TYT host Cenk Uygur describes how Iceland just convicted several fraudulent bank executives on Thursday.
Now, in the U.S., it’s been said that the banks are too big to jail, that it would lead to global financial failure. But here’s my question:
If a U.S. bank executive were to be jailed, would not the bank simply fill that position with another executive?
Of course it would. Therefore the bank could continue on, without failing. What are your thoughts?
Iceland’s supreme court has upheld convictions of market manipulation for four former executives of the failed Kaupthing bank in a landmark case that the country’s special prosecutor said showed it was possible to crack down on fraudulent bankers.
Hreidar Mar Sigurdsson, Kaupthing’s former chief executive, former chairman Sigurdur Einarsson, former chief executive of Kaupthing Luxembourg Magnus Gudmundsson, and Olafur Olafsson, the bank’s second largest shareholder at the time, were all sentenced on Thursday to between four and five and a half years.
The verdict is the heaviest for financial fraud in Iceland’s history, local media said. Kaupthing collapsed under heavy debts after the 2008 financial crisis and the four former executives now live abroad. Though they sometimes returned to Iceland to collaborate with the court investigation, none were present on Thursday.
The Young Turks host Cenk Uygur breaks it down.
— The Young Turks