Sigrún Davíðsdóttir's Icelog

Geir Haarde acquitted – except for one charge, but no punishment (updated)

with 4 comments

Ex-PM Geir Haarde is acquitted by the Court convened by Althingi to judge his ministerial actions related to his actions during 2007 and 2008 – but the majority, 9 out of 15, rule that he broke law on ministerial duty to hold cabinet meetings on important issues. No punishment is given.

The charges were:

(1 A serious omission to fulfil the duties of a prime minister facing a serious danger)

(2 Omitting to take the initiative to do a comprehensive analysis of the risk faced by the state due to danger of a financial shock)*

3 Omitting to ensure that the work of a governmental consultative group on financial stability led to results

4 Omitting to guarantee that the size of the Icelandic banking system would be reduced

5 For not following up on moving the Landsbanki UK Icesave accounts into a subsidiary

In addition, there is the one charge, on not holding cabinet meetings on important issues, that he is then sentenced for.
The ruling is 415 pages, an interesting read no doubt.
*Here is the ruling, in Icelandic. – Correction: charges 1 and 2 had already been rejected and were, consequently, not subject for the verdict today.

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Written by Sigrún Davídsdóttir

April 23rd, 2012 at 2:16 pm

Posted in Iceland

4 Responses to 'Geir Haarde acquitted – except for one charge, but no punishment (updated)'

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  1. If the Banks get away with everything, then Geir Haarde too, gets away with everything.

    The victims, however, are the ones to suffer and the ones who pay. We know the Icelandic people and all those at the other end of the irresponsable and criminal Banks are being made to pay.

    Is it too much to hope that the Law should protect the consumer and not the abuser?
    Is it too much to expect those at the top, in elected and priviledged positions should protect their people and not just the greedy bankers?

    Why are the Icelandic people and all the other victims of these Banks being made to pay when those getting huge salaries have not done their job and have failed?

    Rachael Williams

    23 Apr 12 at 3:31 pm

  2. Thanks Sigrún,
    Rachel above expresses the essentials.
    I’ll just add this. The disgrace of the judgement belongs to Iceland. But the judgement is common amongst the financial sector
    The fact that their greed won out over their moral judgement is what irks.
    But we knew that they were greedy. We knew that they were opportunists. We knew more or less that they were lying. We knew that they were stuffing their piggy banks in advance of a crash.
    And the Icelanders knew that.
    That makes the Icelanders guilty.
    But not alone.
    Some comfort!
    And this judgement?
    Well, what value jusrice and honesty.
    The difference between the Nazis in Germany and the behaviour of the Icelanders is slim.
    Sorry to be so extreme. But I prefer honesty.


    25 Apr 12 at 3:35 am

  3. […] Haarde, who presided over the years leading up to and during the 2008 financial crisis, was just acquitted of 14 out of 15 of the charges against him. They were doozies too, including “A serious omission to fulfill the duties of a prime minister […]

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