If there’s one country you can depend to on to follow the rule of law, it’s…Iceland.
Iceland’s Supreme Court has return[ed] a guilty verdict for all nine defendants in the Kaupþing market manipulation case, the court trial for which began in April 2015.
Back in June last year, the Reykjavik District Court found seven of the nine defendants guilty, acquitting two.
By fully financing share purchases with no other surety than the shares themselves, the bankers were accused of giving a false and misleading impression of demand for Kaupþingi shares by means of deception and pretence.
The Supreme Court has now overturned the acquittals, finding Björk Þórarinsdóttir (credit representative at Kaupþing) and Magnús Guðmundsson (former CEO of Kaupthing Luxembourg) also guilty alongside the other seven.
That’s how it’s done. Also, remember where Iceland forced the banks to pay out 30,000kr to each and every citizen as partial repayment for their part in The Great Recession?
Remind us again? The US Government has done what, exactly, in terms of punishing our financial institutions?
Wake up, people.