The Supreme Court of Iceland and the Reykjavík District Court has flaunted much superior concerns towards corruption as compared to US by prosecuting 26 CEO level officers and financial executives including three crown managers of Landsbankinn, two top managers of kaupbing and a top notch investor who major roles to play in financial crisis and sentenced them on the whole 74 years of imprisonment. These top officials from banking sector of Iceland were declared guilty of executing fraudulent financial activities in the Iceland which resulted in the breakdown of entire financial sector of 2008. Most of these convicts have been assigned with only 2 – 5 years of imprisonment because as per the Government of Iceland, six years of imprisonment is the utmost punishment for the guilty in financial cases. However, the extension in this time period is currently being worked upon and might be applied any sooner.


As per the revelations of Iceland Magazine, these fraudulent officers had withdrawn huge amounts of capital from IMF on behalf of Icelandic public for the proper functioning of the nation. Those funds which were never received by Icelandic public in actuality are still being sent back to IMF by the citizens of Iceland since past 8 years. Although US is silent in action towards the fraudulent executives responsible for financial crisis of 2008, Iceland has shown the guts to act strictly upon the culprits and bring them to justice and let the law deal with the criminals of the nation.

It’s quite astonishing to notice that U.S hasn’t even made a single move in order to investigate the 2008 financial crisis and charge the guilty executives, despite the fact that the financial sector of U.S also dealt with huge damage in 2008. However it felt good to hear such a clear-cut message from Icelandic President, Olafur Ragnar Grimmson when he was asked about the recovery of Iceland from 2008 financial crisis.

“We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the people and didn’t introduce austerity measures like you’re seeing in Europe.”


Looking at the statistical figures we come to notice that on one hand Iceland is doing their best to punish the guilty and has already charged many officers irrespective of their status in the society while as on the other side America is playing the opposite policy which ended up in gain of huge bonuses by the executives via TARP bailout funds who played major roles in financial break down of 2008. Irrespective any investigative measures followed by America, almost all of the executives shared about 700 billion USD bailed out by the congress in order to renovate the failed banking sector.

Unfortunately it needs to be stated that Government of American lacks the extraordinary quality of accountability which is strictly maintained in Icelandic Government and the prosecution of the top notch bankers is the indispensable confirmation of this fact. It makes the vision of certain analysts further clearer that American Government backs up its bankers at every step without holding them guilty in any financial crime signifying that banksters are the leaders of the globe and no power in U.S can hold any bankers accountable for destabilizing financial markets as they are the persons who flip political frames as well.


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