Iceland is beautifully, yet unfortunately, unique in how it chose to
handle the disaster. It simply let the banks fail, which resulted in
defaults totaling $85 billion—lending ample justification for the
prosecution and conviction of bank executives for various fraud-related
charges. The decision seemed shocking at the time, but the gamble has
obviously paid off. Choosing a different route, the U.S. bailed out the
banks and let executives off the hook by levying fines that ultimately
ended up being paid by the corporations—meaning the executives
ostensibly responsible for the mess got off scot-free.
“Why should we have a part of our society that is not being policed or
without responsibility?” special prosecutor Olafur Hauksson
said
after Iceland’s Supreme Court upheld the convictions for three
bankers—and sentenced them to between four and five and a half years
each. “It is dangerous that someone is too big to investigate—it gives a
sense there is a safe haven.”
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