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REYKJAVIK, Iceland — Iceland's former Prime Minister Geir Haarde has been referred to a special court in a move that could make him the first world leader to be charged in connection with the global financial crisis.

After a heated debate Tuesday, lawmakers voted 33-30 to refer charges to the court against Haarde for allegedly failing to prevent Iceland's 2008 financial crash – a crisis that sparked protests, toppled the government and brought the economy to a standstill by collapsing its currency.

Haarde faces up to two years in jail if found guilty. The court, which could dismiss the charges, has never before convened in Iceland's history. A hearing date has not yet been set.

Haarde, ex-leader of the Independence Party, is no longer in parliament and stepped down from office last year following widespread protests and treatment for esophageal cancer.

"I will answer all charges before the court and I will be vindicated." Haarde, 59, told the Icelandic Broadcaster RUV. "I have a clean slate. This charge borders on political persecution."
http://www.huffingtonpost.com/2010/09/28/geir-haarde-indicted-iceland-financial-crisis_n_742800.html

Bill Black helped send more than 1,000 criminal bankers to jail in the 80's for their part in the $150 billion S&L crisis. This time around, exactly ZERO fraudsters have been sent to the hooskow in a $6 trillion intergalactic banking blowout.

What do we do? 1000 bankers found themselves in jail after the S&L crisis. Doing the math, this crisis is close to 40 times larger, I would expect 40,000 bankers to be in jail by now. As they say, the least ethically inclined are still in charge. The perverse incentives are still there for the stealing. Black has pointed out some key problems -- the big accounting cover-up, the guilt and complicity of the auditors. As Keiser points out, this is organized crime.