Iceland bankers arrested - US bankers, not yet :(

[tommy949]

http://www.dailymail.co.uk/news/arti...ularities.html
When can these fraud squad officers show up and arrest the CEOs of Goldman Sachs and all those other dirty bankers.

[roho76]

Because they would spill the beans on the people who would be arresting them.

[roho76]

This is called corporatism. That's how it works. The people in Iceland finally grew balls and stood up to them. The government is not going to take care of it because they are in on it. In the famous words of George Carlin: "It's a big $#@!ing club, and you're not in it."

[parocks]

http://www.dailymail.co.uk/news/arti...st_read_module

Saw this link at the bottom of that article.

Kicked out the Olympics for a tweet? And for supporting the wrong political party in Greece.

Apparently it was the Greek National Team that she was kicked off of. It wasn't a ban. She was removed from the team for political reasons.

[RonRules]

Icelanders got forgiven the part of their debt that exceeded the house's valuation.

Bankers have most of the responsibility to evaluate a property's actual value. Homeowners don't have the knowledge, skill and data access that appraisers and bankers have.

I don't have a problem with that approach. The homeowner should have to full responsibility of the mortgage up to the property's value. When mortgages become "underwater" (where the mortgage amount is higher than the houses's value),

Bankers would be a lot more careful if mortgage law would be written that way.

Back when I bought a house, I had to come up with 20%, which mostly ensured that the mortgage would not go underwater. This number could be variable as a function of relative risk for each particular state/city/neighborhood.

[XNavyNuke]

Icelanders got forgiven the part of their debt that exceeded the house's valuation.

Iceland didn't get forgiven. The voters in a 60-40 vote told the Continentals to go f*** themselves. Foreign banks then had to either make their customer whole and write it off as a loss, or continue carrying a toxic debt on their books. Two of the affected governments (Brits & Dutch) then took Iceland to court to try an recoup. The case is still pending. http://www.icelandreview.com/iceland..._0_a_id=390345

The EFTA Court has determined that the oral pleadings in the case of the EFTA Surveillance Authority (ESA) against Iceland in the Icesave dispute will take place on September 18, 2012, as reported last week.

XNN

[RonRules]

Iceland didn't get forgiven. The voters in a 60-40 vote told the Continentals to go f*** themselves. Foreign banks then had to either make their customer whole and write it off as a loss,

The whole mortgage did not get written off. Only the portion of the mortgage above the value of the property. Besides that, there was a lot more going on in Iceland. The amount of banking in Iceland exceeded the GDP by 10X at one time. (that's what I remember reading. I could be off with exact numbers)