Iceland jails bankers...why didn't we?
20 December 2015, 01:06 PM
#2
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Sure.
We had a banker jailed this year (http://www.express.co.uk/finance/cit...igging-scandal) but that's one random conviction. A forceful campaign is required to clean out and punish such criminal bankers that are bleeding the country dry. Problem is, focus cleverly gets diverted to the immigration issues for the blame, and the institutional enemies from within get overlooked.
I'm not saying that immigration isn't an issue at all. I'm saying that there are other internal backstabbing capitalistic issues that may be even more hurtful to the economy of this country, on collective and on individualistic level; for the ordinary Joey Bloggers like us.
When a stranger robs you, it hurts. But when one of your own robs you, it fkking kills you, man.
We had a banker jailed this year (http://www.express.co.uk/finance/cit...igging-scandal) but that's one random conviction. A forceful campaign is required to clean out and punish such criminal bankers that are bleeding the country dry. Problem is, focus cleverly gets diverted to the immigration issues for the blame, and the institutional enemies from within get overlooked.
I'm not saying that immigration isn't an issue at all. I'm saying that there are other internal backstabbing capitalistic issues that may be even more hurtful to the economy of this country, on collective and on individualistic level; for the ordinary Joey Bloggers like us.
When a stranger robs you, it hurts. But when one of your own robs you, it fkking kills you, man.
20 December 2015, 01:26 PM
#3
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I mentioned this several times over the last 5 years
2012
and again in 2013 (and a few more times)
and I remember posting on the sunny side up property prices thread, whilst we were still in the depths of the crisis that's the bankers and banking and asset owning class had clearly "won"
nothing since has change my view tbh
2012
I think it is interesting to look at Iceland -- now making a steady recovery, enjoying growth rates (2.5%) we won't see for years and Greece won't see for generations
all this and maintaining public/welfare spending
what did they do:
• They rigorously prosecuted and convicted politicians
• They rigorously prosecuted, convicted and jailed bankers
• They let the banks go to the wall, whilst protecting domestic deposits
In fact they did the polar opposite to what the rest of us have done, they are not out of the woods yet but making upward progress
All the while rating agencies steadily improve their credit rating
In essence they had a national cathartic flushing of the **** from the system
Sure, unlike the Greeks, not many will be buying £50 million pound mansions in Kensington any time soon but unlike the Greeks not many will be selling their children
oh and luckily in the UK, **** flows down hill -- make sure you are standing at the top
all this and maintaining public/welfare spending
what did they do:
• They rigorously prosecuted and convicted politicians
• They rigorously prosecuted, convicted and jailed bankers
• They let the banks go to the wall, whilst protecting domestic deposits
In fact they did the polar opposite to what the rest of us have done, they are not out of the woods yet but making upward progress
All the while rating agencies steadily improve their credit rating
In essence they had a national cathartic flushing of the **** from the system
Sure, unlike the Greeks, not many will be buying £50 million pound mansions in Kensington any time soon but unlike the Greeks not many will be selling their children
oh and luckily in the UK, **** flows down hill -- make sure you are standing at the top
Iceland let their banks go bust, they are now experiencing the sort of growth we won't see for a generation
And they are to the left, yet took a stark free market approach to the problem, I.e let the risk land where it should, contrast this with the US and UK, free market capitalist economies, bailed the banks out with 100 of trillions of pounds worth of public money, State Socialism bailing out the wealthy
A bit weird
And they are to the left, yet took a stark free market approach to the problem, I.e let the risk land where it should, contrast this with the US and UK, free market capitalist economies, bailed the banks out with 100 of trillions of pounds worth of public money, State Socialism bailing out the wealthy
A bit weird
and I remember posting on the sunny side up property prices thread, whilst we were still in the depths of the crisis that's the bankers and banking and asset owning class had clearly "won"
nothing since has change my view tbh
20 December 2015, 02:58 PM
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Iceland has no Army,booming economy, jailed bankers, very low crime rate and vast majority are atheist. I think the latter is what we should model Britain on.
http://www.snopes.com/iceland-meme/
http://www.snopes.com/iceland-meme/
Last edited by daviee; 20 December 2015 at 03:01 PM. Reason: Link added
20 December 2015, 03:33 PM
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Iceland has no Army,booming economy, jailed bankers, very low crime rate and vast majority are atheist. I think the latter is what we should model Britain on.
http://www.snopes.com/iceland-meme/
http://www.snopes.com/iceland-meme/
20 December 2015, 03:44 PM
#6
We aren't out of the woods by far. Osbornes "recovery" is limited to the SE, London and a couple of cities. Elsewhere, nowt much has changed for the better.
