Banking Bailout Media ArticlesExcerpts of Key Banking Bailout Media Articles in Major Media
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In 2009, shortly after the housing market crashed and the markets melted down, the owners of a small community bank in New York City’s Chinatown discovered fraud within their loan department. The bank’s owners, the Chinese-American Sung family ... reported the fraud to their regulators. But two-and-a-half years later, the bank was accused of mortgage fraud by the Manhattan District Attorney’s Office — making Abacus Federal Savings the only U.S. bank to be prosecuted in relation to the financial collapse and the first bank indicted in New York since 1991. Why did Abacus face charges, while the biggest banks on Wall Street all avoided prosecution for fraud? That’s the question at the heart of [the new documentary film] Abacus: Small Enough to Jail. Abacus chronicles the Sung family’s quest to clear their names, the district attorney’s case against the bank — and how 19 of the bank’s ex-employees, largely immigrants, were treated by the justice system. When 12 ex-employees of the bank who refused to plead guilty were arraigned, [they were] handcuffed to each other, and in the words of one of their attorneys, “herded like cattle” down courthouse hallways. “Reporters ... were treated to this extraordinary photo opportunity, this almost Stalinist looking chain gang” of Asian Americans, says journalist Matt Taibbi. “I had never seen that in my entire time at the DA’s office,” says Chanterelle Sung, whose father, Thomas, is the bank’s founder. She had worked at the office as a prosecutor for seven years.
Note: You can watch the PBS special on this strange story on this webpage. A transcript of this documentary is available here. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
In August 2012, [the US] unilaterally changed the terms of the bailout of Fannie Mae and Freddie Mac. The government originally insisted on a 10 percent annual dividend in exchange for what ultimately became a $187 billion rescue. In 2012, the government quietly changed that 10 percent deal to one in which the state simply seized all profits. The press paid almost no attention to this event, [even though] it was one of the most important decisions of the bailout era. Fannie Mae and Freddie Mac were two of the biggest companies on earth, and held about $5 trillion in mortgage debt. They had gone bust during the crash years. But by the summer of 2012 ... they were about to start making [enormous piles of] money again. The government has always insisted it didn't know this. Officials have insisted that they needed 100 percent of Fannie and Freddie's profits because ... Fannie and Freddie would otherwise be unable to pay back what they owed. But documents just released in a court case show that the government privately believed just the opposite before it made its historic decision. [One key document] concluded that the government would end up getting more through the "revenue sweep" than it would ... if "the 10% [dividend] was still in effect." The documents that came out this week were released in a lawsuit brought by Fannie and Freddie shareholders who believe that the government stole billions of dollars in profits from them.
Michael Horowitz, chairman of the Council of the Inspectors General on Integrity and Efficiency, was at a hockey game when he began getting calls from other inspectors general in federal agencies. The inspectors ... were furious. Trump aides had let them know they might be replaced; for the first time ever, a president might fire them en masse. The administration later backed down. But it has continued to undermine the inspectors’ role by failing to hire for open positions and planning to slash the offices’ budgets. Every major federal agency and program has an inspector general ... whose staff investigates cases of wasteful spending, criminal activity, employee misconduct and plain bad management. These are watchdogs with real teeth. Today nearly one-quarter of inspector general offices have either an acting director or no director at all, including the offices at the C.I.A., the National Security Agency, the Department of Defense and the Social Security Administration. Acting directors can be reluctant to make extensive changes ... particularly if they hope to be nominated for a permanent appointment. The inspectors’ offices are deeply affected by the current federal hiring freeze and would be further harmed by the administration’s proposed budget cuts. The budget takes unexplained specific aim at the Office of the Special Inspector General for the Troubled Asset Relief Program, created in part to monitor the $700 billion taxpayer bailout for big banks.
Note: A New York Times article from 2015 states that, "at least 20 investigations across the government that have been slowed, stymied or sometimes closed because of a long-simmering dispute between the Obama administration and its own watchdogs." For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.
