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Iceland, Where Bad Bankers Go to Jail, Finds Nine Guilty in Historic Case

Since its 2008 crisis, Iceland has received recognition for its strategy of prosecuting executives, letting banks go bust, and focusing on social welfare

By Nadia Prupis, staff writer for Common Dreams. Published 9-7-2016

The verdict from Iceland's Supreme Court overturns a June 2015 decision by the Reykjavik District Court, which found seven of the nine defendants guilty and acquitted two. (Photo: Daniel/flickr/cc)

The verdict from Iceland’s Supreme Court overturns a June 2015 decision by the Reykjavik District Court, which found seven of the nine defendants guilty and acquitted two. (Photo: Daniel/flickr/cc)

Iceland, which became a gold standard for corporate accountability in the wake of its 2008-2011 financial crisis, has found nine bankers guilty for market manipulation in one of the biggest cases of its kind in the country’s history.

The verdict from Iceland’s Supreme Court, issued Thursday, overturns a June 2015 decision by the Reykjavik District Court, which found seven of the nine defendants guilty and acquitted two. Continue reading

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