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Spain Follows Iceland: Arrests Top Bankers.

Spain Follows Iceland and Arrests Top Bankers*

Spain Follows Iceland and Arrests Top Bankers*

By Ariana Marisol

Spain is following in Iceland’s footsteps by charging their top bankers for failings that led to the loss of millions of Euros for smaller investors.

Last year, Iceland jailed nine of its top bankers for a total of 46 years for crimes relating to the 2008 economic crash.

Last year, Spain’s Supreme Court ruled that there were “serious inaccuracies” in the listing that led investors to back certain banks. Because of this, the bank has had to pay out millions of Euros in compensation.

Wolf Street explains,

“As part of the epic, multi-year criminal investigation into the doomed IPO of Spain’s frankenbank Bankia – which had been assembled from the festering corpses of seven already defunct saving banks – Spain’s national court called to testify six current and former directors of the Bank of Spain, including its former governor, Miguel Ángel Fernández Ordóñez, and its former deputy governor (and current head of the Bank of International Settlements’ Financial Stability Institute), Fernando Restoy. It also summoned for questioning Julio Segura, the former president of Spain’s financial markets regulator, the CNMV [National Securities Market Commission] (the Spanish equivalent of the SEC in the US).”

“The six central bankers and one financial regulator stand accused of authorizing the public launch of Bankia in 2011 despite repeated warnings from the Bank of Spain’s own team of inspectors that the banking group was ‘unviable.”

The court is questioning why they allowed Bankia to sell shares in an initial public offering in 2011, less than a year before Bankia’s porfolio of bad mortgage loans forced the government to seize control of it. There is evidence the regulators had “full and thorough knowledge” of Bankia’s plight. After its nationalization, it reported a €19.2bn ($24.7bn) loss for 2012, the largest in Spanish corporate history.

Internal emails and documents played a huge role in bringing down the central banking officials to task for the failure of Bankia. Inspectors who brought issues to the attention of superiors were allegedly ignored.

While Spanish judges are generally reluctant to sentence first-time financial criminals to prison, actions are being taken against the wrongdoings and wrongdoers of Bankia.

Meanwhile, taxpayers in the United States have yet to see Big Bankers criminally responsible for the financial ruin of millions of citizens brought to any semblance of justice.

Source*

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Iceland Jail Top Bankers For 46 Years, Europe ‘Outraged’*

Five Spanish Banksters Jailed*

100,000 Bankers Lost Their Jobs in 2015*

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Hiding in the U.S Ireland to Prosecute Top Banker for Destroying Their Economy*

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Rothschild Makes Dismal Admission — His Financial World Order Now “Threatened”*

 

Iceland Jail Top Bankers For 46 Years, Europe ‘Outraged’*

Iceland Jail Top Bankers For 46 Years, Europe ‘Outraged’*

By Baxter Dmitry

Iceland has found nine top bankers guilty and sentenced them to decades in jail for crimes related to the 2008 economic crash.

On Thursday Iceland’s Supreme Court returned a guilty verdict for all nine defendants in the Kaupthing market manipulation case, after a long running court trial which began in April last year.

Kaupthing was a big international bank headquartered in Reykjavik, Iceland. It expanded internationally for years, but collapsed in 2008 under huge debts, crippling the small nation’s economy.

By demanding that bankers be subject to the same laws as the rest of society, Iceland opted for a very different strategy in the wake of the financial crisis to rest of Europe and the U.S., where banks were fined nominal amounts, and directors and chief executives escaped punishment altogether.

 

While the U.S. and U.K. governments provided bail outs and government stakes for their big banks with tax-payers’ money – essentially giving bankers the green light to continue behaving in the same way – Iceland adopted a different approach, declaring it would let the banks go bust, weed out and punish the criminal element at the top of the banks, and protect the savings of the people.

 

Former director of the bank, Hreiðar Már Sigurðsson, who was found guilty and jailed last year, was also given a six-month extension to his sentence on Thursday.

According to Iceland Monitor, the bankers are found guilty of crimes relating to deceitfully financing share purchases – the bank lent money for the purchase of the shares while using its own shares as collateral for the loans.

They are also found guilty of creating a misleading demand for Kaupthing shares by means of deception and pretence.

 

The Icelandic Approach

These guilty verdicts are just the latest in Iceland’s unprecedented clampdown since the economic crash. Authorities have been pursuing bank bosses, chief executives, civil servants and corporate looters for crimes ranging from insider trading to fraud, money laundering, misleading markets, breach of duties and lying to officials.

Meanwhile the economy that collapsed so spectacularly has rebounded after letting its banks go bust, imposing capital controls and protecting its own citizens rather than the elite bank bosses responsible for the mess.

This determination to hold people to account for actions that caused intense financial misery contrasts strongly with the U.K., the rest of Europe and the U.S. Yes, fines were imposed on the 20 biggest banks for transgressions such as market manipulation, money-laundering and mis-selling mortgages, but these costs fall on shareholders and, by hampering the banks’ ability to lend, they also punish the rest of society.

Meanwhile the guilty senior bankers, thanks to government bail outs, carry on making enormous profits and collecting their obscene bonuses as though nothing happened.

Last year, the International Monetary Fund declared that Iceland had achieved economic recovery “without compromising its welfare model” or unduly punishing its citizens for crimes committed by its bankers.

Iceland is right to jail it’s bankers – and the U.S. and Europe is wrong to merely slap a few wrists and give the green light to future outrages.