Like a lot of other Americans, Sen. Elizabeth Warren wants to know why the Department of Justice hasn’t criminally prosecuted any of the major players responsible for the 2008 financial crisis. On Thursday, Warren released two highly provocative letters demanding some explanations. One is to DOJ Inspector General Michael Horowitz, requesting a review of how federal law enforcement managed to whiff on all 11 substantive criminal referrals submitted by the Financial Crisis Inquiry Commission (FCIC), a panel set up to examine the causes of the 2008 meltdown. The other is to FBI Director James Comey, asking him to release all FBI investigations and deliberations related to those referrals. The FCIC’s criminal referrals ... have never been made public. But Warren’s staff reviewed thousands of other documents released in March ... and found descriptions and records of them. They detail potential violations of securities laws by 14 different financial institutions: most of America’s largest banks. And the FCIC named names, specifying nine top-level executives who should be investigated on criminal charges: CEO Daniel Mudd and CFO Stephen Swad of Fannie Mae; CEO Martin Sullivan and CFO Stephen Bensinger of AIG; CEO Stan O’Neal and CFO Jeffrey Edwards of Merrill Lynch; and CEO Chuck Prince, CFO Gary Crittenden, and Board Chairman Robert Rubin of Citigroup. None of the 14 financial firms listed in the referrals were criminally indicted or brought to trial, Warren writes. Only five of the 14 even paid fines.
Three senior Irish bankers were jailed on Friday for up to three-and-a-half years for conspiring to defraud investors in the most prominent prosecution arising from the 2008 banking crisis. The trio will be among the first senior bankers globally to be jailed for their role in the collapse of a bank during the crisis. The crash thrust Ireland into a three-year sovereign bailout in 2010. It could take another 15 years to recover the funds pumped into the banks still operating. Former Irish Life and Permanent Chief Executive Denis Casey was sentenced to two years and nine months. Willie McAteer, former finance director at the failed Anglo Irish Bank, and John Bowe, its ex-head of capital markets, were given sentences of 42 months and 24 months respectively. All three were convicted of conspiring together and with others to mislead investors, depositors and lenders by setting up a 7.2-billion-euro circular transaction scheme between March and September 2008 to bolster Anglo's balance sheet. "They manufactured 7.2 billion euros in deposits by obvious sham transactions," Judge Martin Nolan told the court. No senior industry executives in [the US or UK] have been sent to jail.
Note: Iceland allowed big banks to fail and in 2015 sent 26 bankers to jail for their role in the 2008 financial crisis. It's economy is in good shape. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
Eric Holder has long insisted that he tried really hard when he was attorney general to make criminal cases against big banks in the wake of the 2007 financial crisis. [Yet Holder] held his department back [according to] a new, thoroughly-documented report from the House Financial Services Committee. Prosecutors in 2012 wanted to criminally charge the global bank HSBC for facilitating money laundering for Mexican drug lords and terrorist groups. But Holder said no. In September 2012, the Justice Department’s Asset Forfeiture and Money Laundering Section (AFMLS) formally recommended that HSBC be prosecuted for its numerous financial crimes. From 2006 to 2010, HSBC failed to monitor billions of dollars of U.S. dollar purchases with drug trafficking proceeds in Mexico. It also conducted business going back to the mid-1990s on behalf of customers in Cuba, Iran, Libya, Sudan, and Burma, while they were under sanctions. Such transactions were banned by U.S. law. AFMLS Chief Jennifer Shasky wanted to seek a guilty plea for violations of the Bank Secrecy Act. On November 7, Holder presented HSBC with a “take it or leave it” offer of a deferred prosecution agreement, which would involve a cash settlement and future monitoring of HSBC. No guilty plea was required. HSBC [then] successfully negotiated to have individual executives immunized from prosecution. Lack of desire at the highest levels of the Justice Department was ... the primary reason that no prosecutions took place.
