Iceland convicts bad bankers and says other nations can act
▻http://uk.reuters.com/article/2015/02/13/uk-iceland-bankers-idUKKBN0LH0OC20150213
Iceland’s government appointed a special prosecutor to investigate its bankers after the world’s financial systems were rocked by the discovery of huge debts and widespread poor corporate governance. He said Thursday’s ruling was a signal to countries slow to pursue similar cases that no individual was too big to be prosecuted.
“This case...sends a strong message that will wake up discussion,” special prosecutor Olafur Hauksson told Reuters. “It shows that these financial cases may be hard, but they can also produce results.”
Not all of Iceland’s prosecutions have succeeded. But the country’s efforts contrast with the United States and particularly Europe, where though some banks have been fined, few executives have been tried and voters suffering post-crisis austerity conditions feel bankers got off lightly.