First Senior Bankers on the Planet Responsible for 2008 Economic Collapse FINALLY Jailed!

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Top Tier Gear USA

Wall St. sign is seen in New York's financial district

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.

“Requiring the banks to pay treble damages to every plaintiff who ended up on the wrong side of an independent Libor‐denominated derivative swap would, if appellants’ allegations were proved at trial, not only bankrupt 16 of the world’s most important financial institutions, but also vastly extend the potential scope of antitrust liability in myriad markets where derivative instruments have proliferated,” the U.S. Court of Appeals in New York said in the ruling.

Until the people wake up to the atrocities being carried out against them by criminal bankers who control the government, this fleecing of the citizenry will continue. To all those who bank with any of these huge banks — pull your money out today, move it to a local bank, or find another alternative.

Failing to do so only sustains their criminal behavior. Please share this story with your friends and family as it will most assuredly be a mere blip on their televisions and deliberately easy to miss.

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Contributed by The Free Thought Project of thefreethoughtproject.com.

The Free Thought Project is dedicated to holding those who claim authority over our lives accountable.

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  • marlene

    In America the story would be that they were scapegoated before they were able to commit “suicide” – what our elected now call what used to be murder. Besides, 3 years make the millions they got worth it, in the long run. Seems to me this is happening just to appease the people, but there’s no doubt the punishment is negligible and the show goes on.

  • GrumpyGrandpa

    Iceland is the only country having the moral strength to punish the criminals and restore the public. All others, especially the USA, are so morally corrupt they are doubling down on the public screwing.

    • Mildredmcraft4

      <<o. ★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★✫★★:::::::!!bt371p:….,..

  • anna miller

    I wonder if any of the cons victed will have to pay back their ill-gotten gains….to the people? And 3.5 years seems too light a sentence. And this should be hard-time, not the executive-priviledged private rooms, what’s on the menu-attending recreational activites type of soft incarceration.
    They need to really feel it, and order should be restored in the financial realm, you cheat, you pay. Just like for us.

    • Carl Stevenson

      No, they should be hanged, along with the politicians who’ve enabled and protected them.

  • cynic

    It should have been decades, not years.

    • g.johnon

      should have been a woodchipper.

  • breakawaymotorsports .

    Until the people wake up to the atrocities being carried out against them by criminal bankers who control the government, this fleecing of the citizenry will continue.

    Pretty much sums up the entire bailout fiasco…

  • ExecutorOffice

    BREAKING NEWS: 3 bankers get a slap on the wrist

  • GRAMPA

    Jail time in what restricted to their home or penthouse? how about loosing their money and giving it directly to compensate the losses of the people who they lost the investments for. Many lost
    much more. limit the payback to people who have less than fifty thousand gross income. people that lost their homes would be reimbursed for this as well and correcting and repairing their credit rating. It is time we demanded that justice be other than Just Us for these rich who actually take the risks with others money to profit for themselves. Sometimes I mist agree with the poor for they do need to get even occasionally. and put them in regular prison.
    Grampa

  • Dan Morgan

    Time to “Un-bank”

  • XSFRGR

    This is just another joke in poor taste. When they leave prison they’ll still be very well connected multi millionaires. The time they do will cover for the Big Boyz, and they’ll be well rewarded for spending a few years in a very comfortable jail.

  • rich

    Why hasn’t Jimmy Carter, Barney Frank, and Chris Dodd been jailed over that recession? Dodd and Frank sponsored a bill that was signed by Carter that forced the banks to give mortgages to ANYONE who wanted one even if it was known they couldn’t repay it. The Community Redevelopment Reinvestment Act of 1977 is what led to that recession because the country had millions of homes left standing when the banks drew up on those failed loans. With so many homes left idle the building construction industry went belly up because the banks couldn’t afford to give out more loans. That not only effected the carpenters but also electricians, plumbers, roofers, supply houses, manufacturers, delivery people, etc. It also led to the automobile industry because people couldn’t buy cars anymore. Carter signed one of the dumbest bills ever in this country and along with Obama’s Affordable Health Care bill this generation saw two of the biggest foul ups ever. Interesting that both are dumbocrats, just like the witch running for president in November.

