26 bankers responsible for the financial crisis have been convicted in Iceland

The financiers, whose actions led the country into bankruptcy, will spend in prison 74 years in total.
Origin source
Last week, the Supreme Court of Iceland and Reykjavík District Court sentenced to prison terms of three top managers Landsbankin Islands and two top managers Kaupting Bank for crimes committed on the eve of the 2008 financial crisis. It is reported by Iceland Magazine.

Following these judgments amount bankers sentenced to various terms of imprisonment for financial crimes that led to the collapse of the Icelandic banks reached 26. In total, convicted bankers hold in prison in '74. Most of them were from two to five years in prison.

The reason for the fraud charges were the Icelandic bankers, which led to the bankruptcy of the local banks, and the collapse of the financial system in 2008.
The government was forced to nationalize Kaupthing, as well as banks Landsbanki and Glitnir. At that time, the total debt of the three credit institutions as a result of the shareholders and senior executives amounted to $ 61 billion. In September 2008, the banks collapsed, and the country became bankrupt.

The nationalization of Kaupthing, Landsbanki and Glitnir did not save them from bankruptcy. The ensuing hThis financial crisis caused a sharp drop in the national currency, and Iceland was forced to ask for financial assistance abroad. As a result, the government has received $ 2.1 billion from the IMF and another $ 2.5 billion from the European countries. In addition, an option for the provision of assistance from Russia in the amount of € 4 billion.

As a result of the collapse of Iceland's leading banks of their funds have lost about 340 thousand. British and Dutch depositors.

The subsequent investigation revealed the bankruptcy of the facts of large-scale fraud on the part of bankers. Special Commission in 2010 revealed the involvement in the fraud of the former shareholder of the bank Glitnir Asgeír Jon Johannesson, former CEO Larus Veldinga, ex-chairman of Thorstein Jonsson and several other former top managers. They were accused that they "fraudulently taken out of the bank more than $ 2 billion." At the same time four of the former Kaupthing Bank top manager were also arrested as part of a parliamentary inquiry.

President of Iceland Olafur Ragnar Grimsson, commenting on the results of the Court, noted that the country has overcome the consequences of the worldsth of the financial crisis.
- We did quite reasonable. We did not follow the tradition of the Western financial world. We have introduced foreign exchange controls, allowed banks to go bankrupt. We have provided support for the people, and did not introduce strict measures that you see in Europe - said the president.

It Grimsson blocked the adoption of an agreement on the payment of compensation to foreign investors affected by the bankruptcy of Icelandic banks. After that, the question of compensation to foreign investors was again put to a referendum in which the majority of the population voted against such an agreement.

Iceland Magazine Journalists note that while Iceland to prosecute bankers that triggered the financial crisis, America has done the opposite: after the crisis of 2008, Congress has provided its banks aid amounting to $ 700 billion, for which paid US taxpayers and bankers received huge bonuses.