From The Antimedia:
“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 of Ireland said as he convicted three top bankers on Friday for their role in the 2008 financial crisis. They are among the first in the world to be sent to prison for their involvement in the global meltdown eight years ago.
The longest-ever criminal trial in Ireland lasted 74 days and led to convictions for former Irish Life and Permanent Bank Chief Executive Denis Casey; former finance director at the failed Anglo Irish Bank, Willie McAteer; and former head of capital markets at the Anglo Irish Bank, John Bowe. They received sentences ranging between two-and-a-half to three-and-a-half years.
As light as those sentences may seem considering the dire effect bankers’ actions had on the Irish economy, U.S. and English bankers have evaded convictions altogether. Though banks in those countries have since paid out billions of dollars in settlements to regulators for their role in the 2008 crash, no one from those companies has been sentenced to prison.
Reuters reported on the different approach used by Ireland:
“All three were convicted of conspiring together and with others to mislead investors, depositors and lenders by setting up a 7.2-billion-euro circular transaction scheme between March and September 2008 to bolster Anglo’s balance sheet.“Irish Life placed the deposits via a non-banking subsidiary in the run-up to Anglo’s financial year-end, to allow its rival to categorize them as customer deposits, which are viewed as more secure, rather than a deposit from another bank.” Defense attorneys for the bankers claimed the scheme was prompted by Irish regulators’ demands at the time that Irish banks “support one another as the financial crisis worsened” in …