Iceland just sentenced its first bankster to prison

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submitted 4 hours ago by PoliticBot

Received a nine-month sentence

Welding was present at the rendition of the judgment today. Mbl.is / Styrmir Kari

Welding, fv. CEO of Glitnir, the Reykjavík District Court today sentenced to nine months, six months suspended. Requested five and a half years' imprisonment on him, and five years in prison over Gudmund Hjaltasyni, former. Director of Corporate Finance. Gudmund received the same sentence and Welding.

Lara and Gudmundur were accused of having taken the decision to lend Milestone 102 million, which was about ten billion in the form of money market lending 8th February 2008. The loan was granted without collateral and guarantees, and the decision taken outside meetings risk committee. They both refused to blame.

Prosecutor in the case said the main hearing to prove was that Lara and Gudmund had violated the rules of the loan with the bank the loan. Broken holds that they abused their position within the bank and would be a serious trúnaðarbrot case, unauthorized appropriation of vast resources would lead to financial loss risk for the bank and the biggest part of the loan is lost.

Welding is, and next to his lawyers and Gudmundur Hjaltason eventually. Styrmir Kari

Defender Lárus said, however, that no witnesses who came before the court was able to confirm that Lara and Gudmundur has something to do with lending. "Rests on the prosecution to prove, and they will only be convicted if there is doubt that they have decided to lend Milestone. Prosecution gets no discount verification requirements in the case. "

Welding in the District Court of Reykjavík

Welding in the District Court of Reykjavik mbl.is / Styrmir Kari

Gudmundur Hjaltason and Thordur Bogason, defend him. Morgunblaðið / Styrmir Kari

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Permalink Reply by KingofthePaupers on December 28, 2012 at 4:19pm

Jct: Great! They just sentenced a "driver" of the "malfunctioning money machine." Not Great! They haven't fixed the malfunction in the money machine. Greatest, http://johnturmel.com/bankmath.htm explains how we engineers like to show money flows plumbing, one reason engineers are called plumbers, from the tap of the money supply to the drain (it has to go somewhere when the money supply went down) with pipes. Youtube for Argentine Solution is Occupy Wall St. Silver Bullet; what the Argentine Unions did to save their jobs and everyone else can too.

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Permalink Reply by Maria De Wind on December 28, 2012 at 5:17pm

Keep them coming !

9 months are a joke but at least is something

9 decades if I were the judge, no parole

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Permalink Reply by Stephen on December 28, 2012 at 6:24pm

Death by public execution broadcast world wide on TV.Don't waste more public funds by locking up this subhuman trash!

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Permalink Reply by truth on December 29, 2012 at 10:30am

Executives at collapsed Iceland bank jailed for fraud

Two former executives at an Icelandic bank which collapsed in the 2008 financial meltdown were sentenced to jail on Friday for fraud which led to a 53 million euro loss, in the first major trial of Icelandic bankers linked to the crisis.