On Friday the last UK deep coal mine closed and the Plate Mill at Scunthorpe's steelworks, after the promised government help never came.
GOD alone knows how many jobs went directly, and how many more as a result....but hey, the SE and London are fine, thanks.
On Friday the last UK deep coal mine closed and the Plate Mill at Scunthorpe's steelworks, after the promised government help never came.
GOD alone knows how many jobs went directly, and how many more as a result....but hey, the SE and London are fine, thanks.
20 December 2015, 05:01 PM
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I am only guessing but maybe in Iceland the people still hold the ultimate power in their counties political,financial & judicial system.
Unfortunately the exact opposite is true in this country.
Unfortunately the exact opposite is true in this country.
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21 December 2015, 02:28 PM
#10
I don't think you can compare Iceland's economy with that of the UK, they're completely different. Iceland's economy is massively smaller and completely different to that of the UK ($17bn. compared to $2149bn). It's banking sector was much less regulated and its practices prior to the 2008 crisis was more akin to the likes the wild west of the banking world when compared to our own. They effectively betted on businesses, many of them questionable, that amounted to 10 times the country's GDP. It is precisely because of the size of their economy and its composition that they are able to recover quickly and not because they've prosecuted a few rogue bankers and politicians. Luckily, the majority in the UK banking sector abide by the law and regulations and only convicts beyond reasonable doubt and not by tabloid or social media.
21 December 2015, 03:35 PM
#12
As someone who bases their arguments heavily on evidence, not the lack of it, have you seen any evidence for any specific trader having committed a criminal offense relating to 2008 financial crisis? A court of law relies on evidence beyond reasonable doubt before it can convict someone of a crime.
Last edited by jonc; 21 December 2015 at 03:38 PM.
21 December 2015, 05:38 PM
#13
To answer the question.
The key underlying historical reason is that in the 1970s and 1980s, with the invention of petro dollars, moving away from the gold standard, the start of the credit culture ect the control of money and therefore power slowly moved towards the bankers and slowly moved away from the politicians.
Iceland is a small more self contained island that has managed to do its own thing and break away from the system.
The key underlying historical reason is that in the 1970s and 1980s, with the invention of petro dollars, moving away from the gold standard, the start of the credit culture ect the control of money and therefore power slowly moved towards the bankers and slowly moved away from the politicians.
Iceland is a small more self contained island that has managed to do its own thing and break away from the system.
21 December 2015, 06:03 PM
#14
Scooby Regular
Yes, I certainly accept no one has been successfully prosecuted or even simply prosecuted over the financial crises – and subsequent scandals, apart from a few lowly traders (as I state in the 5 year old post, “**** rolls down hill”)
The UK has a pathetic record in prosecuting financial and corporate wrong doing – something the US is actually pretty good at, think “Kenny Boy” Lay and Jeffrey Skilling of Enron, or Bernie Madoff
All serving (lengthy) time
Financial crimes are notoriously hard to prove, even in civil cases let alone criminal – but “we” seem to have little appetite for even trying
plus we seem to have a revolving door between the regulators and the banks they regulate
http://www.bbc.co.uk/news/business-24925872
so whilst in charge of regulating Barclays (as well as other banks) - during which we had the LIBOR scandal - he later, joins Barclays - as, wait for it "head of compliance"
"Sir Hector joined Barclays in January this year. Before that he was head of the Financial Services Authority from July 2007 until July 2012.
From 2010 to 2012 he was also deputy governor designate of the Bank of England and chief executive designate of the Prudential Regulation Authority."
The UK has a pathetic record in prosecuting financial and corporate wrong doing – something the US is actually pretty good at, think “Kenny Boy” Lay and Jeffrey Skilling of Enron, or Bernie Madoff
All serving (lengthy) time
Financial crimes are notoriously hard to prove, even in civil cases let alone criminal – but “we” seem to have little appetite for even trying
plus we seem to have a revolving door between the regulators and the banks they regulate
http://www.bbc.co.uk/news/business-24925872
so whilst in charge of regulating Barclays (as well as other banks) - during which we had the LIBOR scandal - he later, joins Barclays - as, wait for it "head of compliance"
"Sir Hector joined Barclays in January this year. Before that he was head of the Financial Services Authority from July 2007 until July 2012.
From 2010 to 2012 he was also deputy governor designate of the Bank of England and chief executive designate of the Prudential Regulation Authority."
Last edited by hodgy0_2; 21 December 2015 at 06:08 PM.
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