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From: Peter Ceresole on 7 Apr 2010 17:10
Tim Streater <timstreater(a)waitrose.com> wrote:

> > > Which crime was that then?
> > >
> > Not agreeing with the government...
>
> Right, so no crime at all then, just arbitrary exercise of power.

No. They had an undertaking to protect deposits, and they couldn't
satisfy it. Effectively, they were defaulting on an undertaking. In
financial terms, this is a crime. The result of a monstrously wrong set
of assumptions (we know all about those from *our* own dear banks) but
still a crime.
--
Peter
From: Rowland McDonnell on 7 Apr 2010 17:37
Peter Ceresole <peter(a)cara.demon.co.uk> wrote:

> Tim Streater <timstreater(a)waitrose.com> wrote:
>
> > > > Which crime was that then?
> > > >
> > > Not agreeing with the government...
> >
> > Right, so no crime at all then, just arbitrary exercise of power.
>
> No. They had an undertaking to protect deposits, and they couldn't
> satisfy it.

Those investing in the dodgy banks had an obligation to invest their
money wisely; instead, they invested their money in banks which all the
financial experts I've heard on the radio have explained were offering
unrealistic returns.

That is, these Icelandic banks should have been shunned by any sane
investor - but they were not. It is the fault of the investors every
bit as much as the bankers that investors lost money, because it was so
bloody obvious the banks were unreliable.

Caveat emptor an' so on.

> Effectively, they were defaulting on an undertaking. In
> financial terms, this is a crime.

Merely failing to meet your contractual obligations is not a crime,
Peter.

Contracts are covered by civil law.

There are crimes attached to the conduct of businesses which probably do
make it a crime to act in a fashion /intended/ to cause your business to
be able to meet its contractual obligations in specific circumstances,
but since none of us are experts in contract law and related issues, I'm
sure no-one here has a valid opinion on the details of the subject.

[snip]

Rowland.

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