it right. No bank bail outs and a trial for those responsible.
In every other country in the world the banks own the governments.
In US criminal courts, the accused would be able to subpoena a long list of names involved including Bill Clinton, Robert Rubin, and 1/2 of the US congress. No judge could deny the accused that right, and no political estabilishment could deal with it. The press would be back investigating the moral hazard that birthed the financial infrastructure that brought down the economy.
Kudos to Iceland - a small beacon of hope for all decent people. Too bad they are so small that it is "allowed" to happen... but this is certainly a great example!
How do you call 100 bankers at the bottom of the ocean? A good start.
In response to the financial crisis Tony Blair once said: "what should we do, hang a few bankers at the gallows?". To which a commentator replied: "well, it's a start".
While in prison, he'll still be doing banking chores - "taking deposits"...
Maybe we should have a special H status for visas for people from countries that are not afraid to convict WS criminals.
Maybe call it H1-FUCK WS
Maybe he didn't do anything wrong, but some people may not think so...
http://www.hangthebankers.com/48-suspicious-banking-deaths/
Only a year???
I think a televised execution by firing squad situated at the edge of a volcano would almost suffice....
Make it a training video for future banker apprentices.
The measure of a society is found in how they punish their bankers.
Bankers are so far down the rabbit hole that they no longer recognize illegal activity.
That guy looks more like a used car salesman than a bankster. Oh, wait...