Iceland shows how it's done | TigerDroppings.com
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Jim Rockford
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Member since May 2011
41203 posts
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Iceland shows how it's done

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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.




novabill
LSU Fan
Crossville, TN
Member since Sep 2005
6563 posts
Online

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.


Roaad
LSU Fan
Lunch Wagon
Member since Aug 2006
53878 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. . .


austingator
Florida Fan
austin
Member since Jan 2009
6328 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.


TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
24563 posts
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re: Iceland shows how it's done


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rcocke2
LSU Fan
New Orleans
Member since Apr 2009
1482 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.


UncleFestersLegs
Columbia MD
Member since Nov 2010
1816 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


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