Ireland First to Jail Senior Bankers Responsible for 2008 Economic Collapse

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Matt Agorist| HumansAreFree

First Senior Bankers on the Planet Responsible for 2008 Collapse Jailed

In April, Wells Fargo & Co admitted to defrauding the United States government for nearly an entire decade, which subsequently led to the housing market collapse — and the United States punished no one.

Bank of America Corp (BAC.N), Citigroup Inc (C.N), Deutsche Bank AG (DBKGn.DE) and JPMorgan Chase & Co (JPM.N), have all previously made the same admission and settled similar federal lawsuits — again, with no one being held criminally responsible.

While low-level bankers have been thrown in jail as apparent scapegoats in places like Iceland, not a single high-level CEO or officer has faced punitive criminal action — until now.

On Friday, three senior Irish bankers were jailed for up to three-and-a-half years for their conspiracy to defraud investors, subsequently causing the economic collapse of 2008.

According to a report in Reuters, 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.

Watching these criminal bankers use the governments of the world to fleece the taxpayers in a series of bailouts and scams to defraud the people has been infuriating.

As Reuters reports:

“The lack of convictions until now has angered Irish taxpayers, who had to stump up 64 billion euros – almost 40 percent of annual economic output – after a property collapse forced the biggest state bank rescue in the euro zone.

“The crash thrust Ireland into a three-year sovereign bailout in 2010 and the finance ministry said last month that 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 following the 74-day criminal trial, Ireland’s longest ever.

“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.”

Unlike the bankers who remain protected in America’s legal system, the Irish have decided to lay down the law.

“By means that could be termed dishonest, deceitful and corrupt they manufactured 7.2 billion euros in deposits by obvious sham transactions,” Judge Martin Nolan told the court, describing the conspiracy as a “very serious crime”.

“The public is entitled to rely on the probity of blue chip firms. If we can’t rely on the probity of these banks we lose all hope or trust in institutions,” said Nolan.

In the United States, the people have been forced to file their own legal action against the criminal bankers as the government does absolutely nothing to stop their crimes.


Despite the bankers’ best attempts at foiling the private actions against them, the people have pushed through.

A newly revived antitrust lawsuit, according to the appeals court, could be devastating to these 16 banks, including Deutsche Bank AG, Royal Bank of Canada, Royal Bank of Scotland Group Plc, UBS AG, HSBC Holdings Plc, Barclays Plc, Credit Suisse Group AG, Bank of America Corp, Citigroup Inc., and JPMorgan Chase & Co.

Read the rest of the article here.

 

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  1. Yep, in America bankers are legal crooks

  2. James Woods James Woods says:

    I think Ireland is following Iceland’s lead & the rest of the world should also follow the example of these 2 countries.

  3. Van Man Van Man says:

    Good on the Irish for that. Wish the British would do the same..!

  4. Dean Aggson Dean Aggson says:

    The American system rewards them with BILLIONS of dollars, compliments of those of us who do pay taxes. And they all laugh in our face.

  5. Millions of people lost their retirements in 2008, what happens when we hit retirement? But no one talks about that

  6. Dana Rosales Dana Rosales says:

    America we need to evolve…bankers here are destroying our way of life…

  7. Extradite John Key to Eire to Share Respocibility of Economic Collapse!

  8. Thank you Ireland, Thank you Iceland. Unfortunately, the Hornets and their nest thrive from the federal reserve banking cartel that reside in the US.

  9. Deb De Vito Deb De Vito says:

    I think it is a step in the right direction when people band together to fight for their rights and against the hypocrisy of any organization or institution …
    What we need to ask ourselves when people uprise in fury is …
    What led these people to this behavior …?
    Corruption ..? Unfairness …?
    Double standards ? Hypocrisy ? Politics ?
    People need to protect each other and have the power to do so if they only realize it .
    People need to stop letting politics manipulate us and control us ..
    Stand up and matter because this world is yours as well …

  10. Wait, the bankers didn’t pay off their politicians and judges like here in the U.S.? Awesome!

  11. very Important startup….. the world should welcome and follow in every country…..

  12. We also want to be doing a shredder trail so all people involved in the industry never work in finance again. Treat them as they treated the world. And every single country should follow suit. Britain next.

  13. Pym Carrick Pym Carrick says:

    Not usually for violence, however, if we could round up all of the 0.1% elite and destroy them, then use “their” massive fortunes to sort out the world wide economic disaster they’ve created….. The world be a much rosier place!

  14. Joe Bizumo Joe Bizumo says:

    They are not arresting the bankers but scapegoats of the bankers

  15. Chris Mate Chris Mate says:

    The best idea the last 30 years, and various Board of Directors + CEO’s, put them in jail for life and longer.
    When a CEO bonus reach the value of a one middleclass man savings for 40+ years an alarm should and will go off!
    When a product or service becomes a MEDIUM to channel money between normal profit and expenditure, another alarm should go off and will.

  16. Finally, okay who’s next???

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