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26 top bankers sent to jail

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In a shocking incident, 26 top level bankers in Iceland have been sentenced to a combined 74 years in prison. Their individual jail term varies between two to five years.

image via twicsy.com
Representational image via twicsy.com

What is the issue?

All 26 bankers are charged with financial irregularities. They were blamed to manipulate the Icelandic financial markets after Iceland deregulated their finance sector in 2001. It resulted in the collapse of all banking system in 2008 which brought the financial crisis. These all bankers were held responsible for this financial crisis of 2008.

image via Guardian
image via Guardian

According to the government source, the prosecution of these bankers represents an accountability towards the system which doesn’t exist in many countries. A good example set by the government of Iceland, indeed!!!

(with some inputs from The Free Thought Project)