Note: While attorney general of the United States, Eric Holder consistently refused to prosecute Wall Street. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
The federal government has been quietly fighting to keep a lid on an 11,000-document cache of government communications relating to financial policy. The Obama administration ... insisted that their release would negatively impact global financial markets. Unsealing some of these materials last week, a federal judge named Margaret Sweeney said the government's sole motivation was avoiding embarrassment. So what's so embarrassing? A sordid history of the government's seizure of mortgage giants Fannie Mae and Freddie Mac, also known as the government-sponsored enterprises, or GSEs. Bailout-era Fannie and Freddie was turned into a kind of garbage facility for other Wall Street institutions, buying up toxic mortgages that private banks were suddenly desperate to unload. Even after the state took over the companies ... Fannie and Freddie continued to buy as much as $40 billion in bad assets per month from the private sector. Fannie and Freddie weren't just bailed out, they were themselves a bailout, used to sponge up the sins of private firms. The government ended up pumping about $187 billion into the companies. Within a few years ... Fannie and Freddie started to make money again. The GSEs went on to pay the government $228 billion over the next three years, or $40 billion more than they owed, [but] none of that money went to paying off Fannie and Freddie's debt. This ... prompted a series of lawsuits. In these suits, the government's pleas for secrecy were so extreme that it asked for, and received, "attorneys' eyes only" status for the documents in question.
Note: Why is no other media covering this important news? For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
Morgan Stanley will pay $3.2 billion in a settlement over bank practices that contributed to the 2008 financial crisis, including misrepresentations about the value of mortgage-backed securities, authorities announced Thursday. The nationwide settlement, negotiated by the working group appointed by President Barack Obama in 2012, says the bank acknowledges that it increased the acceptable risk levels for mortgage loans pooled and sold to investors without telling them. Loans with material defects were included, packaged into the securities and sold. The Justice Department said the $2.6 billion federal penalty to resolve claims about the bank's marketing, sale and issuance of those securities is the largest piece of settlements with the working group that have totaled approximately $5 billion. "Our work is far from over," said New York Attorney General Eric Schneiderman, who co-chairs the group. "Communities across the country have not gotten back to where they were before the crash." Total settlements so far are about $64 billion, Schneiderman said. The working group previously reached major settlements with Citigroup for $7 billion, JPMorgan for $13 billion and Bank of America for $16.65 billion. The New York-based investment bank reported a fourth-quarter profit of $908 million.
Note: Since the bailout in 2008, the percentage of US banking assets held by the big banks has almost doubled. For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
Goldman Sachs will pay about $5 billion to resolve state and federal investigations into its handling of mortgage-backed securities in the years leading up to the 2008 financial crisis, the bank said today. The agreement will settle "actual and potential civil claims" by the U.S. Justice Department and the attorneys general of New York and Illinois, as well as the Federal Home Loan Banks of Chicago and Seattle and the National Credit Union Administration. Goldman said the settlement, an agreement in principle, has not yet been finalized by the parties involved. If it is, it will reduce earnings for the last three months of 2013 by $1.5 billion. Ever since the subprime mortgage crisis upended the global financial system, authorities have been investigating a number of large financial institutions and their sale of mortgage-backed securities. The investigations have centered on whether the banks misrepresented the real value of the assets. Regulators have already won large multibillion-dollar settlements from several large banks, including JPMorgan Chase, Bank of America and Citigroup. Last May, Goldman announced it was negotiating with federal and state authorities to resolve claims against it.
Note: Yet no individual goes to jail for their actions which costs taxpayers billions of dollars. Once again, those who commit white collar crimes go free. And since the bailout in 2008, the percentage of US banking assets held by the big banks has almost doubled. Could this possibly have been planned? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
Seven years ago, the Federal Reserve and the Treasury Department bailed out the largest financial institutions in this country because they were considered too big to fail. But almost every one is bigger today than it was before the bailout. If any were to fail again, taxpayers could be on the hook for another bailout. To rein in Wall Street, we should begin by reforming the Federal Reserve, which oversees financial institutions. Unfortunately, an institution that was created to serve all Americans has been hijacked by the very bankers it regulates. What went wrong at the Fed? The chief executives of some of the largest banks in America are allowed to serve on its boards. During the Wall Street crisis of 2007, Jamie Dimon, the chief executive and chairman of JPMorgan Chase, served on the New York Fed’s board of directors while his bank received more than $390 billion in financial assistance from the Fed. Next year, four of the 12 presidents at the regional Federal Reserve Banks will be former executives from one firm: Goldman Sachs. We would not tolerate the head of Exxon Mobil running the Environmental Protection Agency. And we should not allow big bank executives to serve on the boards of the main agency in charge of regulating financial institutions. Financial reforms must not stop with the central bank. We must reinstate Glass-Steagall and break up the too-big-to-fail financial institutions. The sad reality is that the Federal Reserve doesn’t regulate Wall Street; Wall Street regulates the Fed.