    • Rick3

      I keep hoping Barney’s fudge packing roommate will give him AIDS. He is an arrogant, self-serving, lying, thieving sack of phaggot shit.

      • rich

        Rick3, you aren’t very nice, BUT I sure don’t disagree with you. I cannot stand that guy at all!

    • g.johnon

      little blind in the right eye; are ya rich? the real reason for the housing crash was that speculators cannot get rich unless prices rise. and when prices rise, the ability for the average man to pay suffers.
      dodd frank, was nutty for sure, but it did not force banks to give loans to those who could not pay. the banks did that all by themselves after the derivative scam was invented and they found that billions could be made by bundling these bad loans and selling them off to investors as high return paper (total fraud).
      I am no lefty, and I am not defending lefties. but it is always best to stick with what is real than to attack you enemy with untruths.
      some equally huge foul ups, just to be fair, Iraq war, the invasion and destruction of Libya, ndaa, homeland security. creation of al Qaeda. all righty shit…so.

  • g.johnon

    2 to 3-1/2 years for ripping off billions and destroying the economy of there country?
    dog and pony show anyone?

  • SP_88

    If one of us stole money, maybe a few thousand dollars, and it hurt a business enough for it to go out of business, we would be in jail for years. These pricks steal hundreds of millions of dollars, destroy the economy of several countries and they only get a few years in prison? It’s a slap in the face to everyone who is still suffering from their criminal activity and will be for years.
    Some people lost everything they had. When you go broke and lose your house, it’s not uncommon for them to lose all their possessions as well. Family pictures, furniture, cloths, holiday decorations, things that are sentimental and things that cannot be replaced, all gone, because they have no place to put all this stuff, even for only a few months until they get back on their feet. Obviously not everyone had this happen, but it is still a big loss when some wealthy bankers end up getting extremely rich at the expense of regular people losing 90% or 100% of their wealth almost overnight.
    And when these criminals go to their cushy prison resort for a couple years, it doesn’t do anything to return what these people lost.
    Justice would be if these criminal bankers lost all their money and it was used to pay restitution to the victims of their fraudulent schemes, and then throw them in a regular prison for decades and make it so they can never work in the financial industry ever again. And if these people live long enough to get out of prison, let them struggle to make a living working at a minimum wage job while trying to pay rent for some crummy apartment, utility bills, car insurance, car repairs to their worn out 12 year old car, etc like other people have to do. Then, after they have spent several years trying to live on minimum wage, having their electricity shut off several times, and dealing with all the red tape and bureaucracy for just about everything, and having to try and borrow money to pay bills, and having to apply for food stamps, etc, then justice will be starting to be served. In fact, having to struggle to get by for several years while working at some thankless job, and realizing that you earn several dollars less than your monthly expenses not including food or gas money, and having to make sacrifices to get by, might just be worse than having these people sit in jail and having everything taken care of for them. That would be closer to justice than a couple years in a cushy resort.
    Until then, it’s business as usual. The rich get richer and they are never held accountable for their crimes, despite the fact that they seriously harm the lives of millions of people.
    And because they control the government and they basically own the politicians, they will never be brought to justice.
    And we can’t blame capitalism because this would never happen in a free market economy where wealth and success are based on the market. What we have is not truly a free market economy. This is an economy controlled by the government, which is controlled by the wealthy elitists so that they can selectively enforce laws and regulations and they get to decide who makes money and who doesn’t, and who gets forced out of business and who is successful. Only in this corrupt system could criminal activity be rewarded while honest businesses with good business ethics, a good product and a good business model are forced to go out of business.
    Ignorant people continue to blame capitalism for these situations because that’s what the wealthy elitists want them to believe. But only a gross misunderstanding of how capitalism works could possibly justify such a belief.
    It’s time for them to be held accountable in America for their criminal activity that has harmed millions of people and destroyed countless lives.

  • Carl Stevenson