The South African Civil Society Information Service

Iceland's Supreme Court Upholds Jail Sentences of Four Banking Executives

25 Feb 2015

The Supreme Court of Iceland last Thursday upheld the convictions of four former banking executives charged with market manipulations. Iceland has now convicted the top officers of all three of its major banks. Associate professor of Economics and Law, Bill Black, says Iceland is one of the hardest places in the world to achieve the successful prosecution of banking executives. But, contends Black, if Iceland could do it, the U.S., with all the resources of the FBI and Justice Department, more favourable laws as well as more favourable accounting principles, could also achieve the prosecutions of elite bankers.

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