Source*

Related Topics:

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More Banksters Sentenced in Iceland*

Iceland Wisens to Banksters Game with Plan to Remove Power of Commercial Banks to Create Money*

‘I’ for Iceland and Now Ireland Collaring the Real Criminals, the Banksters*

Hiding in the U.S Ireland to Prosecute Top Banker for Destroying Their Economy*

Rothschild Bank Now Under Criminal Investigation*

Rothschild Bank Now Under Criminal Investigation*

By Matt Agorist

Last year, Baron David de Rothschild was indicted by the French government after he was accused of fraud in a scheme that allegedly embezzled large sums of money from British pensioners. It has taken many years to bring this case against Rothschild and his company the Rothschild Financial Services Group, which trapped hundreds of pensioners in a bogus loan scheme between the years of 2005 and 2008. One by one the pensioners lost their money and pressed charges against the notorious banker, beginning a case that would take many years to get even an indictment.

In June, Paris-based liaison judge Javier Gómez Bermudez ruled that Rothschild must face a trial for his crimes, and ordered local police to seek him out in his various mansions that are spread throughout the country.

“It is a good step in the right direction. The courts are now in agreement with us that there is enough evidence to interrogate Baron Rothschild. The first thing they will have to do is find him. Once they have done that they can begin to question him. It is a real breakthrough moment for everyone involved,” lawyer Antonio Flores of Lawbird told the Olive Press after the ruling.

“In short, independently of what happened to the investment, Rothschild advertised a loan aimed at reducing inheritance tax, which is a breach of tax law,” he added.

While news of a single Rothschild being indicted is certainly noteworthy, a particularly important announcement was made this Friday. The French government announced that it has launched an investigation into the entire Swiss branch of the Rothschild’s banking empire.

 

According to Bloomberg:

“The Swiss unit of Edmond de Rothschild said it’s the subject of a French probe regarding a former business relationship managed by a former employee. “Edmond de Rothschild (Suisse) SA is actively participating in the criminal investigation under way,” the Geneva-based bank said in an e-mailed statement on Friday. “The bank denies all the allegations that have been made against it.” Edmond de Rothschild, a private banking and asset management firm established in Paris in 1953, oversees about 150 billion euros ($164 billion) and is led today by Baron Benjamin de Rothschild and his wife Ariane. The Swiss unit traces its roots to the acquisition of Banque Privee in Geneva in 1965. The company has no further comment at this time, according to the statement. Officials in Geneva weren’t immediately available to respond to a telephone call from Bloomberg News on Friday”

The Rothschild empire has been instrumental in helping move the global elite’s wealth from traditional tax havens like the Bahamas, Switzerland and the British Virgin Islands to the U.S.

Last month, the Free Thought Project reported on the above the law tax haven established inside the United States by the Rothschilds. After opening a trust company in Reno, Nev., Rothschild and Co. began ushering the massive fortunes of the world’s most wealthy individuals out of typical tax havens, and into the Rothschild run U.S. trusts, which are exempt from the international reporting requirements. The Rothschild banking dynasty is a family line that has been accused of pulling the political strings of many different governments through their control of various economic systems throughout the world.

Historically, there is ample evidence to show that the family has used insider trading to bilk money from both private and public funds. During the Battle of Waterloo in the Napoleonic wars, Nathan Rothschild was responsible for one of the oldest cases of “insider trading,” which led to the Rothschild family robbing a whole nation blind. In 1815 when the battle of Waterloo took place, there were no quick methods of communication like we have today so messengers were used for communication in times of war. The Rothschild’s took advantage of this by having spies on the frontlines of the battle who would return information to the family faster than the messengers used by the military. When the British won the war, Nathan Rothschild, was of course, the first to know, and he immediately went to the stock exchange and started selling stocks while putting out the rumour that the French had won the war. This created a panic on the floor of the stock exchange and investors all over England began frantically selling their stocks. With the price of all stocks plummeting Rothschild was able to buy out the whole English market for a fraction of its cost. When word returned that the English had actually been victorious, the value of the market soared, and overnight Nathan Rothschild expanded his family’s wealth, and cemented their position as one of the richest families in the world.

Source*

Related Topics:

Once a Rothschild, always a Rothschild Bankster Replaces Hollande’s Economic Minister*

Baron Rothschild Indicted in France for Fraud*

Rothschild Establishes Billionaire Tax Haven Inside America*

Hungary Kills The Rothschild Banks: Ordered To Vacate Country.

Elite Zionist with Rothschild Connection is Dead*

Rothschild Forced to Sell Stakes in Asia Coal*

Turkey-Russia Tensions Spike as Russia Moves into Rothschild-Murdoch Illegal Stake, Northern Syria*

Tony Blair Visits Caesarea, an Israeli Rothschild Estate*

Rothschild Temple: The Conspiracy, the Call, the Plan to Destroy Al-Aqsa Mosque*

Rothschild Becomes Sole Owner of Semiconductor Patent as Four Co-owners Went Down with Malaysia Airlines MH370*

Rothschild did to India what China is doing to Ghana*

Hwaairfan's Blog

Spain Follows Iceland and Arrests Top Bankers*

By Ariana Marisol

Spain is following in Iceland’s footsteps by charging their top bankers for failings that led to the loss of millions of Euros for smaller investors.

Last year, Iceland jailed nine of its top bankers for a total of 46 years for crimes relating to the 2008 economic crash.

Last year, Spain’s Supreme Court ruled that there were “serious inaccuracies” in the listing that led investors to back certain banks. Because of this, the bank has had to pay out millions of Euros in compensation.

Wolf Street explains,

“As part of the epic, multi-year criminal investigation into the doomed IPO of Spain’s frankenbank Bankia – which had been assembled from the festering corpses of seven already defunct saving banks – Spain’s national court called to testify six current and former directors of the Bank of Spain, including its former governor, Miguel…

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