And why not? They rejected paying out on the garbage produced by the so called bankers and allowed the local business to operate properly. For doing this, the State quite rightly owns it all and owes no one else.
Thus setting up a well regulated industry and spinning part of the ownership to the real stake holders makes perfect sense. The whole process has completely restored confidence and folks will want to own these banks. Better still they should also make the state a majority stake holder as well and treat it as a integral part of the governmental credit system as in North Dakota.
All this ensures that the banks serve their customers and not a band of newly minted high stakes gamblers.
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First They Jailed the Bankers, Now Every Icelander to Get Paid in Bank Sale
October 29, 2015 by True Activist
October 29, 2015
(ANTIMEDIA) Iceland — First, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki.
If Finance Minister Bjarni Benediktsson has his way — and he likely will — Icelanders will be paid kr 30,000 after the government takes over ownership of the bank. Íslandsbanki would be second of the three largest banks under State proprietorship.
“I am saying that the government take some decided portion, 5%, and simply hand it over to the people of this country,” he stated.
Because Icelanders took control of their government, they effectively own the banks. Benediktsson believes this will bring foreign capital into the country and ultimately fuel the economy — which, incidentally, remainsthe only European nation to recover fully from the 2008 crisis. Iceland even managed to pay its outstanding debt to the IMF in full — in advance of the due date.
Guðlaugur Þór Þórðarson, Budget Committee vice chairperson, explained the move would facilitate the lifting of capital controls, though he wasn’t convinced State ownership would be the ideal solution. Former Finance Minister Steingrímur J. Sigfússon sided with Þórðarson, telling a radio show, “we shouldn’t lose the banks to the hands of fools” and that Iceland would benefit from a shift in focus to separate “commercial banking from investment banking.”
Plans haven’t yet been firmly set for when the takeover and subsequent payments to every person in the country will occur, but Iceland’s revolutionary approach to dealing with the international financial meltdown of 2008 certainly deserves every bit of the attention it’s garnered.
Iceland recently jailed its 26th banker — with 74 years of prison time amongst them — for causing the financial chaos. Meanwhile, U.S. banking criminals were rewarded for their fraud and market manipulation with an enormous bailout at the taxpayer’s expense.
This article (First They Jailed the Bankers, Now Every Icelander to Get Paid in Bank Sale) is free and open source. You have permission to republish this article under a Creative Commons license with attribution to Claire Bernish andtheAntiMedia.org. Anti-Media Radio airs weeknights at 11pm Eastern/8pm Pacific. If you spot a typo, emailedits@theantimedia.org.
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