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Iceland’s Former Prime Minister on Trial for Financial Meltdown

Posted by Steve Markowitz on March 5, 2012

The Guardian reported on the just begun trial of Iceland’s former prime minister Geir Haarde.  The former PM is accused of gross negligence that led to the collapse of the country’s three largest banks in 2008.  During the bubble years, Iceland’s banks had paper values of 10 times more than the GDP of the entire country.  This bubble benefited not only the banks, but many of Iceland’s 320,000 citizens who had no complaints while the bubble was rising.

It is likely that Haarde was ineffective leader.  However, given that he was only in office from 2006 to 2009, in the short. It is unlikely that anyone would have skills to create Iceland’s bubble.

If every inept government official is brought to trial due to the results of their policies, the world’s courts would have little room for real criminals.


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