Tag Archives: bankers

Iceland is jailing bankers – we’re still giving them bonuses

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Iceland’s Supreme Court have sentenced four bank bosses from Kaupthing bank to serve jail time, according to yournewswire.com.

Bankers Sigurdur Einarsson, former chairman of the board, Hreidar Mar Sigurdsson, the former chief executive, Magnus Gudmundsson, the former chief executive of the Luxembourg branch and Olafur Olafsson, one of the majority owners, were sentenced to jail time of between four and five and a half years each.

The court found that they hid the fact that Qatari investor Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani bought a stake in Kaupthing, using money borrowed illegally from the bank itself.

Al-Thani’s purchase, a 5.1 per cent share, was announced only a few weeks before the bank collapsed. It was seen as a confidence boost for the bank while rumours circulated that it was in trouble.

These are the heaviest sentences for financial fraud in Iceland’s history. The four will have to pay their own legal costs for the case, which amount to 82 million kronur or approximately 670 thousand US dollars.

You can read the full story on yournewswire.com.

Meanwhile, in the UK – where bank bonus culture continues unabated – the former boss of a huge multinational bank (HSBC) that illegally helped more than 7,000 customers to avoid paying their taxes appears to be under the protection of the country’s prime minister – whose own family (as has been well-established) made its money from advising people on how to avoid paying taxes.

HM Revenue and Customs has identified 1,100 UK citizens who could be prosecuted for avoiding tax – only one person has faced such prosecution.

One of the UK’s most respected newspapers, the Daily Telegraph, has been avoiding the story (allegedly) because it wants to protect a lucrative advertising contract with HSBC.

Our government of Conservative Party and Liberal Democrat MPs is – as far as anybody can see – protecting the people who caused the financial crash of 2007 onwards, along with those who – by withholding the tax money they owe the UK Treasury – have forced unnecessary austerity onto the poorest people in the country.

It is estimated that thousands – perhaps tens of thousands – of people have died because of benefit cuts and sanctions that have been administered either by fraud or error.

Yet the Conservative Party is still expected to return nearly 300 members to Parliament on May 8.

Can anybody explain that?

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Where’s Daddy’s Pig gets onto its second leg – or is that trotter?

From the ‘Where’s Daddy’s Pig’ blog site:

“Artist Mark McGowan is to crawl on his hands and knees pushing a toy pig along the road with his nose an incredible three miles from number 10 Downing street to the Bank of England where he will hand in the pig to the guvenor Mervyn King in honour of his services to the destruction of the economy its facilitation of ideological austerity and the criminal activity of the City of London aka the City of Corruption.”

Now read on…

Bankers’ payments could mean bonuses for burglars

Did Theresa May just declare open season on highly-paid bankers? I think she did.

It’s very pleasant that Stephen Hester of the Royal Bank of Scotland has turned down his bonus of around £1 million, after the Labour Party called for a Parliamentary debate about the subject.

But more bankers’ bonuses have yet to be declared, and could total hundreds of millions of pounds, if not billions.

At the same time, Home Secretary Theresa May has announced pay cuts for the police.

Big boost for the rich; big let-down for law enforcement.

Now.

I don’t know about you, but if I was a banker I’d be very worried about all this.

What if members of the criminal fraternity knew I was a banker? And what if they believed I’d be in line for one of these huge bonuses (it won’t matter if I am or not)? Wouldn’t that be, in their eyes, an invitation to break into my house and take whatever they can? After all – I can afford it, right?

And the cops’ noses are bound to have been put so far out of joint that they won’t be interested in sniffing out the culprits.

It’ll be more than their jobs are worth.

Nice one, Theresa. Not only is it open season on bankers, but you just shot yourself in the foot.

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