Memo to DOJ: Iceland had no problem jailing banksters. Take note.

12 December 2013 Last updated at 13:32 ET

Four former bosses from the Icelandic bank Kaupthing have been sentenced to between three and five years in prison.

They are the former chief executive, the chairman of the board, one of the majority owners and the chief executive of the Luxembourg branch.

They were accused of hiding the fact that a Qatari investor bought a stake in the firm with money lent – illegally – by the bank itself.

Kaupthing collapsed in 2008 under the weight of huge debts.

For years, Kaupthing and other Icelandic banks had aggressively pursued overseas expansion plans, but when they went into administration, they brought the country’s economy to its knees.

Just a few weeks before the collapse, Kaupthing announced that Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani had bought a 5.1% stake during…

Banksters Pretend that Prosecuting Wall Street Crime Will Blow Up the Economy

Banksters Pretend that Prosecuting Wall Street Crime Will Blow Up the EconomyThe Department of Justice is “considering” initiating criminal charges against 2 banks.

In response, the normal cast of characters is saying – as they have for years – that prosecuting banks will cause ameltdown of the economy.

The U.S. attorney for the Southern District of New York recently mocked the silly claims of gloom and doom:

“Companies, especially financial institutions, will do almost anything to avoid a tough enforcement action and therefore have a natural and powerful incentive to make prosecutors believe that death or dire consequences await,” he said. “I have heard assertions made with great force and passion that if we take any criminal action, the skies will darken; the oceans will rise; nuclear winter will be upon us; and the…