Note: After the bailout in 2008, the percentage of US banking assets held by the big banks has almost doubled. Could this possibly have been planned? And why is the only US presidential candidate talking seriously about bank reform being given little attention by mainstream media? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
In May 2009 Congress created a special commission to examine the causes of the financial crisis. Some commission members sought to block consideration of any historical account that might support efforts to rein in runaway bankers. One ... wrote [that] it was important that what they said “not undermine the ability of the new House G.O.P. to modify or repeal Dodd-Frank,” the financial regulations introduced in 2010. Never mind what really happened; the party line, literally, required telling stories that would help Wall Street do it all over again. Which brings me to a new movie the enemies of financial regulation really, really don’t want you to see. “The Big Short” is based on the Michael Lewis book of the same name, one of the few real best-sellers to emerge from the financial crisis. It does a terrific job of making Wall Street skulduggery entertaining. Many influential, seemingly authoritative players, from Alan Greenspan on down, insisted not only that there was no bubble but that no bubble was even possible. And the bubble whose existence they denied really was inflated largely via opaque financial schemes that in many cases amounted to outright fraud - and it is an outrage that basically nobody ended up being punished for those sins aside from innocent bystanders, namely the millions of workers who lost their jobs and the millions of families that lost their homes. While the movie gets the essentials of the financial crisis right, the true story of what happened is deeply inconvenient to some very rich and powerful people.
Iceland ... has just sentenced five senior bankers and one prominent investor to prison for crimes relating to the economic meltdown in 2008. The nation that gambled so heavily on the markets and lost so disastrously in the consequent crash has [now] sent 26 financiers to jail for combined sentences of 74 years. The authorities pursued bank bosses, chief executives, civil servants and corporate raiders for crimes ranging from insider trading to fraud, money laundering, misleading markets, breach of duties and lying to the authorities. Meanwhile the economy that collapsed so spectacularly has rebounded after letting banks go bust, imposing capital controls and protecting its own citizens over all other losers. This determination to hold people to account for actions that caused intense financial misery contrasts strongly with Britain, most of the rest of Europe and the United States. Britain never bothered holding a proper inquiry into the financial meltdown that still heavily impacts on public finances. In New York, a couple of minor British bankers have just been convicted of manipulating inter-bank lending rates. In London, the massive HSBC is playing political games ... to stave off regulatory pressures. This is the bank, remember, fined Ł1.2bn after a US investigation found it was laundering money for gangsters and rogue nations, then discovered to be helping wealthy clients evade tax in dozens of countries. Its former boss became a government minister and then chairman of the British Museum.
Note: So the one nation that jailed its big bankers and let banks go bust is doing very well. Why are so exceedingly few bankers in other countries being jailed for crimes involving trillions of dollars and bankrupting millions of citizens? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
While British and American bankers who brought the world's economy to its knees in 2008 have barely faced the consequences for their actions, in Iceland, it's a different story. The Nordic nation, which was one of the worst affected by the 2008 financial crisis, has sentenced 26 bankers to a combined 74 years in prison. In two separate rulings last week, the Supreme Court of Iceland and Reykjavik District Court sentenced six top managers of two national banks for crimes committed in the lead up to the banking sector's collapse, bringing the total number of people who have faced the music for their roles in the crash to 26. At the moment the maximum penalty for white collar crime in Iceland is six years. Iceland deregulated its financial sector in 2001, and manipulation of the markets by bankers led to a system-wide meltdown when the global economy tanked in 2008. Iceland's economy is now in comparatively [good] health since the country was forced to borrow heavily from the International Monetary Fund seven years ago. As Iceland's president Olafur Ragnar Grimsson said when asked how the country recovered so quickly: "We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the poor, and we didn’t introduce austerity measures like you’re seeing in Europe." In the US and the UK, of course, we just bailed them out.
