True World Intelligence News (TWIN)

Voice of Truth: Proclaimer of truth and defender of the faithful

Some Bankers Behind 2008 Financial Meltdown Get Prison – But Not in U.S.

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By jailing four top officers of Iceland’s failed Kaupthing Bank, the country showed the world the right way to deal with the people largely responsible for the 2008 financial crisis, said Charlie McGrath, founder of news website, Wide Awake News.

The US and other nations must take it as a model for the next  time the too-big- to-fail corporations screw things up and ask  for a bailout with taxpayers’ money, he added.

RT: The jail terms are the biggest penalty  for such crimes in Iceland’s history. What is the significance of  the precedent?

Charlie McGrath: It’s significant in regards to  the 2008 crisis, because if you happen to be living here in the  United States, where the majority of these too-big-to-fail  institutions are headquartered, where the true corporates are,  where the CEOs and COOs of these massive corporations live. Not  one of them went to jail. Not one of them has been indicted.  There’s been a handful of token fines, that had been paid by  these corporations – and let me reiterate ‘by the corporations’,   not by these individuals themselves.

So we see an actual government, an actual people and nation  stepping up and saying: “I’m sorry, you committed fraud. You  screwed over a nation. And you are going to pay for it by your  butt being put behind bars.”

This is exactly what needed to happen in the United States and in  the rest of the world. And my hat is off to Iceland for standing  up to these bankers.

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One Response

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  1. Reblogged this on Giftoftruth United and commented:
    This applies to South Africa too. The four major banks are managers of a corporation called REPUBLIC OF SOUTH AFRICA and we, the people are not the shareholders…

    We are the assets…



    December 15, 2013 at 10:55 am

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