Iceland has just jailed two of its bankers for fraud stemming from the 2008 economic crisis.
While in the UK we’ve just given a knighthood to former Financial Services Authority chief executive Hector Sants whose incompetence allowed bankers to cause the financial crisis to happen – and while other countries in Europe have decided to bail out their bankers and allow them to continue to award themselves massive pay and bonus packages while telling everyone else they have to suffer massive cuts to jobs, salaries and services – Iceland decided to put their wrongdoers in prison instead.
Two former executives at an Icelandic bank which collapsed in the 2008 financial meltdown have both been sentenced to 9 months in jail for fraud by a Reykjavik court.
And in a twist of unbelievable self-parody, over here ‘Sir’ Hector Sants has also just been hired by Barclays Bank – to help them clamp down on their out-of-control executive bonus and pay structure - on a salary of £3m:
I know Iceland is supposed to be populated mainly by sheep but I bet they can’t match the 62 and a half million we seem to have got residing over here in the UK.