Giant Wall Street banks continue to threaten the well-being of millions of Americans. Back in 2000, before they almost ruined the economy and had to be bailed out, the five biggest banks on Wall Street held about 25 percent of the nation's banking assets. Now they hold more than 45 percent. In 2012, JPMorgan Chase, the largest bank on Wall Street, lost $6.2 billion betting on credit default swaps - and then publicly lied about the losses. It later came out that the bank paid illegal bribes to get the business in the first place. In May, the Justice Department announced a settlement of the biggest criminal price-fixing conspiracy in modern history, in which the biggest banks manipulated the $5.3 trillion-a-day currency market in a "brazen display of collusion," according to Attorney General Loretta Lynch. Wall Street's investment bankers, key traders, top executives, and hedge-fund and private-equity managers wield extraordinary power. They're major sources of campaign contributions to both parties. In addition, a lucrative revolving door connects the Street to Washington. Key members of Congress, especially those involved with enacting financial laws or overseeing financial regulators, have fat paychecks waiting for them on Wall Street when they retire. Which helps explain why no Wall Street executive has been indicted for the fraudulent behavior that led up to the 2008 crash. Or for the criminal price-fixing scheme settled in May. Or for other excesses since then.
Note: Does it at all seem strange that after the bailout in 2008, the percentage of US banking assets held by the big banks has almost doubled? Could this possibly have been planned? For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
Former Federal Reserve Chairman Ben Bernanke says some Wall Street executives should have gone to jail for their roles in the financial crisis that gripped the country in 2008 and triggered the Great Recession. Billions of dollars in fines have been levied against major banks and brokerage firms in the wake of the economic meltdown that was in large part triggered by reckless lending and shady securities dealings that blew up a housing bubble. But in an interview with USA Today published Sunday, Bernanke said he thinks that in addition to the corporations, individuals should have been held more accountable. "It would have been my preference to have more investigations of individual actions because obviously everything that went wrong or was illegal was done by some individual, not by an abstract firm," Bernanke said. Asked if someone should have gone to jail, the former Fed chairman replied, "Yeah, I think so." He did not, however, name any individual he thought should have been prosecuted and noted that the Federal Reserve is not a law-enforcement agency. Bernanke is promoting his new 600-page memoir, "The Courage to Act: A Memoir of a Crisis and Its Aftermath."
Today’s conspiracy theory is tomorrow’s news headlines. The truth is not only out there, but it’s more outlandish than anything we could have made up. So, what are some of our biggest conspiracies? The Iraq War. America is attacked by terrorists and so, declares war on a country that had nothing whatsoever to do with the attacks, while ignoring an oil rich ally which had everything to do with them. The result is a disaster. And yet, we can’t really bring ourselves to hold anyone accountable. Fifa [is] the conspiracy du jour. We always knew Fifa was shonky and bribey, but ... it now looks like every World Cup in the last three decades ... could have been fixed. For those who say "it’s only a stupid sport", well, recently we’ve heard accusations of arms deals for votes involving ... Saudi Arabia. The banking crisis [is a] nice financial counterpoint to Iraq. Virtually destroy the western financial system. Get bailed out by the taxpayers who you’ve been ripping off. Oh, and while we’re at it, the banks played a part in the Fifa scandal. Paedophiles. At first it was just a few rubbish light entertainers. Then we had people muttering about the political establishment – and others counter-muttering don’t be ridiculous, that’s a conspiracy theory. But it wasn’t. Now, it’s a slow-motion train crash and an endless series of glacial government inquiries.
Six years ago ... Iceland made the shocking decision to let its banks go bust. Iceland also allowed bankers to be prosecuted as criminals – in contrast to the US and Europe, where ... chief executives escaped punishment. While the UK government nationalised Lloyds and RBS with tax-payers’ money and the US government bought stakes in its key banks, Iceland ... said it would shore up domestic bank accounts. Everyone else was left to fight over the remaining cash. It also imposed capital controls restricting what ordinary people could do with their money. The plan worked. Iceland took a huge financial hit, just like every other country caught in the crisis. This year the International Monetary Fund declared that Iceland had achieved economic recovery 'without compromising its welfare model' of universal healthcare and education. Other measures of progress like the country’s unemployment rate, compare ... well with countries like the US. Rather than maintaining the value of the krona artificially, Iceland chose to accept inflation. This pushed prices higher at home but helped exports abroad – in contrast to many countries in the EU, which are now fighting deflation. This year, Iceland will become the first European country that hit crisis in 2008 to beat its pre-crisis peak of economic output.
