Iceland shows how it's done | TigerDroppings.com

Posted byMessage
Jim Rockford
LSU Fan
Member since May 2011
35386 posts

Iceland shows how it's done



LINK
quote:

Icelandic bank Kaupthing's top executives indicted over market rigging

Court documents are expected to allege a conspiracy by Kaupthing chairman Sigurdur Einarsson and other executives.

Icelandic banker Sigurdur "Siggi" Einarsson, who ran Kaupthing bank from offices in Mayfair until its collapse five years ago, is among nine former senior staff who have been variously charged in Reykjavik with orchestrating five large-scale market manipulation conspiracies.

Further details, to be released by the courts later this week, are expected to allege a conspiracy by Kaupthing executive chairman Einarsson and other bosses at Iceland's largest bank, claiming they secretly used the bank's funds to indirectly buy Kaupthing shares in the hope of propping up its share price.

Holdings in Kaupthing shares were allegedly acquired in the name of selected major clients, financed by generous loans from the bank. According to an Icelandic parliamentary report, almost 42% of Kaupthing shares were held by the bank as loan collateral at the end of September 2008, much of that without the knowledge of other stakeholders in the bank.

The criminal case is the largest in a series of fraud prosecutions that have been brought to court in Iceland in recent years, and may be one of the largest alleged market manipulation conspiracies ever seen in Europe.








Back to top
Share:
novabill
LSU Fan
Crossville, TN
Member since Sep 2005
6017 posts

re: Iceland shows how it's done


quote:

Court documents are expected to allege a conspiracy by Kaupthing chairman Sigurdur Einarsson and other executives.


They must crazy. One thing I have learned on TD is that conspiracies do not and cannot exist.






Back to top
Roaad
LSU Fan
Bushrod Owns
Member since Aug 2006
52460 posts

re: Iceland shows how it's done


The banks did nothing illegal, is the problem liberals can't wrap their heads around.

They did what the government-run system enabled them to do. . .






Back to top
austingator
Florida Fan
austin
Member since Jan 2009
5833 posts

re: Iceland shows how it's done


quote:

They did what the government-run system enabled them to do. . .


I agree, the problem is our politicians are making laws that benefit their big corporate benefactors and the working class (meaning those who work and pay income taxes) get the shaft.






Back to top
TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
23043 posts

re: Iceland shows how it's done








Back to top
  Replies (0)
rcocke2
LSU Fan
New Orleans
Member since Apr 2009
1415 posts

re: Iceland shows how it's done


quote:

The banks did nothing illegal
Technically, no they did not but that is because they essentially are the government and more or less write the very laws that govern them.

quote:

They did what the government-run system enabled them to do
They did what they were able to because our laws are written by the highest bidders.






Back to top
UncleFestersLegs
Columbia MO
Member since Nov 2010
1385 posts

re: Iceland shows how it's done


quote:

Technically, no they did not but that is because they essentially are the government and more or less write the very laws that govern them.

quote:

“Let me issue and control a nation’s money and I care not who writes the laws.” - - Amshall Rothschild






Back to top
  Replies (0)


Back to top