The Iceland Cometh

Description: Newspaper clipping USA, Woodrow W...
Woodrow Wilson signs creation of the Federal Reserve. 24 December 1913 (Photo: Wikipedia)

Why is it I’m trusting this Russian news service more than those domestic? Sigh. From RT:

Iceland is a great example of a country which had the courage to prosecute bankers, and that’s largely because it’s not controlled by the Federal Reserve and the Bank of England, Max Keiser, financial analyst and host of the Keiser Report on RT, says. Four former bank bosses in Iceland have been jailed for financial fraud. They were accused of hiding the fact that a Qatari investor bought into the firm [Kaupthing Bank], with money lent illegally by the bank itself. It went bust in 2008, helping to cripple Iceland’s economy. Keiser says, what is considered a crime in Iceland is flourishing thanks to government support in the UK and the US. Continue reading

Loot The Old, Pay The Hedge Fund

Skyline along the Detroit International Riverfront
Skyline along the Detroit International Riverfront (Photo credit: Wikipedia)

From New York Magazine: in approving the city’s bankruptcy plan today, Judge Steven W. Rhodes surprised everyone by ruling that Detroit’s pensioners, who are owed about $3.5 billion in unfunded liabilities, could see their pensions cut in the bankruptcy process. Continue reading