Iceland Mag

8 Reykjavik

Iceland Mag

Business

The international press responds to Icelandic bankers sentenced to jail

By Staff

  • Press coverage BBC published a story about the sentence as well as New York Times (right).

The conviction of former Landsbanki CEO, Sigurþjón Þ. Árnason, and two other former executives of the failed bank, has made headlines around the world.

All three received jail sentences yesterday for their role in market manipulation of share prices in Landsbankinn bank and for deceiving investors, creditors and the authorities in the autumn of 2008.

Landsbankinn was one of Iceland’s big three banks that failed so spectacularly in the autumn of 2008. The other two were Glitnir and Kaupthing. All three are still in winding-up proceedings.

Now all the chief executives of Iceland’s failed banks have received prison sentences, and some of them are still fighting charges related to the crash in court.

Sigurjón has declared that he will appeal to the Supreme Court of Iceland

The tone in the coverage of the foreign press (as in their comments section) is pretty unanimous. It can be summed up as:  Why have bankers only been prosecuted in Iceland. Why not here?

See

New York Times

BBC

Reuters

The Telegraph

The Financial Times

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