Three charts that show Iceland's economy recovered after it imprisoned bankers and let banks go bust - instead of bailing them out

"It is dangerous that someone is too big to investigate - it gives a sense there is a safe haven."

Iceland’s finance minister has announced a 39 per cent tax on investors looking to take their money overseas.

The country has imposed the tax to prevent it hemorrhaging money as it loosens bank laws imposed six years ago, when Iceland made the shocking decision to let its banks go bust.

Iceland also allowed bankers to be prosecuted as criminals – in contrast to the US and Europe, where banks were fined, but chief executives escaped punishment.

The chief executive, chairman, Luxembourg ceo and second largest shareholder of Kaupthing, an Icelandic bank that collapsed, were sentenced in February to between four and five years in prison for market manipulation.

ADMIN: IT IS THOSE INDIVIDUALS WHO COMMITTED FRAUD THAT NEED TO BE JAILED 

Continue reading: http://www.independent.co.uk/news/business/news/three-charts-that-show-icelands-economy-recovered-after-it-imprisoned-bankers-and-let-banks-go-bust--instead-of-bailing-them-out-10309503.html

 

Bank of England governor Mark Carney will call for longer prison sentences for bankers who break the law.

 
 Under Carney's proposals they would avoid 10 years in prison instead of avoiding 7 years in prison.

Dictionaries updated as HSBC redefines ‘challenging year’ as only making £12bn profit

HSBC has described a year in which they made over £12bn profit as ‘challenging’, forcing hurried rewrites for dictionary providers everywhere.

 

The banking giant said that making over £33m in profit every single day meant the last year had proven to be ‘unsatisfactory’ for all at the bank.

However banking customer Simon Williams said he had a slightly different interpretation of the word ‘challenging’.

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He told us, “Personally, I think the year in which I lost my job, and my granddad died, was particularly challenging.”

“But I can also see how awful a bank might feel after making only quarter of a billion pounds profit a week, every week, for an entire year.”

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