Note: Iceland's plan to retake control of its money supply from the banks was labelled "Radical" by mainstream economists. Now we learn that their plan rooted out financial industry corruption and successfully got their economy back on track.
Since the 2008 banking crisis led to multibillion-pound bailouts, some bankers have ended up behind bars. However, to many, the list seems short when compared with the $235bn of fines that Reuters calculates have been imposed on 20 major banks in the past seven years for market rigging, sanctions busting, money laundering and mis-selling mortgage bonds in the runup to the 2008 crisis. Robert Jenkins, a former Bank of England policymaker [says] one reason regulators backed away from proceedings against individuals is fear. This dates back to 2002, when accountancy firm Arthur Andersen was convicted of destroying documents related to its audits of Enron. The prosecution was overturned in 2005, too late to save what had been one of the world’s biggest accountants from collapse. There was, Jenkins said, “fear by the US authorities of a banking version of Arthur Andersen at a time of financial fragility”. But he lists other problems, [such as] lobbying by bankers and the naivete of regulators. Jenkins added the banks should ... face the threat of being broken up: “When it comes to the systematic wrongdoing on their watch, either the senior executives knew, did not know or cannot be expected to know. If they knew they are complicit. If they did not know they are incompetent. And if the banks are so large and complex that they cannot be expected to know, then they are a walking argument for breaking up the banks.”
Note: After the bailout in 2008, the percentage of US banking assets held by the big banks has almost doubled. Could this possibly have been planned? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
One man's story in particular highlights just about everything that can go wrong when you give evidence against your bosses in America: former Countrywide/Bank of America whistleblower Michael Winston. Two years ago this month, Winston was being celebrated in the news as a hero. He'd blown the whistle on Countrywide Financial, the bent mortgage lender that ... nearly blew up the global economy. Today, Winston [has] spent over a million dollars fighting Countrywide (and the firm that acquired it, Bank of America) in court. At first, that fight proved a good gamble, as a jury granted him a multi-million-dollar award for retaliation and wrongful termination. But after Winston won that case, an appellate judge not only wiped out that jury verdict, but allowed Bank of America to counterattack him. The bank eventually beat him for nearly $98,000 in court costs. That single transaction means a good guy in the crisis drama, Winston, had by the end of 2014 paid a larger individual penalty than virtually every wrongdoer connected with the financial collapse of 2008. When Winston protested his preposterous punishment on the grounds that a trillion-dollar company recouping legal fees from an unemployed whistleblower was unreasonable and unnecessary, a California Superior Court judge denied his argument — get this — on the grounds that Winston failed to prove a disparity in resources between himself and Bank of America! Four years later, we're still waiting for the first criminal conviction against any individual for crisis-era corruption. There's been no significant reform. What we've seen instead is a series of cash deals with the most corrupt companies.
Note: Countrywide bought political influence to more effectively defraud institutional investors and taxpayers. Thanks to Winston, they were caught and proven guilty. But Bank of America purchased Countrywide, and has been paying off officials in secret deals to continue skirting the law without admitting wrongdoing. And Michael Winston now has to pay Bank of America for their trouble.
Iceland's government appointed a special prosecutor to investigate its bankers after the world's financial systems were rocked by the discovery of huge debts and widespread poor corporate governance. "This ... sends a strong message that will wake up discussion," special prosecutor Olafur Hauksson told Reuters. "It shows that these financial cases may be hard, but they can also produce results." The country's efforts contrast with the United States and particularly Europe, where though some banks have been fined, few executives have been tried and voters suffering post-crisis austerity conditions feel bankers got off lightly. Iceland struggled initially to appoint a special prosecutor. Hauksson ... was encouraged to put in for the job after the initial advertisement drew no applications. Icelandic lower courts have convicted the chief executives of all three of its largest banks for their responsibility in [the] crisis. They also convicted former chief executives of two other major banks, Glitnir and Landsbanki, for charges ranging from fraud and market manipulation. Many Icelanders have been frustrated that justice has been slow. The prosecutors' office has been hit by budget cuts since it was set up. But Hauksson believes the existing rulings mean there is less chance of similar scandals in the future. "There is some indication that the banks are more cautious," he said. Asked whether he would take the job again ... Hauksson replied, laughing: "Yes. And I'd probably be the only applicant again."
Note: For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.
Important Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.